November 2018 Go-Live Support Group

[WilliamH 67]

@Mike B WOW! So happy to hear you had such a great week.

Let me ask are you using Das Risk Controls for max loss and max shares traded per day based on the video we made for the community?

If so, AMAZING JOB and maybe we can do an interview with you about that process and the pros and cons of it to share with other members.

I personally think they are SO IMPORTANT and want to continue to share with members who are on the fence about using them.

[Mike B 625]

@WilliamH Thanks, Yes the last two weeks have been great. I ended the last two Fridays with great executions of my trades. 

The only reason I started using the DAS Risk Controls was because I saw the video. If you all would not have made it, I would have never known about them. For beginner traders, I believe it is a must. What better way to protect yourself from yourself, when you truly have no idea how you are going to react to the emotions of trading live. 

They are especially important for me, as I trade off a WIFI hotspot and need that extra set of security in case I get disconnected. 

 

[Mike B 625]

This week, I began developing another sample set to trade by adding an additional strategy to it. Also I have been tweaking my profit taking plan, as my previous one was developed using an incorrect premise. I am almost done with the adjustment, I just need to confirm it before setting it into place.

Weekly Analysis of trading

The beginning of the week started off a little slow as I was still only trading 15 min Orbs live along with 5 min Orbs in sim. I can say adding a new strategy that occurs before your current strategy has some unique challenges to it. Your current trading plan gets a little thrown off as you are adding additional information you are looking for that you may have not been considering previously. I have been trading the new strategy in sim for the last few weeks, and just wanted to complete a couple additional sim trades before taking a live trade. 5 minute Orbs was the strategy that gave me a lot of trouble due to FOMO when I first went live, so I have been cautious going back to this strategy. 

By Friday, I was ready to trade live both 5 and 15 minute Orbs. It was a perfect day for it as $BB met my 5 min Orb criteria and $AMD met my 15 min Orb criteria. I got a partial on $BB before being stopped out at B/E, and I hit the profit target on $AMD to the short side. I will say it was a little crazy processing the information more quickly, but over time that should smooth out. I am pretty happy with my trade plan. Now if I can just dial in my profit taking plan, I will be ecstatic. 

Weekly Overall Self Rating: Great

Daily Goal Hit –  5 of 5

Goals for April

1.       Do not take any trades outside your sample set,  Keep FOMO in check, especially with the 5 min Orb strategy

2.       Increase $ Risk per trade

3.       Continue to improve thinking in probabilities

4.       Confirming my profit taking plan is profitable over a series of trades

Risk Controls

1.       Did not trigger Max Loss control.

2.       I did not hit Max Shares traded in a day.

Trading Methodology for April

1.       Adjusted Profit Taking Plan.

2.       Added the 5 min Orb strategy to my trading plan

3.       I did not increase my $ risk; however, I plan on increasing this as soon as I become comfortable executing my new trade plan. I did not want to add the additional pressure of increased risk along with a new trading strategy. Baby steps. One thing at a time.

Sample Set 2 Results

                P G 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

P - Partial than Break-even

G - Hit Profit target

R - Stopped out

# - Trade outside my Edge

[Mike B 625]

Weekly Analysis of trading

I started the week off good with a couple of good executions on $JD. I got stopped out and then got back in for a partial before being stopped out at break-even. Then the week took a turn with some unfortunate events. Wednesday got a great entry on a a 5 min Orb with $AMD, only to realize later that I forgot to set my order template back to my live account. I tried to recompose myself, but it did not work out well and I had to shutdown the trading station early and go for a run. The next day went short on $SGMO and quickly realized I went long instead. I covered and re-entered only to find out that I had only (1) share. I am still not sure what happened on that trade as I could not replicate it in Sim later in the day. Friday turned out well, except that I was hesitate on the $AMD short entry and missed the move. I tried to find another good entry within my tolerance, but didn't.

Overall I dealt with some trading errors, and managed to build some emotional resilience for new experiences.  

Weekly Overall Self Rating: Alright

Daily Goal Hit –  4 of 5

Goals for Next Week

1.      Focus on not taking any trades outside my sample set,  Keeping FOMO in check, especially with the 5 min Orb strategy

2.       Set benchmarks/milestone to assist in growing myself further

3.       Continue to improve thinking in probabilities

Risk Controls this week

1.       Did not trigger Max Loss control.

2.       I did not hit Max Shares traded in a day.

Trading Methodology for Next Week

1.       Increased $ risk per trade

2.       Still executing my current trading plan (5 min orb live, 15 min orb live, Bearish engulfing crack/Reversals sim)

Sample Set 2 Results

                P G S P E 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

P - Partial than Break-even

G - Hit Profit target

R - Stopped out

# - Trade outside my Edge

[Mike B 625]

Weekly Analysis of trading

I would classify this week as an $AMD week.  I was very happy with the way I traded except for the missed trade on $DAL on Wednesday. It setup up perfectly for me, but I did not want to be wrong and missed the entry. I was seeing the charts much better this week and started using some of my strengths to help with my weaknesses. Understanding that I will stop out when it hits my stop is important in providing comfort on entries that I am not sure about. I need to come to grips that I am going to be wrong and being wrong is ok in this business. 

Weekly Overall Self Rating: Good

Daily Goal Hit –  5 of 5

Goals for Next Week

1.       I did well on focusing on not taking any trades outside my sample set,  and keeping FOMO in check, especially with the 5 min Orb strategy.

2.       My first goal is to not hesitate on entries that met my criteria and to come to grips with being wrong.

3.       Continue to improve thinking in probabilities

Risk Controls this week

1.       Did not trigger Max Loss control.

2.       I did not hit Max Shares traded in a day.

Trading Methodology for Next Week

1.       I increased $ risk per trade and felt no increase in emotional pressure during my trades. I am considering increasing $ risk per trade again next week.

2.       Still executing my current trading plan (5 min orb live, 15 min orb live, Bearish engulfing crack/Reversals sim)

Sample Set 2 Results

                P G S P E S P P P 10 11 12 13 14 15 16 17 18 19 20

G - Hit Profit target or took Partials and exited at B/E or technical out

R - Stopped out

# - Trade outside my Edge

[ragy 5]

Hi Mike B 

I have a question, when you open a live DAS account would you also get a demo account with it, or you have to have the demo in a separate subscription?

Thanks!

[Robert H 455]

14 hours ago, ragy said:

Hi Mike B 

I have a question, when you open a live DAS account would you also get a demo account with it, or you have to have the demo in a separate subscription?

Thanks!

Demo account is included for paying subscribers.

[Mike B 625]

Weekly Analysis of trading

Well last weekend was a busy weekend with the family, so I didn't get a chance to post a weekly recap. 

This week was a little bit of a roller coaster for me. I think this has to do with the fact that I am shifting my focus towards my entries and have let myself get to zeroed in on the 1 minute chart without pulling back and looking at the 5 and 15 minute charts. I do not think it is terrible, I just need to work on the execution and remind myself to keep the 5 and 15 minute charts in mind. Last week I had an issue not analyzing my risk to reward, which has not happened in over two months. Again I think this is because I adjusting how I take an entry, so I am just not as smooth as usual. The trade analysis chart I keep clearly shows, over the past two weeks, my entries, risk, and profit target management has not been the best.

This coming week is going to be a crazy week at work and not conducive to trading, so may be sitting on the side lines the later part of the week. I am traveling three of the five days.

Weekly Overall Self Rating: Good - The past two weeks have provided me excellent opportunities to learn how to be wrong and improve my ability to think in probabilities

Daily Goal Hit –  8 of 9

Goals for Next Week

1.       I am focusing on getting a good entry after a pullback for the 5 and 15 min orbs.

2.      Continue to improve thinking in probabilities

Risk Controls this week

1.       Did not trigger Max Loss control.

2.       I did not hit Max Shares traded in a day.

Trading Methodology for Next Week

1.       Since my last posting I have increased my $ risk per share twice. I think I am at a good level right now until I get my entries under control

2.       Still executing my current trading plan (5 min orb live, 15 min orb live, Bearish engulfing crack/Reversals sim)

Sample Set 2 Results

                P G S P E S P P P S G 12 13 14 S P S S P 20

G - Hit Profit target or took Partials and exited at B/E or technical out

R - Stopped out

# - Trade outside my Edge