Member Trading JournalsAnyone can start their very own public trading journal to document their winning and losing trades, get opinions from community members, and learn from each others' trading experiences.
Man I thought so hard about it at the time. I just felt like if I were to wait for it to start moving up I would've been a chaser and possibly adding insult to injury if I was wrong again. Do you find yourself in a lot of situations like this?
Yea man, I see what you mean with the chasing thing, but like with many things there is a right and a wrong way to do them. I personally have a rule that I rarely break and that is that I can only enter one additional and consecutive position after one position didn't work out. This insures that I both catch the moves that I was simply just too early for and stop myself from over trading. As I said before as well, the first kiss and the no show are excellent when the no show is played after the first kiss fails. It is almost like a single play, because the ingredients for it almost always go hand in hand, as was witnessed in your play. I mean I look at it like this, our edge is what we've worked hard to earn because we've learned how markets work, and our edge is how we make money, so if you are going to be right about what price may do because you've invested that time and energy you should be willing to sacrifice a little to make good on your beliefs, especially when the market is notorious for fakeouts like that. Make sense?
Something I learned watching Shootīs videos is not to use hard stops. Just my preference
As we are the traders who start the move, things like that can happen everytime if we use hard stops, sometimes we suffer a little more but thatīs part of the game. On the other hand if we donīt have hard stops we might not stick with discipline.
When I enter a position I prepare the order to exit it but I donīt put hard stops.
Yea man, I see what you mean with the chasing thing, but like with many things there is a right and a wrong way to do them. I personally have a rule that I rarely break and that is that I can only enter one additional and consecutive position after one position didn't work out. This insures that I both catch the moves that I was simply just too early for and stop myself from over trading. As I said before as well, the first kiss and the no show are excellent when the no show is played after the first kiss fails. It is almost like a single play, because the ingredients for it almost always go hand in hand, as was witnessed in your play. I mean I look at it like this, our edge is what we've worked hard to earn because we've learned how markets work, and our edge is how we make money, so if you are going to be right about what price may do because you've invested that time and energy you should be willing to sacrifice a little to make good on your beliefs, especially when the market is notorious for fakeouts like that. Make sense?
Shoot
Thats a great way of putting it. I never thought about how they compliment each other like that. Man I swear I'm learning so much more when trading live. It makes me be so much more focused knowing that it's for real. I'm happy with myself as far as emotions go so far as well. Thanks man!
First trade for the day: Short after a pullback to broken support level (now resistance). Volume was so high this morning that even normal volume looked like it was nothing. Very happy with myself for sticking to my trading plan and not getting out at less than 1:2. What a ride!
Hopefully I'll have another for you guys by the end of the day.
First trade for the day: Short after a pullback to broken support level (now resistance). Volume was so high this morning that even normal volume looked like it was nothing. Very happy with myself for sticking to my trading plan and not getting out at less than 1:2. What a ride!
Hopefully I'll have another for you guys by the end of the day.
Really great play man. I can see that you are developing the skill of using what you know about how markets work to develop a high probability scenario. Great work man.
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Think big, think positive, never show any sign of weakness. Always go for the throat. Buy low, sell high. Fear? That's the other guy's problem.
Nothing you have ever experienced will prepare you for the absolute carnage you are about to witness.
I use CamStudio to record. Brendan recommended it to me and it's a thousand times better than the program I was using before. It's really compact and doesn't bog down your computer like some do.
Yeah I went full-time as of this week. I just moved to Arizona after getting laid off from my seasonal job in Tahoe and I have a couple other things that give me a minor, yet steady income. Until I'm consistently profitable and feel that I can rely on my trading for sole income I will be trading with small capital. I figure what better time to take the plunge than now?
Well I wasn't too active on the computer today due to it being a slow moving friday. I did, however, watch the Emini Nasdaq creep back up to the highs of the day near the end. As it was approaching, sellers were coming in hard. I spotted it and with the time of day in the back of my mind (3:45 EST)put in a limit order at 1768 with the previous high from the morning being 1768.25. It was flirting with it for about 5 minutes and actually touched it at one point but I didn't get filled. I kept looking at the clock and it finally psyched me out and I cancelled the order. I even put another order in and chickened out again!!! Well I'm sure you can guess what price did about 30 seconds later...
I think I made a wise decision though being so close to the closing bell. Overall, I'm really happy with my trades for my first week and I leearned a few things. Well... time to get drunk!
Should have known better. Market was very slow moving and choppy. Didn't stand a chance. Not happy with myself for deviating from my trading plan either. Cutting myself off and clear my head for tomorrow.
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