Mark D. Day Trading Journal - Live 2019

[Mark D. 435]

Wednesday January 23rd, 2019

Sleep: 7.5 hours. Mood: good, got in the chatroom early and am prepared for the day. noticed  when i opened DAS this morning my P&L didn't change and realized i had my dang montage in SIM. i think i was messing around with stuff last time i traded at work and forgot to switch it back. bummed about that. 

first trade was an ABCD in PG that failed a new 5min low so i got out at my stop loss. 

GOOD: got out at my new low and got out of the way 

RFI: it was a risky trade. and it double topped and i held on. could have got out at b/e.

MOOD: fine, happy to get out at my stop.

CONSISTENT: yes.

 

took the same trade again in PG but with a better entry, it made a new 5min high then another but then just couldn't get over $96 and i got out for a small loss. 

GOOD: got out better this time

RFI: could have got out earlier. 

MOOD: ok, it was a small loss.

CONSISTENT: yes

 

So i had a meeting at 10 so i set a stop range on my last trade in PG. what i can figure is that i had too many shares in the order because by the time i pulled it back up in my laptop i was stopped out of the previous order and then stopped out of a new order for 82 shares! lost more than my max loss. i should have confirmed the order before undocking my computer. 

GOOD: risk controls stopped this from getting out of control. thankful to have them in place even though they cost me a full risk that i had not planned but it is what it is. 

RFI: i really struggle with my stop orders. i need to confirm and then reconfirm that the order is correct before walking away

MOOD: eh, not that bad. 

CONSISTENT?: N/A

 

so the next trade was a beautiful short in PG that was going my way great and i was on track to make back all my losses in one trade. noticed I WAS IN SIM AGAIN. i never changed my DAS settings on my laptop setup from last year. this trade really tilted me. 

GOOD: great call on the trade, PG triple topped so i figured it had nowhere to go but down. 

RFI: you have to make sure your in the trade. this sim/no sim has been an issue. need to work on that. 

MOOD: extremely angry, beat down. 

CONSISTENT: no, need to make sure you're in the trades. 

 

I wanted to wait for a pullback in PG to $95 but instead saw a trade in TEVA. it was trending higher but as soon as i got in the volume died and i held on way too long and took a full loss. 

GOOD: got out at my stop

RFI: bad trade management, bad R/R, should have checked volume. that PG sim trade tilted me big time and this trade was not well thought out at all. 

MOOD: just frustrated and done. max loss day. 

CONSISTENT: no, should have got out earlier. if it's my last trade for the day and i'm in the red i hold on to my trade too long. 

 

What i did good today: PG trades were well thought out and planned nicely

What i did bad today: Technical issues in DAS and using my laptop killed me today. hit max loss. 

Worst trade of the day and why?: TEVA wasn't even a good setup. i was tilted from not making money in my PG short and i let my emotions ride on this one. 

What can i do better tomorrow?: make sure you're montage is live every morning before trading. double check your stop orders both before and after they are placed. 

Other comments for tomorrow: really frustrating to have a good trading day turn bad from not paying attention to my orders and stop settings. BUT i traded well (except for TEVA)

Edited January 23, 2019 by Mark D.

[Mark D. 435]

Thursday January 24th, 2019

No trades today, meetings

 

[Mark D. 435]

Friday January 25th, 2019

Sleep: 7.5 hours. Mood: good, at home it's quiet, ready to focus on taking good trades. 

first trade was an ORBU of sorts on CGC. i waited for a pullback and got in on a new 1min high. it double topped on a daily level and i thought about getting out but didn't and got stopped out for a full loss. 

GOOD: waited for a good entry with volume

RFI: need to be quicker with my exits. also, not really an ORB on the 5min chart. 

MOOD: not happy that i'm being to slow in reacting to what i'm seeing in the price action

CONSISTENT: i guess so, the auto stop got me out at my original risk. 

 

Next trade was a VWAP S in PCG. the stock made a spinning top and then made a new 5min low below the WVAP. i took it short and got a horrible fill but it dropped to $12 and i took half out and then it came up to my b/e and i got out. 

GOOD: got in at the right moment, good R/R. didn't let it run against me. 

RFI: maybe could have given it a second on the stop loss, i pretty much got out at the high of that candle

MOOD: ok

CONSISTENT: yes

 

Last trade was a short in CRON. i got in half size because i've seen other oppurtunities of getting short at the VWAP that work but it wasn't making a new 5min low so i wasn't super confident in the trade. regardless i stubbornly held on like i always do and took a full loss instead of just getting out with a small loss. Getting very frustrated with making the same mistakes over and over and over. 

GOOD: small size for the idea of the trade

RFI: should of got out

MOOD: frustrated i keep repeating the same mistakes every day.

CONSISTENT: got out myself finally which is good. 

 

What i did good today: didn't let my emotions get me in to any bad trades. 

What i did bad today: same mistakes as every other day. refusing to take a loss on a trade i know isn't working

What can i do better tomorrow: practice getting out of losing trades. 

Other comments for tomorrow: regroup for next week.

[Mark D. 435]

Monday January 28th, 2019

Sleep: 7 hours. Mood: a little bit tired but otherwise ready to trade. 

First trade of the day was a reversal in VALE. it sold off for a good portion of the premarket. so i read the buy up at 9:40 as profit taking and thought i would go short,i got in at a new 1min low below the MA on the 1min chart. placing my stop loss at the break of a new 5min high. it touched my stop loss but didn't go through. first price target was a daily level that i sold 75% and the last piece i was planning on holding for a couple hours but decided it was better to get all out at the previous LOTD.

GOOD: good trade, really happy with this one. 

RFI: R/R could have been better. 

MOOD: good, happy to not get in the trade too early and actually get out at my profit targets. 

CONSISTENT: yes

 

What i did good today: didn't force any trades, focused on my problem areas

What i did bad today: missed a good trade in PCG. 

Issues with problem areas today?: no.

Comments for tomorrow: keep focusing on good trades. 

[Mark D. 435]

Tuesday January 29th, 2019

Sleep: 8 hours. Mood: feel groggy and a little bit out of it. 

wild start this morning in GME. it looked good for an ORBD because it sold off below the VWAP and then came back up to it and i got in too early, the next minute i got stopped out. i really like the auto risk controls but sometimes, especially in the first 30 minutes, they can really burn you, i would have held through that 1min pop. The next trade i chased it and got stopped out. the last time I realized i need to take a smaller share size. my profit target was the daily level below the LOTD but i just got out at the LOTD. i was not prepared for how volatile this stock was going to be. 

GOOD: position size on the last trade

RFI: chasing the second trade and not waiting for a new 1min low on the first trade. 

MOOD: those trades made me nervous. 

CONSISTENT: yes and no. definitely not on the second trade. the other two weren't great but not terrible either. 

 

next trade was a double bottom in VZ. I got interested in the long side after the bottom at 10:10-10:15. I was waiting for a good entry on a new 1min high. but it sold off again, didn't make a new low and i got in at the MA supports on the 1min chart. i risked a new 5min low at $53.17. I thought about my profit target being the $53.57 level but it wasn't a 2:1 so i just roughed it out as a 30 cent profit target. it got there and i sold but i could have done better had i held on two minutes longer. GME has me nervous today, i'm really jumpy with wanting to get out of trades. this is may last trade for the day. 

GOOD: setup was good

RFI: profit target should be a significant level not arbitrary

MOOD: nervous

CONSISTENT: yes. 

 

What i did good today: didn't hit max loss right at the open (came close) and 

What i did bad today: chased GME on the second trade. also kept trying to force the same trade over and over. 

Worst trade of the day and why: second trade in GME because i chased my entry and didn't size properly

What can i do better tomorrow: wait for a new 1min low or high in the direction of your trade before getting in to a trade. 

Other comments for tomorrow: nice job ending the day green but still need work on entries and emotional trading on stop losses. 

 

[Mark D. 435]

Wednesday January 30th, 2018

Sleep: 7 hours. Mood: got in late so i'm rushed this morning. 

oh boy that was a bad day. MU bought up in the first five then came down and i tried to get in on an ORBD but i put my stop too tight and got stopped out. then i went long with too many shares and got stopped out immediately. so i'm two full R losses in the first ten minutes. i should have just walked away and cooled off but i didn't. also my risk controls are not helping me, they're too strict and they're just killing me with commissions and losses that i would have held because they're too tight. i do a good job of stopping my trading when i'm not doing well for the day so what i'm going to do is change my auto risk control to a per trade loss of $36 and then use my discipline to hang it up for the day. if i'm ever in a position where i'm giving up a whole day's worth of loss on one trade then i shouldn't be trading anyway. we'll see how that goes. i hate to just change my risk controls on a whim almost but i've been thinking about this all month and i think the tight per trade stop is doing more harm than good. 

GOOD: took R losses on both trades

RFI: chased the entry on the first one, revenge on the second. garbage trading

MOOD: mad at myself for trading like crap at the open again like yesterday

CONSISTENT: yes

 

I was too emotional to trade anymore and i tried a terrible reversal in AMD that didn't work at all. just garbage emotional trading. then my auto risk controls added to my position then stopped me out??? no idea i'm done with trading today.

GOOD: max loss stopped my bad trading. 

RFI: dumb dumb trade. no new 5min high, didn't get out on a new 5min low. embarrassing. 

MOOD: frustrated

CONSISTENT: NO

 

What i did good today: stopped trading

What i did bad today: emotional trades with bad or no setups. 

Worst trade of the day: the last one in AMD because i knew better and let my emotions get the better of me

What can i do better tomorrow: take a break from ORBs or take a tiny share size with a lot of room.

Other comments for tomorrow: rough day today. need to brush it off and focus on taking good trades tomorrow. 

 

[Carlos M. 230]

Hey Mark, great job staying consistent with your journal! You are putting in the work off the trading station and it will surely pay off in the long run.

There were not many good ORB's today on the watchlist, below was my trade for today and actually turned out to be a good ORB Down but got stopped out too early. Funny you mentioned taking a break from ORB as I just finished responding to a member who also was telling me they were thinking of stopping the ORB strategy. What we have to realize is that not every day the market will give is great clean ORB's. We might go on a streak were it might seem as they do not work any more then they will be back in play. My suggestion to this is continue to look for this strategy at the open but if you do not see a clear signal for one just bypass it for that day and focus on your secondary strategy. 

Once again, great job with this daily journal!

 

[Mark D. 435]

14 hours ago, Carlos M. said:

Hey Mark, great job staying consistent with your journal! You are putting in the work off the trading station and it will surely pay off in the long run.

There were not many good ORB's today on the watchlist, below was my trade for today and actually turned out to be a good ORB Down but got stopped out too early. Funny you mentioned taking a break from ORB as I just finished responding to a member who also was telling me they were thinking of stopping the ORB strategy. What we have to realize is that not every day the market will give is great clean ORB's. We might go on a streak were it might seem as they do not work any more then they will be back in play. My suggestion to this is continue to look for this strategy at the open but if you do not see a clear signal for one just bypass it for that day and focus on your secondary strategy. 

Once again, great job with this daily journal!

thank you Carlos! 

i'm not going to quit on the ORBs but i am going to be much more selective and wait for a clear signal. i tend to wait for a pullback so i can get a good R/R from the VWAP but a good bit of the time it just ends up pulling back too much and chopping me up.

[Mark D. 435]

Thursday January 31st, 2019

Sleep: 8 hours. Mood: good, got in early and was prepared for the trading day. 

first two trades were in GE. both to the long side. i got in for the break of HOTD on the first one but i got cold feet and got out after a new 1min low for a small loss because i've been getting killed in the first fifteen minutes the last couple of days. then i waited for a new 5min high and HOTD but i think it was just the spread that broke it and it came down past my stop and i got out right after that. it ended up a couple minutes later doing what i expected on the first trade. Had i stuck to my original plan, i would have had one nice trade. i'm not upset about it. i'm proud that i'm managing risk and it needs work like all aspects of trading. 

GOOD: good R/R.

RFI: should have stuck to my original plan

MOOD: good

CONSISTENT: No on the first, yes on the second trade. 

 

last trade of the day was a trend trade in AMD. it bought up in the first 25 minutes and i got in on a new 1min high for a small size and then added more at a new 5min high. i almost bailed on the trade because i was getting bored and the volume was dying off but i've been in this situation in the past when i get out just because it's not going anywhere and it ends up taking off. i'm glad i stayed in, i sold 75% at $24.51 and the last 25 I put in a range stop at $25 that did not get filled so i lowered it to $24.93 which eventually did get hit. 

GOOD: stayed with the trade even though i thought about bailing. 

RFI: put the range stop a little below the whole dollar. also could have got a better R/R

MOOD: glad to get a nice winner

CONSISTENT: yes. 

 

What i did good today: no emotional trades. kept my head in the game

What i did bad today: didn't follow through on the first trade in GE

What can i do better tomorrow: be careful getting out of trades just from a new 1min high or low against your position

Other comments for tomorrow: Keep up the careful trading. 

[Mark D. 435]

Friday February 1st, 2019

Sleep: 8 hours. Mood: rushed. didn't get to my computer until ten minutes after the market opened. 

First trade of the day was a long trade in AMD. it engulfed in the first ten minutes so i went long. I'm not mad about the setup. i'm mad that i didn't get out at the VWAP like i planned to. stubbornly held on for twice my risk allowance. dumb. 

GOOD: ok setup

RFI: stubbornly held a loser for a bigger loss

MOOD: anger

CONSISTENT: big no. 

 

So when i saw that it was breaking the PDC, i took AMD short risking the VWAP again. instead of marking levels when i was late i jumped in to trading so instead of a profit target of the low of the premarket, i tried to get to the even $ level at $24. i saw it bouncing off the premarket low and i thought it would come back up to the moving average and march lower but it just bought all the way past my entry. got out on a new 5min high for a small win/breakeven. 

GOOD: got in for a good R/R on the short side. 

RFI: should have took some or all profit at the LOPM. dumb, i wanted a bigger winner because of my previous loss and i got nothing

MOOD: got out on a clear signal so that's good.

CONSISTENT: yes

 

Next trade was another long in AMD. this stock is not trending at all and i keep trying to get in on a trend.  it bought up over the VWAP  and i got in long on a pullback with a new 1min high. it did end up making a new 5min high but it's so choppy today, after the next five minutes it made a new 5min low and i should have got out but didn't and ended up taking a small loss. 

GOOD: ok plan.

RFI: stock is not trending and i'm trying to get a trend

MOOD: angry at my trading today in general. 

CONSISTENT: yes, got out at risked level

 

took a reversal trade in MU. it bought up for over an hour and i was hoping for a pullback to get in on for a ride back to the HOTD. got in on a new 5min high with volume but it didn't have the follow through and i got stopped out. about 15 minutes later it did an ABCD pattern that i tried to get in on but my max loss risk controls stopped me for the day. it didn't work anyway. 

GOOD: took the trade with a good setup, waited for a signal

RFI: i could have actively managed this one, when it made the second 5min low i could have got out but then again that wasn't the plan. 

MOOD: happy with this trade even though it was a loser

CONSISTENT: yep

 

What i did good today: the last trade in MU i'm proud of

What i did bad today: jumped in to trading without preparing for the day. that was a big mistake. also stubbornly holding on to my loss in the first trade and then not taking profit on the second one. dumb dumb dumb

Worst trade of the day and why?: first trade in AMD because i held past my stop loss

What can i do better next week: get out at your planned stops. don't start trading until you've had time to mark levels and don't feel rushed. 

Other comments for next week: even though today was especially bad and I went from a green week to red and hit another max loss day (two this week) I am slowly getting better. just need to keep focusing on good setups and following my rules. next week is a new week! 

[Mark D. 435]

January Recap

Hello Bear Bull Traders! Thursday completed my first month of live day trading. i've been using Edgewonk since Jan 1 and i thought i would share some of my interesting stats. 

I feel like i'm doing worse than the numbers show. i'm in the red and that's to be expected but without commissions i'm only down about $30. unsurprisingly, paying 20% ($2) on top of a full R loss ($10) is adding up and i've paid about 5x my losses in commissions. I'm ok with this, i'd rather lose small and eat the high commissions now instead of not being able to emotionally control my trades. One thing that is bothering me is my win rate is only 44%. so i will be working on taking better setups in February to improve this to at least 50%. My R/R planned is good at 2.29 but my executed R multiple is only 0.45. i need to do better on the trades that are going my way. 

 

I wanted to dive deeper in to my winrate and I before i saw the numbers i would have guessed that my ORBS and trades in the first 15 minutes were what's killing me. to my surprise, it's my trades from 10 - 10:30 that i'm doing the worst in. 

 

also by setups, the long and shorts i'm taking at the VWAP are not working:

 

So pretty much i need to avoid taking trades off the VWAP (short and long) and reversals without clear signals.  I'm trying to get in on the first change of direction and a V reversal rarely happens and i'm just getting chopped up. These trades are clearly not working and if i eliminate these trades, i should see some improvement in my P&L. Goal for February is to only take the setups that work (ABCD, ORB, MA TREND, DOUBLE B, BULL FLAG) and focus on nailing those setups. My best setup is taking a  long (or short)  that's above (or below) all the moving averages that i can get in on a pull back to the MAs between 9:30 and 10:00. if i just did that trade i would be much more successful than i have been. i'm going to make more effort to hunt for that setup. 

here's some other stats that i keep. Like Andrew said in his recap maybe a week or so ago, sleep is crucial and i can already see that in my stats:

 

Also if i rush in to the trading day, i'm probably going to lose money:

 

thank you all for reading, have a great February. Trade safe and smart!!

[Mark D. 435]

Monday February 4th, 2019

No trades today

[Mark D. 435]

Tuesday February 5th, 2019

Sleep: 8 hours. Mood: good, ready to trade. 

first trade of the day was an ORBU in SQ. had my stop at VWAP and i got stopped out. i should have held on longer than i did maybe, but it did touch my stop. i think next time I need to give it to below support not right at it. i didn't get stopped out for much though. the market shook the crap out of my weak hand. My nerves rocked me on that one. 

GOOD: got out at planned stop

RFI: got out too soon. even though it was my stop

MOOD: frustrated that every day my first trade is a loss

CONSISTENT: yes. 

 

Next two trades were in CRON. i got in long above the PPDH support on a new 5min high. i went to sell and at around $22.60 but my montage wasn't highlighted and my hotkey didn't work so i waited for it to come back up but it kept falling and then made a new 5min low so i bailed for a small profit/breakeven. 

GOOD: waited for confirmation to get in. decent R/R

RFI: didn't take profits when given the chance. 

MOOD: frustrated that i got out with a small winner but i've learned from other trades that if it's making a new 5min low, it's better just to get out of the way. 

CONSISTENT: yes. 

Then it came back up and made a new 5min high, i saw a good R/R with the MA on the 5min charts so i hopped back in. sold half at the break of the HOTD and then the last half at the even $23.  happy with this trade. 

GOOD: didn't let my emotions from the previous trade stop me from hoping back in on this one. 

RFI: could of held the first piece for better selling. 

MOOD: good. happy to be green to start the week

CONSISTENT: yes. 

 

What i did good today: didn't let my previous trade in CRON effect me and got in for a good winner. 

What i did bad today: put my stop too tight on SQ and got stopped out of a winner. 

What can i do better tomorrow: put my stops below the support, not right on it. give it a second when it hits the stop, i might get a bounce. 

Other comments for tomorrow: keep up the good trading tomorrow. 

 

[Mark D. 435]

Wednesday February 6th, 2019

Sleep: 7.5 hours. Mood: good, ready to trade. 

First trade was an ORBU in MU. i put my stop too high and held it for a new 5min low and got stopped out. I am frustrated that i chased this a little bit and the R/R was not good. also getting real tired of my first trade not working everyday. 

GOOD: got out on a new 5min low

RFI: bad R/R bad stop loss. not a good trade. 

MOOD: frustrated

CONSISTENT: not really, i should have got out at my original stop, i took a 1.7 R loss on this trade.

 

Then it held the WVAP and i got in long on a new 5min high then added to my position at break of HOTD. sold half at my profit target. the second half i bailed when it made a new 5min high but the volume died so i got all out. happy with these two trades. 

GOOD: added more on a winner, good initial R/R

RFI: could have scaled out better above profit target. 

MOOD: happy to have a green day. 

CONSISTENT: yes. 

 

What i did good today: scaled in nicely on the second trade for a winner. 

What i did bad today: took too much of a loss on my ORBU

What can i do better tomorrow: Respect your original stop, even if it wasn't a good idea to begin with, better to get out with 1R and make more trades then hold on and take 2R or worse. also, don't chase trades, especially in the first 15 minutes. 

Other comments for tomorrow: keep up the good trading, try not to make your first trade a loss tomorrow. 

 

[Mark D. 435]

Thursday February 7th, 2019

Sleep: 7 hours. Mood: good, ready to trade. 

First trade of the day was a VWAP L in FEYE. it couldn't make a new 5min low and break the LOTD, i got in on a new 5min high. it engulfed and i held on because i keep getting shaken out of my winning trades early in the day but in this case i should have just got out. took a bigger loss than i should have. 

GOOD: ok setup, 

RFI: could have got a better entry. could have limited my losses more. 

MOOD: frustrated every day this week my first trade has been a loser. 

CONSISTENT: yes, got out with 1R

 

Next trade was a reversal in GRUB. it came up to the VWAP and made a new 5min low. i got in and got a terrible fill about 30 cents from my entry. then it just rode up on me so fast i got caught like a deer in the headlights. i was lucky to get out with only a $12 loss. the spread was way too much for me to be trading. that was a nightmare. 

GOOD: got in on a new 5min low

RFI: dumb trade, the 15min chart was bullish, and it made a bull flag. this is the same dumb trade i always try right at that time of day that never works but i do it over, over and over again. 

MOOD: scared, frustrated. 

CONSISTENT: no this thing went way way past my stop before i got out. 

 

Last trade of the day was an engulfing Bull flag in STI. i was hoping for a new 15min high and for it to strart coming back up. The plan was to wait for it to get close to the $63.67 level and then get in long. i looked away from the computer for a minute and saw i missed my entry and it bought back up over the MA on the 1min chart so i FOMO'd my entry a little bit. then it just made new 5 and 15min lows for as long as i watched it. I was just straight up wrong about that trade. the entire trend was down and it would have been a much smarter move to get in on the short side on a new 5min low. i don't know what's wrong with me today. it was a bad day of trading. 

GOOD: risk level was appropriate

RFI: completely wrong idea. 

MOOD: beat down. frustrated. 

CONSISTENT: yes, got out at my stop. 

 

What i did good today: quit trading. 

What i did bad today: garbage setups, not getting out at P/A, letting the price run past my stops. 

What can i do better tomorrow: you have to stop taking dumb reversals at the VWAP. 

Other comments for tomorrow: sucks to hit max loss and then be down for the week. need to regroup for tomorrow and finish out the week strong.

i'm thinking about going back in to SIM for a while. my winning days are $10-$12 and my losing days are max loss $30 consistently and my equity curve is a 45 degree slope down. i'm going to trade live tomorrow then think about it over the weekend but i really need to work on getting back to having winning days.