Novice daytrader. Updated every weekend.

Discussion in 'Journals' started by Kovacs, Jul 25, 2007.

  1. Kovacs


    Every weekend, I'll post pictures of my blotter for the week as well as a PNL summary.

    At this point, I'm 6.5 months in without a single positive month.

    Next update: 28 July 2007
  2. Kovacs


    Things to try from 30 July 2007 to 3 August 2007:

    - Trade off 5 min charts
    - Focus on only three high-volume ETFs (XLE, XLF, SMH)
    - Take big winners (3:1) and use divergence to measure the risk of a profitable trade going against you.
    - Don't play chop.
    - Be more selective than ever about which trades to take.
    - Avoid scaling out if there is no indication of a probable reversal or deep retracement (to the 20 ema and beyond).

    Next update: 5 August 2007
  3. belavia


    Looking forward to it. Perhaps you could talk a bit more about your methods?
  4. Kovacs


    Thank you.

    I'll share once the method and I prove to be consistent.
  5. Kovacs


    What went right:
    - Managed to get multiple big winners ($0.70+/share) on friday simply by hiding my blotter.
    - Successfully traded divergence off the 5-min SPY.
    - Good coordination between EMAs, volume, NYSE Advance/Decline, and R & S for risk and trade management.

    What went wrong:
    - Lost a lot of profit playing chop
    - Exited a few huge trades too soon
    - Averaged in too late at times
    - Walked away from desk too often
    - Overtraded
    - Poor loss from top control

    Improvements for this week:
    - Also look at 2-min chart for each ETF
    - Continue hiding blotter
    - Average in more shares early on
    - Keep trades under 20 round-trip/day
    - Look at XOI to help trade XLE, and XFI for XLF.
    - After the first hour, pay close attention to what is a potential trade and what is merely chop.

    Next update: 13 August 2007
  6. interesting .. I am new at this. I wanna trade full-time but I have to still pay bills..

    I trade options and I am about -15% on 2007. ALthough I get a few winners.

    I'll like to join your thread. Here is todays blotter. I work for a financial company so I have to use eTrade. Commision is killing me but still make money on winning trades. I can only freely trade indes and ETFs.

    I like SPY and QQQQ options. For day trading I concentrate on ATM options ... today -2%
  7. Kovacs


  8. Kovacs


    Last week is my best one so far. I made more during that time than the last six months combined. I hope it's a turning point but I'm not taking anything for granted nor getting complacent. Thursday was a record day at a net of $502. I almost had double that on friday, but it ended in disaster.

    On friday by 14:00, I was up $954. I was so eager to get to one thousand that I jumped into the first trade that looked remotely profitable. After losing $184, my emotions took full control. Eventually, I lost so much from my peak that I was electronically locked out and ended up with $271. I believe impatience is the last major hurdle I need to overcome before I can get consistent.

    What went right:
    - Aggressive
    - Able to hold trades longer without hiding blotter.
    - Getting into trades at the end of retracements rather than waiting for new lows/highs.

    What went wrong:
    - Missed tells from the market because of lack of focus and impatience. I'm missing divergences, volume on longer timeframe charts, and significant levels. Missing runs because of this.
    - Scaling out too much, too early instead of waiting for the market to tell me when to get out.
    - Overtraded
    - Too much adrenaline during the first hour of trading

    What needs to be improved:
    - Priority: MORE PATIENCE
    - More anticipation of probable trades; less reactive trades.
    - Calm down
    - Scale out methodically. Listen to the market.
    - More focus.

    Next update: 20 August 2007
  9. 0008


    It seems you are a pretty big player! Lots of capital?
  10. Kovacs


    It's relatively small (150K). I'm a trainee at a prop firm.
    #10     Aug 13, 2007