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Everything posted by Mike B
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Live Journal Exercise – Learning to Trade an Edge like a Casino
Mike B replied to Mike B's topic in Day Trading Journals
March 15, 2019 - Nothing Today I really was focused and looking to find a good entry to take, because I wanted to go into the weekend on a high note. Although, I did not take a trade I happy to go into the weekend not violating and rules and getting ready for next week. On a side note, went to my first track meet for my daughter this morning and I have determined I am going to have to change my weekend routine a little bit to accommodate the amount of time at the track in the sun. Wow that was a long day. Sample Set Results P G S G S 6 7 8 S S P G G S G S S 18 19 20 -
Live Journal Exercise – Learning to Trade an Edge like a Casino
Mike B replied to Mike B's topic in Day Trading Journals
March 14, 2019 - $FTI (Stopped Out) Today is an example of why you need to make sure the stock you are trading is in play. Looking back I should have dropped this in the pre-market screening and never put it on my watch list. With that said I traded the stock correctly, except I was unhappy with myself for hanging onto a loser to long. The proper exit should have been when the stock failed to make a new 5 minute low. Although this was before my planned stop, all the indicators were saying "it's a loser get out." Sample Set Results P G S G S 6 7 8 S S P G G S G S S 18 19 20 -
Live Journal Exercise – Learning to Trade an Edge like a Casino
Mike B replied to Mike B's topic in Day Trading Journals
Thank you, This is going to be my next career, it just taking a little longer than I thought to get the hang of it. Luckily for me I still have about a year before I loss my current income. -
Live Journal Exercise – Learning to Trade an Edge like a Casino
Mike B replied to Mike B's topic in Day Trading Journals
March 13, 2019 - Nothing I did not get a live trade in today. I did however, take 2 sim trades on $AMD. 1st one was a 5 min ORBO, but I got out after about a minute so I could focus on looking for a good 15 minute ORB trade to take live. I did not get it, so I took my 2nd Sim trade on a bearish engulfing crack on $AMD. I exited the second time as I had to start work. Had I been in a live trade I would have set a limit Range order. Looking forward to tomorrow to hopefully get a good live trade in. Sample Set Results P G S G S 6 7 8 S S P G G S G S 17 18 19 20 -
Live Journal Exercise – Learning to Trade an Edge like a Casino
Mike B replied to Mike B's topic in Day Trading Journals
March 12, 2019 - Nothing I did not like the price action on the 1 minute chart with taking a 15 min ORBD around the 6:50, so I choose not to enter. After seven, I switched to simulator to practice bearish engulfing crack and VWAP reversal trades in preparation for my next sample set. Overall it was a good trading day for me. Sample Set Results P G S G S 6 7 8 S S P G G S G S 17 18 19 20 -
Live Journal Exercise – Learning to Trade an Edge like a Casino
Mike B replied to Mike B's topic in Day Trading Journals
March 11, 2019 - $JD (1st Trade: Stopped out) I had to take two days off from trading, I couldn't even get out of bed on Thursday and Friday. I was definitely ready to trade today, maybe a little to aggressive as I forced stocks onto my watch list today instead of only trading ""Stocks in Play". $ELAN was the only real stock that met my watch list criteria, so I added $JD and $MU. I was really happy though that I can tell my emotional frustration of getting stopped out, even everything meets my trade criteria is dissipating. I got stopped out and I was ready for another trade, the only problem was I had to catch a train to San Diego. Tomorrow will be a better day. Sample Set Results P G S G S 6 7 8 S S P G G S G S 17 18 19 20 -
Live Journal Exercise – Learning to Trade an Edge like a Casino
Mike B replied to Mike B's topic in Day Trading Journals
March 6, 2019 - $GE (1st Trade: Stopped out/2nd Trade: Hit Profit Target) I am absolutely sick with the SD Flu, so I am not quite sure why I traded today, probably because I haven't found a good trade in the last 4 days and I knew I was not going to be able to trade tomorrow. It turns out it was a good thing, as I found myself two solid trades. I am most proud of getting Stopped out on my first trade and having zero emotional reaction afterwards. This enable me to take the 2nd trade a few minutes later when the stock re-hit my entry point and I rode it all the way up to the Moving average. Sample Set Results P G S G S 6 7 8 S S P G G S G 16 17 18 19 20 -
Live Journal Exercise – Learning to Trade an Edge like a Casino
Mike B replied to Mike B's topic in Day Trading Journals
March 4, 2019 - Nothing today - This month I am adding one element to my trading. I am know trading 5 min ORBs in simulator prior to the 15 Min ORBs to see how it affects me. My goal is once I complete the remaining 6 trades, that I will then start a new sample set that incorporates both 5 min ORBs and 15 Min ORBs. It was definitely a little different today trading both. The trade you see was a bearish engulfing crack that I tested my hotkey out on. I setup a hotkey that allows me to have my montage on my live account, but when I hit the hotkey it will enter a simulated trade. I also realized after today that I need to have a cover/sell hotkey that does the same thing to prevent getting into a trade I did not intend to. Sample Set Results P G S G S 6 7 8 S S P G G 14 15 16 17 18 19 20 -
Live Journal Exercise – Learning to Trade an Edge like a Casino
Mike B replied to Mike B's topic in Day Trading Journals
March 1, 2019 - $JD (Missed the trade) - Definitely met my trading plan, but I got focused in on $EBAY and did not see the entry until it was too late. It was a good setup and worked. Sample Set Results P G S G S 6 7 8 S S P G G 14 15 16 17 18 19 20 -
Live Journal Exercise – Learning to Trade an Edge like a Casino
Mike B replied to Mike B's topic in Day Trading Journals
February 28, 2019 - $JD (Hit Profit Target) - Than the bad news came when I looked at my closed position and saw the account number was my simulator account. Huge trading error today by not verifying I set my order setup back to my live account. I am counting this as trade for the sample set only because for the entire time I was in the trade I thought I was in my live account. It wasn't till I opened my closed position that I realized it was Sim. Sample Set Results P G S G S 6 7 8 S S P G G 14 15 16 17 18 19 20 -
Live Journal Exercise – Learning to Trade an Edge like a Casino
Mike B replied to Mike B's topic in Day Trading Journals
February 27, 2019 - Nothing today I was watching $MYL, $SE, $ENTG. Nothing met my trade plan. Sample Set Results P G S G S 6 7 8 S S P G 13 14 15 16 17 18 19 20 -
Live Journal Exercise – Learning to Trade an Edge like a Casino
Mike B replied to Mike B's topic in Day Trading Journals
February 26, 2019 - $GE (Hit Profit Target) Had a good setup on $GE, I altered my profit taking plan after entering because I knew the $GE was trading within a small range. I was looking to take profit at or below the MA on the 5 min chart. The stock had a quick drop below where I covered some and when it quickly popped back up to which I exited. Sample Set Results P G S G S 6 7 8 S S P G 13 14 15 16 17 18 19 20 -
Live Journal Exercise – Learning to Trade an Edge like a Casino
Mike B replied to Mike B's topic in Day Trading Journals
February 25, 2019 - $JD (Partial) Had a good setup on $JD, took a Partial and then the stock moved back to the break even point, so I exited in accordance with my profit taking plan. After one more drop and pullback $JD finally moved to the profit target I looking for. Sometimes it works, Sometimes it doesn't Sample Set Results P G S G S 6 7 8 S S P 12 13 14 15 16 17 18 19 20 -
Live Journal Exercise – Learning to Trade an Edge like a Casino
Mike B replied to Mike B's topic in Day Trading Journals
Jamie, Thanks for the post. 1. I am looking for order flow in the time and sales section to be consistently moving with the majority of each transaction being at 100 or less. 2. I am looking at the 5 minute chart. I especially looking to make sure the second and third candles are bouncing of the VWAP. 3. Yes the no large wicks/candle is for the 15 minute candle. -
Live Journal Exercise – Learning to Trade an Edge like a Casino
Mike B replied to Mike B's topic in Day Trading Journals
February 21, 2019 - Nothing today I had $CAR, $CGC, and $MU on watch; however, nothing met my criteria. $MU had a nice Bearish engulfing crack and $CAR had a great double bottom. Sample Set Results P G S G S 6 7 8 S S 11 12 13 14 15 16 17 18 19 20 -
Live Journal Exercise – Learning to Trade an Edge like a Casino
Mike B replied to Mike B's topic in Day Trading Journals
February 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 -
Live Journal Exercise – Learning to Trade an Edge like a Casino
Mike B replied to Mike B's topic in Day Trading Journals
February 15, 2019 - Traded in Simulator February 19, 2019 - $JD did not meet a 15 min ORB, but it had a great setup for a 5 min ORB. Sample Set Results P G S G S 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 -
Live Journal Exercise – Learning to Trade an Edge like a Casino
Mike B replied to Mike B's topic in Day Trading Journals
February 14, 2019 - $MU (Stopped Out/Outside Edge) 2 days in a row I have traded outside my edge. Items in Bold are my analysis done during lunch. After reviewing the trade and getting it ready to post, I noticed I was making a fatal error unknowingly to myself. I was forcing the trade to be within my trading edge, because I have not had the week I wanted. I originally determined this trade was within my edge; however, it did not meet risk analysis, so I should not have taken the trade. Sample Set Results P G S G S 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 -
Live Journal Exercise – Learning to Trade an Edge like a Casino
Mike B replied to Mike B's topic in Day Trading Journals
I use OneNote and Excel. -
Live Journal Exercise – Learning to Trade an Edge like a Casino
Mike B replied to Mike B's topic in Day Trading Journals
February 13, 2019 - $MU (2 Trades Outside Edge) Today is one of the days I lost my battle against FOMO. Three 5 min ORBs all of which had awesome setups feed into my urge to trade. $MU met my trade criteria, but pasted my stop loss before providing an entry point, which usually means I do not trade it because the stock is choppy. Instead, I decided to trade outside my edge when I saw $MU consolidate at the 9 SMA and start moving back up. When it broke the open of the previous candle on the 2 min chart, I entered, but forgot to move my stop loss to the new point I wanted resulting in my $ risk being more than I wanted. I decided just to exit the trade, reset the stop and move on from there with my plan. I took out a portion at the high of the day, I then took out another portion at another Resistance level, I exited when the stock engulfed on the 2 minute chart. After pondering the day and reviewing the trade later, this was good trading with regards to risk management and profit taking; however, this was not within my edge and my plan for the day. Sample Set Results P G S G S 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 -
Live Journal Exercise – Learning to Trade an Edge like a Casino
Mike B replied to Mike B's topic in Day Trading Journals
February 12, 2019 - $MU met my trade criteria, but I did not get a pullback to enter on. It popped up right after the close of the 15 minute candle. Rule 15 for me is that if I miss the entry cut my losses at $0 and move on. In the past my biggest losses have come from chasing a stock after I miss the entry, which then messes up my risk/reward ratio. I had to fight the urge to stay out of the trade but managed to do it. Instead I dealt with the should have, could have, but did not. To manage that I just went back in the journal to my biggest losses and said to myself that is why you did not enter. Sample Set Results P G S G S 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 -
Live Journal Exercise – Learning to Trade an Edge like a Casino
Mike B replied to Mike B's topic in Day Trading Journals
Peter, After a few months of finally getting tried of trading just to trade, I have been able to develop a solid set of criteria that must be met before entering a trade. I wish I had done this in Simulator. It has definitely cut down on my FOMO, calmed me down while in the trade, and has allowed me to focus on developing my trading skills. Once I can get to a spot were I can trade both 5 minute orbs and 15 minutes in the same day, I think I will be at a spot where I can start to increase my risk per share. -
Live Journal Exercise – Learning to Trade an Edge like a Casino
Mike B replied to Mike B's topic in Day Trading Journals
February 11, 2019 - $AMD (5 of 20) - Stopped Out I held on to my loser too long. I should have exited before my planned stop when the stock failed to make a new 5 minute low. Although you should not alter the sample set after starting, this is a rule that should have been in there before I started. New Exit Rule - If after I enter the trade the stock moves against me in the area between my entry and stop, I will exit if the stock fails to make a new 5 minute high/low. I will re-enter if goes back in my direction. Sample Set Results P G S G S 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 -
Live Journal Exercise – Learning to Trade an Edge like a Casino
Mike B replied to Mike B's topic in Day Trading Journals
Peter, I remember doing the exact same thing in sim. Jumping from one strategy to another as I saw things pop up, always having a fear that I would miss the trade. If there is one thing I could recommend to you before going live is to clearly define your Edge (trading strategy) that works for you. The emotions you will deal with when you go live will only be compounded if you do not have full confidence in your entry and exit strategies. If you find yourself having issues with FOMO, I recommended facing it head on by limiting yourself to more extended time frames. You can always go back to shorter times frames once you have it under control. Once I get through this sample set, I am looking to incorporate the 5 min ORB back into my trading. My end goal is to trade 5 min ORBs, 15 min ORBs, followed up by "Robert H the great reversal", as all these build on another. -
Live Journal Exercise – Learning to Trade an Edge like a Casino
Mike B replied to Mike B's topic in Day Trading Journals
February 8, 2019 - Did not get to trade today. Below is an image of the post trading analysis of two stocks I had on my watch list prior to getting pulled into work early. Sample Set Results P G S G 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20