From 12/28: 4re, you got this one spot on, but seeing the chart after what it did (reaching a low of $56.08), how would you have handled it?. If this trade was executed on the numbers you had given, it would have come out good. Your entry point was ~$59.00; I am not seeing this entry point. The exit strategy was sound and to the dot. <img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=3054251.png">
4re, I see you on this one. However, I have a couple of questions. Does the breach of the trend line (circled) concern you?. At this price, I feel it's right for the picking, so I am thinking of breaking my swinging virginity and will buy half my positions at ~$28.00 and will add the other half if we go to ~$27.50 (which I think it could go to). I am thinking of having my stops at $27.18. What's your shout on this one? Hope you got my back on my first swing <img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=3054292.png">
The 59 entry would have been a break out trade and the way I would have traded it I would still be in it. I always stay in until the market forces me out. When some people grab their money and run I am doubling up on my trade and letting it run. I get agressive on my winning trades.
This one is getting ready for a nice pop. I would like for it to drop little more and become very oversold before taking it. Would jump all over it at $27. The trend line doesn't really matter for this short of a pop. What does matter to me is that the price is trading above the 200 day SMA (which means long term trend is up and I only go long when price is above the 200 day average) and the RSI 2 and 5 are oversold. I hope that makes sense.
I'll keep an eye on SLV and let you know when I would enter. I might even do a real trade on it if everything works out on it.
Hey Sam, As promised, I had a read through your journal. Thought I would just make a few points. Firstly though, I'm not going to tell you how to trade or comment on your strategy at all. I looked through the journal but didn't really look much at the trades but more at the comments you made about them (positive and negative). You learn to trade by yourself... people can give you tips but in the end its all up to you. So here are a couple of observations I made. Are you a discretionary trader? It wasn't clear but I assumed you have some system that your using and manually entering/exiting your trades based on the output of the system. I did see a reference to back-testing so not too sure. I'm a discretionary trader so can't really provide much help with the system stuff. The major thing I saw was that you are trading using a retail account. Wow... congrats if you can day trade profitably with a retail account. The fees on those things are a killer to many trades. Fees are a really important thing in the industry. Keeping fees low is SO IMPORTANT. I didn't notice where your based but you should really look into remote trading for a prop firm. I say this as the fees are lower... much lower!!! You can find one that will give you great leverage, acceptable deposit/payout and a better platform. This is only a suggestion but I can understand why a few recommended you swing trade... I think you should do what you want i.e. day trade. But I believe their comments highlights the fee issue with using a retail broker. I have a friend who day trades prop and then uses a retail account to swing trade his own money. The other thing I noticed is your attitude. This is extremely important!!! It was great to see how positive you were. How you took on advice but also how you also stuck to your goals as well (ie becoming a successful DAY trader). These are all good personality traits to have. Your also humble which is very important because the market will keep teaching you lessons until your humble or you lose all your $. Your attitude is so important when it comes to trading successfully. Many of the negative comments you will see here on ET are from bitter traders who have failed to live up to their expectations. Avoid these people like the plague! I like to think of it like this... there are plenty of optimistic traders who lose money but there are hardly any pessimistic traders who are profitable. I see this play out every day on my trading floor. Keep that optimism, have conviction, stay humble and never stop learning Don't be afraid of trading real $$. I noticed you made the switch. I haven't seen enough of your posts since you switched but I would be interested if you provided a little commentary on how you saw your day. Once I see a few more posts maybe I can help a little. I Hope 2011 is a great year for you and I will keep watching your journal! ptMTL
4re, I got filled half my positions at $28.14 and have the stop at $27.18. If it goes lower without hitting my stop, I will add the other half at ~$27.75 (on the way up). Btw, how do you decide at what price you want in? how do you determine value?.