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Old Nov 16th, 2010, 06:29 PM   #1
jas_in_hbca
 
 
Join Date: Feb 2010
Posts: 843
Hey Traders,

Like many i feel I'm close to becoming a more consistent , profitable trader. Still, i can't quite make it over the hurdle.

Currently I'm live day trading the NQ but may go back to sim if results don't pick up soon.

Hopefully with this journal and the help of the other ET'ers i can log what it takes to become profitable. Maybe it's just more screen time. I don't know.

My current goals are to:

1. continue to have patience in trade selection

2. complete my trade worksheets which will track my entries, exits and mistakes

3. Review the days chart to increase my knowledge of PA and better understand my entries. The better I understand my entries and exits the less hesitation on execution I hope to have.

4. Hold my winners longer

5. Remember to treat each trade independently. Sometimes I'm taking quick profits just to get back to even for the day despite PA to the contrary.

I'll soon post some charts.
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Old Nov 17th, 2010, 10:19 AM   #2
jas_in_hbca
 
 
Join Date: Feb 2010
Posts: 843
Here's are a chart showing a couple trades from yesterday. Pretty indicative of how I'm trading currently.
Attached Images
File Type: jpg exitmistakes.jpg (140.4 KB, 1435 views)
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Old Nov 17th, 2010, 10:41 AM   #3
jas_in_hbca
 
 
Join Date: Feb 2010
Posts: 843
My problem is exits. Surprising to me as i always figured finding entries would be the hard thing. OK, that's still a challenge too.

Another trade from yesterday.
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File Type: jpg sellentry111610.jpg (125.5 KB, 889 views)
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Old Nov 17th, 2010, 10:44 AM   #4
jas_in_hbca
 
 
Join Date: Feb 2010
Posts: 843
Definitely feels like I'm trading scared. Early exit from today's trade.

That's all i got for now. Back to the markets.

PS My hard stop loss placed with my entry is 3 points. I of course try to avoid that when possible.
Attached Images
File Type: jpg ambreakout.jpg (113.4 KB, 748 views)
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Old Nov 18th, 2010, 11:38 AM   #5
jas_in_hbca
 
 
Join Date: Feb 2010
Posts: 843
Only the 1 trade yesterday. Had to leave the office before the last hour.

Today sold the HOD failed breakout. Late entry - hesitated

Just trying to book green on the first trade, but looks like a decent read of PA.
Attached Images
File Type: jpg 111810.jpg (115.2 KB, 817 views)
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Old Nov 18th, 2010, 11:53 AM   #6
worldwary
 
 
Join Date: Jul 2010
Posts: 24
I like your charts. Very clear presentation of your reasoning for entries and exits.

I have always struggled with exits when trading in a discretionary manner. There's always a reason to exit early, and that reason usually seems to be wrong. I've found it helpful to adopt some objective exit criteria (e.g., breach of most recent swing H/L, breach of H/L of preceding 5-minute bar, or whatever else works for your system), which if used properly can keep you in the trade as it develops. Your mileage may vary.
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