Mabenn's Place

Discussion in 'Journals' started by mabenn, Aug 19, 2009.

  1. mabenn

    mabenn

    I know someone will eventually say that by posting my strategies it could hinder my results.

    I disagree at this point because:
    1. My size is so small I can get in and out with no problems
    2. This is my Holy grail, and probably not anyone elses, take what you want from it but everyone has to figure out what works for them.
    3. When my size get's big enough I will only post my trades after the fact, so no worries there.

    Anyway, just a thought.
     
    #11     Aug 20, 2009
  2. mabenn

    mabenn

    I am happy with my small losses and looking forward to tomorrow when I can give my full attention to the process.

    Attached are my demo account results. As one can see these types of days are normal. When I am having a good day I often "kill it". It's important to leverage the good days while minimizing the impact of the bad days.

    Holy shit I'm talking to myself.
     
    #12     Aug 20, 2009
  3. mabenn

    mabenn

    I plan to be up around 5:30 AM MST. Be ready at the computer shortly after 6AM.

    By the looks of things I think we are due for a down or choppy sideways day. TRIX is heavily divergent on the 15 minute chart.

    Market profile has hammered out the highs and very thin volume on the last few upward advances to push this thing higher.

    We will see though, I will play the game as it comes.

    Watch out for the 8AM MST Release.
     
    #13     Aug 20, 2009
  4. mabenn

    mabenn

    "watch out for the 8am announcement"

    I forgot about it while trading... classic blunder.

    I woke up 45 min's later than I wanted, I did go for a run with the dog, had a nice breakfast etc, was at the screen about 7:15 MST.

    My wife was in agony all morning with a massive tooth ache, so I had to cut the day short and take her to the dentist. I really shouldn't have bothered trading with that kind of a distraction.

    Visuals attached and thoughts, with missed trades. -$100 for the day.

    I will attached performance log soon.

    Any Professional E-mini traders care to comment on anything yet? Feedback is awesome.
     
    #14     Aug 21, 2009
  5. mabenn

    mabenn

    Notice the Risk/Reward distribution chart on the 2nd tab, equity curve is down slightly as well. Nothing erratic though so that's good.

    Also no losses greater than my stop loss, or 1R, R being short for risk.

    This is good.

    A couple things I have been reminded of today:

    Trade in the direction of the previous trend
    Watch for the area of most vulnerability
    Watch market profile for new bid/offers at new levels indicating new strength or weakness

    Follow 1-1 Risk/reward throughout trade rule. The 3rd trade in would have worked well had I followed that, costing me 1R, or 10 points that I could have made. A small punishment for a big lesson.
     
    #15     Aug 21, 2009
  6. mabenn

    mabenn

    Sorry, I forgot to attach the tracker.
     
    #16     Aug 21, 2009
  7. mabenn

    mabenn

    It was a fun day. I Did call the day's top within a few points and was actually short at 9569 For some strange f'd up reason I only took 10 points profit... Cutting my profits short. I think I was scared that it would test the high again and stop me out.

    It went all the way down to 9500 and better.

    I was sort of in practice mode from what I am learning.

    I will post screen shots and my tracker later. For now, how it played out (And this is from memory only) is the day's high was tested with no follow through on the volume, divergence in the TRIX, then it closed back below high, traded down so it was trading below the 50 SMA on the 3 minute chart, which then set up Another TRIX Divergence, confirmed by weak volume on the upswings, then smashed through the weak floor on it's way to 9500...

    It was all over after that test of the high, no new bids found value at those levels - the sellers began to take whatever price they could get, and the buyers thinned out until a better value area was established, which was around 9500, the opposite end of the value area extreme.


    I am grateful for my -$71.40 day, since it just tells me that my strategy is not quite there yet, especially the exits. My entry method is pretty solid, have no problem picking several high/low swings throughout the day, even if I am only 50% accurate with 2+x my risk on the wins, that will do it.

    It doesn't take too many 50+ point days on 1 contract to obtain serious returns. My passion is to master my method. These small loss days are just practice, I am not worried in the least about several more small loss days, as I am practicing and perfecting my art.

    As Luis said at swifttrade back in the day "All I want is consistent profits or consistent losses, nothing erratic, if you are a consistent loser, we just have to change a few things, or refine a few things and it will turn around". - That was from vague memories...

    I am aware of the loss trap and the role it plays with traders who find themselves in a drawdown right off the bat. I am just determined to focus on consistency. Also with my present risk levels of 1-2% per trade a 20% drawdown is almost guaranteed.

    At that point (20% dd) I will demo trade in order to continue practicing whithout eating away at my account. I don't mind losing money but if I can gain confidence and experience through paper trading then it seems like a great idea.

    My goal is to iron out those bad habits that slowly eat away at my account, while practicing and refining my strategy.

    I am interested in mastering my dynamic approach to the markets.

    Van Tharp hasn't sent my psychological profile back yet, that should help!. I will post it so all can see into this traders mind and see an example of the power of the profile.

    I am becoming very good at managing stress throughout the day, which was one of my weaknesses. The secret is in living a wholly balances and fulfilling lifestyle, maintaining a journal, meditating, healthy choices etc...

    I am also becoming more aware of picking up on the day's major swings, and leaving the small scalp moves for the scalpers.

    Ideally making 2-5trades/day with just 50% accuracy and 2x reward on the wins is what I am shooting for. It won't be long now baby!

    I have a new hobby too, downloading mp3's off the internet, the legal way! haha. I am working to clear my Karma on all front's which includes replacing the 5000 songs that I had on my HD before it crashed with legit, bought and paid for music that I enjoy. I found a couple good sites but the following seemed the most solid. @ .09 cent's/track and around $1 for an album full quality, it seems illegal.... http://www.legalsounds.com/
     
    #17     Aug 24, 2009
  8. mabenn

    mabenn

    Probing at this level, This one did get stopped out a couple points from the high. *nuts*. But the next screen will show where I got short again. just a few pt's from the high. That means jack sh*t if I can't stay in the position. Exit's baby.... Exit's.
     
    #18     Aug 24, 2009
  9. mabenn

    mabenn

    Just a couple points from the high. I had a whole thing written up about it but the file was too big and all was erased.

    This is the one I took only 10 points profit (1-1 Risk/reward),. Weak I say!!


    Cut losses short, let profits run.... Not cut losses short and profits short. That will make me poor.


    It gives me a sort of false sense of comfort, knowing my entries are solid... but

    That matters very little, it's the exit's and position sizing that determined the degree of profitability.
     
    #19     Aug 24, 2009
  10. monti1a

    monti1a

    Mabeen-

    Were you profitable in sim trading before going live? And if so, for how many months were you profitable?

    How many months did you sim trade your strategy?

    Is your method discretionary or mechanical/objective?
     
    #20     Aug 24, 2009