nice post. i think any novist, note i am not saying anyone here is should develop one or two solid set ups and solely trade those, even if they do not occur daily, and only a few times a month. then one can build up capitol and add one or two more set ups.
Pirolmaniac, I'm going to reply to your first post! Since you have several questions I decided to post a temporary image of my screen setup at http://home.houston.rr.com/aarondwashington/ That image will answer all your questions. I don't track other markets (e.g. debt market, currency market or individual stocks). I just track stock index futures, NQ & ES and watch the corresponding cash indices; $DJI, $COMPX, $SPX.X and $NDX.X Since I don't have much experience live trading I can't really answer your question about my trading style. Let's just say I'm developing my style, learning to be discipline and focusing on what's important. My journal reflects my particular methodology. via private message you wrote This is a good question but I don't have time to elaborate. Sometime over the next day or two I will explain my strategy with this setup. If I don't please remind me.
Awash i'm definately switching to interactive broker. didn't know about them, thanks for enlightening me.
Awash, are you still in the #FT chat every day? If so, I would recommend you try trading without the chat one day. I know the chat room is great and has some PRO traders, but it's also a distraction. Just try it for one day and post back. -Fast
Executed early on but trades were via simulator. Wasnât able to get much going later in the session. Trade#1 â (Live) Tried avoiding the multi-hour ranging as Iâve seen this pattern several times in the past. However, I wanted to push the envelope on this trade, I was hoping we would have a repeat from Mondayâs session 2/2/2004 a late session sell-off. *Short 1139.25 - 14:39 EST Stop: 1143.25 Target: *Cover 1140.25 - 16:10 EST [ P/L: - 1 ]
No trades today. I was able to stay disciplined and not play in the tight range and chop early on. However, I didnât execute on some entry signals in the afternoon session. For the remainder of February I want to focus on discipline and placing trades. Discipline encompasses a lot more than I can explain in this one post. Nevertheless, most of you know what Iâm saying. In addition to practicing strict discipline I want to execute trades, and limit the number of missed signals. I will be selective on most trades but overall my objective will be to enter the market.
Fast Youâre right! If market conditions permit I plan to execute more trades whether early on or later in the session. However, I will not be as aggressive as most traders I know but rather take a conservative approach and select good signals. As to your recommendation regarding #FuturesTrades room, I donât think itâs a distraction and it hasnât impeded my progress thus far. Initially, when I commented about not being able to get anything going on Thu 2/5/04, it was a result of my overall lack of confidence. That particular day I talked myself out of each trade and just didnât execute. Surely youâre knowledgeable of the psychological aspects of trading and how it can impact and hinder a trader. And thatâs what I was experiencing that particular day. I know my system and Iâm confident in my strategy. I will make necessary adjustments to my strategy and setups as I trade live contracts from here on out. Now, in the words of AMT4SWA, all I have to do now is âswing the bat and take baby stepsâ. As usual, whatever happens wish me the best and keep posting. Iâm also enjoying your journal and wish you success too. Thanks again and sorry for the late reply!
A few members mentioned and pointed out some errors in my spread sheet. I've made the adjustments and wanted to post the corrected copy. Also, I've added midpoints to my strategy.