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Showing content with the highest reputation on 05/20/2019 in Posts
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3 pointsI feel a little uneasy giving advice since I am struggling so much on my own. Plus, I am sure Mark can explain things better than me. But what I thought I would do is list the changes I made that helped me and maybe you can find something useful in the list. My first 3 months of live trading I had 6 hulk days and 16 max/loss days. Since I made these changes 3.6 months ago I have had zero hulk days and zero max/loss days. 1) Switched brokers to CMEG so I could reduce my account size so blowing it up is not as much of an impact. 2) Added risk controls from CMEG/DAS. Realized max so it would prevent me from going hulk and unrealized in case I lose internet in the middle of a trade. 3) Made a simple goal for 3 months. Don’t go hulk. I could trade terribly but as long as I never went hulk I reached my goal. 4) Started with 1 trade per day max. I tried the 3/day rule during my first three unsuccessful months, but I kept breaking it. 1 trade a day is very much an on/off switch with very little gray area. It was REALLY painful and FOMO was high, but after a week it got easier. The satisfaction of having enough discipline to stop at 1 trade was enough to be proud of myself. After about one month I switched to two trades a day allowed if the first trade was a winner. If the first trade was a loser, I am done for the day. I use to trade terribly after a loser. 5) Remove the unrealized gain window. This was tough, but surprisingly after a week I got use to it. So that worked for me. Hopefully that helped.
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2 pointsRoutine: - Reading -Music Psychological and physical state before session: - Really calm and focus - Want to be well prepare Goals for the day: - Only 1 trade - Having a clear trade plan before market open Psychological and physical state before session: - Really happy - Proud to my preparation and follow my plan and goals What I did good - Preparation - Having a plan before market open - Stick to 1 trade max What I could did better - Was a little scary by my big position I dropped half too soon with no reasons to cover Big picture - Spy down more than 0.70% in pre-market - A lot of incertitude about China, Iran and some comments from the president Trump about EU Intraday fundamental - Down 2.8% in pre market - China/US commercial incertitude - Drop hard in the last 2 days - Analysts downgrade price target Technical analysis long term - In a down trend for the last 3 days - All Ma above actual price -200 SMA on daily as a resistance level -The next daily level give a really good risk/reward Technical analysis short term - Trade below previous day range -Trade below VWAP in all the pre market -Daily leval at 165.03 as a resistance in pre market -All MA above actual price action -Break the low of pre market in the first moment of opening Reading the tape -There wasn't big bid but constanly went low and I ave a lot of volume -The time and sale was very clean almost all at the bid and really fast Trade management - I expected to wait for the first 5-15 min and watched if 165.03 was a real resistance level, but the price just fall so I jump in with half of my share size -When the price continu to fall without any pullback I add more fo reach my full position -Being full position in this range of price and in the first minutes make my a little nervous so I dropped half my position at 162.91 -I put an order at 160.55 a little above the next daily level to be sure to get fill Trade review - I felt confident in the setup -Really focus on price action and the tape - Good Preapartion and analysis - I waited for my profit target - I could controlled better my emotions in the beginning and be fully confident in the set up and dont Exit half my position too soon -All signals and analysis show a short trade -I jumped early but no FOMO just be reactive to chart and analysis -Really proud of this idea, trade management and how I manage my thoughts and feelings
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2 pointsThanks Rob great advices! I 'm gonna certainly take your 1 trade by day max, I think is a very good idea for me now.
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2 pointsMay 17, 2019 - $AMAT (2 Partials) Adding the post a little late this weekend, as I was this weekend picking my son up from his 1st year of college. 1st Trade - I saw a good setup on $AMAT, so I entered. I was a little emotional for some reason and took a quick profit. I stopped out early because of the early out, otherwise I would have been able to hold the stock through the second pullback. 2nd Trade - I got back into the trade when I realized that I did not handle my emotions with profit taking and that my original trade plan was good. I executed a much better profit taking plan in this trade. My emotions were more in check on the second trade. I added a range order to this trade once I took my second out. I am going to continue to do this if the price action allows me to input the range order. Sample Set Results S P P P P 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
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2 pointsDon't be ashamed of bad trading or hulking out. We're all guilty of it and the whole point of posting is for reflection and where we can improve. One thing I do when I have a bunch of losses in a row is to go back to sim and just practice recognizing setups and getting good entries. If i get stopped out then I try to take notes on my feelings and frustrations to start to correct the behavior. The first step in changing patterns is recognizing them. Something else that's really helping me right now is recording my trading and watching the replays at night. You notice so many things not apparent in the heat of the moment. Above all, be kind to yourself and patient. The learning curve is very steep and while trading comes natural to some, most people take years and years before they're successful (if ever) so never forget its a marathon not a sprint.
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1 point
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1 pointthanks Rob. i thought about bailing especially after that big dump at 11 but i figured if i get out now it's about the same as stopping out at breakeven so i might as well hold and see what happens. a lot of that price action i'm not seeing as well because i use range orders and step away from time to time so maybe i would have bailed had i been really watching. i thought for sure i was going to be stopped out right after i got in but glad it worked out.
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1 point
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1 pointGreat trade, good to see you live trading again. REALLY strong discipline holding through the pull back. Not sure if I could have done that. Also, really good discipline holding until 2R before the first partial. I know I couldn't have done that.
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1 pointWeek 20 Recap Not a bad week of trading. Tuesday was the worst day with not taking setups and jumping in too early but the rest of the days were pretty good. Going back live next week because I feel like I’ve reset emotionally and I’m back in control of my trading and ready to start working on taking good live trades. · Weekly stats o 2.1 R/R (Goal: above 2.0) [Previous Week: 2.1] o 72/84 86% (Goal: above 80%) [Previous Week: 83%] o -$68.16 (Goal: $250) [Previous Week: -$52.51] o 13/21 62% trades with the trend (Goal: 100%) [Previous Week: 74%] o 6/21 29% Non-optimal Entries (Goal: 0%) [Previous Week: 32%] o 1/21 5% Letting Losers Run (Goal: 0%) [Previous Week: 11%] o 2/21 10% No Setup (Goal: 0%) [Previous Week: 32%] · Highlights o Most stats are better than last week which were better than the week before so improvement on entries, setups and stopping myself out. o Good controlled trading with the exception of Tuesday. o Nice ABCD setups taken this week. · Ongoing things to work on o Still too early on some entries (though much better than the last couple weeks) this was, again, the main reason I lost money this week. o Need to work on getting out of trades that aren’t working sooner. Like the ABCD in UBER that couldn’t make a new 5min high. o Focus on 5min chart and less on the 2min o Limit orders on ORBs to limit chasing.
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1 pointFriday June 17th, 2019 Sleep: 7 hours. Mood: good, ready to trade. saw the AMD and MU ORBUs. i didn't want to chase either so i put in limit orders at about what i would have had as my stops and neither got filled. that's ok i'd rather be at 0 than in the red. first trade i took was an ABCD in AMD. took it right at the break to a new 5min high. i risked the recent 5min low not the total low for the leg down because that made my stop too wide. i made a hotkey error and got in for a full position instead of my calculated shares based on my stop so i got out 20% at the previous day high. it ended up reversing from this level and i got stopped out. GOOD: planned trade and entry were good. RFI: hotkey error. MOOD: good CONSISTENT: yes on the not panicking and reducing to appropriate share size. took the same trade again about 20 minutes later after it bounced off the $28.00 level for a second time. I immediately realized this was a bad trade. i don't think it was a revenge trade, i was thinking rationally and i checked the other stocks on my watchlist for something else to trade but this was the only one i liked. My mistake was that this was no longer an ABCD but a double bottom so my entry should have been as close to the $28.00 level as possible. the way i traded it gave too wide a stop to get to 2R with the way AMD was trading today. i got out half at the PDH again and then moved my stop up to a new 15min low below VWAP which ended up getting hit. i should have got all out at the PDH but that's just hindsight. GOOD: reduced risk when i saw the trade wasn't likely to work. RFI: shouldn't have taken that entry so far from my risk level MOOD: good CONSISTENT: yes i adjusted according to the price action. What i did good today: no chasing or FOMO What i did bad today: second trade wasn't really an ABCD setup What can i do better tomorrow: make sure to double check profit targets before taking trades to make sure they're probable
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1 pointHey guys, I didn't post my journal for a while, I struggled a lot in the last week, several Hulk days, bad psychology etc... So I feel pretty shy and guilty about that. I will take the weekend to work on my mind and having a good plan for next week. Monday I will post it bad or good. If someone are willing to mentor me I will greatly appreciate I think I'm needing someone with an external view. Thanks have a good weekend
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1 pointI read "How to Day Trade for a Living" over a year and a half ago, I join the chatroom while I was still reading the book. The chatroom has been an invaluable resource for learning not only good trading habits, but the psychology of trading as well. After a year of trading my husband joined me and now we trade together everyday. Thanks to the BBT community!! Michelle and Nathan
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1 pointGreetings all! Like trading, the equipment is always evolving. I wanted to resubmit my trade setup as a panorama, since it takes all my attention during the morning. I have been "learning" to trade longer than many members have been on this planet. Bear Bull Traders is one of the best educational training sites around. We can learn more from watching Andrew trade for 45 minutes than a person can learn at a four year university. Trading is difficult and we all have different personalities, strengths and weaknesses. A community like BBT is the best avenue to learn and develop the skill, attitude and discipline to succeed. Also, all the moderators, Carlos, Brian, Norm are great! William H.'s recaps in the afternoon are some of the best trading education for new traders!
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1 pointDidn't trade well today and got beat up bad. A lot of my entries were late and ended up immediately stopping out shortly afterwards. I'm slipping back into old trading habits (waiting for the close) versus entering the moving averages when I see the opportunity. Felt like I was reacting to the market versus anticipating a particular direction. Reacting meaning I'm already late on the trade. I got lucky with $SQ today, but it shows that had I waited for the pullback where I normally would take my trades, I would have gotten a safer and better entry. $AIG, each of my trades were late. $HTZ/$MNK, I think both of those attempts were good for a long, but again my entries were late. I could have stopped out at break even if I took it a few minutes early then swapped over to a short after getting the close below VWAP and then waiting for pullbacks on the 1-minute at the moving averages. I will go back and practice these trades, but my losses today reflect my poor entries. A part of me also feels like I'm beginning to get more long biased on trades. Will check on that too. Watchlist: $SQ 5/7/2019 Went long after the first 5 looking for a push up to previous day close. My entry was utter trash. I didn't wait for a pullback or anything. I don't think it was FOMO, but I really wasn't thinking about waiting for pullbacks today. Had I waited, woudl have gotten not only a better entry, but more profit and a better risk to reward. Also, my stop loss would have been super close to VWAP which is how I like to take these trades. I got lucky and it worked out, but I held through a nasty pullback. $AIG 5/7/2019 Trash trades of the day go to these. Went long at open on a late entry looking for the squeeze up and got caught in a fade. Attempted again on another trash entry and got caught again. Then swapped over to short on a late entry and stopped out before the squeeze. After getting the close below the 9MA/VWAP 5-minute, went short again on another late entry and stopped out. The type of sizing I take I need to get in closer to the moving averages because the pullbacks are always brutal. The move of course happened after I covered. $MNK 5/7/2019 Was looking for a long off the ABCD pattern and the close above the 9MA/VWAP 5-minute. I think I was late here as well since I normally get in at the moving averages, go bigger on size with a tight stop loss below the 1-minute moving averages. 2 -minutes before my entry would have been the best entry because my stop loss would've been less than 10 cents. When the move didn't work out, I would have taken a partial where my entry is and then stopped out at break even (similar to my $SQ trade). That's how I should have traded it, but my entry was late. $HTZ 5/7/2019 Went long looking for the pop after getting a close above VWAP/9MA 5-minute and previous day close. Price action was above the 50MA 1-minute too. I caught the top of the price action and it faded. Sold everything for a loss. Should have taken this trade a few minutes earlier. Then swap over to a short after getting that close below VWAP/9MA 5-minute and 1-minute. $O 5/7/2019 I was skeptical of this one, but after getting the close below the 9MA 5-minute, was looking for low of day. I should have anticipated a squeeze to the 50MA on the 1-minute before this decided to move, but I do feel like I got a good entry. My share sizing was large on an already crappy day, but I stuck to my stop loss. It was hit and I got out. Result: