Patrick M journal

[Patmartel27 37]

I think I should give a little introduction to this. I start sharing my journal with you on the advice of Robert,

and by this day I read the daily trading coach, so it's seem obvious if I want succeed in trading reaching other traders will greatly help.

I'm a full time firefighter since 2009, father of 2 little girls, I started investing in markets 5 years ago, last year I read Andrew's 2 books

and after became a lifetime member of the community, I did 3 months in simulator (almost honnestly) and I'm live since March 22.

I really struggle, I had several Hulk days, breaking my rules, trade without real setup, chasing entry and FOMO is now my second name.

I can't recognize me in this actions, I'm habitually so disciplined and calm, sometimes I ask me if I have what it takes.

 

Today I had an Hulk day (15 trades) I traded in the first 5 minutes (against my rules), trade TSLA (the price is against my rules).

I won't share all this trade, I will post my worst and my better for today, I will appreciate any type of comments and advices.

P.S. I'm a french canadian, feel free to correct my english mistakes, I will improve my english at the same time as my trading.

 

Routine:
-Read 2 lessons from the daily trading coach
-Be at my desk by 8:30
-Doing my watchlist with Carlos's premarket show
-5 minutes meditation at 9:05
Physical state:
-Feel good, I've a good night (8h)
Psychological state before trading session:
-I read a lot yesterday night so I felt focus
-Confident
-Excited
Goals for the day:
-Placing my stop loss cleary in my head before taking the trade
-If I feel frustration concentrated to my breathing
-Wait for the setup
Psychological state after trading session:
-Bad, really bad, my first tought was I just cant, I quit.
-I disgusted myself to had another Hulk day and breaking so many rules
-I was mind fuck till the afternoon were I get back to my feet and searching for growing and solution from this.
What I did good:
-Catch VWAP false breakout, I was pretty good at this in the last days
What I learned:
-I have to find my edge and stick to it
-I have to internalized more my rules from my good trade and days, I must attach to them more emotions and feelings.

 

 

How I felt at the moment I took the trade:
-Agitated
-Anxious
What I told me during the trade:
I cant wait to my profit taget, I lost money in the trades before I cant have the trade reverse against me and dont have any profits on it.
Strategy:
VWAP false breakout (short)
Signals:
Break the VWAP and after candlestick close below VWAP on 5min chart
Entry:
Just below VWAP at 130.10, but I enter in the trade 2 times before, I saw thw setup but lack of patience to wait is ready.
Stop loss:
A break above VWAP (R: 0.10)
Profit target:
Daily level 129.42 (low of pre-market I think)
Risk/Reward:
Almost 7:1
Exit:
Way to much partials because I was nervous from my last losses and finaly hit my profit target and even more
What I did good:
-I'm happy recognize this pattern very well
What I learned:
-I should wait to let the setup get ready
-I should wait for my profit target

 

 

 

How I felt at the moment I took the trade:
-Very not comfortbale beacuse the high price and I donr realy trade any strategies
What I told me during the trade:
-What the fuck I'm doing
-Please work
Strategy:
-I just see the down trend and it break VWAP, so not really any strategies, all about feeling
Signals:
-Lower highs and lower lower
-The break of VWAP
Share size:
-50 shares
Entry:
-Just below VWAP 254.55
Stop loss:
-A break above VWAP +-254.90 (R: 0.35)
Profit target:
-Low of the day 250.55
Risk/Reward:
11:1 but I think my profit target wasnt realist
Exit:
Stop at 255.47 way higher than my stop loss
What I did good:
-Trying to learn fron this and hoppefully I took a small position it's the only positive I can see
What I learned:
-Higher price stock is not for me
-I must respect my stop loss
-Wait for a real setup with a real strategy

 

 

Thats it for my first trading day sharing, I hope for your comments and advices, this day is not representative of the majority of my day, it was really a Hulk, bad and sad day.

I dont trade tomorrow because I work at the firehouse.

Thank and have a nice weekend guys!

Edited April 26, 2019 by Patmartel27

[Mike B 623]

Welcome Patrick,

I have found that sharing my journal helps keep me honest with myself and prevents me from rationalizing bad decisions.

[IamKarthi 342]

Hi Patrick, I myself went live only this month. You have captured wonderfully the emotions and the technicalities of your trade. I am trying to learn these aspects myself. If I may, I would suggest to bring these trades to the Trade review with William session (Tuesdays'and Thursdays 3 PM EST) that is a wonderful session where everyone shares their trades (good and bad) and learn from it. Also, I think your first trade (M* - I don't think it is MU) is good, there is always room for improvement in any Trade, but you shouldn't beat yourself up. 

This is how I would handle the following issues, again this is my personal view. 

Respect Stoploss - This is difficult, especially at the Open. I define my stoploss, and I look at the level 2 with the mouse over montage. If my stoploss gets hit, then I exit immediately not looking at the charts. Sometimes looking at the charts gives you false hope. 

First 5 min trading:  If you want to avoid this, just lock your DAS montage for the first 5 mins. Unlock it only after 5 mins, please write me if you don't know how to do it. An extra step, may make you to pause a bit and think. 

Hulk Trading: If you keep overtrading and can't control you may think about this option. This is probably an extreme step, but I think will help you. If you keep overtrading and can't stop it, try to bring down your broker amount within PDT rule. Then you are allowed only 3 trades per week. And when you have limited options, you try not to jump in on all the trades, but only where you see the setups. The easier option is just go back to SIM. 

Tradinginthezone: If you haven't read it, please listen to this audio book. I think he addreses lot of your emotional status. 

. 

[Patmartel27 37]

Hi IamKarthi, thanks a for your advices I apprecciate a lot!!!

It's nice to catch up with others traders who have a similar situations than mine, thats make me feel if I 'm not alone in this.

[Patmartel27 37]

Todays was not a great day for me, no trades went on my way, but I learned a lot and most important I follow all my rules and goals for today.

I traded MOMO 3 times, 2x for the 5min ORB and 1x for the VWAP as resistence level

Physical state:
-feel a little bit asleep, I worked last night
Psychological state before trading session:
-calm
-focus on rules and being patient
-still have some doubts about my abilities
Goals for the day:
-3 trades max
-no trade in first 5 minutes
-only 5min ORB and VWAP false breakout
Psychological state after trading session:
-not happy, but not to disapointed
-happy I had follow my rules
What I did good:
-follow my rules
-be calm
-managed the risk
-dont think about p/l
What I learned:
-VWAP is strong but the resistence level can be at another level
-be cautious to identify new trend like higher high and higher low and dont trade against its wishful thinking

How I felt at the moment I took the trade:
-calm and confident
What I told me during the trade:
I was just aware
Strategy:
5min ORB
Signals:
Break the 5min range and VWAP as potential resistence level on the 1min chart
Entry:
near below the VWAP at 33.66
Stop loss:
above VWAP at 33.85
Profit target:
low of pre-market at 33.23
Risk/Reward: 2.25:1
Exit:
stop loss at 33.83
What I did good:
-respect my stop loss
-good entry
-be in control of my emotions
What I learned:
-The resitence level could be at another level than the VWAP
-maybe on the 5min ORB I should take profit quicker (more scalping)

 

How I felt at the moment I took the trade:
-Calm and confident
What I told me during the trade:
-if the VWAP couldn't support I got out
Strategy:
-VWAP as resistence level
Signals:
-on the 1min and 5min chart VWAP seems to be a potentiel resistence level
Entry:
near below VWAP at 33.63
Stop loss:
above VWAP at 33.80
Profit target:
low of pre-market at 33.23
Risk/Reward:
2.25:1
Exit:
stop loss at 33.78
What I did good:
-manage the risk
-respect my stop loss
-have a clear plan
What I learned:
-the resistence level wasnt VWAP it was at 33.88ish

-The trend has change I short against 5min higher highs and higher lows

Edited April 29, 2019 by Patmartel27

[Patmartel27 37]

Today was very tough day for me. Not my worst day, but I didn't follow my 3 trades max rules, not wait for good entries ans didn't be patient to wait the setup to be really good.

Today I disapointed myself because I worked really hard and I mentally prepared before each trading session and eveen break my rules and not trading good.

Sorry if that sounds depressed, I'm not, but I really struggle and be disapointed, in the last 6 days I dont have any positive days and struggle to get some positive trades, so it's hard times.

Tomorrow I go back in sim. For today I will only put the screenshot of my trades, I will go running before I quit for work.

If you have any comments or advices I will appreciate.

 

 

 

 

[Patmartel27 37]

I didn't post my journal for yesterday and I don't for today, just because I took so many trades. 

My reflections about my trading now is about 3 issues:

-Overtading

-Trading with my feelings and not with the startegies Andrew's teach

-Not be patient I always want to be in a trade

 

Next week I can only trade friday, I will take this time to focus on my playbook and consolidate my psychology and the necessity to follow my rules.

 

Edited May 3, 2019 by Patmartel27

[Patmartel27 37]

Hey guys, I didn't post my journal for a while, I struggled a lot in the last week, several Hulk days, bad psychology

etc... So I feel pretty shy and guilty about that. I will take the weekend to work on my mind and having a good plan

for next week. Monday I will post it bad or good. If someone are willing to mentor me I will greatly appreciate

I think I'm needing someone with an external view.

Thanks have a good weekend

[Mark D. 435]

6 hours ago, Patmartel27 said:

Hey guys, I didn't post my journal for a while, I struggled a lot in the last week, several Hulk days, bad psychology

etc... So I feel pretty shy and guilty about that. I will take the weekend to work on my mind and having a good plan

for next week. Monday I will post it bad or good. If someone are willing to mentor me I will greatly appreciate

I think I'm needing someone with an external view.

Thanks have a good weekend

Don't be ashamed of bad trading or hulking out. We're all guilty of it and the whole point of posting is for reflection and where we can improve. One thing I do when I have a bunch of losses in a row is to go back to sim and just practice recognizing setups and getting good entries. If i get stopped out then I try to take notes on my feelings and frustrations to start to correct the behavior. The first step in changing patterns is recognizing them.

Something else that's really helping me right now is recording my trading and watching the replays at night. You notice so many things not apparent in the heat of the moment. 

Above all, be kind to yourself and patient. The learning curve is very steep and while trading comes natural to some, most people take years and years before they're successful (if ever) so never forget its a marathon not a sprint. 

 

[Tommy 55]

3 hours ago, Mark D. said:

 

Something else that's really helping me right now is recording my trading and watching the replays at night. You notice so many things not apparent in the heat of the moment. 

i think im gonna do that too, watching a chart in hindsight is one thing but seeing the price actually move and the level2 behaviour at that time needs experience.

[Patmartel27 37]

On 5/17/2019 at 7:19 PM, Mark D. said:

Don't be ashamed of bad trading or hulking out. We're all guilty of it and the whole point of posting is for reflection and where we can improve. One thing I do when I have a bunch of losses in a row is to go back to sim and just practice recognizing setups and getting good entries. If i get stopped out then I try to take notes on my feelings and frustrations to start to correct the behavior. The first step in changing patterns is recognizing them.

Something else that's really helping me right now is recording my trading and watching the replays at night. You notice so many things not apparent in the heat of the moment. 

Above all, be kind to yourself and patient. The learning curve is very steep and while trading comes natural to some, most people take years and years before they're successful (if ever) so never forget its a marathon not a sprint. 

 

Thanks Mark for your comments I appreciate, I think going back in sim could be an good option, maybe I'm a little bit hard on me and I have to accept more that the learning curve is tough.

I will maje a setup to record my trades this week.

Thanks for your advices.

[Rob C 824]

On 5/17/2019 at 9:39 AM, Patmartel27 said:

Hey guys, I didn't post my journal for a while, I struggled a lot in the last week, several Hulk days, bad psychology

etc... So I feel pretty shy and guilty about that. I will take the weekend to work on my mind and having a good plan

for next week. Monday I will post it bad or good. If someone are willing to mentor me I will greatly appreciate

I think I'm needing someone with an external view.

Thanks have a good weekend

I feel a little uneasy giving advice since I am struggling so much on my own. Plus, I am sure Mark can explain things better than me. But what I thought I would do is list the changes I made that helped me and maybe you can find something useful in the list.

My first 3 months of live trading I had 6 hulk days and 16 max/loss days. Since I made these changes 3.6 months ago I have had zero hulk days and zero max/loss days.

1)    Switched brokers to CMEG so I could reduce my account size so blowing it up is not as much of an impact.

2)    Added risk controls from CMEG/DAS. Realized max so it would prevent me from going hulk and unrealized in case I lose internet in the middle of a trade.

3)    Made a simple goal for 3 months. Don’t go hulk. I could trade terribly but as long as I never went hulk I reached my goal.

4)    Started with 1 trade per day max. I tried the 3/day rule during my first three unsuccessful months, but I kept breaking it. 1 trade a day is very much an on/off switch with very little gray area. It was REALLY painful and FOMO was high, but after a week it got easier. The satisfaction of having enough discipline to stop at 1 trade was enough to be proud of myself. After about one month I switched to two trades a day allowed if the first trade was a winner. If the first trade was a loser, I am done for the day. I use to trade terribly after a loser.

5)    Remove the unrealized gain window. This was tough, but surprisingly after a week I got use to it.

So that worked for me. Hopefully that helped.

[Patmartel27 37]

11 hours ago, Rob C said:

I feel a little uneasy giving advice since I am struggling so much on my own. Plus, I am sure Mark can explain things better than me. But what I thought I would do is list the changes I made that helped me and maybe you can find something useful in the list.

My first 3 months of live trading I had 6 hulk days and 16 max/loss days. Since I made these changes 3.6 months ago I have had zero hulk days and zero max/loss days.

1)    Switched brokers to CMEG so I could reduce my account size so blowing it up is not as much of an impact.

2)    Added risk controls from CMEG/DAS. Realized max so it would prevent me from going hulk and unrealized in case I lose internet in the middle of a trade.

3)    Made a simple goal for 3 months. Don’t go hulk. I could trade terribly but as long as I never went hulk I reached my goal.

4)    Started with 1 trade per day max. I tried the 3/day rule during my first three unsuccessful months, but I kept breaking it. 1 trade a day is very much an on/off switch with very little gray area. It was REALLY painful and FOMO was high, but after a week it got easier. The satisfaction of having enough discipline to stop at 1 trade was enough to be proud of myself. After about one month I switched to two trades a day allowed if the first trade was a winner. If the first trade was a loser, I am done for the day. I use to trade terribly after a loser.

5)    Remove the unrealized gain window. This was tough, but surprisingly after a week I got use to it.

So that worked for me. Hopefully that helped.

Thanks Rob great advices!

I 'm gonna certainly take your 1 trade by day max, I think is a very good idea for me now.

[Patmartel27 37]

Routine:
- Reading
-Music

Psychological and physical state before session:
- Really calm and focus
- Want to be well prepare

Goals for the day:
- Only 1 trade
- Having a clear trade plan before market open

Psychological and physical state before session:
- Really happy
- Proud to my preparation and follow my plan and goals

What I did good
- Preparation
- Having a plan before market open
- Stick to 1 trade max

What I could did better
- Was a little scary by my big position I dropped half too soon with no reasons to cover

 

Big picture
- Spy down more than 0.70% in pre-market
- A lot of incertitude about China, Iran and some comments from the president Trump about EU

Intraday fundamental
- Down 2.8% in pre market
- China/US commercial incertitude
- Drop hard in the last 2 days
- Analysts downgrade price target

Technical analysis long term
- In a down trend for the last 3 days
- All Ma above actual price
-200 SMA on daily as a resistance level
-The next daily level give a really good risk/reward

Technical analysis short term
- Trade below previous day range
-Trade below VWAP in all the pre market
-Daily leval at 165.03 as a resistance in pre market
-All MA above actual price action
-Break the low of pre market in the first moment of opening

Reading the tape
-There wasn't big bid but constanly went low and I ave a lot of volume
-The time and sale was very clean almost all at the bid and really fast

Trade management
- I expected to wait for the first 5-15 min and watched if 165.03 was a real resistance level, but the price just fall so I jump in with half of my share size
-When the price continu to fall without any pullback I add more fo reach my full position
-Being full position in this range of price and in the first minutes make my a little nervous so I dropped half my position at 162.91
-I put an order at 160.55 a little above the next daily level to be sure to get fill

Trade review
- I felt confident in the setup
-Really focus on price action and the tape
- Good Preapartion and analysis
- I waited for my profit target
- I could controlled better my emotions in the beginning and be fully confident in the set up and dont Exit half my position too soon
-All signals and analysis show a short trade
-I jumped early but no FOMO just be reactive to chart and analysis
-Really proud of this idea, trade management and how I manage my thoughts and feelings

 

Edited May 20, 2019 by Patmartel27

[Rob C 824]

Great prep work and thorough journal entry. But I wasn't able to access the links you had. So I couldn't see your trade on a chart.