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Showing content with the highest reputation on 10/18/2019 in Posts
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2 points10-18-19 Good night sleep, feel pretty good.... at desk at 0800...... normal routine... PAT: Share Size..... Partial outs.... Notes: Take the setups when they present themselves and stop second guessing yourself..... Use instinct along with L2 and Tape when partialing or getting all out.... Took a bunch of SIM of SIM trades... early morning is just not working for me.... mostly ORBs based on candle action, just may be a little much for me right now but Ill keep trying in SIM.... ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- I will make this my break of SIM and Live account for my information.... ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- KO All PB#3... first.... B setup at best but told myself that I was in this Live..... This was all FOMO and I should not have even tried this in SIM... I did take small size as I knew I was Chasing..... Took it as a trend on the 5min (way too extended from 9ema) but did have a nice ABCD going on the 2min.... stopped out at C..... -16.00 second.... A on first entry and A+ on second entry...... Im a little disappointed as I did not take full size here, and only in for 3/4..... This was the second and third test of the 9ema on the 2min.... L2 and the Tape was all in favor of an uptrend... Took first partial at HOD... then more at a marked daily level and several more between that level and HOPM, then all out on L2 and Tape along with new 15min low.... +85.11 third... A setup... A bit extended for an A+..... took 3/4 size..... I felt I let my emotions get to me on the previous trade and I should no have let it stop me so I may have forced this a bit.... took small partials and lost focus to SNAP and got all out below BE... Should have been a +25.00 if I set a hard stop..... +4.58 SNAP PB#3.... A+ setup.... I did take full share size here.... Tested the 9ema on the 2min several times Was in a clear downtrend in harmonious charts.... No new highs on 5min or above..... Took profits at 1/1 , 1.5/1 , 2/1 , several at around 3/1 and still in for small size with a stop profit of 2/1 +74.99 Cons: Took a trade with a bit of FOMO, and yes I did a fake montage switch to Live...... Pros: I did respect my stop loss.... Favorite Trade: SNAP Notes: Will be Live on Monday so I will scale down on my share size for a bit.... R = 50.00: +148.68
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1 pointMy Plan to Trading Success: Background: One of my friends from German language class recommended Andrew’s book on ‘How to Day Trade for a Living’. After reading the book, I joined the BBT community in Oct’2018. I was on SIM for 3 months, completed the first BBT challenge. And finally I went live on 8thApr’19. I am new to Trading and hoping my journaling and feedback from fellow members will help me improve. My preparation before going Live: These are the books I read before going Live, apart from the BBT classes. It was very important for me to learn as much before going Live. Also, I read these books in the order mentioned below. I also listened to the Youtube audio version of Trading in the zone, the week before going Live and I must say that it helped calm my nerves a bit during the Live week. -How to Day Trade for a Living by Andrew Aziz - A Complete Guide to Volume Price Analysis by Anna Coulling - Advanced Techniques in Day Trading by Andrew Aziz -Trading in the zone by Mark Douglas -The 1 Hour Trade by Brian Anderson Strategy & Goal: During the first year(or 9 months) in 2019, I don’t have any target to make. My primary goal is to gain experience Live trading, to be emotionally stable when things don’t go my way and manage positions to my plan. And achieve all this limiting my loss. Good thing, I have control over how much I can lose, so I have decided to keep 100$ per week that I can lose (ie. 4000$ till end of the year). This is the max amount I will lose to the market, nothing more. This is not ‘Scarred Money’. It is something that I am paying for my experience. If I make any money along the way, then it’s good. It doesn't mean I dont want to make money, it just means, I am not in a hurry to make money. But I do plan to make a lot of money from trading may be a million $ some day. I also have the following measures to limit myself at the beginning of my Trading. Funding Account: I am not funding my IB account fully. I am doing it in 5 small transfers (roughly one each month). This limits my buying power during the initial months. Even if I make a DAS mistake I can’t buy more shares. As I improve my trading I start funding more. Under PDT rule: This also means, I am under PDT rule, and can make only 3 trades/5 days. This prevents me from overtrading. I am also extremely picky as my trades are limited. I think being picky is a very good habit in Trading. Stocks to trade: I don’t trade $TSLA, $NFLX which are very volatile. I trade $AMD, $MU and other Stocks in Play on a particular day within my price range ($15-$30) and not very volatile. I trade high priced, volatile stocks in DAS simulator or TradingSIM to feed my FOMO. Share size: I trade 50-100 shares per trade, depending on the Stoploss and volatility of the stock. I am not using my Margin from IB, but only Cash that I have funded. As I improve my trading skills, I will slowly increase the share size. Risk Control: Within my 3 Trades a week, first one I give it $50 Loss, 2nd and 3rd one $25 each. But because of my small share size and stoploss, I am well within my allowable losses during initial months. This is second level risk control. Rules: Only one trade at a time. This was my main issue in SIM. I get into multiple trades in SIM and end up in huge losses. Even if the action goes my way, I am unable to exploit it to my advantage as I am unable to follow my profit plan. Stick to my StopLoss: Many days in SIM, I had ignored my Stoploss and ended up in huge losses. Then I make some good trades and reduce my losses. End of the day, It gives me a feeling ‘If only I had respected my StopLoss I would have been green’ Don’t trade within 3 mins: My rule is not to trade within first 3 mins. But if the setup doesn’t exist, then I must wait till 5, 10 or even 15 mins from the open. Trading Style: I prefer VWAP trading (VWAP pullback during ORB, Reversal & False breakout after 10AM). I also like to trade 50/200 MA bounces especially on higher timeframes. I am not good at MA cross reversals. Quote I need to remember while Trading: "You will regret more about the STOP you didn't take than the one you took early"
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1 pointOctober 17 & 18, 2019 Pretty uneventful the last two days. Just have not had the right stocks on the watch list at the open. It seems the ones that get my setup are the more expensive ones and the cheaper ones do not setup right. I am looking forward to next week and should have a good trading week. Looking to put my afternoon strategy back into play as I have been working the entry and it seems to be working out more times than not. Sample Set Results, S P G E E P P P P G G P 13 14 15 16 17 18 19 20
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1 pointThursday 10/18/2019 I had a well-being score of 7/10 this morning. Was on a >1min restriction this morning. Took 2 live trades this morning was with ROKU and GIL. ROKU and KO were on my two primary charts with MU, AAPL, and GIL on my secondary charts. I liked KO and GIL, but was nervous trading GIL since I have never looked at the stock before so I had it on a side chart. ROKU open with OK volume and made a small 1min hammer. Then made a bullish candle and I went long at the break of the 50MA-1min. My stop was VWAP and my target PDC. R/R~2. It took about a minute to get stopped out. I keep forgetting I need to trade ROKU like I trade BABA and give it a large stop since it tends to slide through VWAP and reverses a lot. Essentially this is what happen. The price dropped a few cents below my stop and reversed and reached my target. I should have used the bottom wick as my stop. Right after I stopped out on ROKU I looked around and saw GIL dropping back to VWAP. I was hoping to go long after it bounced from VWAP. As I transferred GIL to my main screen I heard Andrew announcing he was going to take GIL. Usually if I take the same trade as Andrew it is usually doesn’t work out well for me. So I hesitated for a second, then decided to take the trade. For some reason I took a really tight stop (at the end of the wick). That is not correct and it should have been VWAP. So what looks like I took too many partials, really wasn’t. I took partial profits a t 1R, 2R, and 3R. Then after 3 minutes and 3 rejections of the $25 level I decided to take a large partial if it bounced from $25 a fourth time. It did get rejected and I took a large partial locking in 2R profit. Then seconds later it shot through $25 (figures). I didn’t have many shares left but I decided to squeeze out what I could. Though I caught a 7R run I only made 2.3R I took 3 SIM trades where I am flat. Score cards (live trades). ROKU GIL 83% 88% What I did good today: Setups were fine. What I am grateful from today? Not trading in the first minute. Grateful for my +1R today. What do I need to improve on: As usual trade management. Plan for tomorrow: I plan redesigning my DAS Platform this weekend and work on my Trader Performance course. I am losing the momentum on it.
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1 point18 Oct 2019 I took 1 trade today and I decided to take a break after numerous losses for the past few days. 1) $ETFC - I saw a few confirmations in various chart and decide to SHORT 5 min - Sitting below 50 MA (serving as a resistance) and a hammer. [This graph takes precedent] Daily - Sitting below 50 MA (serving as a resistance) [This graph takes precedent] 1 min - Trending downwards and candle movement all below VWAP and 50 MA. 2 min - Trending downwards and candle movement all below VWAP and 50 MA. In the end, I got stopped out (referring to 5 min chart) when it move upwards. Take a break and have a Kit Kat. I think I need to go back and study more..
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1 pointDear @Glenn Budde, Thanks for dropping a comment! Yes you are right on $NTRA 5 min where it is still moving up. I have been watching WilliamH videos and let's learn together! Too bad I can't attend William H's live trade review due to my timezone (at 3am). Appreciate your help!
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1 pointYes, but you'd need to do some config before hand. You need to go to the titlebar of each chart window you want to change (see image) and give it a unique name. For my example, I changed my B-Montage 1minute chart name to "CHARTB1M" and my A-Montage to "CHARTA1M". You then need to do a hotkey with FOCUSWINDOW CHARTNAME; CHART-COMMAND for each chart you want to switch. So for my example, changing two of my designated charts from 1minute to 5minute, my hotkey would be like this: FOCUSWINDOW CHARTB1M; ZoomFit;MinuteChart 5 10d; NumBar 50; FOCUSWINDOW CHARTA1M; ZoomFit;MinuteChart 5 10d; NumBar 50;