trying to become a successful trader - journal of a journey

Discussion in 'Journals' started by e-mini_wannabe, Sep 17, 2002.

  1. Voilà! Thanks, Magna.
     
    #11     Sep 17, 2002
  2. Great job today Wolf!

    Nice to see you stayed focused and in the moment after the "fumble" on the wave-2...

    Nice job waiting out that afternoon "chop" and then striking on those two nice set-ups :)

    See you in the AM (mine anyway)

    PEACE and good trading,
    Commisso
     
    #12     Sep 17, 2002
  3. Miki

    Miki

    Bloody marvellous journal – love it – keep it up!
     
    #13     Sep 18, 2002
  4. Some thoughts about my exits

    Yesterday showed me again that the entry of a trade is such a small part of the whole game. In the end to manage an exit well seems to be more difficult for me than take an solid entry.
    I have read tons of books and most of them don’t even mention the exits. And in the rest of the books they are only mentioned in a subordinate clause.
    And I´m sure that the complet focus to the entry doesn’t make any sense.

    Some other people even support the opinion that the entry is unimportant. Its all about the exit.

    Well I think that are both very extrem point of views and the truth would be the middle path.
    The entry and the exit have to be in a kind of a harmonic. Different kind of entries need different kind of exits.

    Also I realized that most of the pressure I feel when I´m in a position is based on uncertainty.

    I took an entry
    --> certainness

    I immediately place a stop loss
    --> certainness

    I accept the the risk of the trade which is necessary to get a reward
    --> certainness

    I try to bet the best possible result out of the trade by a well placed exit
    --> uncertainty

    If I follow this argumentation the best way, especially for a newbie like me, would be to create a kind of automation to exit my trades in order to reach another level of complete certainness and perfect acceptanc of any kind of outcome.

    Next careful consideration is that it is better (again: just for the newbie) to reach a point of constant results instead of thinking about the maximization of my profits.
    Seems to be a kind of “second step before the first” stuff.

    This leads to a toolbox of conservative exits rules depending on the kind of play I entered the market with.

    So my plan is to graduate every kind of trade in order to define the most usefull exit rule for this type of trade before I actually take the entry.


    My exit rules:

    a) if I take the entry against a strong trend for a fast gain (like my second trade yesterday the “capitulation play” I will take the gain out before the first wiggle appears. Profit objective is around 2.5 points. àScalp exit

    b) If the entry is against the trend but with a kind of reversal pattern (like my 2B bottom trade yesterday) I will exit into supp/res based on price or moving averages. I will not try to catch the start of a new trend with this kind of play

    c) If the entry is in the direction of the trend I will play for the test (if there is enough room to constitute an entry) An example would be my fourth trade yesterday the “turtle soup” in the direction of the trend. I managed the exit that way yesterday.

    d) If the entry is kind of a breakout play like yesterdays last play I will trail the exit with a 8 exp. moving average in order to catch the third wave after breakout (impulse wave). If the impulse wave develops and the price shows a nice peak I will take this gift and take the money from the table. If not I will wait for the next bar that closes above the moving average.

    That’s it. I would be really intersted what the more experienced trader think about that.
    All just theory so far :p

    Thx and good trading all
     
    #14     Sep 18, 2002
  5. Hi all!
    Sorry late with my journal of yesterday trading.
    Meet a old friend in the deadzone and didnt trade the late session.

    cu all and good trading!
     
    #15     Sep 19, 2002
  6. There are actually trades in this journal! I nearly passed out. An ET rarity.
     
    #16     Sep 19, 2002
  7. ElCubano

    ElCubano

    I cant see a thing.......what am i doing wrong here??

    I have also felt for a long time that an exit is more important for me than an entry.....Only because of the way I feel when I am taking them...you pointed them right out.....as i said in another post..

    Bad entry can cost you a stop...
    Bad exit can cost you a left nut....:D


    I can't seem to open what you are posting....i am comptuter un-friendly..
     
    #17     Sep 19, 2002
  8. Cohiba try right-clicking the link and saving the pdf file to your HD.
     
    #18     Sep 19, 2002
  9. Part1......
     
    • 19a.pdf
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    #19     Sep 19, 2002
  10. .......... and part2
     
    • 19b.pdf
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    #20     Sep 19, 2002