The price action facebook journal

A

amitman

Hi all,

After lot of relplaying, paper trading and so on, decided to finally open my trading journals to get some feedback.

Method

I'm trading based only on price action, main ideas come from this great threades:

Day trading 2.0 for small traders

Son if you can draw a straight line

And this:
The Anex thread

I admit that I hadn't read all the post, but got the general Idea.
Generally I'm looking for:
Trend trading (enter on retracement)
Support resistence breakouts (with traingles)
Reverasls (Usually DT DB)

Setup
Since I don't have access to a computer during trading time i'm trading through my cell using mobile TWS.
I trade 1 min charts and only 2 WMA indicator (240 and 9) and they are just for reference.

Instrument and time
I'll be trading only FB stock. Found its volatility (average range of about 1.5$) and spreads (1 cent most of the time) to be very good for day-trading.

I'll be trading usually only the 1.5-2 first two hours of the day, due to some constraints.

Money mangament and goals
I'll start very small, rsking 15-30$ every trade, which makes about 200 shares.

First goal is to be consistent, not afraid to pull the trigger, have a good trading plan.
If I'm succefull with this, I'll try to reach a target of 100$ a day (with larger amount of shares probably)

This journal
I'll be posting trades (on the days that will be) and blotters.
Any comment regarding, price action, exits, stops, trade managment, are most welcom.

Anything else, please don't.

Good luck to me :)
Here we go...
 
Trades for today:

2kmd.jpg


Blotter attached +1$ (after comissions)
 

Attachments

Quote from amitman:

Any comment regarding, price action, exits, stops, trade managment, are most welcom.

Anything else, please don't.

Good luck to me :)
Here we go...
More...

Well, while it's always good to see a new dabbler in price action trading, too often any failures are seen to be a mark against price action trading rather than to the situation in which the trader is attempting to operate. In other words, it's very easy to sabotage yourself into unnecessary failure.

Here, for example, you're dragging indicator baggage into your environment by using MAs. There's no need of them. Second, you're attempting to learn three strategies all at once, and while you may have been able to do so successfully in simtrading, you will likely find that real-time trading is a different animal. Third, you're using your phone to trade. Is this really a maximization of your trading environment? If not, I suggest that you wait until you are consistently profitable and confident in your ability to analyze and execute. Fourth, if you can trade only during a certain portion of the day, I suggest you not daytrade at all. When the market knocks on your door to offer you money, you have to be at home. If you chase down the market instead during those times when you're available, you will be far more likely to be making a donation.

Last, as to your comment about your goal of having a "good trading plan", don't you have one already? That's pretty much a prerequisite for trading. Learning by doing is pretty much unavoidable, but it should not be a default. If you don't have a thoroughly-tested and consistently-profitable plan ready to go, I suggest you postpone your sailing date until you do.
 
Quote from amitman:

After lot of relplaying, paper trading and so on, decided to finally open my trading journals to get some feedback.

I admit that I hadn't read all the post, but got the general Idea.

Generally I'm looking for:

Good luck to me
More...


5 yrs.... 5 flippin years - and this is what you've figured out

Go get em tiger

=================

Best you save your money - imdao of course

RN
 
Quote from Redneck:

5 yrs.... 5 flippin years - and this is what you've figured out

Go get em tiger

=================

Best you save your money - imdao of course

RN
More...

You came all the way here for this? seriously?
 
Wasn't able to trade on wednesday, thursday was holiday and firdays I don't trade.

So, trades for today (traded only the first 1/2 hour)
Trying to builde confidence, and of course finding it very hard, espcially by sticking to the plan in terms of exits...

Trades for today (2 small winners):
8l85.jpg


+10$
 

Attachments

Due to pressure at work was only able to trade tuesday and today.
and only now able to post.

Tuesday, 3 trades. 2 winners 1 loser +14$

phoi.jpg


Blotter attached
 

Attachments

AS mentioned, don't trade on fridays, so trades for today,

1 winner +22$. Really need to work on pulling the trigger, missed two obvious and very easy trades today.

hjsw.jpg
 

Attachments

Frustrating day, missed two amazing trades,
Stopped over 1 tick on the other,
was only able to trade for 1 hour (1/2 hour morning and another 1/2 noon)
Still managed to finish (little) green, +6$

Notice clock is set to my local time (UTC+2)
Morning trades:
9q7w.jpg


Noon trades:
da0c.jpg
 

Attachments

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