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Showing content with the highest reputation on 02/21/2019 in Posts
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1 pointHello all, I'm Josh (Joshua L in the chat). I have recently started my three month DAS simulator trial. I am wondering if anyone has created a week by week goals list. For example, week one - learn this, week two - learn that. So by the end of 12 weeks we are proficient traders (at least as much as possible). I think this would really help us new comers get the most out of this program. Also, I wasn't sure where exactly to post this thread. Thanks!
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1 pointThursday February 21st, 2019 Sleep: 7.5 hours. Mood: good, ready to trade. first trade was a 2min ORBD on VIPS. got a good entry but I sold on fear half at a marked level. My initial plan was to get to the even $6.00. it stalled around $6.05 then i went to get out, accidently added more (another hotkey error) and then got out of everything. it did end up hitting my profit target. GOOD: setup was good RFI: fear selling and hotkey error MOOD: good CONSISTENT: no not really. Next trade was a double bottom reversal in VIPS. i was waiting for an entry at 9:58 but then it sold off all the way back to the $6 level so i looked away at CAR and when i checked back it jumped on me. I did chase the entry but the R/R was still favorable so i hopped in and added more to make 100 shares even, i was confident in the trade. i set a stop range for $5.99 - 6.38 and walked away because i've been cutting my winners short. it ended up hitting my profit target. GOOD: setup RFI: chased the entry MOOD: good CONSISTENT: yes Last trade of the day was a double top (kind of) in CGC. it bounced off the VWAP twice and i was having a good trading day and was one decent win away from hitting my daily goal so i got in short risking the VWAP to the LOTD. i was overconfident with this trade and as soon as i got in, i noticed it wasn't trending on the 5min or the 15min and actually looked like a flag on the 5min so i bailed at a 0.5R loss. GOOD: got out when i saw the trade wasn't trending on the 5min or the 15min chart RFI: should have not taken this trade. MOOD: glad i was able to recognize my mistake and bail. CONSISTENT: yes What i did good today: took good trades, was in control or my emotions and traded with a level head What i did bad today: hotkey errors again! and overconfidence and forcing the CGC trade What can i do better tomorrow: don't take trades to get to your profit target. Other comments for tomorrow: trade like today.
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1 pointFebruary 20, 2019 - $BHC (Stopped Out) & $BHC (Stooped Out) Very interesting learning day today. The stock met my trade plan and entry criteria 3 times. I took the the trade the first 2 times and got stopped out both times. I packed it in for the day and the third entry and move in my direction right to the profit target happened even before I took take a screen shot. Although it moved in my direction, I had to remind myself that I traded well, executed my risk management well, and up until I saw the move on the chart, I controlled my emotions well. Additionally, I had to remember that this time it moved in my direction; however, it was just as plausible that the stock would have broken all the moving averages and gone to the long side for the same big movement resulting in my account being blown up. No matter how painful the past 2 weeks has been, facing these back to back to back losing trades is exactly why I wanted to do this sample set. I pretty sure I heard somebody say Day Trading is not easy, I am finding out that might just be an understatement. See ya tomorrow. Sample Set Results P G S G S 6 7 8 S S 11 12 13 14 15 16 17 18 19 20
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1 pointFeb 20th (Sim) P&L After Commissions: ~25 Trades: 18 Sloppy day today. I took too many trades and jumped into things too quickly. Patience still needs work. 42% win rate and a green day overall, but I am not happy with how I traded. I went 8 for 18 with the majority of the losses coming from trading DVN. I went a little crazy and revenge traded it after it got me for a big loss. Its night and day how I traded DVN vs everything else. $CVS - Broke under the 200 and I went short on the retest of the 200. I probably should have sold more when it dropped down, I held about 40% that I sold near break even. $DVN - This one faked me out and I made a lot of mistakes afterwards with this stock. I thought it was a VWAP break long. My biggest mistake was taking too large of a share size. This stock moved more quickly than I expected it to. I took some profits when it hit $32ish, but I went very small with the profit taking. I need to reevaluate my R/R and profit taking. It dropped on me and I made the mistake of letting it drop on me for multiple minutes before I got out. I should have gotten out at B/E then it made another big drop so I waited to see what it would do there and I'm lucky to get out before it made the 3rd big drop. In about 3 minutes it moved from $32 to touching $31.10. Not a move I felt comfortable with. I do realize that when something makes a huge move against me, if I don't stop out quickly enough, then I hold too long. I can stop out usually just fine when something is a reasonable move that hits my stop. Its when the stock really goes against me that I won't accept the bigger loss right away and I will take the wait and see approach, that is something that needs to be fixed. From there I went short and long and got chopped up 4 more times. Taking $111 loss on the stock on 5 trades. I knew when I was in it that I was revenge trading it, but I just didn't stop. $CVS - Went back long on CVS after it bounced off VWAP and broke above the 50sma. That was my cue to enter and I took it with no hesitations. It looked strong in addition to giving me the right setup. I did try to add on to my position in a pullback, but it didn't really work out and I exited shortly after. I went with 1/3 of my normal size on the pullback. No regrets with the move. $GRMN - This was a very sloppy trade. Everyday I keep a spot open in my notebook for reversals, I had GRMN on there so I guess I was looking for a reversal. I felt it was coming and took a small share size at $82. I added when it broke the 50 even though all the indicators were not there. I wanted the moving averages to cross as well, that is the setup I am looking for. I took it anyway. I was bad here because it clearly went against me and I should have stopped out, but I held. I think it was because it was sim and it wasn't real money and partially because it was not a full size. It started to come back down and I shorted again. Finally giving myself a full size. Sold all at break even. For the second trade I immediately went back in, hoping to catch the reversal. It was premature. I took a full size right away. I knew it wasn't ready, but I didn't want to miss the move. FOMO kicked in. I got in at $82.10, I held through a small pullback and when it broke down the second time, that is when I knew it was the right time and thats when I should have entered. I took a symbolic 1 share to signify that I would have and should have entered here. It was the same price at $82.10 but the setup was what I was looking for in addition to the weak price action. It broke down immediately with no problems. I covered along the way, I saved the majority of my shares for VWAP which was my final target but had to stop out when it was looking stronger. I tried multiple times on GRMN to catch a reversal, but it was the final time where it was just so obvious to me. That is where I should be entering this stock and in all my trades I need to just take what is obvious. Don't reach for anything. If you miss it, you miss it. Often times my best trades are the most obvious ones. I need to have the patience to wait for those. $LUV - This trade was similiar to GRMN for the reason being that the second time I entered, it was just so obvious that this was the trade to take. The first time, I wasn't confident, but I figured it could reverse to VWAP and I didn't want to miss it. It was also on my reversal list. It dropped down right away and I did a terrible job stopping out and took a partial stop out. Very bad first trade. The second trade was the obvious reversal that I was waiting for. I saw it and had no hesitation that this was the right move to take. Went in and sold on the way to VWAP. $AAPL - Again went for the reversal 50SMA break on AAPL. AAPL wasn't on my original watchlist, I replaced DVN with APPL. I decided on AAPL because it was fairly strong in the morning and I thought it would be a good reversal candidate. I was watching solely for the reversal. I took it when it broke the 50SMA instead of waiting for it to retest because it looked extra weak and it was. I didn't take any profits because the goal was VWAP. It cameback to the 50 and bounced off of it. I then decided to take profits since it wasn't going to be as easy of a move as I wanted it to. Tested the 50SMA one more time and I decided that it was time to get rid of the shares and I sold on the way down and when it came back up to the 50 for the 4th time which it broke. Could have been a little more aggressive with the profit taking, but I'm trying to find the balance between quick profit taking and longer term holding. A couple of key takeaways for me today. I need to keep working on my patience. A stock may be looking like its going to make a certain move and maybe it eventually will, but I need to wait for the right entry and the right confirmation. When everything is right, I will see it and it will be obvious. I should only be taking trades when I have the feeling that a certain move is obvious. That means I see it and so does everyone else. A few times today, I entered too early, because I wanted to maximize the entry, when it increased the risk more than I wanted. Second major takeaway, I have to know when I am breaking my rules and stop it. I knew I was revenge trading today. I knew it, I told myself to stop trading. I even deleted DVN off my watchlist. I did end up typing it back into the montage and trading it one more time for my 5th loss. My emotions are hard to control at times, so its best to do everything I can to help mitigate them. I need to walk away when I am revenge trading or if i I lose control emotionally in any way. One other thing that I did not do well today, was I was in 4 trades at the same time at the end of the day. I entered them at different times and I held them for a while, but I shouldn't be in 4 trades at the same time. That is just way to much. It all worked out and I was profitable on all of them, but it isn't the trading style that I want to create. And one more, I went long 7 of 18 trades today. This is much higher than I have been doing before. I attribute this to trading the watchlist and taking what the market is giving vs constantly clicking around and trying to look for and force trades.
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1 pointHi Geo, You do not need a broker for the DAS Simulator. You can sign up monthly with DAS directly, or 3-months through us here.