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Showing content with the highest reputation on 02/11/2019 in Posts
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2 pointsI admired the other traders that post their trades on the BBT site. I have been trying to get the courage to start. If I am embarrassed to post the trade, I shouldn’t have taken it. So I want that consequence on my shoulder. So I promised myself when I switched from Etrade-pro back to DAS, which is much easier to journal, I would post my trades. I have been live for 3 months now. First week live on DAS. 1st week of February Risk: $25/trade Max allowable trades per day: only 1. I am having an over trading issue that I am trying to resolve. So I have a self-imposed limit of one trade per day. Friday 2/1/19 Well being score of 5.5/10. My one allowable trade was with FB. I do apologize for the chart. This was my last trade with Etrade-Pro which doesn't automatically show entrance/exits. The tech level I drew at 167.51 was too weak to act on (that is why I drew it in yellow - stronger ones are orange) so I let it go by. After the 2min candle the price sat for awhile, until it started to move and I went long. I took a partial at 1R. Price just missed the second partial at 2R by a few pennies. The 5th 1min candle spooked me and I exited. Monday 2/4/19: I gave myself a “well being” score of 4/10, which is below allowable limit to trade live. So I traded on SIM. Made 3 good trades, but since they were on the sim I won’t journal them here. Tuesday 2/5/19 Well being score of 5/10. My one allowable trade was with AAPL. A very bullish 2min candle was created and I went long as it passed the recent premarket high. I didn’t have a strong technical level for the entry or exit so I cut my shares in half (so only a ~$12 risk). Got lucky on the last exit. Wednesday 2/6/19 Well being score of 5/10. My one allowable trade was with MU. Stock made a nice ABCD inside the 5min. I was going to wait for the 5min candle to finish, but when it made a new high on increased volume I went long at 9:33am. It fizzled quickly and I got all out when it looked like it was reversing. Thursday 2/7/19 Well being score of 5.5/10. My one allowable trade was with TWTR. I made a mistake on this one. But, it didn’t cost me much to learn a good lesson. I have learned to be sloppy when zooming in on a chart not to look carefully at the tech levels because Etrade always lists the next level you drew on the edge of their chart. So you always know the next level with a quick glance. So I was careless when zooming in on TWTR and caught the 2nd tech level and not the first. The price dropped below the tech level I was going to short on, but I thought the risk/reward was so large I let the price make a new low of the day. Once that happen I shorted. Once the price dropped a little the real tech level appeared on my chart and I realized I trade now has a 1 to 1 risk/reward ratio. If I was aware of this level I would have shorted at the 31.1 level I drew where the risk/reward was OK or just not trade it. Usually, when I realize the risk/reward is wrong I get out of the trade. This usually occurs when you get a bad fill. But, since the price was moving in the right direction I waited for the 1st tech level to close the trade. It missed by a penny and retraced. Since this is not a real trade anymore, just one I am trying to get out, I stopped out at break even. Friday 2/8/19 Well being score of 6/10. My one allowable trade was with MU. The tech level I drew and the 1min VWAP coincided making it a strong tech level and I really like it when the 1min VWAP and 5min VWAP get a large separation. I took the trade at the 1min VWAP and made the 5min VWAP the first target. This trade had a very tight stop out level (just below 1min VWAP). I took the first partial at the 5min VWAP with the plan to take the next partial at the 2nd target (200MA). But, I got cold feet and made the 2nd partial in the middle of nowhere. Then all out a few cents below 200MA. It's interesting what a different perspective I get on my own trades when I post them like this. After what I thought was a good week trading and was reasonably happy after reading my journal entries, I now look at the these trades posted and I am not really proud of any of them. They look quite haphazard and not well thought out. The Friday trade with MU would be the closest, but not quite. Something for me to think about. Thanks for reading, Rob
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1 pointHey guys, I ran into this great article about patiences over the weekend. As we discussed yesterday in the Pre-Market Show “Motivational Monday’s” segment, this week we want to focus on Patiences. What I love about this article is that it describes patiences in a way that most people don’t see it as. Patiences can be mistaken for just having to wait and this article talks about how is not solely that, it can also be when to act and how not to react to frustration. Is not a Day Trading article but so much can be applied to Day Trading and our personal lives as well. Here is the link hope you find it useful and let’s focus this week on working on our patients but knowing when to act and waiting for good opportunities knowing that our chance will come. Also delaying gratification by working on great trading habits oppose to bad ones that could have immediate gratification but long term damage. The Power of Patiences https://www.psychologytoday.com/us/blog/emotional-freedom/201209/the-power-patience
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1 pointHello Everyone, I just finished three months of live trading this past Friday, and about two weeks before finishing I came to the realization that something had to change if I was going to make it through the learning curve. After reading “Trading in Zone” and watching Mark Douglas’s “How to Think Like a Professional Trader” on YouTube, I decided I would create a 20-trade sample set to work on three areas of my trading. (1) Thinking in probabilities (2) Discipline to not give into FOMO (3) Holding my winners longer I figured since this is basically testing out a theory presented in one of the recommended Psychology books, I would make the results public so everyone in the community can see it. The desired outcomes I am looking for at the end of the sample set are: (1) Getting away from thinking trade to trade, and start thinking in a series of trades (2) Taming FOMO, so I do not get over excited and enter a trade too early (3) Confirm my profit taking plan is profitable over a series of trades. All of my indicators, confirmations, and risk analysis that defines my edge is based on information obtained in Andrew’s book and the lifetime Webinars. Edge Defined Strategy: 15 Min ORB – I chose this strategy specifically to force myself to deal with FOMO each and every day. I will caution that my edge does not appear every day, so there will be days that I do not take a trade. While tracking 5 Min ORBs and 15 Min ORBs for the last three months (total of 165 Stocks), I was surprised to see that 15 Min ORBs that meet my criteria appear more frequently than 5 Min ORBs. The percentage of them working is almost the same. 5 Minute ORB Pullback Met Parameters - 52 of 164 Total trades within parameters that have worked - 41 of 52 (78%) 15 Minute ORB Pullback Met Parameters - 55 of 165 Total trades within parameters that have worked - 41 of 55 (74%) Stocks for Watchlist: I select up to three stocks to watch based on the following criteria % Change – Gapped at least 2% but not more than 10% Catalyst – Needs to have fundamental news of sort. Vol – >100,000 Float – High or Medium float (> 50 m) ATR - .50 to 2.00 Trading – Must be trading higher than normal volume Exchange – I prefer Nasdaq over NYSE Edge Criteria: I have three parts risk analysis, indicators, and confirmations Risk Analysis: 1:2 or Greater Indicators: Must meet 2 of 3 Trades within the ATR Small share size with high volume Has a direction upward or downward (higher highs, higher lows, lower highs, lower lows) Confirmations: Must meet 3 of 4 ORBO closes above VWAP/ORBD closes below VWAP No large wicks/candles (wick cannot be larger than body, candles body not larger than ½ ATR) Closes near VWAP (needs to be within $.30) Has a pullback prior to breaking the opening range (cannot go past planned stop) Profit Taking Plan: As I am with CMEG, I have found you have to be very selective on when to take profits otherwise you are giving the money you make back in commissions, so I developed strict criteria for taking profits. Plan A – 1/3 out at just a little above 1:1 (this allows me to be at break-even if the stock moves back to my entry point), all out at profit target (+/- $.03) Plan B – 1/3 out at just a little above 1:1, 1/2 at profit target, all out at technical level or my first out Plan C – 1/3 out at just a little above 1:1, 1/2 out near the profit target if stock stalls near it, all out at the profit target or my first out. Share Size: I am taking share size based on a fixed dollar amount. Thanks to KyleK29 & fjmocke for the hotkey setup. Daily Trading Goal: My daily trading goal is to trade only within my edge, stick to my profit taking plan, control my emotions, and be disciplined. If I meet these then it is a green day regardless of what my P/L says.
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1 pointHi fellow BBT members, A while ago I was able to get DAS team to include the hotkey script the rectangle tool, and I've been using it to manually map out my risk / reward on the chart for every trade: This got me thinking that they should add a more convenient tool to draw risk / reward areas quickly on the chart, like the image I found below: So the idea was that you first set the parameters in the config menu (where you change colors and line types), say risk / reward is set at 1:3, when you drag across the chart to draw a red rectangle (risk), in the meantime it automatically draws the green rectangle 3 times the height (reward), like what's shown in the image. This way you can quickly examine if the risk / reward is in your favor, without having to calculate the numbers each time. To differentiate the buy / sell sides, you would drag from lower left corner to upper right corner to get the red rectangle on top (when you're selling), and vice versa when you drag from upper left corner to lower right corner. So you're always drawing the red rectangle but depending on which corner you start and finish you get the green rectangle below or above. Hope my explanation is not too confusing. Any thoughts? I think this could be really useful and I have contacted DAS about this idea. Hopefully they'll add it someday. ----------------------------------------------------------------------------------------- Edit: KyleK29 told me he's repurposed the Fibonacci tool to draw risk / reward on the chart in a similar manner, I tried it out and it worked pretty well, thought I should add this method to the post: So first you assign a hotkey to the Fibonacci tool, then configure the lines to be 100%, 0.01% and -200%. Press the hotkey, then starting from where your entry would be (black line), drag to where your stop level would be (red line), and the target (blue line) will automatically extend to twice your stop amount. This way you can quickly check if your stop / target makes sense. You can also play with the numbers to add more levels (1:1, 1:3 risk / reward, etc). The only thing is that the lines extend indefinitely and get messy if you want to trade the same stock later.
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1 pointFeb 11, 2019 (SIM) Today i was watching EA (+4.6%) and AVCO (+28.9%). AVCO is a low float (I have no tested my strategies in low floats), so my focus was on EA. Trades on EA: I was watching 1 min chart, the 5 min candle that open below VWAP and close over VWAP was the confirmation for long. I was thinking in a ORB as soon as the candle that started a 9:35 went from red to white, i get in 400 shares, my stop was this same candle if it turns red i go out. I sell in 4 steps, always 50% of my holding shares. The last one i was thinking to sell a 107 but didn't get fill. With this trade i get almost $300 (in live trade i will stop trading). I test 2 more strategies the first one (200 shares) is when a stock is strong then came back to VWAP i buy next to VWAP with the stop below VWAP, the last target was HOD, but i didn't execute well and get out early. The second trade (200shares) i get in short when came back to VWAP again but this time goes below. It was to choppy but i get out with $100+ in that trade.
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1 pointMonday February 11th, 2019 (SIM) Sleep: 6.5 hours. Mood: feeling good despite the lack of sleep. ready and excited to trade. I've been thinking a lot about my trading after Friday and it finally sunk in that i need to write out my specific setups in order to get in to a trade and only take those setups so i spent the weekend writing out my first pass of my qualifiers for the trades that i want to practice. the first trade i took today was an ORBU in EA. it met all of my citeria so i jumped in. my selling was not to plan, i got out only half too early and then held the last half to b/e. had i stuck to my plan this would have been a better trade. GOOD: setup met all qualifications. RFI: botched the selling. MOOD: good CONSISTENT?: yes. only took one other trade. i took a 1min MA trend trade in MA. it came up over the MA on the 1min chart but couldn't hold and fell below. i saw a good R/R per my setup so i took it. i wanted to get filled right at the new 1min low but it went down so fast i got a bad fill. sold 75% at my profit target and the rest at the next level. i stuck to my plan which i'm happy with but my first profit target really didn't make any sense. i should have shot for the daily level and then sold if it wasn't going to break that recent low. GOOD: saw a setup and took it, followed the plan. RFI: first profit target was too close. MOOD: happy the trade worked out. CONSISTENT: yes. What i did good today: traded well today. stuck to my plan and only took trades in my plan What i did bad today: did not do a good job of exiting my trades. What can i do better tomorrow: stick to the exit plan. pay better attention to potential profit targets. Other comments for tomorrow: keep practicing the trading plan.
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1 pointBBT, Yes I would great to become a BBT Ambassador. 1. Member since March 2018, Live 3 months 2. I believe I am active in the forums/chat 3. Confident in speaking with strangers via email 4. I am willing to share my email. 5. Yes confident in answering questions about profitability and other questions.
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1 pointI'm already, unofficially, doing this in my workplace. lol I might have a couple co-workers coming on-board in the near future. I'm finally going live in a couple weeks and would love to help out after getting some live experience under my belt. I'll check back later to see if you're still recruiting.
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1 pointJust completed my second week of my new trading sample set. Weekly Analysis of trading I was able to trade 4 of 5 days this week. I got pulled away on Friday for a work emergency in the morning. I took 2 of the 3 edges that appeared. I did not enter the 3rd edge that appeared as I was already in a trade and did not want to have two positions open at once. Out of the two trades I took I got stopped out on 1 and hit my profit target on the other. The one trade I did not take did work within my trading plan. I started to post a daily recap to track the results of this live sample set in the Daily Trading Journals section. I have found this has helped me stay accountable to my trading plan and to not trade outside the parameters. I have be extremely satisfied with the trading results of this sample set. Weekly Overall Self Rating: I am very satisfied with how I traded this week. Daily Goal Hit – 4 of 4 Daily Max Loss – No longer tracking, monitoring just to ensure I don't go over Goals for the month 1. Trade only within the sample set. 2. Stick to your trading Rules and focus on developing trading skills, self-discipline, and controlling my emotions while in the trade. Risk Controls 1. Did not trigger Max Loss control. 2. I did not hit Max Shares traded in a day. Trading Methodology 1. Did not change any of my trading or profit taking methodology. Sample Set Results P G S G 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 P - 1:1 than Break-even G - Hit Profit target R - Stopped out
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1 pointRyan, I would love to become a BBT Ambassador! I joined the BBT community after reading Andrew's first book in March of 2018. I signed up for a trial membership on April 26, 2018, and became a lifetime member soon after. I am in the chatroom every trading day and am usually one of the first two or three members to log on. (It's a friendly competition unofficially! lol). I do feel that I have a gift for communication, am comfortable meeting new people, and I would be willing to share my name and email with prospective members. I will be four weeks "live" trading next week after spending 6 months practicing with the DAS simulator. Although my p/l is not green, I am doing a pretty good job of following the rules, learning everyday, and seeing progress. The journey of a day trader is one that involves constant learning and strategy evolution to become consistent. The stock market is not static but rather ever-changing, and as day traders, we must adapt to these changes and design new strategies that focus on psychology and risk control. I am very fortunate to have found this community to start my day trading career. I understand that day trading is not a game, losing money is no joke, and there is a high percentage of failure in this business. And, like all business ventures, there is the risk of losing all of your investment. The key to success is proper preparation, continuing to learn, and sticking to your trading plan. All the best, Stuart Kirksey
