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Showing content with the highest reputation on 05/06/2019 in Posts
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5 points
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2 pointsMonday May 6th, 2019 Sleep: 7 hours. Mood: fine, i have a headache. back to living that SIM life. First trade was an ORBU in MU. took it right at the PPDL line, didn't give it a wide enough stop and got auto-stopped out for a 1.8R loss. Got in to this trade too early, should have waited for it not to make a new 1min low. GOOD:got in at a support level. RFI: too heavy of a share size for a proper stop loss. MOOD: fine. CONSISTENT: no, too stubborn on the sell. Next trade i tried another ORBU but this time in AMD. Chased it and got stopped out. I didn't think my initial order went through and i accidently took double the share size. kept the same stop level because it's SIM and didn't feel like messing with it so i got out at my intented stop, i just took more of a loss because of my share size. GOOD: got out at stop. RFI: shouldn't have jumped in to another ORB after just getting stopped out. MOOD: fine. CONSISTENT: yes, i respected my stop. No with the order error. Next trade was a short in MU. no particular setup, it punched through the MAs and VWAP and closed below. went short when it looked like it was going to break lower. made another hotkey error by adding 20 shares when i was meaning to scale out. no idea why i scaled out so many times. besides the scaling and hotkey errors, i'm happy with this trade. GOOD: sold shares at 2R and better. RFI: should have got mostly out at 3R. too many partials. MOOD: fine CONSISTENT: yes. MU rebounded and closed above WVAP. i got in long right above the 200 MA on the 1min chart. sold half at 2R, a quarter at 3R and the last quarter was intended for 4R but i got cold feet and got out early. all for profits above 2R. really happy with this trade. GOOD: sold all shares at profit target or better. RFI: could have hit my final PT if i would have held MOOD: good. CONSISTENT: yes. Last trade of the day was in OXY. it made an ABCD that i missed and then made a smaller one. i got in on the new 5min high risking the low of the previous 5mins. it couldn't get through the whole dollar and i bailed at breakeven. glad i did i would have been stopped out. GOOD: good setup and R/R RFI: ? MOOD: good CONSISTENT: yes. the first two trades of the day were rough. i'm not mad about taking the MU trade but i should have respected my stop. on the AMD trade i should have treated it like a real trade and got out half when as soon as i noticed my mistake. that's one of the drawbacks of SIM. it's fine for practicing strategies but it's not a fair substitute for real trading because the emotions of losing money aren't present. i'm happy with my last three trades. i noticed over the weekend i've been way too focused on the 1min chart for the last week or two that was causing me to get chopped up in noise. i practiced trading off the 5min chart this weekend and it shows with my trades off the VWAP in MY and the OXY ABCD. i'm negative on the day but at least i was at my normal win rate for once. What i did good today: Took some good trades after the opening ranges. What i did bad today: Didn't take SIM seriously enough and ended up taking much bigger losses in my ORBs than i would have trading live. What can i do better tomorrow: maybe half share size on ORBS? or maybe just give them a wider range, i don't know.
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1 pointMonday 5/06/2019 I had a well-being score of 6/10 this morning. Nerves were not good, but I had extra time before the open to meditate so nerves were good by the opening bell. The reason for the extra time is I woke up early (4:30am my time) to test my new DAS layout (major change) in SIM and then live (1 share) in premarket. But, when I started up my account the DAS layout did not open correctly. So back to normal setup. Disappointed. Took one live trade with AAPL. AAPL gapped down with the rest of the techs. It moved so well I never even looked at another stock. AAPL had a nice 1min hammer on good volume. It was setting up for a “Vish” setup 1min ORB. It still had a lot of tech levels in front of it. But I decided to go long when it breaks the 1min VWAP. But just above it was a daily level and the $25 mark, not making the best setup. So I reduced my share size accordingly (not by too much). I waited for a clean break of VWAP since I have been burned lately with the stock instantly reversing on me as if I didn’t wait for a clean break. So I gave up about 10c on the entry. This is what it looked like when I took the trade: 1min Chart 5min Chart But now the first partial at $25 level is really close. But I have learned my lesson and took my first partial there. The second partial I took just because I didn’t feel like I took a first partial since the stock moved so little, but not happy that I took it. The third partial was correct at the 50/200MA. The fourth partial was completely wrong and not sure why I did it. The 1min chart was still making HH and HLs and should have waited to see if it broke the 200MA. It was a bad partial. Then AAPL broke through the 200MA and yes a partial should be taken, but since I took too many partials already I did not have enough shares left. So I sold all my shares there. At 9:37 I felt like going back in on an ABCD, but ~$1 trade on AAPL is usually an one and done day. Plus after two bad weeks and a really bad Friday I just wanted to lock in a good day. Yes I missed the big run on AAPL but that is OK. I still had a good day. My score card on the trade was only an 87%. Everything was good except the score on taking partials where I gave myself a low score. What I did good today: I like that I held myself for that extra half a second to make a clean break of the tech level on the entry. I have been lately entering the trade as it breaks the level not through the level. How did I challenge myself today? Started with bad nerves but was able to reduce them and feel fine by the open. What I did bad today: Too many partials. What can I do better tomorrow: I need to trust the trade more and wait for the levels to take partials. After all these months I still feel like every win is just luck and I need to partial fast before the trade goes against me.
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1 pointLive trading summary for week ending 5/03/19. Made some mistakes this week, especially an awful trade on Friday. But my score card for the week is good at 87%. Which is surprising since I have negative P/L and win rate was at 38%. The good news was my nerves were OK this week. I switched to the score card this week instead of the good/neutral/bad trade evaluation since my trades are not as much of a disaster as they use to be so it’s easier to fine tune with the score card. I am trying to ignore my poor win rate this week and hope it’s just statistical. It was definitely better than the 25% win rate the previous week, which had a score card of 74% (very sloppy trading). It is unknown if this down turn is due to my trading worsening or it is time to adjust my setups or just statistical. The 5 previous weeks before this down turn my win rate was 72% which is beyond what my skill level can sustain, so this could be just the odds starting to even back out. I am going to concentrate on the score card. If the score is still high this week and my win rate poor I will look to adjust my setups. Since I am no longer on the 3 month no Hulk challenge, I decided I can trust myself more and I adjusted my DAS layout this weekend. Previously I would have only one Montage because I could not trust myself to take one trade at a time. I think I am past that and the one Montage is killing me. Sometimes by the time I move the stock over to the Montage it is too late for the entry. So I do have two active Montages on my layout now, so I can watch and enter a trade without switching. Here is my plan for next week: Concentrate on process and score card, not on W% and P/L DAS platform layout is new be alert if there is an issue and edit layout if needed. Remove "step" setup on AAPL its giving false setups. "Vish" is still setting up well AMD is still setting up OK for the 2min ORB, But not as good as the previous two weeks. It is starting to respect the 20MA now at the open. The S/O levels were farther away last week than usual, will need to decrease share size to respect the level. Unknown from last week which is more promising (AAPL/AMD) choose primary and secondary by premarket MU is starting to setup again at the open especially for the "Vish" setup. But this setup commonly occurs at the 3min mark not the 2min mark for MU. If premarket looks OK, MU is fine to make top 2 focus Though FB had some great moves at the open last week it is also giving false setups, so not recommended to trade at the open
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1 pointThis is my humble set up as of now. Currently trading on Simulator. Very grateful to have come across Andrew's Book and the BBT Community. I am a lifetime member, so it'll be my pleasure working with you all during this lifetime! Andrew's book is important but so is that Coffee Maker!
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1 pointI have been trading with Andrew for over 1 and half year now. The best thing I like this community is the help and education from each other. People here are just sharing the most honest opinions and hard learning experience to help new traders. I have learned a lot from you guys. So, a big thanks for Andrew, and other members, Robert, Carlos, Brian, Norm, William, etc. I did not trade with my current setup at very beginning. I gradually upgrade to what I have today. I have four trading monitors, two are wide screen, which I actually learn from Robert's setup. I have 9 montage, but one montage is mainly for switching back and forth based on Trade Ideas' alert. I mainly trade on my other 8 montages. I have another IMAC to watch the chat room and Benzinga news. My next step is to buy one or two more screens for my current PC, so that I can run everything on one computer.
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1 pointFinding the BBT group inspired me to build my latest PC back in December this past year. Cheers, Liam
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1 pointConverted a typical closet into a trade station. I added a 'peel n stick' wood wall paneling and installed a 3 pot-light lamp above with dimmer switch.
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1 pointI took that same SQ short. It looked so promising then boom false breakout! You did well to ditch before I did
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1 pointI believe there is some truth to the Friday Effect. First, volume begins to drop off sooner as traders start preparing for the weekend. That in turn results in other traders being more passive through a self fulfilling prophecy. Second, there is the fear of going into the weekend red. That in itself has a psychological effect. Who here has desperately over traded into Friday afternoon to avoid dwelling over your losses? Third, I've heard swing traders prefer not to hold over the weekend. Too much can happen over 60+ hours of market closure. There is no hard evidence to support these theories--just anecdotal tales.
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1 pointHere is my setup which I hope you find useful. My buttons consist of 4 for buy and 4 for sell: Notes: BUY: places a limit order with 1/4 buying power and attaches a stop loss at 99% of last price at time of order. Note, the method suggested by Andrew at the very top didn't work for me and I found out that you couldn't attach a stop loss order with qty = position and price= av.cost as at the time of running the command there is no position to start with. So what I did is send two separate orders with one command, both with 1/4 buying power, one buy limit and one stop market Breakeven: It first cancels any pending orders (i.e the existing stop that went with original order) and then places a stop order at average purchase price Sell Half: Assuming you would do this to cash some profit (i.e you are on the profit side), it cancels any pending order, sells half the position, and then places a stop market for half the position at original purchase price. Close: Sells all and cancels all pending orders Same but opposite positions for the Short commands BUY: ROUTE=LIMIT;Price=Ask+0.05;Share=BP*0.25 ;TIF=DAY+;HANDINST=ANY;SSHARE=0 ;BUY=Send;ROUTE=STOP;StopType=Market;StopPrice=last*0.99;Share=BP*0.25;TIF=DAY+;HANDINST=ANY;SELL=SEND BREAKEVEN: CXL ALLSYMB;ROUTE=STOP;StopType=Market;StopPrice=AvgCost;Share=Pos;TIF=DAY+;HANDINST=ANY;SELL=Send HALVE: CXL ALLSYMB;ROUTE=LIMIT;Price=Bid-0.05;Share=Pos*0.5 ;TIF=DAY+;HANDINST=ANY;SSHARE=0 ;SELL=Send;ROUTE=STOP;StopType=Market;StopPrice=AvgCost;Share=Pos*0.5;TIF=DAY+;HANDINST=ANY;SELL=SEND CLOSE: ROUTE=LIMIT;Price=Bid-0.05;Share=Pos ;TIF=DAY+;HANDINST=ANY;SSHARE=0 ;SELL=Send;CXL ALLSYMB SHORT: ROUTE=LIMIT;Price=Bid-0.05;Share=BP*0.25 ;TIF=DAY+;HANDINST=ANY;SSHARE=0 ;SELL=Send;ROUTE=STOP;StopType=Market;StopPrice=last*1.01;Share=BP*0.25;TIF=DAY+;HANDINST=ANY;BUY=SEND BREAKEVEN: CXL ALLSYMB;ROUTE=STOP;StopType=Market;StopPrice=AvgCost;Share=Pos;TIF=DAY+;HANDINST=ANY;BUY=Send HALVE: CXL ALLSYMB;ROUTE=LIMIT;Price=Ask+0.05;Share=Pos*0.5 ;TIF=DAY+;HANDINST=ANY;SSHARE=0 ;BUY=Send;ROUTE=STOP;StopType=Market;StopPrice=AvgCost;Share=Pos*0.5;TIF=DAY+;HANDINST=ANY;BUY=SEND CLOSE: ROUTE=LIMIT;Price=Ask+0.05;Share=Pos ;TIF=DAY+;HANDINST=ANY;SSHARE=0 ;BUY=Send;CXL ALLSYMB