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hailchaser2

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Another max loss day, I'm not making the same mistakes I was making in my first few weeks, now I'm making completely different ones, ones thatI never even made in SIM.

Reflect, Regroup, Restart, fresh day tomorrow with new lessons learned from today's session.

Don't trade pre-market, don't move stop, also stop putting initial stop in areas to get more shares with dynamic hotkey, put the stops where the chart says the stop should be!

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

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Yesterday's Takeaways : Don't trade pre-market, don't move stop, also stop putting initial stop in areas to get more shares with dynamic hotkey, put the stops where the chart says the stop should be!

I handled 1 and 2 easily, and for the most part 3 as well, but a couple times after I entered I realized that I didn't have the stop in the appropriate place, but by then it's too late, I cant move the stop to the proper place or it would completely change my risk $ for that trade. This will be my main focus next week, double check stop level before entering and double check R:R.

I dropped back down to $10 risk today from $20, not because I believe the higher risk messed up my trading, but because I didn't like the crazy action this morning.  Today I ended up +3.4R, but that will be a break even after commissions/fees, I traded too many tickets and tickers today. The SPY rally at the end of the day is what brought me positive. I used to trade the last 30 minutes all the time in SIM, but haven't done it all that much in the live account. I'm usually picking my daughter up from school.

 

 

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Edited by hailchaser2
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Started the week off great, +4.3R. It's so much more satisfying to be trading in SIM because I hit my daily target instead of hitting my daily max loss. I used $10 risk today because of market craziness. 3-16mrna.thumb.PNG.b758457feae96ad0b9847f0e05ad608b.PNG3-16msft.thumb.PNG.8b22c256d35e46d5cbe2de4b9a6b5c7f.PNG3-16bac.thumb.PNG.f78f09ef87aea61b7df82d14719b579a.PNG3-16.2.PNG.8c039d6ef82e19498667cb60aca3fd39.PNG

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Since we weren't around a halt level at the open, I moved my risk back up to $20. Finished +2.99R on the day. Technically 3/3 on trades, but 2 of them were very small because only 1 or 2 partials then stopped at BE. The trade that got me to goal was ROKU. I went long when it crossed VWAP and whole number $60. Stop of 0.32 on ROKU isn't very much room, I got lucky it shot up once it passed through VWAP, but L2 was looking solid for the pop.

 

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With a market halt possible at the open this AM, I decided to go back down to $10 risk instead of $20. Today was a bit of a grind compared to the past couple days. I was still able to get to +4.6R. So I am on a green streak of 4 days, and target of 3R for 3 days. Last night I also signed up for Chartlog trial, I was already using the free service. Once I put in strategies, and started labeling all of my past trades. It became very clear that "No Strategy" has been my biggest problem so far. I was constantly entering chop looking for breakdown/ups or reversals back up to vwap. I really think I'm going to buy the year service, it makes reviewing strategies so simple, it should be a great tool moving forward.

3 Stabs at AAPL today, 1MInOrb, then ABCD, then ABCD 5min. all three tries one partial and stopped out at BE. 

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JD ran up and was extended from VWAP and MAs on 5 min. I started looking for a pullback. It formed a 1 min doji just above PMH and whole number. when it broke the doji bottom and whole number I shorted to ride the pullback. I thought about flipping position once it started making the ABCD at VWAP, but figured I would just stay in the trade and let the last little bit ride it out to BE. The ABCD did end up following through, but I'm ok missing out on it.

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CCL, thought we were getting reverse back to VWAP. Second try I caught one partial

 

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ROKU, I entered this move too soon, sometimes I am afraid I'm going to miss the move, this was one of those times that my FOMO was stronger than my patience. Fortunately, it never broke back above VWAP, I even added when it started moving up. This ended up being a classic Peter Lighning Bolt Down.

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BA1 thought we were getting a VWAP bounce, went long when it cleared the MAs on one minute. It failed.

 

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Later went back to BA, I watched it closely for a good time before entering. L2 convinced me this thing had a good chance to run down. Best R trade of the day for me.

 

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It was nice to know I can have a BE open, then find profitable trades after to get to my goal. Before I would be hopping in and out of trades without analyzing them enough. I really owe Aiman. Norm, Peter, Mike B and Thor a big thanks for always being happy to answer questions when it's their mic time in chat. Their knowledge has really helped me get past my early struggles. I know the struggles aren't anywhere near over, but I feel like I'm headed in the right direction now.

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Edited by hailchaser2
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Since we weren't close to circuit breaker this AM, put risk back up to $20. +3R only doing two trades. 5 days green in a row. Now I need to keep doing the same thing each day, and not get too overconfident After my recent success, I am feeling a bit relieved. when I was hitting max loss each day, and having a red streak of 11 days or so. It was stressful, disappointing, frustrating, depressing, and any other bad emotion you can think of. But, the only way to get through those tough times, is keep at it, grind away and make improvements, get serious about discipline.

Thanks for all the support BBT, couldn't be doing this without all of you.

 

UBER dipped below VWAP, then came back up and held, I entered long when the fifth candle broke the prior candle. Put my stop below prior candle low. Partialed at top of prior top "B". Very fun trade.

 

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As my last single share was running in UBER, I started looking for one more opportunity. ROKU had tried a few times to sell off, buit kept closing on 5 min above VWAP. When it broke HOD, 1MIN OR, and 5 MIN OR I went long. Not only did all 3 of those strategies line up at the same price, but it was at a half dollar point, and the L2 looked good for a pop up. Another good trade and got me to my goal of 3R, shut it down for the day so I don't lose my gains, I made that mistake several times my first month live, DON'T LET GREED ERASE YOUR HARD WORK OF REACHING DAILY GOAL.

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When my account balance gets back up to 3100, I'm going to switch to $30, when it gets to 4100, $40, etc.

Thanks Again Community

 

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Edited by hailchaser2
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I was messing around in sim the last hour or so, I restarted my trading platform and forgot to switch back to sim again. Luckily the trade worked, I partialed fast because I didn't want to lose my 3R day. 

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So this morning I had some anxiety because all four days this week have been green, and most of them 3R, I was afraid I would have a red day today and mess up my green run. I posted my concerns in chatroom in off topic. Had people comment that if my trades this week were good just keep doing the same thing, and trust my process. That helped settle down my nerves. Ended up +2.4R for the day. My first trade was a loss, that used to put me in a mental state that caused me to make bad entries, revenge trade, etc. I didn't even need to calm myself, I took a good entry on a 5Min Engulfing pattern and it just failed. I didn't do anything wrong as far as I can tell. Thanks to Scooby Doo, Tradecraft Trader, pilotfish, kharp83 for chatting with me in the pre market about my anxiety. BBTFamily

 

Trade 1 Roku made an engulfing 5 Minute on the second candle, I entered and put my stop below VWAP, it failed. Trade 2 I continued watching the stock and found a BO down to short. Almost 3R trade.

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 Trade 3 CCL BO above VWAP.

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MU trade 4 Tried another BO above MA VWAP, SPY looked like it was going to run up. 1Min also looked like it was curving up.

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TSLA trade 4, I tried to enter once at VWAP, the order didn't go through because I entered a millisecond too late, the price shot up a dollar so my hotkey couldn't figure $10 because my position would have been less than 1 share. I then moved my stop up and got one share. Got scared during consolidation above VWAP, so I moved my stop up so I would only lose 2-3 bucks if it fell. If I would have kept my stop in place I would have been a part of the big run up 15 minutes later.

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Final trade, ROKU a break above VWAP. On my last partial I moved my stop up like normal, it was a small position but if I would have kept BE stop in place I would have not been stopped and had another run up.

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I hope this week was a breakthrough. My trading has improved greatly. My dumb mistakes are far and few between now, I don't let losing trades effect the rest of my day.

 

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After reviewing that MU trade some more, it looks like a reverse ABCD on the 5. The MAs on the five were all still in a downward trend also. I need to remember to give more weight to the longer time frame and not just how the 1 minute looks.


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

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Replies on Twitter educated me about tracking Sharpe, so I just finished making a new spreadsheet that calculates my Sharpe and R:R

So last weeks numbers are as followed

R:R=18.14

Accuracy=71%

Sharpe=2.17

 

Next week, stay humble and be disciplined.


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Today was very disappointing, I had a bad open, recovered and worked my back up to +2R for the day. Shut computer off, did some home schooling, made lunch. Was wondering if I should come trade live in the afternoon to try and get to 3R which is my usual goal. I decided to try one more trade to try and get to goal. I ended up spiraling out of control in the afternoon, my +2R turned into -2R, and commissions started piling up. I started trading with no thought or setups. I started using a different risk amount than what I started the day with (at least I used less risk instead of trying to double my morning risk, but I'm supposed to keep it the same for figuring R for the day). I somehow ended back up +1R, but once my commissions are calculated it will be -1.5R.  So this isn't the type of disastrous day that killed my account, and I will let this day be a reminder of what happens when I'm not disciplined. 98TICKETS!!!!!!!!!

Too many trades in the afternoon to screen cap all of them, There was not really anything to learn from them anyway, EXCEPT, DON'T TRADE WITHOUT REASON TO ENTER THE TRADE!

Here was my morning session and All of my executions.

 

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Edited by hailchaser2
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On further review, I forgot to mention I had a terrible night of sleep. Woke up at 3 AM and tossed and turned for the next 3 hours. Finally fell asleep at 6 AM, My alarm went off 20 minutes later. I don't know if this had anything to do with my performance, but I will be sure to act more carefully next time I'm not well rested.


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Multiple rules broken today. My discipline was once again lacking. -2.8R. 

 

I convinced myself that BA needed to be traded pre-market, I thought, 4 shares could get me $80 today!!!!!! Well that was a terrible thought process and that is NOT PART OF MY EDGE. I held on to this long bias after the open as well, I tried 3 more longs when it went above VWAP. All 3 losers. If I would have left the first attempt above VWAP alone I would have gotten one partial and BE stop out. But after entering I got cold feet, Moved my stop closer to entry so I wouldn't lose as much money, my original stop loss would have held and my R:R would have been close for partial.

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Good Trade Ideas on ROKU, bad entries

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First thought was to play a BO UP at 12.5. When it lost pre market high 12.30, I changed my mind and tried short. Second short try, I thought we had a double top on the one. It failed and MAX LOSS for the day was triggered.

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I'M SO GLAD I HAVE THE MECHANICAL DAILY LOSS IN PLACE, MY POOR PSYCHOLOGY AND DISCIPLINE THIS WEEK AND TODAY WOULD HAVE MADE ME CONTINUE TRADING, AND MORE THAN LIKELEY LOSING MORE MONEY ALL DAY.

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Frustrated again with my performance. MAX LOSS 2 days in a row. I'm trying to force bigger profits, I know better than this. both days I was up 1.5Rish, contemplated stopping for the day, and decided to get back in. Which would be fine if I only entered great setups. But I don't. Then my +R disappears and I turn red for the day. Then I really start pushing for profits because I am angry at myself for losing my profits. I am going to consider stopping for the day anytime I finish a trade and I am up 1.5R for the day, at least until I get my confidence back, and get my discipline under control.

 

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

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Thursday, another max loss day. After review, I feel a little bit better about the day than I did yesterday. The biggest error I mad was revenge trading MU. 

 

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Another thing I can work on is shown in this CAKE trade, I need to start looking left and check overall trend before entering. I almost never remember to do this at the open.

 

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

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