There can be no success in trading with bias.. Got in front of the train twice AND canceled stops... Fading is dangerous and stupid.. to do it without a stop is stupider... Finally long 1901.5, had to leave and trailing stop canceled as PC restarted for whatever reason in my absence.. Still in it.. -13.5 for day.
T/A Trading Journal
- Thread starter Rashid_G.
- Start date
The following chart of the overnight session leading into yesterday (march 9) shows a disadvantage of tick charts. On the 10 minute there is a decent declining trendline and an easily read bottoming setup that are completely lost in the tick.. This is less of a problem once regular session starts but the overnight is useful enough it should be reviewed on a time chart.
Still doesn't excuse my trading yesterday but the information on the 10 minute would have been VERY useful and probably would have affected the day for me, for the better I think.
I agree. The slow days are just brutal, really test your patience. As far as buying the 12th up day in a row; I kept having that thought creep into my head which is what increased the odds of another up day in my mind.
You have to figure that every amateur out there was looking for shorts today, so the odds favor another up day. Plus the NASDAQ opened with a gap down which just adds fuel to the fire when all the amateurs short the open because they see a little weakness.
Mac,
Made 75 pips on my second euro trade.. 1.3685 to 1.3760 overnight. I think one needs to broaden their trading options as the risks of trading one instrument in one way is limiting.. Index futures in my opinion are good daytraders sometimes and not other times. Once 1830 was taken NQ was a swing trade but I can't afford it. Giving up the bulk of a daily trend is excruciating for me to watch especially as range and trend on the daily is not difficult to see plus I still feel swing trading is more profitable. Therefore at this point I will look for swings in euro which reduces the pressure to produce with NQ.
Additionally the dynamics of currencies are such that I am completely unbiased regarding where they go, which I cannot say of US indexes. Finally I believe there is less manipulation in currencies.
Made 75 pips on my second euro trade.. 1.3685 to 1.3760 overnight. I think one needs to broaden their trading options as the risks of trading one instrument in one way is limiting.. Index futures in my opinion are good daytraders sometimes and not other times. Once 1830 was taken NQ was a swing trade but I can't afford it. Giving up the bulk of a daily trend is excruciating for me to watch especially as range and trend on the daily is not difficult to see plus I still feel swing trading is more profitable. Therefore at this point I will look for swings in euro which reduces the pressure to produce with NQ.
Additionally the dynamics of currencies are such that I am completely unbiased regarding where they go, which I cannot say of US indexes. Finally I believe there is less manipulation in currencies.
Why didn't this trader cover 1915 but give back 5? Bias (markets ALWAYS reverse at the FIRST defense area of the prevailing trend.. not the second.. 1910 in this case) and trading one unit. With one unit the only option is to guard that soldier and get him out of harms way asap.. Drop him in, fight and leave as he is all you've got. OR build up the army first but me thinks learning to fight with little (2 ideal) assures less waste when there are more units..
This afternoon chop probably nothing new. What's new is my insistence on trading it.. A complete waste of time and stress on the brain cell. NDX was slightly negative 30 secs to close and as the media would say "surged" to close up .62, keeping the streak alive.. No doubt in my mind that was the objective reversing what looked like the final down run for the day.
+2.25 for the day..
+ 75 pips EUR (bidding 1.3715, hope it fills overnight0
+2.25 for the day..
+ 75 pips EUR (bidding 1.3715, hope it fills overnight0
VERY irritated today.. trade mis-management hard to understand.. bottom line over-watching ticks, over worrying about giving back, and too affected by price movement. Can't blame slow market.. All sorts of anti-bulls thoughts going through my head such as "how greedy or risk happy can they get??!!" Must remember however there is no "them" but simply a bunch of traders voting and simply takes time I am apparently unwilling to give for the results to come in. Man.. like a broken record.
That final trade 12 extra points in the money now... covered 5 minutes before the break-down and could not have had a better entry..
Shutting down for day... +4.25
That final trade 12 extra points in the money now... covered 5 minutes before the break-down and could not have had a better entry..
Shutting down for day... +4.25