Keeping Records

Discussion in 'Journals' started by garage sale, Jun 28, 2010.

  1. Trying to keep records and jot my thoughts down. I trade NQ (1-4) lots. Start with 1, if it is profitable, next trade will be 2 and then 2 or 4. Never trade more than 4.

    I do not use any indicators, just prices on different time frames.

    Stop is usually less than 3 pts. and target is 8-10 points. Entry is always limit-order. I use bracket orders and enter the target and stop at the same time. Trailing stop is used once a position is profitable.

    At 7.16 pst, there was a long signal with a limit price of 1824, stop 21.25 and target 31.25. Prices came down to 23.75.I did not enter the trade because the market had just made an intraday low. Big mistake.

    At 7.37, another long signal was generated, with a limit-buy 29.25, stop 27.25 and target 37.25. Prices came down to 29. Took the trade for good 8 pts. profit.

    At 9.10, another signal was generated, but wasn't supposed to take it because prices had just broken support. Paid for it by losing 2.5 pts in 2 contracts.

    At 11.05, another long signal at 39.25, stop 38, target 48. Prices came down to 38. Market went higher to 44, stopped out with a trailing stop at 39.75 but filled at 39.5.

    3 trades, 2 profitable 1 loss.
    1 target met, 1 stopped out, 1 trailing stop.

    Total for the day $100 after commissions.

    Notes: After I am filled, the price should not go more than .5 pts against me, if it does and if the pattern continues, move target to 4 pts.
  2. Today I made wrong trades one after another. The market opened low and started selling right away. I should have been a little more patient.

    Basically I got stopped out on all my trades. After the first loss, there was another buy signal at 7.53 pst. The buy-limit was 76, stop was 74.5 and target was 84. Price came down to 75.5 at 7.54pst. I did not take the trade which would have been profitable.

    After that it was one loss after another.

    Total Loss -135 including commissions. Total 4 trades, 4 losses, 4 stoped outs.

    My strategy is long only, so considering all things and how bad the market was today for longs, it wasn't too bad.

    Notes: Adding a 20 period price channel on 1 minute chart would have kept me out from all the losing trades today. Basically if the recent low = 70% (Recent High - 20 p low), pass the trade.

    Cumulative P&L = -35 net.
  3. NoDoji


  4. I have been paper trading this strategy for the past few months and even on a down day, there is usually 1 or 2 profitable set-up; that is good for 8 pts. I tried to use the reverse conditions for short and got stopped out often even on big down days. If I can make money while the market is up and stay on sidelines on down days, I'll be happy. I want to master this one set-up which I paper-traded with excellent results. I need to first do that with real money.
  5. LEAPup


    Agreed. Why? Do you manage retail $, and have a long only Investment Policy Statement? (IPS?)
  6. No, right now it's just a matter of finding one set-up that works and mastering it. As I get better results I will look into shorting too.
  7. NoDoji


    I tend to have a short bias, but that's been a good thing lately :cool:
  8. I had anoter loss day but I consider it to be fairly good day because I followed all my plans. At 7.03 am, there was a long signal but I did not take it because price had retracted more than 2/3rds. Yesterday I took similar trades and got stopped out several times. Had I taken the trade, I would have been stopped out with a 2.25 pt. loss.

    One of the trades that I took at 11.04 was a mistake because when I was calculating the range, I entered the wrong number, I realized this right after I entered the trade but was stopped out before I could do anything. That was a loss of 1.25 pts.

    The second trade that I took met all the criterias and was profitable for few minutes before stopping me out for a loss of 1.5 pts. The stop was at 59.25 but got filled at 59. After I got stopped out the market started it's decline in a big way.

    So far I am happy with my results. Even though I am losing here, my losses are small and when the market turns around, I'll be able to reap the benefits.

    2 trades, 2 losses -63 dollars.

    Cumulative Losses -98 net.

    Notes: One of the things that I have noticed is that my profitable trades will start showing strength in the 5 minutes after I'm in. This is something to look in the future. If I notice similar pattern, I may exit at breakeven.
  9. One of the things that I noticed going over my
    paper trading journal was that most of
    my profitable trades were before 11 pst.
    I will trade during that time only unless it is
    a strong up day.

    The positive thing about all my losses is that
    the market has declined significantly after
    me being stopped out, which I see as good.
  10. Doctor's Appt. so could not trade. There was a long set-up at 8.05 which would have been filled and profitable for 8 pts.
    #10     Jul 1, 2010