Smacking the ER2

Discussion in 'Journals' started by jessop, Sep 6, 2005.

  1. jessop



    This is the kick off entry for my new journal and I’ll explain why I’m doing it later:


    Intraday ER2 Futures Trader – ER2 clearly the best ‘bang per buck’ contract around – certainly for my edge
    I spent 9 months developing a trading plan & charting techniques and have been live since 1/5/05
    Self taught (read all TA & psychological books etc)
    Don’t use any indicators – just price, volume, and 3 ‘secret weapon’ data feeds
    I have an eight page trading plan with supporting risk/reward analysis spreadsheet
    I do end of day detailed trading logs & an end of week summary analysis weeks trading
    I have the luxury of working part-time in the mornings (in the UK) and have my afternoons free for trading the US market 5 days a week
    I have an understanding wife who trusts me to do what is in our collective best interest
    I have a reasonable account size – but I have limited myself to 1 contract until I can ‘consistently’ hit the daily targets in the trading plan
    I use Esignal (various 1 & 2min charts), IB & Ninja – have a backup broadband service and a full office setup
    I am a very positive person and my main driver behind trading is financial independence.
    Mark Douglas’s ‘Trading in the Zone’ is my main emotional trading reference.
    I’m a typical Jung type INTJ personality…if I didn’t feel I could make a good living trading I wouldn’t be here today.

    Anyway….to cut to the chase ….the reason for the Journal

    I don’t normally go for chatrooms or forum posting…..however:

    1) I have a trading plan and charting techniques that give me a great edge…..but I am the weakest link …….and I need to kick my a**e into gear….my current trading problems are the usual ‘fear’ based hesitation & cutting profits short etc

    2) So my plan is to write down each day – the times my signals were triggered and where my entries and exits were and a little trade commentary on my emotions etc

    3) I’m afraid it is a selfish attempt to get me to stop ‘fearing being wrong’ – by public humiliation if I wimp out on entries & exits - so let’s see how it goes.

    4) I am not selling any services or willing to show the charts/secret weapons – so please don’t ask – this a part of a psychological game I’m playing ….

    5) But having said that I also want to put a little bit back for all I have learnt from the WWW

    First instalment tonight and boy have I hesitated today !!
  2. FredBloggs

    FredBloggs Guest


    better read douglas again!!!

    (dont worry too much - just make sure you dont beat your self up over it. learn & move on)

    good luck!!
  3. can u please explain your trading plan.. and explain the edge that u have to daytrade the er2?
  4. ER2 is pretty weak today relatively speaking.
  5. not as bad as Friday...what a mess that was. :)
  6. fader


    the best bang for the buck is the DAX then the euro fx or cable - er2 is the best among the u.s. index futures - you may want to consider the dax once you've suceeded with the er2 and quit your morning job :) all the best.
  7. jessop


    Fader - you're probably right

    But my edge only works for US indices - I've tried Forex, but the US indices are just the only place to be.

    Fred - its on my bedside table and I do read various chapters at least once a fortnight

    Thanks for the early encouragement guys

  8. jessop


    Signal UK Time My Entry/My Exit Comment

    1 15:02 L None/None Just watched even though it was a no-brainer long

    2 15:22 L None/None I had bias for short entry here even my signal said still a no-brainer

    3 16:30 S None/None Just pure hesitation ……..finger over sell button etc

    4 16:44 L 16:44 / 17:10 Good entry but poor exit – exit signal was 17:44

    5 18:20 S None/None Overrode signal – too close to breakout

    6 18:32 L None/None I let it go – contrary to what trade plan says

    7 18:38 S None/None Realised I should have taken signal 5 now

    8 18:50 L 18:53 / 19:00 Entry a bit late – exit not on signal, should have been at 19:04

    9 19:05 S None/None Never reverse in time – exit from Signal 8 was entry for 9 – missed it

    10 19:34 L 19:34 / 19:52 Ok entry – much prefer it when QM is offline – exit a bit panicky – wanted to hold longer
    but exit signal was on next 2 min bar anyway

    11 20:02 S None/None Hesitated again – my breakout bias overrode the signal

    12 20:10 L None/None Family distraction – not at desk – not going to chase it – could be an expensive distraction !!

    20:45 - I never usually trade the last 5 minutes – but I’m finishing up now

    3 signals out of 12 taken – 25% - my best to date has been 33% and my worst 10%

    Signal 12 was an very expensive distraction indeed !!

    Onwards and upwards tomorrow
  9. I hate to see a Jung INTJ type go down in flames.
  10. jessop


    FWIW - here is the chart for the signnal/entries(E)/exit(C)
    #10     Sep 7, 2005