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hailchaser2

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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.

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AMD tried long HoD first grade, flipped to short 2x.

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below is the big short trade continued form above.

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tried to forage a reversal to VWAP, this was not trading, it was just clicking and hoping.
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Pics below, 2 more tries at getting reversal that wasn’t happening......dumb
 

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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.

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Edited by hailchaser2

If you don’t have a mountain to climb, find one.

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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.

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Edited by hailchaser2

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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.

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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.

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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. 

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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.

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$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.

 

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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.

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$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.

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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. 

 

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1 hour ago, hailchaser2 said:

 

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. 

 

I traded about a year with the rule, that if I was stopped out on my first trade I turn off my platform and walk away. I was not able to trade well after a stop. Now I am somewhat better. But I still have the rule two stop outs and I walk away and three trades max per day.

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Trading is about probability. You could have 10 losses in a row, and it really doesn't mean anything or have anything to do with you. Most of the time it is just a crap market or low volume chop that does me in for the day. The best thing is to work on how to identify a high probability trade, and also a market that isn't good to trade in. If you can do this and execute properly you will be able to make money by avoiding the bad days. I think stopping at X stop outs just prolongs your learning time. Who knows, the next trade could have been your big winner.

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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.

 

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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?

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AMD.1 I thought this was a good trade? Should I have entered again on the 2nd fail above VWAP?

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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.

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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.

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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.

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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.

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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.

 

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+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.

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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.

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Great 5minOrb-1minABCD Combo

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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.

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I probably should not have entered below VWAP like that.

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Tried BO, didn't continue.

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Curling down, broke my pre-market level and tested it, spy direction helped for confirmation.

 

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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

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5MIn lightning bolt down with retest of VWAP.

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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?

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i think the 20 ema on the 1min is good but maybe wait until it closes over instead of just breaking it? you would have stayed in your last piece on JPM. 9ema on the 5 is good too 

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@Mark D. good idea, thanks.

After showing this to Peter Friday afternoon in chat, he pointed out that  on the JPM trade I could have left my stop at BE longer instead of moving it to the 20EMA so soon, the trade was only 10 minutes long.

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Posted (edited)

This was an up and down day, I started the day well. The biggest mistake I hade is that I was up 3.1R...…..I'm supposed to switch to sim once I get 3R. I didn't. slowly gave it back, then went up and down for a while. Because I was angry at myself for giving my 3R back, I started over trading and trying to make reversals happen, my two most common mistakes from my first 4 weeks live. Ended -2.2R for the day, with commissions included, it triggered my $60 max loss. I can't believe I ignored my rule to stop at 3R, I will learn from this mistake.

Had too many trades to recap all of them

 

 

 

My first trade, could have finished 3.8R if I wouldn't have entered more trades while I was slowly partialing this one.

 

 

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Later a decent short, stop was above HOD.

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I have made this mistake a few times now, I click the stop loss too close to price action because I'm trying to get a larger share size and still keep my $10 risk. It never works out, I'm always stopped out within seconds. I need to remember this moving forward. My later trade was much better even though it took me two attempts. Stock tried to move above VWAP twice and failed.

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Here is where I started to try and make CCL reverse.

 

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one partial and stop out

 

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3 different one partial and stopped out trades on JPM. Overtrading.

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One partial and stop out

 

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Short, stopped out, then second try, two partials and stopped out. 

 

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Long stopped out, then long again.

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a good short, then just terrible over trading with no setups.

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More overtrading

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2 more tries at forcing a reversal.

 

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I need to be more disciplined the rest of the week, today I had "One Good Trade" and ruined it with my greediness.

 

 

Edited by hailchaser2
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Posted (edited)

Today went well, ended up 4.7R. I had a couple of trades that I flipped from original entry. I was very tempted to keep trading in the afternoon, I mentioned it to Mike B and he said I was making the right call to stop, thanks for being in the chat Mike!  Yesterday I gave my entire days profit away because of trading past my daily target. Once I am more seasoned, I may implement a different variation that gives me flexibility. Maybe keep trading, but don't lose more than 10% of morning gains, but I'm not disciplined enough to do that now.

I also made a change on my screen today, I like L2 just as much as Thor, I found I was constantly scrolling down to see what the L2 looked like further from the price action. I extended my montage down so I can see all of the L2 without having to scroll. It only covers up my DJIA and SPY charts on the left side.

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I am feeling more confident in my trading abilities/psychology, I was very beat up from the first 3 1/2 weeks. The past 4 days I've traded well for 3 of them, and the one day I didn't, I only failed because I kept trading after I reached target (Yesterday). 

What do you do to keep from getting over confident? I want this trend of good trading to continue, and I feel like it will, but if anyone has been through this before, I would prefer to learn from your mistake instead of making the same ones you did. So any feedback is welcomed. Thanks.

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Edited by hailchaser2
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Max loss by 9:05 AM. I upped my risk from $10 to $20 today. I don't think it effected my decision making, but it stopped me out faster than normal. The biggest mistake I believe I made today was trading TSLA, I was tempted by the enormous upside of that stock.

 

PDD Maybe I should not have entered this trade because it was above most of the moving averages, What are your thoughts?

3-11pdd.thumb.png.b83e976ec9b15a2fc0b61167d84159cf.png 

 

 

OXY Trade one, maybe I should stay away from entering when wicks are really extended? Trade two, waited for confirmation of ABCD, but it didn't follow through.

3-11oxy.thumb.png.f69dc8a50d3893a55a1f6650a9c657ec.png

 

Any feedback on this one?AAL

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TSLA

3-11tsla.thumb.png.cb018b65c0012e4af2e83c77d42eca07.png

 

 

3-11.PNG

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