hailchaser2

Header: what pilot fish said , or keep it “don’t trade alone” Sub-Header : “Full Time Traders Excited About Helping New Traders Learn and Grow”

Friday, I over traded a bit today, because of that I am sure my commissions will eat nearly all my profits. 3.4R day, but when R=$10, too many tickets makes it a BE day instead. I'm ok with that because I still think I traded well today. My patience is improving, and I am seeing more indicators before jumping into a trade now, Aiman's recaps have really helped me look at a few more charts for confirmation before entering. I bet there were 4-5 times today that I stopped myself from entering by looking at the overall trend of the stock, and checking 5,15,day charts for resistance levels that are not on the 1min. I was long biased on AMD pre-market, that caused me to take these three longs. I'm ok with the second trade, but the 1st and 3rd trade in this pic should not have been taken. Great 5minOrb-1minABCD Combo 2 shorts and a long, the first trade I failed to look at the 5 for confirmation, I was only looking at the 1min break below moving averages. shorted again immediately, revenge trade. Later tried BO over a daily level I had, it failed, the BO was actually several candles earlier when it broke my prior level of 109.07. I probably should not have entered below VWAP like that. Tried BO, didn't continue. Curling down, broke my pre-market level and tested it, spy direction helped for confirmation. My pre-market notes said to look for break of 24, as I was scanning my watch list looking for a trade, I noticed MRVL had just broke VWAP, test it, and start to head to 24. It went well 5MIn lightning bolt down with retest of VWAP. JPM and MU trade, I think I may be moving my stop too close to the price, they both ran down much further after my last partial. What I usually do is move my stop to just above the 20EMA on the 1-min, if I would instead move it to the 9EMA on the 5, maybe I could stay in these trend trades longer. What do you think?

Andrew would like us to help brainstorm On a new tagline for the website. 1. Header- Currently "Don't Trade Alone" 2. Sub-Header- Currently "Join a Community Dedicated to Making Trading Better for Everyone"

I stayed live today even though I was considering switching back to sim. I traded well, a few entries could have been a bit earlier, but overall I'm happy. I had a couple trades that I only partialed once or twice and got stopped at BE. I would normally revenge trade if that happened to me in the past. Maybe I made a small breakthrough today. I stayed calm and took my small win and looked for the next good setup. During the trade review Aiman pointed out that I probably take my first partial too soon, I shouldn't do it before 1:1. I think I got into the habit of a quick partial because in "Trading for a Living" by Elder he talks about how one year he started taking 1/3 partial when a trade went in his favor, 1/3 at his first target, and 1/3 when trade reversed against him. Now I am going to work on taking my 1st partial at 1:1R. VIPS, this is one that if I would have not partialed so soon I would have made much better R, my stop was loss of 1st candle, so my 1st partial should not have been until the daily level I marked at 15.34. MRVL, another one that I partialed quick, the price action scared me so I took a partial and moved stop to BE. Had I used my original stop and not made a quick partial, It would have been another good R trade. CCL, this one AIman said I could have used a tighter stop around the resistance a few candles before. I got some good partials, and then I was stopped out 0.25 above my BE auto stop because the price jumped so fast. It even made Brian P gasp it shot up so fast, it was a flash, not a fast move. This was me best trade today, ABCD. The only thing I should have done differently is my last partials. I had a level at 45.23, when I saw it break that, then fail back below it, I could have partialed there, but I was almost out of shares at that point, so it didn't make a big difference. The L2 on this trade was amazing, numerous very large ASKs almost every .25 increment. That was how I kept so patient throughout the trade, I was confident in the L2 structure. Looks like my first partial was too early on this one as well. +3R day is much better than a max loss day, I need to keep the same discipline moving forward. Main takeaway from today is stay calm and don't partial too soon.

Do you have a normal rule for stops on this particular setup you trade? Or is each one different? ie: do you usually use break of prior 5 min candle high? Do you look to the left of the high point for a level? looking at the MU trade I would have had the stop just above prior 5min, which it came very close to later. On CCL I think I would have had it just above the MAs that are above the prior 1 min candle. Is my stop analysis close to what you had planned? thanks Mike!

Today was another max loss day. If anyone would like to point out which technical mistakes I made, I would appreciate it. I battle with entries. Do I enter where stop will be tightest, or enter with more confirmation. Example, CVS I almost entered on 4th candle as soon as it crossed back above VWAP, instead I waited until it moved above prior two candles and MA. In this trade it ended up not mattering much anyway because the stock didn't continue up. CCL Too far from VWAP on first entry? Entry two, should have waited for it to get to VWAP to see what happened? Trade 3 Good? AMD.1 I thought this was a good trade? Should I have entered again on the 2nd fail above VWAP? I wonder if I should switch back to SIM until I get some confidence back, I feel like I'm trading better, but the results are the same, max daily loss.

I noticed today that my $50 risk hotkey is not giving me as many shares as my $40 hotkey. I’ll do some more testing tomorrow on some different stocks. But I tried three separate times on TSLA today in sim. Anyone else run into this issue?

Update about last week, in which I was supposed to work on my over trading problem. Failed the first 4 days, hit my max daily loss each day. On Friday I only took 4 trades and ended the day green......Imagine that! This week has not started out any better as far as outcome, but I am happier with my number of trades. I am not revenge trading in hopes that a move will happen. I have also lowered my daily loss, my account is already down 40% after three and a half weeks. Here are my trades today. $TGT, was strong heading into the open. I was looking for a 1,5minORB-Up, which obviously didn't happen. After seeing the stock try to fall below PCL and 200MA on 1 min, I waited for the stock to pass VWAP and continue higher. My first entry 110.00 was stopped out 109.82 in one second, I can't recall if the spread was that big, or if I clicked KylesHotKey too close to price action. 2nd try was when I thought it broke through my premarket level at 110.34, it failed and stopped out 109.80 below VWAP again. I had Aimen review in classroom today, he pointed out the stock was weak, and was actually a reverse ABCD, I went long at the C which was also resistance. I thought the 11th candle was a retest of a level and an indication the stock would gain momentum when it went through VWAP again. 12th candle closed above VWAP, so I entered long with a stop below VWAP. This VWAP play should probably be used later in the day and not the open when the direction is still in question. $MSFT, I thought the 200MA on the 5 was going acting as support, so I looked for an entry to catch the move back to VWAP. When the price crossed the MA and the PML (red dotted line) I thought it was headed back and entered 171.05, stopped out almost immediately 170.81. Tried again at 170.98 and was stopped out at 170.53. Both of the above trades, I went long into resistance, I need to work on this problem. $INO, was just a trade I chased after Andrew entered. I entered 5.20 and I got out 5.23 when I realized I should not have just followed Andrew without analyzing the trade myself. $CCL, I was watching it consolidate around the PML, I was long biased on this stock pre market, daily looked good also. It shot up as the FED announced rate cut, I watched the doji form after the run and entered 33.34 when the next candle made a high. It failed and went to my stop 33.04 below PCL. I have figured out that if my first trade doesn't go well, I get discouraged. If my first trade goes well, I relax and trade better. It's difficult to forget the first wrong trade and focus on finding a good setup after that. This is something I will also work on. I know being wrong is part of trading, but I guess I still haven't excepted it deep down, and embraced it.

This week I am working on my problem of over trading. In the past (SIM), I used 4 dimes to limit my trades. If I made a trade, I took a dime away. This helped me be more selective of which trades I entered. Since going live I have completely ignored my dimes. Today I took some quarters and modified them to help me remember why I began this journey. My end goal is to stop traveling for work and be home for my family. I will no longer “shoot from the hip” and get in any trade that looks promising. I will not survive if I continue to do the same haphazard trading I did in the first two weeks. Week 3: Patience and Discipline I will also be using Chartlog starting tomorrow.

Or does Chartlog automatically figure R for trades?

@Rob C ahhhhh, that makes sense. It would be much more difficult to track my 4 strategies if I didn’t keep my R consistent for each individually. One last question, I like partialing out, usually 4-8 per trade, so to figure out the +R, I’ll have to take total profit divided by initial share size (to get average +R per share), correct? Also, sorry for highjacking your thread @Debbie

That’s what I thought, but I’m sure some traders have a set up where they want to risk less because it’s not A+ setup. example: I might have a trade where I use the $30risk hotkey because it’s strong ABCD at VWAP. But my other 3 trades that day were only $10risk hotkey trades because they were HOD breakouts or reversals. So I will more than likely have to just recap R per trade. Now I know when listening to other traders talk about 4R day, they probably use same risk every trade. Thanks PeterB

@Rob C I have a question about R also. I’m ditching my prior goal ideas of $ amount per day, and will start talking about trades and days in terms of R. I understand using the R in trades i.e. 4R trade would be -.15 stop with target of +.60, but how do you use R terminology for your day. I’ve heard traders say, I had a 6R day, or -2R day. Do they mean if their daily total loss risk is 100, they had 6x that in profits, or do they mean one trade was 4R and one trade was 2R, which adds up to 6R? Thanks!

Revamped my HotKeys last night and this morning. Now I have a file that has my old HotKeys I’ve been using, and a file for Kyles $ risk HotKeys. I never had double click to trade activated because I was afraid it was actually double click and the trade happened, I didn’t realize it’s just double click loads the trading montage with the price.

I changed this, This is what needs changed for SSR correct?

HMMM, It changes in the equity script but not the $ script

For some reason, its not working when I switch to SSR, the script doesn't change. It changes when I switch from long to short though. Might be because I'm not logged into Microsoft excel on my trading laptop, I only use it on my mac.

I’m sure if I searched I could find the answer somewhere in this forum, but my eyes are tired. I can make a separate HotKeys file for these new ones and still keep my regular HotKeys in a different file right? So I could use my normal file live, and Kyle file in sim. I just have to save my old ones somewhere before I delete them and replace with Kyles. Correct?

Just read this entire thread preparing for the HotKeyKyle Success Webinar. Cant wait to try these next week. They look amazing.

Friday, another bad day. I can’t wait for Monday and a fresh start. Patience and Discipline next week. Also, I will not even have $AMD on any of my screens or watch list.

Thanks Kyle, a DAS feature that I would like, is pre market hi/lo study. I have found a study on this forum for TOS but not DAS. hi/lo of day doesn’t work because it moves throughout the day.

Thursday, still making useless physiological errors. Trying to force the market to do what I want instead of just taking advantage of opportunities that are presented to me. A few good trades, but wiped out by undisciplined trades again. Change will happen, but not without me changing my focus and discipline. AMD tried long HoD first grade, flipped to short 2x. below is the big short trade continued form above. tried to forage a reversal to VWAP, this was not trading, it was just clicking and hoping. Pics below, 2 more tries at getting reversal that wasn’t happening......dumb I totally forgot about my first trade this morning, I was just reviewing trade pics in my phone and saw this. I was concentrating on L2 and trying to time my entry perfect. I was waiting for the two big bids to start being eaten up. I did time it perfect, sent order fractions of a second before it broke below 30. Then wondered why my order didn’t go through. SSR!!!!! It ran down to 29.14 without me. I didn’t want to try and enter after my screw up. So I was disciplined at least once today.

Wednesday

Thank You. I think that will help. I’m forcing trades and profits, and I know that will never work.

Another terrible day. Hit my max loss again. -$108. Rules followed 6/7 Trades 1,2,3 MU 1st trade was a good 5MinOrb took 1/4 partial quick, then another 1/4 when it hit my pre-market level $56.62. It bounced, I was stopped out .03 above BE. My stop was set at BE but got filled above. 2nd trade: I saw it fail above VWAP the prior candle. Set a .20 stop loss which would give a bit of room above VWAP. Again got stopped out past my stop loss .04 above. I should have set the stop closer to VWAP. My hot keys are currently .05,.10,.20...if I had a .15 I would have used it here. 3rd trade: A revenge trade, I convinced myself the 200SMA would push the stock back down, but I know that 1min moving averages are not as strong as 5min, I should have known not to take this trade. I should have known after the big wick on second 5min candle that the stock was primed to pop over VWAP. I’m also going to start taking 1/2 partials instead of 1/4 partials. Maybe that will help my emotions when I get BE stop. Trade 4: If I would have been watching this earlier I probably would have gotten a better entry. I chased this one up. For the next 6 trading days I will be in a competition on a different platform. I don’t know if I will even logon to my CMEG account or not. I will still do recaps for the competition trading.