The Evolution of an E-mini Trader

While I was writing my journal, I noticed the many opportunities I have to trade my specific setup during the day, and didn't for whatever reason. I went back this week and counted them. I counted all setups (just the ones I didn't trade), without looking forward to see how they would have done.

In all, I missed 27 setups (longs and shorts) in three days this week. A good trader from the old FutureSource Board used to beat it into us that if you have your setup, you take the trade, take the trade, take the trade, because you never know which one will be your big winner that will make your day, month, or year.

Take the Trade.

No matter what, take the trade.

It is now on a post-it note, on the side of my screen, along with "Assume you are wrong, till proven correct".

Take the trade.

Thank You Cage, wherever you are!!!!

:)
 
What setups are you looking for that you are missing? What moving averages do you use on the 1 min? I remember you said the 40 pma. What the other 2?
 
Originally posted by js1257
What setups are you looking for that you are missing? What moving averages do you use on the 1 min? I remember you said the 40 pma. What the other 2?
More...

Basic retracements of a trend. I don't trade the moving averages, just have them up to see what others are doing.
 
Originally posted by janko
just curious who do you use for your data feed and charts? and how satisifed are you with them? thnx
More...

IB, eSignal, Advanced Get RT, very, welcome
 
Daily Range (DR) - 32 pts.
Intraday Travel Range (ITR) - 88 pts.*

*note: not whopping. 2-2.5 times DR I consider normal. 3 times DR is huge. 4 times DR is whopping/wonder. 5 times is a miracle:D
 

Attachments

Sore after walk/run (42:15).

Didn't know if the Day Session gap was gonna be filled today or not. Thought it would be. Morning range narrowing, then the 10:00 numbers (9:45) must not have been good and the carnage began. As wild says, "doom & gloom ahead". Watching it go down. My old way of trading was momentum, so I would have jumped on (aka chased) and gone for a ride, BUT, that is not my game now.

My wife walked up behind me, saw all the red, and asked if I was in. Said no, not my setup (although I REALLY wanted to jump in). Went back and forth about it. She's calling it easy money, I'm calling stick to the plan, and not taking outliers. We are both under alot of pressure right now (from different sources) and I guess we needed to vent. :)

So I spent the morning trading out of frustration and anger, and took it out on the markets.

Trade 1 - Shorting what I thought was a retrace. Wasn't. Loss of .5.

Trade 2 - If it wasn't a retrace and drop, I figured it must be a wiggle and rally. It was, but I jumped out too soon. Just wasn't sure of anything at this time. Loss of .25.

Trade 3 - Dang, it was a retrace, except I was early. Was positive on the trade but rode it to a loss of 1.25.

Knew I was angry and needed to talk. Settled the matter, talked some more, relaxed and went back to my computer an hour later. The market was running up after 11:30. Saw the uptrend, and the retrace...

Trade 4 - Entry a little late. Market didn't follow thru. Loss of .75.

Trade 5 - Now, that is a retracement. Got an excellent entry, but exited on a "wiggle" , and it went up another 2 points. Trade was a gain of 1 pt.

Started thinking that the market made a double top. Didn't look at the screen over lunch.

We are going away for a long weekend, and J, my (step)daughter, is flying to AZ with her dad to see his family (That is a major stressor for her and my wife), we to PA to see friends........[Man, I write way to much in this journal].......Needless to say, everyone is running around and packing. We all leave 5:30 tomorrow morning.

Distractions, distractions, distractions.

After lunch, everybody leaves for the afternoon. :)
 

Attachments

Everyone's gone.

Saw the break up, but wasn't quite sure of the direction.

Trade 6 - Entered a little late, but wanted to be cautious. Exited a little soon, but gain of 1.75.

Phone rang, missed the settup right after I got out, and the next one. Dang. Thought that was it for the highs, and was looking to short, especailly after the run up right before 15:00 failed to make new highs.

Trade 7 - Short on the other side of a small retracement, that wasn't. Held on too long for a loss of 1.75

Trade 8 - Same thing but a better entry. Broke to new short term lows, but that was it. Held on too long, another loss, 1.25

If it ain't going down, then I was wrong, and it is going up.

Trade 9 - Bought the retracement, good entry. Didn't think it was gonna make new highs, so got out at the first wiggle. Gain of 1.5

9 trades for the day, 3 winners, 6 losers

Net for the day <130.70>

Net for the week <312.30>

Net for the month 128.3 (yeaaa)
 

Attachments

Huios,

Have enjoyed reading your journal. I am also starting to trade fulltime and its interesting to see that the things going through your mind are the same things I am dealing with.

A couple of ideas you might like to try.

1) I believe to trade professionally you must not have any outside interruptions. Think about it, if you were in an office you would not have to make lunch for anyone, no-one tapping you on the shoulder asking you if you are short. Don't take this the wrong way just trying to help.

2) Have you tried using a 5min chart for your setups. I find it gives me the best patterns.

Keep up the good work.
 
You must log in or register to reply here.
Back
Top