Signed up with Vader's room again. Prictice in SIM. Placed 6 trades today with 5 winners and 1 BE.
Most of them were only 1 car and exited with 4-5 ticks. Low R/R ratio. I still need to overcome my fear factors: 1, only put on 1 car, 2, exit early since no quantity to scale.
Huddy didn't have filled trade today.
I must put on 2 cars for each trade with no more than 2 ts spread tommorrow.
Tuesday, November 29, 2011
Sunday, November 27, 2011
Quotes of Livermore
"All through time, people have basically acted and reacted the same way in
the market as a result of: greed, fear, ignorance, and hope. That is why the
numerical (technical) formations and patterns recur on a constant basis."
"I absolutely believe that price movement patterns are being repeated. They
are recurring patterns that appear over and over, with slight variations. This
is because markets are driven by humans -- and human nature never
changes."
Don't take action with a trade until the market, itself, confirms your
opinion. Being a little late in a trade is insurance that your opinion is
correct. In other words, don't be an impatient trader.
A prudent speculator never argues with the tape. Markets are never wrong--
opinions often are.
Few people succeed in the market because they have no patience. They
have a strong desire to get rich quickly.
When you make a trade, "you should have a clear target where to sell if the
market moves against you. And you must obey your rules! Never sustain a
loss of more than 10% of your capital. Losses are twice as expensive to
make up. I always established a stop before making a trade."
"The big money is made by the sittin' and the waitin' -- not the thinking.
Wait until all the factors are in your favor before making the trade."
the market as a result of: greed, fear, ignorance, and hope. That is why the
numerical (technical) formations and patterns recur on a constant basis."
"I absolutely believe that price movement patterns are being repeated. They
are recurring patterns that appear over and over, with slight variations. This
is because markets are driven by humans -- and human nature never
changes."
Don't take action with a trade until the market, itself, confirms your
opinion. Being a little late in a trade is insurance that your opinion is
correct. In other words, don't be an impatient trader.
A prudent speculator never argues with the tape. Markets are never wrong--
opinions often are.
Few people succeed in the market because they have no patience. They
have a strong desire to get rich quickly.
When you make a trade, "you should have a clear target where to sell if the
market moves against you. And you must obey your rules! Never sustain a
loss of more than 10% of your capital. Losses are twice as expensive to
make up. I always established a stop before making a trade."
"The big money is made by the sittin' and the waitin' -- not the thinking.
Wait until all the factors are in your favor before making the trade."
Thursday, November 24, 2011
T.J. 11/24/11
Back from a long oversea trip for a week now. My jet leg is almost gone. I have been trading in Sim to get into trading mode again. The market is still wild by news driven.
Looking back of my path of this year's trading I am frustrated by how little my progress has been, Mainly is my emotion control. I guess self discipline is a constant effort rather than a big leap. Be patient.
Looking back of my path of this year's trading I am frustrated by how little my progress has been, Mainly is my emotion control. I guess self discipline is a constant effort rather than a big leap. Be patient.
Tuesday, September 27, 2011
T.J. 9/27/11
It was a good day ES. All winners from Vader. Huddy didn't have any calls during RTH.
A mess was created on 6J entry yesterday. First, I didn't realize it was a mini contract J7. I used a full contract of 6J. Second, the entry point wasn't a decisive break out area despite I already raise my entry higher than Dave's. I guess my concern was that I would have had much less profit if I raised the entry too high. Missed the main objectives of having a optimal and safe entry as my rule of engagement. Third, My stop point was too large although Dave didn't issue a stop point as this is his weekly type entry. My rule of 2-3% for swing trade was not followed.
Lessons learned: 1. Correct any trading error as soon as possible; 2, Follow rules for stop. Exit to limit losses first. There will be other opportunities to get back in if the trade setup is still valid.
A mess was created on 6J entry yesterday. First, I didn't realize it was a mini contract J7. I used a full contract of 6J. Second, the entry point wasn't a decisive break out area despite I already raise my entry higher than Dave's. I guess my concern was that I would have had much less profit if I raised the entry too high. Missed the main objectives of having a optimal and safe entry as my rule of engagement. Third, My stop point was too large although Dave didn't issue a stop point as this is his weekly type entry. My rule of 2-3% for swing trade was not followed.
Lessons learned: 1. Correct any trading error as soon as possible; 2, Follow rules for stop. Exit to limit losses first. There will be other opportunities to get back in if the trade setup is still valid.
Friday, September 23, 2011
T.J 9/22/11
A 500 Dow drop day. Open gap on ES was over 20 points.
Vader had extremely well performance. I was hesitated to pull the trigger. All of my four shorts were stopped out. Two of them I didn't move my stops quick enough to protect profits. It's still a mental issue. Vader gave some good advice: planning pre market, visualize the plan, execute the plan, manage risk. Start to noticing edges now. Need to execute it.
Did well on the HE trade on a pull back and target. Closed USO put for a +100% gain.
Vader had extremely well performance. I was hesitated to pull the trigger. All of my four shorts were stopped out. Two of them I didn't move my stops quick enough to protect profits. It's still a mental issue. Vader gave some good advice: planning pre market, visualize the plan, execute the plan, manage risk. Start to noticing edges now. Need to execute it.
Did well on the HE trade on a pull back and target. Closed USO put for a +100% gain.
Thursday, September 22, 2011
T.J 9/21/11
Fed day, stayed out most of afternoon. Wild price action. Major drop in the afternoon. ES had 40 points move.
Traded SB and followed day trading rules. Although missed some over night moves but it's much safer.
Building self discipline is a process. It envolves every trade and every decision. I waved a little on LE reentry today and costed extra loss.
Traded SB and followed day trading rules. Although missed some over night moves but it's much safer.
Building self discipline is a process. It envolves every trade and every decision. I waved a little on LE reentry today and costed extra loss.
Tuesday, September 20, 2011
T.G. 9/20/11
A over night bottom to top swing. I was expecting a up day to break the double top.
Over traded ES while try to follow Vader's every trade. Daily limit was throwen out. Thinking that I could use yesterday's win to off set today's limit. Each day should have its own limit. Discipline is a requirment for all the time. It should not be wavered
QM was stopped out over night. it's a dilama as where and how much profit should be prectected. This one had $750 but only realized $87. I guess this is part of trading.
Over traded ES while try to follow Vader's every trade. Daily limit was throwen out. Thinking that I could use yesterday's win to off set today's limit. Each day should have its own limit. Discipline is a requirment for all the time. It should not be wavered
QM was stopped out over night. it's a dilama as where and how much profit should be prectected. This one had $750 but only realized $87. I guess this is part of trading.
Monday, September 19, 2011
T.J 9/19/11
Monday, over night gap down on Euro zone worries again. It's also ES technical level hit on Friday and retrace.
My QM short trade is going well so far. Managing a position seems more challenging in emotionally. Every up and down make your expectation swings. My quick protection stops have not worked well on swing tradings. More often than not my stops got hit and the prices didn't go to the next level where I plan to re-enter.
Today's ES trades went well, 2 winners and 1 losser. I am much less worried or tense while in a trade. I was more willing to let the trade work. Patience and discipline are paying off, improving it one trade at a time.
My QM short trade is going well so far. Managing a position seems more challenging in emotionally. Every up and down make your expectation swings. My quick protection stops have not worked well on swing tradings. More often than not my stops got hit and the prices didn't go to the next level where I plan to re-enter.
Today's ES trades went well, 2 winners and 1 losser. I am much less worried or tense while in a trade. I was more willing to let the trade work. Patience and discipline are paying off, improving it one trade at a time.
Tuesday, September 13, 2011
T.J 9/12/11
Monday, things didn't go well as I planed. OEC had sever problem and my WSG and MW orders had big sliperagy. QM didn't hit my short target over night and it bounced back against me when I got up this morning.
I flipped long on QM and it had a good run. I was a bit too greedy and didn't take R2 as my exit. Also didn't follow my plan to re-enter it at Fib D 61.8%. Over all this position was poorly managed and it cost me $800.
I will not enter any over night position on my own without OSO stop orders. The ZL is a big lesson which is still under water now.
It's still a self discipline issue.
I was scramble to manage all swing positions and no time to day trade. Over all it's a messy day for me. I didn't consider enoough of risk, especially on Sunday night knowing Monday's risk.
I flipped long on QM and it had a good run. I was a bit too greedy and didn't take R2 as my exit. Also didn't follow my plan to re-enter it at Fib D 61.8%. Over all this position was poorly managed and it cost me $800.
I will not enter any over night position on my own without OSO stop orders. The ZL is a big lesson which is still under water now.
It's still a self discipline issue.
I was scramble to manage all swing positions and no time to day trade. Over all it's a messy day for me. I didn't consider enoough of risk, especially on Sunday night knowing Monday's risk.
Friday, September 9, 2011
T.J 9/9/11
A gap down opening due to the fear of European debt crisis. Cautions as it's Friday too.
ES trading was B/E today. Held one to full target. The other 2 failed on wild price actions. Forgot to change to BB5 setup on volatile condition. Missed all Vader's calls. Need to be brave about it. He has more winners than losers.
Another 300 point down day.
Closed SPY and Silver options. Scaled out both as winners.
ES trading was B/E today. Held one to full target. The other 2 failed on wild price actions. Forgot to change to BB5 setup on volatile condition. Missed all Vader's calls. Need to be brave about it. He has more winners than losers.
Another 300 point down day.
Closed SPY and Silver options. Scaled out both as winners.
T.J 9/8/11
Took two big hits on swing trading. One was my mistake not seeing the Daily Batch's order time. It was an RTH order and I keyed it in for over night. Price pushed through BB/D line then closed above it. My rule is to wait for close and confirm. The other was MW which is in an range bound. I used BB/H for entry. I knew there was an R line and Fib 61.8 above which I was hit once already. Hope it might break and fear of missing a trade from Dave.
Disciplines won't become a habit over night. Keep working on it and eventually it will be a second natural. As frustrating as it is I get to keep going.
Disciplines won't become a habit over night. Keep working on it and eventually it will be a second natural. As frustrating as it is I get to keep going.
Wednesday, September 7, 2011
T.J 9/7/11
O/N up on Asia and Europe. ES touched 1134 of last week's support and bounced.
No Major news today. Market started going up from opening and grinding up. Most of my ES trades turned out to be counter trend. My mind set influenced my Vader's C-trend entries. Must learn to be adaptive and be willing to change bias as the price action is showing.
Still working on my swing trading management. Taking bigger stops and small winners in the name of not losing money. It should be based on set up and risk tolerance. Today's coffee trade was a good example. I had a stop point identified and it was higher than Dave's. I wanted to have a better result than his so I moved my stop lower. The price stopped me out and moved down. It didn't reach my logic stop which was only few ticks up. Similar cases in two recent bound trades caused me missing $7k profit.
Discipline produces consistency.
No Major news today. Market started going up from opening and grinding up. Most of my ES trades turned out to be counter trend. My mind set influenced my Vader's C-trend entries. Must learn to be adaptive and be willing to change bias as the price action is showing.
Still working on my swing trading management. Taking bigger stops and small winners in the name of not losing money. It should be based on set up and risk tolerance. Today's coffee trade was a good example. I had a stop point identified and it was higher than Dave's. I wanted to have a better result than his so I moved my stop lower. The price stopped me out and moved down. It didn't reach my logic stop which was only few ticks up. Similar cases in two recent bound trades caused me missing $7k profit.
Discipline produces consistency.
Tuesday, September 6, 2011
TJ 9/6/11
The day after Labor Day weekend O/N dropped around 2% reflecting Asian and European markets' down move in fear of European debt and banking crisis, plus US stalled growth.
Had a good position on SB, WSB and ZS. Need to clear define my objectives of such trades in order to set proper stops and targets. Otherwise, a trade could be taken over by fear and greed. like today's WS which had over 500 before 62% daily Fib. It end up given back 2/3 of profits. From now on, all my trades should be managed as day trades. I will tread the other system signals as swing trades.
Had a good position on SB, WSB and ZS. Need to clear define my objectives of such trades in order to set proper stops and targets. Otherwise, a trade could be taken over by fear and greed. like today's WS which had over 500 before 62% daily Fib. It end up given back 2/3 of profits. From now on, all my trades should be managed as day trades. I will tread the other system signals as swing trades.
Saturday, September 3, 2011
TJ 9/2/11
Yesterday and O/N dropped quite bite in anticipation of today's job report. It turned out to be worse than expected. The lowest estimate was +25K and the consese was 75K. I am not sure how it can be exactly 0 job creation. I guess they don't count it for less than a thousand.
I was worried about One & Go's positions in ES and NQ from yesterday. They kept falling as he entered long after the morning's double top. I didn't enforce my stop loss rule for this system. I wasn't clear weather to take 12 or 15 ES points stop or use a $ figure for both ES and NQ. While I was debating where to put my stop loss: gap fill on pb or below H trend line the news was out and the both got a full stop out. I must enforce $600-750 stop rule for recover and R/R purpose.
Also new related price moves stopped my 10 yr bond position then went straight up left me with a little profit. It also missed my 30 yr bond entry price by 2 ticks. I forgot to review these positions in the morning while worrying ES & NQ positions.
I closed Euro Bund with a nice profit since I didn't want to hold it into the Labor Day weekend. It had a big draw down first.
Stop loss quick and let the profit run. Am I doing it right?
In order to be consistence rules must be followed at all time. It requires unwavering self discipline.
I was worried about One & Go's positions in ES and NQ from yesterday. They kept falling as he entered long after the morning's double top. I didn't enforce my stop loss rule for this system. I wasn't clear weather to take 12 or 15 ES points stop or use a $ figure for both ES and NQ. While I was debating where to put my stop loss: gap fill on pb or below H trend line the news was out and the both got a full stop out. I must enforce $600-750 stop rule for recover and R/R purpose.
Also new related price moves stopped my 10 yr bond position then went straight up left me with a little profit. It also missed my 30 yr bond entry price by 2 ticks. I forgot to review these positions in the morning while worrying ES & NQ positions.
I closed Euro Bund with a nice profit since I didn't want to hold it into the Labor Day weekend. It had a big draw down first.
Stop loss quick and let the profit run. Am I doing it right?
In order to be consistence rules must be followed at all time. It requires unwavering self discipline.
Friday, September 2, 2011
Trade Journal 9/1/11
A busy morning managing swing positions. Get distracted by an oversea call.
I keep catching Vader's losing trades, then missing his winners. Can't pick and choose.
Still need to work on mental game. Today's 30 year bond was an example of fear of loss, set stop too close and missed a big move.
ZC was a good trade. Should I let such swing trade run instead of setting a target?
I keep catching Vader's losing trades, then missing his winners. Can't pick and choose.
Still need to work on mental game. Today's 30 year bond was an example of fear of loss, set stop too close and missed a big move.
ZC was a good trade. Should I let such swing trade run instead of setting a target?
Wednesday, August 31, 2011
Trade Journal 8/31/11
ES market is in a critial area of Fib 50-61.8 % daily chart retrace. Bulls and bears are fighting and pushing price up and down voliteally. Over night took out Vader's swing short which had 10+ points.
I missed another good short call from 1219 to 1208. Need to get ready to take these calls as they often have good risk/reward.
Improved emotional management during trading. Much more calm now. Still need to work on stop lowering target in panic exit. Let stop order work. I missed too many full target trades.
I missed another good short call from 1219 to 1208. Need to get ready to take these calls as they often have good risk/reward.
Improved emotional management during trading. Much more calm now. Still need to work on stop lowering target in panic exit. Let stop order work. I missed too many full target trades.
Tuesday, August 30, 2011
Trade Journal 8/30/11
A slow day for me. BB3/PB setup has not worked well for the last 2 days. Need combine it with Fib level bigger trend lines and other conflences to increase its odds. I am getting calm to put on orders now, win or loss.
Missed Vader's swing short at Fib D 50 level and trend line. He had 15 points in less than 30 mins. I wasn't focused and it was the last 30 min of RTH.
Missed Vader's swing short at Fib D 50 level and trend line. He had 15 points in less than 30 mins. I wasn't focused and it was the last 30 min of RTH.
Monday, August 29, 2011
Trade Journal 29/8/11
Monday, O/N up to R1, Oversea markets up too. Grinding up from get go. Had 5 trades in ES but none of them hit my tgt. Being a tick man once today. Didn't expect ES to grind up all day. Preset bias limited my ability to take long positions on Fib PB. It's a very symmetrical movement today.
I didn't activate One&Go today. Was hoping to enter it with a pull back which didn't happen.
Managed E7, DX and M. wheat positions. setting initial stops for my new positions too close. I still have fear of losing.
Be cautions on Monday and fairly calm. Nothing to write home about.
I didn't activate One&Go today. Was hoping to enter it with a pull back which didn't happen.
Managed E7, DX and M. wheat positions. setting initial stops for my new positions too close. I still have fear of losing.
Be cautions on Monday and fairly calm. Nothing to write home about.
Friday, August 26, 2011
Self Discipline
"You may see both your best friend and your greatest enemy by stepping in front of a mirror" (Napoleon Hill)
"If you do not conquer self, you will be conquered by self" (Napoleon Hill)
"Before you can control conditions, you must first control yourself. Self mastery is the hardest job you will ever tackle" (Napoleon Hill)
In "Think and Grow Rich" one of the biggest obstacles to overcome in order to be successful is the lack of self discipline
Twittered by Cliff_WilliamsCliff Williams
"If you do not conquer self, you will be conquered by self" (Napoleon Hill)
"Before you can control conditions, you must first control yourself. Self mastery is the hardest job you will ever tackle" (Napoleon Hill)
In "Think and Grow Rich" one of the biggest obstacles to overcome in order to be successful is the lack of self discipline
Twittered by Cliff_WilliamsCliff Williams
Trade Journal, 8/26/11
GDP news and Mr. Bernanke speaks. Expect high volatility. I will stay out of equity market today. Only manage my other positions.
ZC finally had a good run, it seems respect hourly trend lines well. I exited out my long based on R line. I was afraid it won't reach the hourly trend line. It actually did push through. Well, it's the sellers remorse.
ES have had a 45 points wild up and down run. I didn't touch it although it had couple of BB5 setups and would be winners.
I canceled 6E buy order because it moved up and down over 150 ticks and it's weekend. It's a winner so far.
Over all, I am disciplined today. Lessons learned from yesterday.
ZC finally had a good run, it seems respect hourly trend lines well. I exited out my long based on R line. I was afraid it won't reach the hourly trend line. It actually did push through. Well, it's the sellers remorse.
ES have had a 45 points wild up and down run. I didn't touch it although it had couple of BB5 setups and would be winners.
I canceled 6E buy order because it moved up and down over 150 ticks and it's weekend. It's a winner so far.
Over all, I am disciplined today. Lessons learned from yesterday.
Thursday, August 25, 2011
Trade Journal 8/25/11
Need to respect trend lines, especially hourly and daily lines. Also pay attention to S/R line and area.
Lesson learned from yesterday's ZC trade.
Another up 100+ down 100+ day. I was calm in the morning. Missed Vader's NQ call, a big winner.
I need to build confidence for Vader and Huddy's calls.
Price actions are wild today again. the first 2 BB3 were stopped out. I switched to BB5 min. Took another loser on short, price action is pause and thrust. I noticed the sign but didn't pull my order.
When in doubt stop trade. Look for confluences.
Over traded the last hour after a system glitch took out my stop loss order and pushed reverse button at top of the range. After the reversed order failed. I noticed I had reached my daily loss limit of $380.
I was hoping to make something back with a BB5 setup. I didn't believe my setup could make all losers in one day. It did. This is in the last 40 minute of market.
Nothing to fear except the fear itself. Find out the root of fear in trading.
Lesson learned from yesterday's ZC trade.
Another up 100+ down 100+ day. I was calm in the morning. Missed Vader's NQ call, a big winner.
I need to build confidence for Vader and Huddy's calls.
Price actions are wild today again. the first 2 BB3 were stopped out. I switched to BB5 min. Took another loser on short, price action is pause and thrust. I noticed the sign but didn't pull my order.
When in doubt stop trade. Look for confluences.
Over traded the last hour after a system glitch took out my stop loss order and pushed reverse button at top of the range. After the reversed order failed. I noticed I had reached my daily loss limit of $380.
I was hoping to make something back with a BB5 setup. I didn't believe my setup could make all losers in one day. It did. This is in the last 40 minute of market.
Nothing to fear except the fear itself. Find out the root of fear in trading.
Wednesday, August 24, 2011
Trade Journal 8-24-11
After yesterday's 300 point run, over night was in range bound.
Morning trade has been rough around 10am news release. Had 2 trades from Vader before and after the news release. the news was better than expected and markets jumped. Both of my trades were stopped out. Then, I caught a Huddy's top short call for 3 Ps and recovered all of my loses. He had a trailer for 10Ps. I need to learn to be more patience. Later, Vader had a call to long after D low and Fib 62 test. I took 1 p but he had 3-7 ps. Why I am nervouse about short terms trading of $60-100 loses but calm with loses of $500-1000 for swing trades? Is it because who makes the entry decisions?
My early DX long for hedging 6B worked. 6B is under water now.
Morning trade has been rough around 10am news release. Had 2 trades from Vader before and after the news release. the news was better than expected and markets jumped. Both of my trades were stopped out. Then, I caught a Huddy's top short call for 3 Ps and recovered all of my loses. He had a trailer for 10Ps. I need to learn to be more patience. Later, Vader had a call to long after D low and Fib 62 test. I took 1 p but he had 3-7 ps. Why I am nervouse about short terms trading of $60-100 loses but calm with loses of $500-1000 for swing trades? Is it because who makes the entry decisions?
My early DX long for hedging 6B worked. 6B is under water now.
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