Friday, April 07, 2006
4/7/06 Trading is a funny business
Why...because sometimes it can make you hurt so badly you just have to laugh!
OK. I had a crappy week trading and basically quit on Thurs morning, paper traded Thurs afternoon to the tune of +5.25 points before I started laughing so hard I was about to cry. Why is this so funny? Because it tells me that I have mental problems! Yes, you probably already knew that didn't you! Well it's true. If I didn't then I would have been profitable before I quit and started paper trading with nothing on the line. Add $ and all of a sudden things change. Clearly this is a problem. I noticed that as soon as I stopped with reall money that I was relaxed and in tune with the market (just ask Rico, I posted trades to him). Then I started thinking about the reasons why It had been so crappy and why as soon as it stopped I had paper profits. I didn't know then but I think I know now.
Back in Feb and well into March I was trading very well. Went 3 weeks without a losing day in fact. Once again Rico can attest to that. I started to add some trading methods via TTM and Hubert to be precise in order to expand my list of weapons against the ES. I joined the TTM website while still monitoring Fooser of course (won't stop doing that!) and Hubert does most of the calling. I was looking for H's setups and using his calls as best I could and low and behold I found out that I can't trade H's style! Too fast, too furious, and too hyper! Not for me. John Carter is the other 1/2 of TTM and I can trade his style I think but he doesn't talk much throughout the day so all I hear is H. Not much J. I'm not a scalper. Pure and simple.
I've taken steps to correct this problem. There are several setups that J and H both use that are virtually the same as the Fooser reversal. Same idea, same concept. Those setups are the ones that Rico and I have had the best luck with. Starting on Monday there are only 3 setups on my trading plan. 1st is Gap, 2nd is reversal setup (also used during trends and chop) and then our mid-day bond setup. That is it! No more scalping or even attempts.
The other thing I am going back to is using longer term day-trading charts. No more 5 min and 50 tick for setups. Now it is 15 min and 60 min with the 5 used for entry. I was profitable doing this before so why mess with it. I was much better at using only S/R from weekly, daily, and 60 min charts and that is it. Nothing shorter as it is all noise in smaller time frames. I've also discovered (and Rico will attest to this as well I hope) that I am much better at making swing play calls but I've never traded them. I will be from now on. Buy extreme supports, sell extreme resistance. Bias to the current market environment of course.
I've updated my plan and it is on my desk as I speak. Report finished! Done for week. On to a better one!
Trader X!
OK. I had a crappy week trading and basically quit on Thurs morning, paper traded Thurs afternoon to the tune of +5.25 points before I started laughing so hard I was about to cry. Why is this so funny? Because it tells me that I have mental problems! Yes, you probably already knew that didn't you! Well it's true. If I didn't then I would have been profitable before I quit and started paper trading with nothing on the line. Add $ and all of a sudden things change. Clearly this is a problem. I noticed that as soon as I stopped with reall money that I was relaxed and in tune with the market (just ask Rico, I posted trades to him). Then I started thinking about the reasons why It had been so crappy and why as soon as it stopped I had paper profits. I didn't know then but I think I know now.
Back in Feb and well into March I was trading very well. Went 3 weeks without a losing day in fact. Once again Rico can attest to that. I started to add some trading methods via TTM and Hubert to be precise in order to expand my list of weapons against the ES. I joined the TTM website while still monitoring Fooser of course (won't stop doing that!) and Hubert does most of the calling. I was looking for H's setups and using his calls as best I could and low and behold I found out that I can't trade H's style! Too fast, too furious, and too hyper! Not for me. John Carter is the other 1/2 of TTM and I can trade his style I think but he doesn't talk much throughout the day so all I hear is H. Not much J. I'm not a scalper. Pure and simple.
I've taken steps to correct this problem. There are several setups that J and H both use that are virtually the same as the Fooser reversal. Same idea, same concept. Those setups are the ones that Rico and I have had the best luck with. Starting on Monday there are only 3 setups on my trading plan. 1st is Gap, 2nd is reversal setup (also used during trends and chop) and then our mid-day bond setup. That is it! No more scalping or even attempts.
The other thing I am going back to is using longer term day-trading charts. No more 5 min and 50 tick for setups. Now it is 15 min and 60 min with the 5 used for entry. I was profitable doing this before so why mess with it. I was much better at using only S/R from weekly, daily, and 60 min charts and that is it. Nothing shorter as it is all noise in smaller time frames. I've also discovered (and Rico will attest to this as well I hope) that I am much better at making swing play calls but I've never traded them. I will be from now on. Buy extreme supports, sell extreme resistance. Bias to the current market environment of course.
I've updated my plan and it is on my desk as I speak. Report finished! Done for week. On to a better one!
Trader X!
Wednesday, April 05, 2006
4/5/06 ... I don't seem to be doing very well?
What started out as a decent week really took a plunge today... and I even knew where the market was going!
Forensic trading here...
first trade was a squeeze long from 1650 that stopped at 1500...
Then I went long at 1475 and sold at 1725, so I was pos
The we (both of us) went long at 15 from a holp trade and stopped at 1325.
The stupid thing we didn't do now was to take the holp again at a lower price when we both agreed that the internals said up! Dam it anyway!!!
I had 2 other crappy trades after that that lost another 2-3 points and ended the day with a quick reversal off the high of 2125 for a quick reversal scalp on first touch of previous high.
One of the crappy trades was a high tick trade that I shouldn't have taken due to the pc being close to 1 at that point then I went long and got stopped at the low tick of the friggen retrace! I kid you not... the friggen retrace!!!!
The bond trades seem to have been working much better than the es stuff.. just falling asleep at the switch.
Tomorrow more concentration
Trader X
Forensic trading here...
first trade was a squeeze long from 1650 that stopped at 1500...
Then I went long at 1475 and sold at 1725, so I was pos
The we (both of us) went long at 15 from a holp trade and stopped at 1325.
The stupid thing we didn't do now was to take the holp again at a lower price when we both agreed that the internals said up! Dam it anyway!!!
I had 2 other crappy trades after that that lost another 2-3 points and ended the day with a quick reversal off the high of 2125 for a quick reversal scalp on first touch of previous high.
One of the crappy trades was a high tick trade that I shouldn't have taken due to the pc being close to 1 at that point then I went long and got stopped at the low tick of the friggen retrace! I kid you not... the friggen retrace!!!!
The bond trades seem to have been working much better than the es stuff.. just falling asleep at the switch.
Tomorrow more concentration
Trader X
