Keeping Records

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

  1. I wasn't thinking correctly today. I did not get enough sleep and wasn't feeling good this morning. In the morning at around 7.15, there was a long signal, B 99, S 97.25, T 107. I would have been filled and would have reached the target but I missed it.

    At 8.53, I took another trade that I should have passes because it wasn't the strong set-up. I lost a point on that. So I am down $24 today and up $12 for the week. I am at least happy to end the week with a profit.

    Note: Go to bed before 10pm and get 7 hrs. of sleep. Do not drink on weekdays.
     
    #51     Jul 9, 2010
  2. Thanks for continuing to post your trades. I hope I speak for many other NQ traders who are quietly watching with equal interest. A personal observation, if I may. I was very much moved by your self-admonition not to drink during the week. I recently quit altogether largely motivated by a desire to trade better and more consistently. So far it is working. You have my best wishes for your success.
     
    #52     Jul 9, 2010
  3. After today's results I have decided that I need to make changes to my habits and behaviors if I want to someday compete at the highest level. I felt really bad for missing the first obvious trade, and it was because I did not get enough sleep and my head was hurting. Similarly, I should never have taken the second trade. I am still in the college mode even though I graduated two years ago. I know that I have a system that works (at least for now) so I need to focus on my habits and psychology. The good thing about a site like this is that since I do not know anyone here, I can be honest and actually evaluate my actions. Thanks for your kind wishes and good luck to you too.

    I am making some changes to my plan this weekend to incorporate short trades too and really strong trending days.
     
    #53     Jul 9, 2010
  4. I recommend that you print that out and paste it somewhere close to your trading screen. Let it be your life's work. I am over 65, and it is still my life's work. Thank you for telling us your age. I will say it for many who may be wiser than me by not offering advice: "No need to be in a hurry. Watch a lot. Trade a little. Let the understanding creep into you from the corner of your eye. Or in a dream. Or from a mistake. But always from your own experience, never from anyone else's. And beware people on ET who would 'help' you."
     
    #54     Jul 9, 2010
  5. 2 trades, 2 losses -48 with commissions. -32 for the month.

    I went back and looked at my trades(paper and real) for the past few months and noticed that most of the big-runs happen when price retracs by less than 2/3rd. I will include that to my set-up. Currently I have 80% as the criteria. In hindsight I should not have taken either of these trades. The first was close to 5 min 20 high that I knew would provide some resistance and the second one retraced more than 67%.

    The only positive thing is that my losses are small and few good trades will make up for it.
     
    #55     Jul 12, 2010
  6. Today sucked for different reasons.

    At 8.02, there was a long signal B 27.25 S 26. I had the order in there and price came down to 27.25 but I wasn't filled.

    At 8.24, there was another long signal B 32.75, S 31 that would have been filled and profitable but I stood there like a deer on a headlight. Missed an opportunity.
     
    #56     Jul 13, 2010
  7. Do you think the profitability is good enough that you could afford to use market orders for entry? Excellent entry analyses, BTW!
     
    #57     Jul 13, 2010
  8. I think so...not necessarily market but market-if-touched. Market orders could get me 2-4 ticks above my limit-price, but MIT should get me mostly within 1 tick.

    I will look into that. Will make the changes next week if necessary.
     
    #58     Jul 13, 2010
  9. Let me suggest that in addition to the twenty other things you are probably watching that you relook at how close market orders will get you. I think you will be pleasantly surprised, as long as you can identify a specific time and price at which you wish to enter.
     
    #59     Jul 13, 2010
  10. Same story different day. No trades today.

    At 8.13, there was a long signal B 50.50, S 49.25 which was never filled although price traaded at 50.50. I think I should seriously consider buying at the ask as long as my stop is not more than 3pts.

    Although this journal has helped me to look back at what I did, I think I am going to post my weekly updates only. While I have been waiting for my set-up to occur, I have been looking at previous charts and have found another set-up that seems to work.

    We'll see how it goes.
     
    #60     Jul 14, 2010