Rob C's Trading Journal - starting Feb 1 2019

[TraderWayne 11]

34 minutes ago, Rob C said:

I saw improvements in my discipline and patience in all parts of my life. Trading was essentially the vehicle for self improvement.

Yes! THIS is also why I stick with trading.

[Rob C 826]

Futures (ES) live trading journal 2/18/21 Thursday.

Lots of setups this morning but difficult to get order filled. 

Strong momentum down in the PM. A very strong pull back at the open. A great setup but then the price dropped right through the midband without giving an entry so I just had to watch it go without me. About an hour after the open same story. Good momentum down and a strong pull back. Then again the price didn't give a clean entry so my order was not filled and had to just watch it run without me. Finally the price broke through the level pulled back to test the level and then made a new low. A really nice break out setup (BO). I shorted and did get my order filled. The price dropped to my target.

I was having a lot of hot key mistakes on the equity trading side today so I was not trusting my trading today so I called it a day.

I hope everyone had a good day trading.

Rob C

 

 

 

[Rob C 826]

Futures (ES) live trading journal 2/19/21 Friday.

Lots of momentum up in PM. Then we had a pull a few minutes before the open. It was a nice setup and entry for a long trade for the price to go back up and test the highs. Since I was still in PM I went long with only 1 contract. I was stopped out very quickly.

The price continued to drop giving a very large reward to risk if the price goes to retest the highs again. I had to wait awhile before the price finally gave me a good entry where I went long with 2 contracts. I liked this so much I went long on the SPY ETF as well. The price bounced around for 5 minutes then sharply moved higher and my first target order was filled. The price continued higher and was within a point of my second target then fell sharply down. Once the price started to stall I exited the trade.

I really like to finish Fridays positive so I called it a week.

Everyone have a good weekend!

Thanks for reading,

Rob C

 

[Bailey Nevener 83]

On 2/18/2021 at 10:33 AM, Rob C said:

Hi Bailey,

Thanks for your post. Nope I still have a day job. When I started learning/practicing day trading, almost 3 years ago, I did create a business plan. The time line I gave myself was 5 years to learn the trade and work my way up to an income that I can sustain my present cost of living. I didn't see any profit for the first year and a half. I am definitely not made for day trading. My heart would pound against my ribs on every trade for the first year. So I had to make a lot of modifications to my personality. I think this was probably the reason why I stuck with it. I saw improvements in my discipline and patience in all parts of my life. Trading was essentially the vehicle for self improvement. Also I was well disciplined with my risk. So I wasn't losing much money during the 1.5 years.

Once profitable I ran into my next challenge which was sustainability. My systems in my tradebook seem to be profitable 4 to 6 months at a time. So I would prove them in SIM then spend a month with small risk. Then I would slowly increase my risk. Just about the time I would start making decent money my system would start to fail and I would go back in SIM to figure out what changes I need to make. I don't know if I have faulty systems or I am poor with continuously tweaking my tradebook, so they will fail sooner or later. I just hit a big snag like that recently. End of November I suddenly lost profitability so I went back to SIM. It took 6 weeks before I saw profitability return and now I am slowly increasing my risk.

I know it sounds like an insult when it takes longer than others to reach CPT level. But it really isn't. All of us perform self programming to fit our life endeavors. If these self modifications happen not to be ideal for the traits we need for trading, it takes longer to become a CPT. I personally have a really bad FOBW. Likely from being an engineer. I don't design processes to fail 40% of the time. So its a big task to change my mindset.

My biggest tip? Is turning off the chat when you are trading and only turn it back on when you are done for the day and just watching to learn. Just hearing the chat sways me a lot. When I turned off the chat, just before the open is when I made my first step into profitability.

Good luck with your trading.

Rob

Rob,

 

Thank you so much for replying sir!

I am also not made for day trading either.  Perhaps before I joined the military I was easy-going enough to shake off the stress of trading, but nowadays it is something I have to directly plan to counteract.

It has stressed my relationships more than I could have ever anticipated and my life in general.  It actually has been one of the hardest things I have done.

I have hit consistency enough times that, with proper systems in place, I can keep the profits from my last streak, go into the sim, and come back out making money again.

Respect that you are hitting it like such a madman.

 

In order for me to hit consistency it easily took over 2 1/2 years, but if I didn't have a job that whole time I am almost certain it would have taken below 9 months.  However, I could never really know.

Also I 100% agree that the hype of the chatroom keeps me excited about trading, but goodness no matter who is trading, Thor, Andrew, or Brian, if they take a trade and for whatever reason I jump into it, I lose money every time.   Therefore I also started muting them before I experienced any consistency.  It seems a lot of us on here have that going!

 

Good luck with your trading as well!

Bailey Nevener

Edited February 20, 2021 by Bailey Nevener

[Rob C 826]

Futures (ES) live trading journal 2/22/21 Monday.

Felt like a workout today. I watch the ES from PM until the close. Very strong downward momentum from the Asia open then a slow grind back up through the rest of PM and 30min after the open. So unsure what direction the momentum could be called. Then a sharp drop. Not enough to be called momentum down but enough to draw a level to work with.  The level was touched, to the tick, 11 times so I though it significant so I traded the break of the level. First a failed break, then and actual break. I was stopped out on both. Then I waited for momentum to get going and a really nice run, pull back and entry occurred. I went long and immediately got stopped out again.

Momentum then started heading south quite strongly. Then a pull back but gave no entry to go short. Then just before close we had a level break and pullback giving a break out setup and I shorted. But exited just before the close for a small win (finally).

I hope everyone traded well today.

Rob C

 

[Rob C 826]

Futures (ES) live trading journal 2/23/21 Tuesday.

You would think with all this great price movement today, I would have had a big day. But I ended the day red and was down a huge -15.5 points soon after the open. That's a record for sure. 

There was huge downward momentum from overnight and even greater right after the open. We had a strong pull back to create the best "Test-trade" (a trade to retest the low) I have ever seen. The issue is the bandwidth (the distance between the red outer bands) was 15 points. This is the largest I have seen. This means the stop out will be very expensive. But it look so I could I shorted with two contracts to create my most expensive stop out to date. 

Then there was another setup to test the area and usually the second try is a higher percentage trade. The bandwidth was still quite large but smaller than before. I shorted and was stopped out again to put myself -15.5 points in the hole.

The price moved higher and I now called it momentum up and there was another test trade in that direction. I was patient with the entry and did get a winner. The problem is when the losses are with a very large band width and the winner is with a normal size band width a 2 to 1 winner does not bring you back to B/E. After selling my first contract at a conservative target I usually place my stop at B/E and wait for my aggressive target. The price actually did reach that target and would have still brought my day well into the positive. But I was so worried of my 2nd contract going back to B/E and still be in record loss territory, I sold the 2nd contract on the first sign of weakness. 

Later the price made a new high pulled back and broke the high creating a break out setup (BO). It wasn't an ideal BO setup, so for the first time today I only took 1 contract. Which is good because I was stopped out again. Leaving me red for the day in Futures but not too bad. Anyway I had a really good day in Equities so still a good day. But, will make a rule not to trade with more than 1 contract when the bandwidth is over 12 points.

I hope everyone had a solid day trading.

Rob C

 

 

[Rob C 826]

Definitely the worse day trading live Futures I have had. And it's not due to the largest single day loss (more than double the next closes single day loss), it was due to the 6 orders I didn't get filled. Each of the six were winners. Instead I got 3 stop outs and two break evens today.

We had good downward momentum in the PM and a huge pull back. Then the price dropped again and didn't give me an entry but I placed an order anyway it case it jumps back to give me a fill. The price did recoil back but no fill. Then the price dropped big without me. 

Then the ES set up for a "Test-Retest" setup (essentially a double bottom). I got an entry and set my exit order. When I saw the price ran up and touch my order I thought I was done for the day. Instead no fill and the price dropped back where I got out at B/E.

 

 

Momentum turned strongly upward. I tried to go long when the price broke a previous level, but no fill, then went and reached my target.

Then the price made a new high and a strong pull back. I went long but after 3 tries to go higher I pull my stop to B/E and got stopped out.

Then the price made a new high and a break out type setup occurred, but no fill so it ran without me.

 

Another no fill trade occurred off the chart, so that is all I will mention about it.

Then again a new high and pull back so I went long and got the full stop out. The price dipped lower and sprang back but I didn't get a fill and it ran without me.

Then another new high and a pull back. Went long and immediately got stopped out. Then more of a pull back and went long again, the price dropped to stop me out to the tick then ran without me.

I hope everyone had a decent day today.

Rob C

 

[Rob C 826]

Futures (ES) live trading journal 2/25/21 Thursday.

Thank goodness it was a relatively quick trading day.

Momentum was down from premarket and a nice pull back. Sadly no entry given. The price made a triple bottom and a failed breakout. I was a bit gun shy taking a FOBO so close to the open so I let that trade go by, which was a nice winner. The price rose higher and a break out trade setup. But according to my rules the entry occurred 2 ticks beyond where I allow myself to enter. But yesterday I let two BO trades go by with the same 2 ticks to far rule and both were big winners. That plus the FOMO on the FOBO, I went long and was quickly stopped out. It is actually good the market didn't reward me for bad behavior.

The price dropped and bounced setting up another failed breakout from the opposite direction. I shorted and finally got a decent trade. I exited early but it was really critical to lock in a 2 to 1 winner and be positive for the day.

I hope everyone had a good day.

Rob C

 

[Rob C 826]

Futures (ES) live trading journal 2/26/21 Friday.

I was completely surprised to see a positive P/L at days end. I thought today was brutal.

We had positive momentum from the PM, but no entry on a winning test trade. Then the price dropped and a break out trade setup (BO). I shorted and was stopped out. Not long after I went long with a failed break out trade. The price quickly dropped to stop me out before flying higher to my target.

 

Momentum turned south and we had a strong pull back and again no entry to test the lows, which would have been a winning trade. A breakout trade (BO) setup and I shorted and luckily chose a tight target, because the price bounced back quickly.

Then price changed directions again and we had upward momentum. We had a pull back and I went long to test the high. Again I chose a close target. Then price slowly came back down through the previous level and I tried shorting with a failed breakout setup. The price dropped and nearly filled my order before bouncing back and stopping me out at B/E.

More upward momentum and a pull back and again I went long to test the recent high. The price got within a point of my target and fell back to stop me out at B/E.

Another price move upward and a strong pullback. Actually this was the best setup of the day so I went long to test the high and was stopped out quickly. That was my 3rd full stop out so I call it a month. Wow February was a lot tougher trading than January.

I hope everyone has a good weekend.

Rob C

 

 

[Rob C 826]

Futures (ES) live trading journal 3/01/21 Monday.

Thank goodness for a one and done on the opening day of March. especially after that rough last week of February.

Strong early PM upward momentum then sideways heading into the open. The momentum turned upward again just before and after the open. Then a really strong pullback. I got a good entry but I extended my stop more than usual to be one tick below the recent low. Which is lucky because I missed being stopped out by 1 tick. Then the price rose to reach my first target. The price went higher dropped to test the backside of the target and then made a lower high. After 3 lower bars were printed I got out.

I hope everyone had a good Monday trading.

Rob C

 

 

 

[Rob C 826]

Futures (ES) live trading journal 3/02/21 Tuesday.

Ok trading today though a bit of lapse of discipline on one trade, but I am trying to follow a new rule on break out trades (BO). 

The momentum was up in PM and a level formed. Right at the open a break out trade formed. The new rule is don't take a BO trade unless it has a perfect setup and even then take one contract. A perfect setup is a new high/low with a pullback to test the level and then a new high/low again and then another pull back for the trade entry.

A few minutes later there was more of a pull back with a chance the price will go back up and test the high (TT). A very good reward to risk, but I was immediately stopped out.

Then another BO trade and I was good not to take it because it wasn't perfect. Then a failed breakout but it had no entry.  

Then again another breakout trade setup that was not perfect. Actually it was the worse looking of the 3, but hungry for a trade I took the trade and shorted. Being nervous about taking this trade I pulled my stop in as soon as there was the equivalent of a 1R move. Then the price bounced up to take me out by a tick and then go for a big run without me.

The price dropped and made a new momentum down level then a large pull back setting up to test the low again. But no entry was given. But the SPY ETF had a better pullback and I was actually able to take this short on the SPY for a profit.

A few minutes later the price broke the bottom level and bounced back giving a failed breakout setup. Not an easy entry but I was able to take a long for a few points bringing me back to the green.

I hope everyone had a solid day today.

Rob C

 

[Rob C 826]

Futures (ES) live trading journal 3/03/21 Wednesday.

Flat day for me. The best two trades of the day did not give an entry. I had two losses and when I had a minor winner bringing me back to even I called it quits for the day.

We had strong downward momentum in the PM and a hard pullback creating a nice target to aim for. But after the pullback no entry was given and price dropped to target without me. A few minutes later we had a new low and the price came back up to test the backside of the level, than made another new low. This is the ideal break out (BO) set up. I waited for the pullback to the mid band (white line) and shorted. The price dropped enough to pull my stop in a little and was stopped out.

A few minutes later we had another new low and a really strong pull back setting up for another "Test-Trade" setup (name was coined from the Day Trading Academy). But again no entry was given and the price dropped nicely without me.

After the new low and pullback I took another Test trade which stopped me out quickly. Then a heavier pull back and tried shorting again back to the new low. The price reached my target and touched my limit order but it was not filled. After a pull back I was getting a bit untrusting and covered one contract. Then the price shot back up fast and I covered my other contract before the price hit my B/E.

Have a good day!

Rob C

 

[Rob C 826]

Futures (ES) live trading journal 3/04/21 Thursday.

There was upward momentum in the late PM and a strong pull back. The price started moving back to the high without me and right at the halfway point pulled back so I could get an entry (long). It only took a minute to reach my target but my order was touched but not filled. Then another minute for the price to bounce back and fill my order. The price kept running, but I only took one contract so nothing to partial.

After that I took two SIM trades that were winners but not worth showing here.

I hope everyone had a solid day trading.

Rob C

 

 

[Rob C 826]

Futures (ES) live trading journal 3/08/21 Monday.

SP500 momentum was downward for most of the night with a strong turn upturn the last few hours before the open. So I assumed momentum was upward at the open. We then had a pull back after the open and a nice entry as the price started to move up. Then the price dropped and stopped me out to the tick. I had 2 contracts on the long so that hurt. Then the price immediately skyrocketed upward without me.

After peaking the price pulled back again setting up for another trade back to the high. I didn't think I would get filled, but the price spiked down touched my limit order and actually filled. The price moved higher and stalled and I exited. Which looked like a good decision.

I was still irritated by that low tick on the first trade and missing out which was likely the trade of the month. So since my psych was off and I already reached my goal with my equities trades I called it a day at B/E.

I hope everyone has a good Monday.

Rob C

 

[Rob C 826]

Futures (ES) live trading journal 3/09/21 Tuesday.

A pretty good day for me in both Futures and Equities.

Definitely strong upward momentum in PM. After the open the price tested the high twice and made a new low. This is what the Day Trading Academy refers to as a Test-Retest Trade setup. It is essentially a double top. I shorted on the last pull back for maximum R/R. I was stopped out immediately. 

The price tested the highs again and I tried shorting again. This time the price fell to a conservative target where I covered.

There was more upward momentum and a strong pullback. I went long with 2 contracts. My first target was reached quickly which one contract was sold. But as soon as my limit order was filled, my limit order for the second target and my stop order disappeared. This was a first for with Ninjatrader and I was not sure what was happening so I just closed the position.

I hope everyone is having a good day.

Rob C