Matcha's Dow E-mini Journal

Discussion in 'Journals' started by Matcha, May 13, 2010.

  1. Matcha

    Matcha

    Thank you.
    not at all. although I do have some habits to eye ball those fib levels(because Fib is the first concept I learned in trading), but they are not the considerations while taking trades.

    I use pure bar by bar method and pattern recognition approach. Lately the result has been consistent. Losses are reduced.
     
    #1641     May 5, 2011
  2. The reason I asked is because I just recently learned the power of 50% retraces myself as an ES trader.

    After I started plotting these throughout the day (the day`s evolving 50%), I`ve been amazed at how accurate these 50% levels are. Often to the tick. I use them as targets or watch how price behaves at the 50% to decide whether to go long or short.

    Just today, I got three great set-ups from 50% levels alone.

    I also calculate the pivot point using the cash close @ 04:00. It`s a useful target. Incidentally, it was today`s high to the tick.

    Just a few things I thought I could share in case you might find it useful :)
     
    #1642     May 5, 2011
  3. Matcha

    Matcha

    Thanks for sharing. Yes, when the 50% is the confluence zone of many "things", they are powerful, such as today!:p
     
    #1643     May 5, 2011
  4. Hi Matcha,

    Yes, today was volatile. It did give me a lot of opportunities to practice my trend trading setups. It was a good learning experience. The trends changed hands a few times. I traded more times than yesterday. Net +2.25pts.

    --po
     
    #1644     May 6, 2011
  5. Matcha

    Matcha

    3 trades, -2pt

    Weekly:
    PnL: 9.5pt;$434
    Winrate: 67%
    Avg trades per day: 3
    Largest loser: -1.75pt
    Largst winner: 4pt

    Will not be posting in the next few weeks. Have a good weekend!

    [​IMG]
     
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    #1645     May 6, 2011
  6. Hi Matcha,

    You did excellent this week! Very consistent trade selections and great defensive plays all around. Great job!

    Have a nice weekend! All the best to you!

    --po
     
    #1646     May 6, 2011
  7. Sidw

    Sidw

    I saw your taking a few weeks off, hope the posting resumes because I enjoy watching your progress.
     
    #1647     Jul 16, 2011
  8. Matcha

    Matcha

    I can't believe it has been a year since my last post. This will be my last post here and I hope it can be resourceful to lots of new traders that out there.
    I have been working on a full time job for one year and the job has been very demanding and stressful. But I have never given up on trading and studying. I went on live trading last Aug with 3 set ups. Mostly I traded the openings. The first 2 hours. And I trade avg 3 days/week due to work schedule (my job requires 30% traveling).
    My first 2 month had been OK, I stayed calm. Then I went through the "boom bust" equity curve with some dramatic trending down each month. It's to the point that I almost thought this will never work for me...
    My largest drawdown happened this Jan. Feb and early April. The total loss since inception to a lot of people might be tiny, but to me, I see what I have been doing as disastrous and lead to a damage.
    I then started to re-work on all the past trades and analyzed. "Understanding doesn’t mean you fully accept and act on it". Somehow, this sound of voice jumped on my head. I suddenly realize that the whole time, I have never truly excised "the trader's mindset". (I appreciate all the great advice from all the experts on ET, KDSFSG, WF, Nodoji, Boli, but I felt so guilty that I have never been truly "listened")
    I went back to MD 's book. I bought the audio book and play it in my car over and over, I jogged down the key notes in my notebook at my leisure time. (Every words are so important,, I filled out the whole book.lol) I then followed the exercise at the back page, I am sure lots of you have read that. SO, I decide I will test out first the 50 trades(in book he suggested 20 sample size) and willing to lose them all. I will trade with a trader's mindset and not to think about any losses or win. I will fully accept the loss and not to move my stop prematurely. I will systematically pay myself at 2 pts or 1 pts when market rewards me. I will excise my mind and think "anything could happen". I will think that “It is meaningless to beat myself because I missed a great trade, because there is nothing to be missed, there is always "the trade:". The trade either work or it doesn't. Money is just a by-product... My trade is the reflection of my own stage of development......
    At the first 20 trades, I still felt it's so hard to achieve and exercise the mindset. but it's just gets easier day by day....
    Right now I just finished my 120 trades. I still went though a big drawdown, but it gets smaller and the frequency gets smaller. After analzing my trade and my emotion towards every trade. I couldn’t believe that I actually get the best positive expectancy I have ever had since I went out live. I began to see market in a much more "objective way". More importantly, I actually felt a lot more relaxed everyday.-this positive energy will keep on going every day and continuing studying, testing and researching.
    So if you have ever wondered your method or you are a struggling new trader like me, first mission is to "GET YOUR MINDS RIGHT"!
    There is still a lot I need to learn and explore, and I can't guarantee that I am already at the point that I can execute trade without any emotion 100%. But I know what I need to work on and I believe I am finally heading to the right direction--slowly
    Good luck, all! and Happy trading! And a great thank you to everyone who has helped me greatly in this journal! I won’t disappoint you!
     
    #1648     Jul 17, 2012
  9. Hi Matcha,

    It's great to hear from you again!

    Congratulations on your achievements and the right direction moving forward for your trading.

    I know you will succeed with flying colors.

    And thanks for your time and generosity to write and to share this wonderful journal. I have learned a lot and inspired by you.

    As for me, I am still working on that trader's mindset. I have gone through a similar journey that you did the past year. It has its ups and downs. I trade a lot less than before and "try" to only take the setup that I plan to do. But it is easier said than done.

    All the best, Matcha!!!!!

    --po

    P.S. I am going to re-read your last post again. It's full of sage advice for the best of trading. :)
     
    #1649     Jul 17, 2012