New Trader Journal

[hailchaser2 185]

I've been journaling in Chartlog, but not here all week, my wife had me doing outdoor work all week, so it took hours away from my study and review time. Everyday this week was max loss. Some days were better than others, but overall it was a terrible week. I was able to do some Chartlog reviewing Wednesday evening to see if I could find some major areas to work on. It was clear that trading the first 5 minutes was hurting my performance, and that trading "No Strategy" was also a big drag on my account. So I committed to fixing those two issues moving forward. Thursday I traded the first 5 minutes in Sim, Today I didn't trade Sim or Live the first 5 minutes. I think I can handle fixing this problem moving forward. Thirsday I still had several trades that I couldn't even put in a strategy category in Chartlog. But today, I kept to my Chartlog strategies.

Below I am going to add my trades and charts. I traded so much the beginning of the week, I'm not sure I have every trade captured.

 

[hailchaser2 185]

Moday 3-30

 

 

Edited April 3, 2020 by hailchaser2

[hailchaser2 185]

Tuesday 3-31

 

 

Edited April 3, 2020 by hailchaser2

[hailchaser2 185]

wed 4-1

[hailchaser2 185]

4-1 evening is when I did my Chartlog research. Here is some data from that night.

 

After seeing these charts, I see that I am not ready to trade in the first 5 minutes yet. Also, I tend to trade multiple times per day that aren't even trade setups, my "No Strategy" numbers are terrible. So I need to concentrate before entering and make sure it's a setup and not just a hunch.

[hailchaser2 185]

4-2 Thursday, Good job not trading the first 5 minutes. Bad job trading without a setup.

 

[hailchaser2 185]

Today, again, good job sitting and watching the first 5 minutes, I actually didn't see anything I liked once that 5 minutes hit. I didn't trade until 7 minutes in. I still had a few "No Strategy"ish  trades, but better than yesterday

First trade was TWTR, I thought I was getting a 1Min ABCD, entered at break of prior candle, with stop below VWAP. It failed. When it immediately got bought up below VWAP, I thought it was still a good idea. Entered at the same price, got one partial and stopped out at BE.

 

 

Uber, I traded UBER well yesterday, I traded it horrible today. My first entry was late, my add was late. I tried short again right after I was stopped out when it dropped below VWAP and MAs again. As you can see, the dotted pink line was acting as support. So this was a bad trade idea. I then flipped long after getting stopped out, no real reason, just an emotional trade. Then I got in long again and got some decent partials. The last long I entered and immediately had doubts because of the 200sma. I thought "This is going to be resistance and and up being a double top. So I just exited the trade. The only good thing about any of these UBER trades is the last one, I realized I was just guessing and not trading and I exited, I also didn't just flip to short because of the double top/200SMA like I do sometimes, I realized I was trading like crap and stopped. The trade did end up running up close to .50 or so, but I'm still glad I wasn't in it, because It very well could have went right back down to VWAP instead of moving up.

 

MU, when I'm down, for some reason, I look to MU or AMD thinking I can just watch the spy and trade one of these depending on that. I chased this MU trade. It was too close to VWAP for a good R:R. I got a partial but still not happy with this trade. When it broke VWAP, I shorted again, got some partials, but I'm supposed to wait for a re-test of VWAP before shorting this setup.

 

 

ZM, then when I'm close to max loss, I look for big moving stocks in hopes of digging out with one big trade. This is a bad strategy.  This was another chase, I should have entered close to VWAP or passed. I was waiting for the break above the prior candle, turned my head for a bit and missed it. I should have passed instead of chasing it.

 

 

 

I am very disappointed, but not discouraged, I am committed to fighting my demons and overcoming my weaknesses while building on my strengths (once I find some). 

 

Thanks BBTFamily

 

 

[hailchaser2 185]

-2R day, but with commissions and fees I hot max loss again. I made 3 plans for trades before the open. One worked at the open, but I was concentrating on the other two stocks I had plans for. All three plans ended up working, but I didn't execute any of them.

 

NVDA was the one I was not watching closely enough in the first five minutes. There was no catalyst for this stock, but the daily looked like a good possibility to break out, it had a nice daily flow going.

 

 

Because I wasn't watching this stock closely enough, I missed my entry. When I saw it looked strong and could still head towards my target, I chased the trade. After thinking about how chasing a trade is bad discipline, I exited. Then the stock in fact kept climbing. My second entry was a short after the inverted hammer on the one minute followed by a lower low, I entered. Stopped out. I shorted again after it reach dmy daily level and started a pull back.

 

I revenge traded this stock later while it was chopping around. Very Bad Trading, 2 shorts stopped out, then tried long immediately and was also stopped out this direction. I continue to make this same mistake of guessing and getting stopped out while a stock is just trading in a channel. I even had another long that I chickened out of later in the day, its a few charts up.

 

 

MGM had been stuck in a range the past several days, pre market it was trending up and close to the top of this range. I had my plan ready.

 

I didn't have a short planned for MGM, but that's what I did the first two trades when it lost VWAP. Once it regained it I went long earlier than my plan. got a partial and stopped out, had I followed my plan at the break of 12.20, this would have ended up being a nice trend up the remainder of the day.

 

SQ in pre market I identified a good BO level at 48, made my plan.

 

 

SQ, it tried to reach my entry in the first minute and failed, chopped below VWAP for five more minutes so I decided to short even though I had no plan for this on my notecard. Then when stock slowly crept back above VWAP I entered thinking it would make it to the prior high at the open. After that inverted one minute hammer, I took a partial, then was stopped out at BE. Once it broke above that level again, I went long and made some good partials.

 

Later when the stock went above the 48 level again I went long and got 1 partial and stop BE. If I had kept watching, the next time it broke that level, it did end up making it to my pre market target and above.

Once again, I try to trade the SPY with MU, I need to stop doing this, I am just bored looking for something to get in instead of scanning for a real setup. Shorted, added, stopped out, Short again, stopped out, Long, one partial stopped BE.

 

Then shorted after it fell below MAs, this was way too close to VWAP to be shorting this stock. This trade eventually worked (didn't take pic), but that doesn't change the fact that it was a bad trade.

 

CCL thought that bounce at VWAP on the 5 minute was a good looking doji to go long. Took an early partial so I didn't end up catching the nice move up. During this slump, I have been taking partials quick because I have no confidence in my trades, so I'm trying to get a little green instead of letting the trade work.

 

My updated progress on last weeks issues: I still did a great job not trading the first 5 minutes, 3 days in a row now, not such a good job on the "No Strategy" problem.

Two more things I need to work on are stop trying to catch SPY moves mid morning with MU AMD etc.  Stop doubting the real setups, don't take the early partial, if I analyzed properly, let it go, so what if I get stopped out if my plan was good.

Expand on pre market plan to have levels the opposite direction I think the stock will be going, have a Long and Short plan that make sense. Be mentally nimble, don't be too biased.

Tomorrow: READ THIS RECAP BEFORE THE MARKET OPENS!!!!!!!!!!!

[hailchaser2 185]

[hailchaser2 185]

I started my live CMEG trading somewhere around Feb 10th this year. I started with 5k, well I have lost over 80% of my account. I am doing so many different things wrong, that it is difficult to even know where to begin to fix my issues. There are many things I should have done differently, but here I am. The only thing I can do now is make major adjustments and move forward knowing that my account will be completely gone if I continue trading the way I have been.

April was horrible, 6 green days and 15 red days. My red days are almost always my max loss. It's like I have this mental problem when I am down, I continue to trade until I get locked out. Once I get down $20, in the back of my mind I know I'm going to keep firing from the hip until I reach that $60 loss for the day. So what are some possible solutions for this? 1. Change my hard stop loss to $20 per day 2.Make a new rule of 2 losing trades in a row STOP for the day.

I also have found it extremely difficult to switch back to sim when I'm trading poorly.  It's actually more than difficult, I have not been able to switch back at all. I find myself afraid to switch to sim because I don't want a green day to be in sim, I so desperately want to get my equity curve headed back up.  Possible solutions? Stop focusing on my equity curve and just concentrate on the current possible trade, is it a setup or not? Stop gambling.

It's not just myself I feel I have been letting down, it's Andrew, Brian, Carlos, Norm, Thor, Aiman, Peter, Mike B, and the rest of the community that has tried helping me here, in chat, and on Twitter. My trading is not yet representative of what you teach us to do. I apologize.

I am once again committing to my journal here,  journaling in Chartlog is great, but it doesn't have the accountability aspect that goes along with posting here in the forum.

I am going to work on a detailed business plan.

The good thing is, I am in this for the long haul. The steep and painful learning curve is worth it in the end. All of you successful traders in this community are proof of that.

The difference between the traders that make it and the ones that don't is persistence right?

 

[hailchaser2 185]

BYND

First 5Min ORB attempt was too early, I didn't wait for the pullback. I make this mistake often, I get FOMO if there isn't a pullback. 

Second entry was late, this was because I knew my first entry was bad, so I wasn't mentally prepared to enter when the VWAP was tested, I had also just gotten stopped out and didn't want to enter again so fast, But it would have been the correct thing to do, right after it broke the prior wick.

 

 

CCL

Ok trade, it could have bounced off of PCL, but L2 was stacked heavily on the bid side.

MSFT

Tried to play bounce backup into close after big sell off.

[Mark D. 435]

Hi Bobby, 

You're not letting anyone down, everyone in this community knows how difficult the learning curve is. It's a tough enough game as is, no need to put unnecessary blame on yourself. Mike Bellafiore from SMB Capital says that he's maybe seen 1 person in his entire career of training be profitable in their first year. and that's the best of the best training, strategies, psychologists and mentoring so please don't be too hard on yourself. i'm not sure there's anyone in this community that was green their first year, including Andrew. Maybe Carlos and Aiman? It's going to be months of red days then little by little you get more proficient, it's a marathon for sure. 

One thing that helped me was the DAS auto stop at -3R per day. I found -2R to be too restrictive but if i have three losers in a row i know i'm not reading the market right and i'd better pack it in and come back fresh the next day. 

Hope i'm not intruding or offending. i've been there so i know exactly how you feel. just wanted to provide some encouragement. Keep at it! 

[hailchaser2 185]

Thanks @Mark D., You are definitely not intruding or offending. I appreciate any and all feedback, advice, scolding, or encouragement anyone in the community gives me.

[hailchaser2 185]

Today was basically 0.5R before commissions, so -3R after commissions. 

 

UBER, gapped down 2%, Trending down in the pre market, staying below MAs and VWAP. Price moved above VWAP but sold back below the first minute, I entered when it broke below first candle, got 1 partial and stopped at BE, after another try and fail above VWAP, I shorted again, I chased this entry, should have been the candle before. still got lucky and got a partial and stop out BE.

 

Later short on UBER, I entered as soon as price fell below VWAP, I am not supposed to do this, I'm supposed to wait for a pullback to VWAP for entry, it ended up working out.

 

UBER number 4, I was trading on my phone through DAS App, in my app the consolidation was above VWAP, but when I got on DAS platform to journal tonight, I see that it was actually below VWAP when I entered. Partialed slowly all the way up to PCL.

 

Uber number 5 Phone trade also 

I shorted two candles after exiting my earlier long position. It dropped below all three MAs, I added to my short when it failed to break 28 again. I was able to get some good partials down to the 200 SMA.

 

GM, I had two failed shorts to start out. The third one started working and I added to that position. Got a couple partials and stopped out BE. After stopping out at BE on that quick spike, I shorted again.

 

SILK, this was a bad entry, the R:R wasn't there, but I did get a partial and stop BE.

BA another phone trade, I think I just heard someone in the chatroom mention it was moving up so I took it long when it crossed my marked daily level. I was hoping for a big move, so I never partialed, but moved my stop to BE once I had room.

 

PTON, another phone trade. Not really a setup, just a boredom trade.

 

DIS, phone trades also, I am not really sure why I entered long, I guess I was playing BO above 105?, when I got stopped out, I flipped to short. Rode it down to VWAP then PCL, I then I added to my short when it broke PCL. The trade ended up moving back up after my add.

DIS trade continued, too long of timeframe for one pic

DIS continued again, this pic has my add attempt

 

 

I over traded today, I was 8/13, but it was mostly small slow wins, and a couple big quick losses.

[hailchaser2 185]

Max Loss day again.

 

Roku Long when second candle dropped to VWAP then moved back up I entered at break of first candles body. 15 seconds later it had already dropped a dollar and stopped me out. I immediately entered short after being stopped out since this candle engulfed the first candle and was below VWAP and MAs now. I'm happy with the first trade, not happy with second trade, the 200SMA and a daily marked level were both there as possible support. The top green arrow is the entry of my third trade, continued below with next pic.

 

My third trade was a ORB up, the entry was late and not really thought out.  I lowered risk to $10 from the $20 I used my first two trades. It was only 5 shares. I hit my max loss on my uber trade below while I was in this trade. So I set a large range order and closed my computer. I watched it on my phone the rest of the day and exited when I thought I would be back below my daily max loss so I could make another trade. Well my math was off and my loss was 60.21, I needed to wait 5 more cents before exiting. 

 

UBER in the moment I thought this was a re-test of VWAP and ABCD, now that I look at it , the move up and back down before my entry were both too fast. I need to be looking for slower moves.

 

Tomorrow I am going back to waiting 5 minutes before entering. I'm starting to think I might not have the mental ability to analyze everything properly at the open. I have note cards with a check list sitting right in front of me, but I'm trying to time my entry perfect while I'm watching the chart and price action so closely,  I never look down to make sure it meets my criteria. I think I heard Mike B talk about concussions and that causing him to struggle at the open. I've had three of them, so maybe I have a little CTE.

 

I also started doing strange things when I am nearing my $60 daily loss, I'll move my stop on that last trade because I know if I get stopped and my initial one I will be locked out for the day. Or I hurry up and enter a different trade before hitting my initial stop so I have two chances to get back below the $60 loss. I am going to try something different starting tomorrow. I'm going to stop when my realized loss is $25, I'm going to keep my hard stop at $60 though. This will give me a chance to work on my own voluntary discipline and not rely on the hard stop to force me to end my day.  I think using the hard stop has put the idea in my head that I am not disciplined on my own. I think being disciplined in this aspect of daily loss could help give me the confidence to be more disciplined in the other areas in trading I have not been disciplined in, like limiting the setups I trade, not over trading, not trading in the first 5 minutes. 

I am also going to buy a journal just for psychological entries, I think writing things down may help me change my behaviors also.

Moving forward, I'm only trading 5 min Orbs, Double tops, Double bottoms, and maybe the lightning bolt. I believe I can do a better job of looking at my checklists pre trade, and looking at the higher time frames like Andrew talked about in his MA webinar tonight.

 

Thanks for stopping in.