Futures Bsd

Discussion in 'Journals' started by coolweb, Aug 24, 2006.

  1. This journal will detail my gradual scale up to 100-200 contracts per roundtrip ES , Currently YM where it can handle 20 contracts without much slippage.

    I am at 6 lot right now. I can trade 10 without any problems.

    I have been trading for almost 2 years straight almost full time.

    This strategy is a compilation all of my knowledge in trading, trading in stocks, trading in futures, trading in scalping, trading in swing trading, daytrading, risk management.

    I just moved it from stocks because I can scale larger in futures.

    Its a culminiation of my most important ideas:
    1) risk management
    2) low risk high reward trades
    3) THIS PRICE WILL HOLD NO MATTER WHAT idea. Strong confidence in stops.

    <b>4) We don't trade all the time, only times when price is non-random.</b>

    We watch all timeframes.

    This is not a test journal, This is an already traded strategy detailing position sizing :)
    It can be used to trade stocks, anything.

    Consistent Millions can be made in FUTURES trading.
    And I will show you how it will be done and make it happen!

    I will also post every single mistake I make on this journal, You will see I make a lot of mistakes. As long as I don't blow out my account, I am ok :D

    <b>Dumb trader.</b>

    Say no to piker status!
  2. First idea/ repeated mistake:

    NEver enter a trade during a trend change.
    Always wait for the trend change to change, and settle.

    Most likely, all trend changes are bullshit.
    75% its a random spike price action.

    It must verify itself by a secondary bullish action.

    remember that.
  3. Second huge mistake.

    Always exit stops with MKT orders.
    Never LMT out

    Because there is no dicking around for ticks when you want to get out.
    Dick for a tick, Slapped for 6.

    You want out, you get out now. Period.

    lol newbie mistakes galore :D
  4. I start the day off,
    Exercising, ready for the day,

    I don't trade 9:30 - 9:45

    because that session is close to random.
    Only extreme professionals play that part,

    I am just a lucky trader.

    My trading day starts at 9:45
  5. For a BSD strategy that only generates 1 signal every other day. I managed to trade over 6 or 7 times today.

    This is the big swinging idiot strategy.
    OUt of all the trades, only one was valid trade.

    Not one winner. No idea, Don't ask.

    At least I'm comfortable with a 10 lot now.

    Tomorrow/Monday will be a better day,
    This will be printed out and slapped on my forehead.

    This shouldn't happen again :/
  6. btw
    just one note

    I lost about 1/2 of that money from a software glitch in the morning.

    Then I got pissed and started making crazy trades not within my strategy.

    We'll make it back.
  7. This is my first lost over $1k in 6 months

    This is my cup in my handle of my net trading capital.

    Took the time out and wrote out every single mistake,

    I noted 7 mistakes,
    @ $1300 thats $200 paid for each mistake

    The biggest mistake of every single trade was:
    1) Trading on tops. or very bottoms.

    Because of the confusing sentiment of bottoms or high tops, lots of people are either covering or buying causing massive chop.

    I obviously know how to spot this, I just chose to forget this on friday and paid for it.

    If I'm going to be a big player in the futures market,
    We must not forget anything in the future in futures.

    I'm ready to not forget. or at least code this into automated tradestation :D :D

  8. I just realized,

    The reason why my losts never topped $1000 or even $500 in STOCK TRADING
    is because opportunities are actual opportunities,
    They aren't like futures , where they throw 20-30 fake movements to you.

    Its this that makes me realize,
    Trading futures requires more double checking, more verification, less trigger pulling,
    because of the nature of the markets (lots of confused sentiment),

    I must be more careful then when I Was stock trading where an opportunity only gets produced once a day and it was actually real 100% :)

    With more REWARD possibilities comes more responsbility. I'm ready to take on the responsbility 100%
  9. To understand why something happens

    is the most important thing in trading, To know why there is more inflow on the first day of the month is what seperates you from other traders.

    Your trade is not just on probability, but on probability + reason.

    A reason is the poision metal tip in the spear, it cuts through all the bullshit.

    <b>One shot, One kill.</b>

    My gameplan. WE DON'T FKING MISS.
  10. <b>
    Now I will forecast my trading days by my strategy which is simple to do.

    I will not be trading on monday.
    No trading on monday.

    My mind is 100% clear on what to look for now, I might have fumbled over it while switching from stocks to futures.
    We know what to look for before the move happens.
    #10     Aug 27, 2006