Much appreciated. I'm going to be brutally honest in this journal and i guess readers can see what a trader feels like when mistakes are being made. I'm not a great trader, my analysis is often good but i get what they call analysis paralysis and often fail to make the right trade. Still - readers are going to see me get stopped out a lot as my win ratio is not great and they might even see me get mad and start revenging as the small losses get to my psyche. Good trading to all and i hope anyone reading enjoys this journal. Please feel free to add criticism or comments on any of my trades.
Market is vunerable right now. 60 min chart still in uptrend, but could change rapidly. Look at those financial - boy do they get battered. I like to use time, price and volume in my trading and im seeing a lot of value in the 60s. It might get back above the 60s today if they cant break the lows.
Interesting divergence between the ES and the NQ. The NQ looks like dead money and the ES seems like it wants to rally.
Support zone held meaning trend still up on 60 min chart. May look for one more short if we can get to 61-62. Otherwise sidelines until i see a decent low risk long entry.
My suggestion is, if you are not making any real progress and if you do not have a reliable methodology, that you stop trading until you do. Daytrading, you should take away a net profit daily. Net losses on any one day tell you only one thing; you are no way successful enough. You must have a sound methodology to exploit the daily price gyrations in a liquid futures market of your choice (eg ES, YM, CL). You will likely need an indicator. You aim is to buy the upmoves and sell the downmoves and thereby you harvest daily a substantial net profit from the huge number of points the market makes available each day.
Not a great day but not bad. Only 3 trades with 2 losers and winner. Net 5.75 ES points = $287.50 Missed 2 trades based on my plan but all others were following the plan so happy.
Your right, a daytrader should make money nearly everday. I am not comfortable picking tops and bottoms buts thats just my style, im more of a trend follower. I hate indicators and will never use one, i see no way that they can predict where the market is going to go when price is probably the best indicator anyway. Thats just my style, i know many traders rely on indicators and do very very well. Each to their own personality i guess. I do have a plan, with documented plays. I have about 6 months of documented plays and have all the stats and my edge worked out. Only problem is following the plan. I am progressing as a trader, i have not been doing this that long but i am getting much better than where i was.