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TinGull

7/31/07 General Trade Log/Discussion

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As of now, at a whopping +.37 pts net. :bow down:

 

Some days are a grind it out day and today is one of those days for me. The first 30 min's just mutilated me so that +9.25 trade was much needed. I don't usually see that kind of chop on the ES with the way I enter (buy/sell stops) but a couple I got ticked in and bam, straight to my stop.

 

Part of the game. You have to take days like today as they come and then cash in on days like a few last week. If I can chug out a small profit today, that'll be a big victory in my book.

 

Psychology of trading, ain't it grrrrrrrrrrrreat! :cool:

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As a man thinketh, so he is...As within, so without.

 

A man is what he thinks about all day long...

-Ralph Waldo Emerson

 

 

There are no limitations to the mind except those we acknowledge.

-Napoleon Hill

 

 

 

Some thoughts for the day :)

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10:45CT 13474 short. Stop at 13484. Not sure how to do firm stops yet so doing soft stops. Stopped out at 13486. -12. Horrible trade. Not following trading plan. Should have gone long not short, due to 2 higher highs preceding the entry signaling an uptrend. Looking to buy on the next dip.

7-31-07T3.thumb.jpg.6abc2763700693dfec5538237b539d82.jpg

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10:45CT 13474 short. Stop at 13484. Not sure how to do firm stops yet so doing soft stops. Stopped out at 13486. -12. Horrible trade. Not following trading plan. Should have gone long not short, due to 2 higher highs preceding the entry signaling an uptrend. Looking to buy on the next dip.

 

Abe,

 

Are you watching any other time frame besides the 5 minute?

 

Looks like lunch has set in, gonna leave the screen for a while to refresh my mind.

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Here is my last scalp bevore lunchtime...

Exit of the second half was because my target at 72 did not get filled - the YM reveresed at 73 so i exited with a market order.

5aa70dea94c15_Trades31_07.200703.png.896d7dc568748e5d95217b46f59234e2.png

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11:05CT. Long at 13495. Stopped out at 13483. -12. Total loss for today so far is -50 points. 4 roundtrips. Realized P&L is -267.04. That’s more than 2% of my account value if I was trading with real money. Will take some time out to think about my trading. A lot of my trades were high risk. Also, I think the constant logging and photoshoping is taking a toll on my concentration. Not thinking clearly, taking stupid setups and risks that I should not be taking, and frankly I should know better than that. Glad that I’m trading a paper account, but still I’m very disappointed in myself.

7-31-07T4.thumb.jpg.a1582dca87e89e6907b53558f6ce6fcd.jpg

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Abe,

 

Are you watching any other time frame besides the 5 minute?

 

Looks like lunch has set in, gonna leave the screen for a while to refresh my mind.

 

Hey Paul. I tend to look at the 1 minute chart as well but a lot of my last trades I didn't even do that. I don't know what came over me. I do have the weekly chart up as well as the 2 day chart but they are IB charts and so not very useful.

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11:05CT. Long at 13495. Stopped out at 13483. -12. Total loss for today so far is -50 points. 4 roundtrips. Realized P&L is -267.04. That’s more than 2% of my account value if I was trading with real money. Will take some time out to think about my trading. A lot of my trades were high risk. Also, I think the constant logging and photoshoping is taking a toll on my concentration. Not thinking clearly, taking stupid setups and risks that I should not be taking, and frankly I should know better than that. Glad that I’m trading a paper account, but still I’m very disappointed in myself.

 

Don't be disappointed one bit! That's exactly what simulated trading is for. Imagine if they starting shoving our Air force recruits on their first day into real jets and told them "good luck!"

 

Much the same applies when trading alongside seasoned financial market professionals. The only difference is the barrier to entry.

 

Edison was once quoted saying "...Results? Why, man, I have gotten lots of results! If I find 10,000 ways something won't work, I haven't failed. I am not discouraged, because every wrong attempt discarded is often a step forward...." Keep this in mind as you learn to trade!

 

Hey Paul. I tend to look at the 1 minute chart as well but a lot of my last trades I didn't even do that. I don't know what came over me. I do have the weekly chart up as well as the 2 day chart but they are IB charts and so not very useful.

 

In my opinion you can take that weekly chart and use it as a coaster while you monitor the 5 minute and 1-2 minute. The weekly charts are important but within the context of intraday trading they are better paper airplanes than guideposts.

 

 

If you need some more material let me know I still have 100's of trading texts/ resources you can have. :)

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Two trades this morning, both breakouts that I set up in advance. First one was to the short side at 13,744 and covered quickly at 13,466 for +8. The second trade was to the long side a few minutes later at 13490 and out at 13496 for +6.

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Stopped out on a breakout play, a loss of 2 YM lol

 

Should have seen that volume was light and the typical breakout probably would not have occurred.

 

Just had another breakout to the short side, this one confirmed with volume. Entry - 13479 and target +6, target was hit.

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Don't be disappointed one bit! That's exactly what simulated trading is for. Imagine if they starting shoving our Air force recruits on their first day into real jets and told them "good luck!"

 

Much the same applies when trading alongside seasoned financial market professionals. The only difference is the barrier to entry.

 

Edison was once quoted saying "...Results? Why, man, I have gotten lots of results! If I find 10,000 ways something won't work, I haven't failed. I am not discouraged, because every wrong attempt discarded is often a step forward...." Keep this in mind as you learn to trade!

 

 

 

In my opinion you can take that weekly chart and use it as a coaster while you monitor the 5 minute and 1-2 minute. The weekly charts are important but within the context of intraday trading they are better paper airplanes than guideposts.

 

 

If you need some more material let me know I still have 100's of trading texts/ resources you can have. :)

 

Thanks Paul. I appreciate that.

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I thought this trade is worth sharing, especially when it comes to the whole idea of look for reasons as to why you are wrong with every trade. I entered this trade looking for a small breakout of 5 pts from the wedge. At first it looked like I was going to get the break out, entered the trade at 13469. Immediately the tape slowed and I saw a tick hook appear, nothing had quite yet happened so I quickly got out of the trade for break even. A few seconds later the YM fell 20pts blowing right through my stop highlighted in the green.

5aa70deaba64f_tickhooksavejuly31.thumb.jpg.cbd3179f75111b2496d8dc6698df543d.jpg

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