3-31-04 BACKGROUND: I've been trading fulltime for 2 yrs now and so far I've been prety much breakeven. Just started trading NQ for about 6 months now. I read a quote somewhere that it takes about 10 yrs of doing something before you are good at it. I know am just a rookie so by starting this journal i hope to gain valuable feedbacks from you pros out there. Your comments or criticism are highly appreciated. TRADING METHOD: I based my method on tape reading. I look at the BKX, SOX, COMP, and NQ and play off each other. Only technical indicator i used is the stochrsi which works like stochastics. My risk and reward is 2 points. GOALS: If I can just make $1800 to pay my morgage each month then i am a happy man. But overall i want to improve my discipline and better control of my emotions. I* have a big problem of not sticking to my plans once a trade is made. So thank you in advance to everyone who read my journal and all the replies.
"...any reason you do not include S/R in QQQ in your tape reading?" I think the less i look at things the better. I don't want to much information overload. Besides the qqq trade in tandem with the comp anyway so i don't see any reason to look at it.
Trade 1: Short 1441 Cover 1439 & 1338.50 Short on the break of 1442 on bad econ number. I cover 2/3 of my position and decide to let the rest run. But then I changed my mind and cover the rest at 1338.50. Canât stick to the plan. +2.5 Trade 2: Short 1438.50 Stop 1440.50 Short on break of 1439. Then it moved against me to 1440. I got scare and cover 2/3 of position at 1438.50 for break even and the rest at 1337.50 because short signal is over. +.5 Trade 3: Buy 1440.50 Stop 1438.50 I took this long because the stochrsi indicator is at the bottom and the bkx was consolidating at the high. I was hoping for bkx to bust out but instead it bust down faking me out. I cover 2/3 position at 1339.50 and the rest 1441. Had I stick to my stop at 1438.50 I could have sold it at 1442.50 for 2 points gain. -.5 Trade 4: Buy 1444.50 Stop 1442.50. This trade was dumb on my part. Right after I enter it it drop to 1442. I told myself to stick to my stops this time. It bouce back up and I got out at break even. I was thinking short but was still hesitant +0 Trade 5: Short 1440.50 Stops 1443.50 Itâs 12:50 and 10 minutes til market close. I figure if the funds want to try to run it up late like yesterday they would have already done it. 1441 was support so I short once that broke. I had my buy order in at 1436.50 but then lack of discipline made me cover at 1438. +2.5 Overall, an ok day today was kinda tough to trade though. Net +5 points
...volume? I'll admit that the volume spike at the 7:00 news might have been interpreted either way, but the two one-minute spikes just before 11:30 were predictive.
...volume? I'll admit that the volume spike at the 7:00 news might have been interpreted either way, but the two one-minute spikes just before 11:30 were predictive. Yeah I was telling myself to go long at 1439.50 around 11:15 but didn't pull the trigger because my stochrsi was approaching the top. Was kicking myself for missing a good one. BUt I do look at volume as well mainly for sign of capitulary selling or buying.
Today sucks. I was focus early in the morning and then somehow I lost it during lunch. I made about 13 trades. Way too many. I'm not even going to list the trades except to say that they are poorly plan on most of them. Made money but loose to commssions. IB got me today. Tomorrow I I will change my tatics. No more scalping for 2 points. I am going to look for intraday swing trades. I will still risk 2 points for entry but will let my trades ride out more. SO this way i will look for longer time frame entry which will cause me not to overtrade.
Trade 1: Short NQ 1482.50 as it breaks the 1483 support. BKX lead the downfall so i go with it. Cover 1481. Didn't want to cover but the darn SOX looks strong and both SOX and COMP found support at the 20MA. ALso I doubt the BKX break yesterday low on first try. +1.5 Trade 2: Long 1479 as the SOX rally and break new high. I knew my shorts didn't look good if the SOX didn't participate. Sold 1482.50 and 1383.50 as we hit resistance now. I am not sure where we will go next. +4
Trade 3: Long at 1473.50 as BKX broke downtrend, COMP and SOX found higher low. Out 1/2 at 1475.50 to cover for my stops and last 1477 as it hit the upper channel. I should really hold on for i feel market have found bottom for the day. I am hoping to buy back at lower price. What I should have done is cover my first half at 1477 and let second half ride it out. +3.5.
Trade 4: I put a buy limit at 1475.50. It drop to 1476 then reverses up. I buy 1479 as it broke out of resistance to 1479.50. Damn thing reverses all they way to 1475. I had my stop at 1477 so i was out. Market is gettting tricky after a smooth morning. Now it is breaking out again. Sheesh. -2