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Showing content with the highest reputation on 01/05/2019 in all areas
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4 pointshello bear bull traders! first off i wanted to say thank you to Andrew, Brian, the moderators, and all of the amazing members of this community. without all of you i would not have got as far as i have in my trading and I feel very fortunate to live in a time where i can have mentors that i never speak to but learn from watching the youtube videos and hanging around in the chatroom. i wanted to share my results from one year in the SIM training. My journal and excel files where i store all my trades can be found here at this one drive link: https://1drv.ms/f/s!Av0RVn6INi5egsVc5myfWu_4FeDg0g this link has all my journal entries, risk settings, hotkeys, basically all the trading information i've gathered so far. feel free to use any of it and message me if you have any questions. I read Andrew's first book about 15 months ago i was determined to at least try and make day trading a viable business for me. i spent the first three months just watching the chatroom and then started in sim right around the beginning of 2018. 12 months of simulator is a lot for some people but i trade at my job most days of the week so some days i'm distracted and some days i can't trade at all. it's been a long road but i've been having fun even with the low points. it took me about six months to start having an increasing equity curve: you'll notice that one trade really killed me. i lost almost $3,000 in one trade! that coupled with another big loser was my turning point. i knew i needed to start taking the practice more serious and start using risk controls because i am prone to letting my losers run on me. i still ended the year down about $2,300. In December i started taking sim trades of only 100 shares and then towards the end of the month i was only taking one live trade a day so as to not break the PDT rule. i got bored of trading in sim and wanted to start trading real money. i finally got my account fully funded so i've started 2019 taking all live trades. i'm already seeing how much harder it is than sim trading but i'm going to keep at it. i'm planning on starting another post of my live trades in the daily recaps as part of my new years resolution to be a more active member. thank you all again and happy trading in 2019!
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1 pointI went live January 2nd and i'm going to try and update every day i trade. The eventual goal is 1000 share trades. From Robert H's advice, i'm starting with 100 shares per trade (100 max, depending on the auto share calc hotkey) and working up from there. i move up a level every when i hit my min profit goal 5 days in a row. stop is the max amount i'm willing to lose in a day. Current level: 100 shares. Every trade is graded on a point system (out of 4) as follows: consistent winning rules is a little subjective on my part. one example would be getting out of a trade because i'm uncomfortable but not because of the price action. Current Risk Settings (DAS risk settings): Max Loss (Per day): $36.00 this includes commissions. Position Unreal Loss $10.00 not including commissions. I use Kyle's hotkeys to auto calc share size based on predesignated risk levels. any feedback is appreciated!
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1 pointFriday January 4th, 2019 Sleep: 8 hours. Mood: good, happy to be home to concentrate. First trade was an ORBU in BMY. Sold the first half at the HOTD and then the second half at $46.50. I should have held this one longer, I could have finished my day in one trade. GOOD: waited a minute or two before picking a direction. RFI: sold too early. MOOD: happy to start off Friday with a nice win. CONSISTENT: yes. Next trade was a long in BMY. I thought it would stay above the VWAP. Turns out it didn’t and I got stopped out. GOOD: got stopped out. RFI: let the 5min candles complete before getting in. MOOD: a little bit bummed that I lost some of my winnings. CONSISTENT: yes. Next trade was an engulfing long trade over the VWAP in MU. I was really confident in this one but it just didn’t work. MU was trading exactly with the SPY and it sold off after I got in the trade and killed this one. I think maybe I should have got out when it made a new 5min low. i should have bailed at $31.99 on the the close of the second five minutes. GOOD: nice setup. RFI: should have got out at a new 5min low. You can always get back in. I need to get in this habit now even though it’s expensive commission wise. MOOD: really pissed I got stopped out here. CONSISTENT: yes, but I should have bailed early. Then I just blew up for the day. Took three unplanned trades in BMY all 100 shares and all losers. Erasing all my gains and turning in to a max loss day. GOOD: lucky to have stop losses. RFI: need to take time off and blow off steam before taking trades like this. I need to log my losses right after they happen to get some perspective and not do anything crazy right after like I’m prone to do. MOOD: extremely frustrated and angry. Very disappointed in myself. Not at all happy with this emotional trading. CONSISTENT: not at all. What I did good today: First trade was great. What I did bad today: Those emotional trades in BMY were awful. Worst trade of the day: The last three in BMY. What can I do better tomorrow?: Not trade when you’re losing. Log the first loss after it happens. Take a 5 minute walk after two losses in a row. Other comments for tomorrow: You trade better than this. This was embarrassing. Those last blow up trades in BMY were uncalled for, and unnecessary. The market is the same as my emotions, i can't control what it does but i can control how i react to it.
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1 pointThursday January 3rd, 2018 Sleep: 7 hours. Mood: good, I want to do better than I did yesterday. I want to make good trading decisions. First two trades were ORBD in BMY. I went too impulsive and got stopped out of the first one immediately. The second one almost stopped me but I held on and sold half at $45 and the other half at a new 5min high. I should not have sold the second half, I should have held for b/e or my profit goal. GOOD: auto stop got me out of my trade. RFI: too impulsive on the entries. MOOD: not happy getting stopped out and then not making my profit target. CONSISTENT: yes on the first, no on the second. Next two trades I tried to short MU. The first one was a impulse because I saw the SPY sell off with heavy volume. I immediately got stopped out. The second one went much better and I made back what I lost on the first one but I’m just treading water. Sold the first half of the winner at the LOTD and the second half too soon. GOOD: got stopped out. RFI: impulse entry again!! And selling too soon. MOOD: frustrated. CONSISTENT: yes and no. Then I took a frustration trade in MU. I held through to the LOTD but it bounced right off and I got out at the b/e. last trade was a long in MU that was my best trade of the day but I still cut it short. GOOD: saw the trade wasn’t working and didn’t give up money on the short. Saw it was a reversal and got in for some profit. RFI: no planning on the trades, I need to work on taking realistic R/R of two or more. Too tight a stop on the first trade. Should have sold at the LOTD on the second trade. MOOD: pissed. CONSISTENT: no emotions were running the show but I made the best of the bad situation. What I did good today: Didn’t totally blow up and turned a red day green. What I did bad today: Poorly planned trades with stops that were two tight were the reason I lost on most of the trades today. Worst trade of the day and why: The first MU short because I traded purely on emotions and impulsively, two trading sins. What can I do better tomorrow: I need to take better care of seeing realistic profit objectives. I’m killing my R/R by jumping in on impulses.
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1 pointWednesday January 2nd, 2019 Sleep: 6.5 hours. Mood: tired, stressed from work already. First trade of the day was an ORBU in MU. I got down on the trade and got out at break even. Turned out to be a great trade. GOOD: I got the share size on the entry I deserved. Room For Improvement: entry was terrible. Plus I let my emotions trade instead of just letting the trade go. MOOD: ok CONSISTENT: no, I let my feelings dictate the trade. Next trade was a reversal in MU. I don’t know why I took this trade. The trend was clearly in the up direction. Got stopped out with a stop at no resistance. GOOD: the autostop stopped me out. RFI: this was a very bad trade. All aspects were bad. Dumb trade. MOOD: not happy with this trade at all. I got what I deserved on this one. CONSISTENT: yes I got out at my planned stop. Last trade of the day was a bull flag long in SQ. this was a good trade, I got in at the pullback, good risk to reward. I just barely got stopped out. GOOD: nice planned trade that would have worked great. RFI: my stop was too tight. Should have been the bottom of the bull flag. MOOD: pissed off I got stopped out right at the bottom before a nice move higher. CONSISTENT: yes but not happy with my stop placement on this one. What I did good today: Stopped on three losers. Almost hit max stop loss for the day but controlled my emotions enough to not hulk out. What I did bad today: Too emotional today. I feel out of my element being back at work and having a really hard time concentrating today. Worst trade of the day and why?: The second trade in MU. I don’t understand why I took that trade? I knew going in that that was the wrong choice but I did it anyway. I am off my game today. What can I do better tomorrow: Trade with the trend. Have a plan and get a good entry. Don’t chase. Other comments for tomorrow: Not the way I wanted to start the year but it is what it is. I will concentrate more tomorrow.