Documenting the Journey From Bluecollar Guy Doing a Bluecollar Job to Trading the Markets for a Living
"A man is not finished when he is defeated. He is finished when he quits."
Friday, June 28, 2013
Wednesday, June 26, 2013
June 26 ( Gain $86.35)
I haven't posted a chart in a while so I thought I'd stick this one up on the blog. I had two trades today, noted on the chart by the short green lines, then my exits marked by the red lines... connected by the green lines indicating a winning trade (red line would indicate loser). The short yellow lines are my two practice trades, the second of which I actually turned into my second live trade about 25 minutes later in the 3:25 pm candle.
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The two practice trades as well as the two live trades were great entry points; nice reads of momentum. The two exits were abominable. Out far too soon, as one can see. Clearly, I have a problem. This has been my most frustrating issue over the past 6 to 8 months, outside my difficulty with stops.
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Here's the screen shot of my trade log for the day. Ouch.
Tuesday, June 25, 2013
June 25 (Gain $36.85)
Not much of a gain today on the two trades. But, both trades were good entries, especially the second one; shorted 500 TNA at $45.20 at 3:44pm. Out too soon on both... the same old song and dance routine. I took only 9 cents out of the 40 cents that my two trades would have allowed me.
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On the other hand, gains are good and my entries continue to be pretty good and improving.
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Two of my three practice trades would have allowed for gains over a dollar; eighty cents on one and 35 cents on the other... excellent entries on both. The third practice trade was a short in the 3:15 pm candle that went ten cents in my favor then reversed hard to form the final push up from 3:20 through 3:35 pm. It would have stopped out, in other words.
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On the other hand, gains are good and my entries continue to be pretty good and improving.
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Two of my three practice trades would have allowed for gains over a dollar; eighty cents on one and 35 cents on the other... excellent entries on both. The third practice trade was a short in the 3:15 pm candle that went ten cents in my favor then reversed hard to form the final push up from 3:20 through 3:35 pm. It would have stopped out, in other words.
June 24 (Gain $194.47)
Five winning trades out of five taken, though one was basically a stop out. All in TNA, each with 500 shares traded.
Winners of $46.01, $31.03, $55.81, $60.80, $.82
Two were trades taken with exits too soon. One was the stop out. The other two were trades taken in situations where momentum was brief or slowing. Late entry on one, and the other was just a pullback.
I took a couple practice trades that were much more profitable than my live trades. Pulling the trigger more frequently is necessary.
Winners of $46.01, $31.03, $55.81, $60.80, $.82
Two were trades taken with exits too soon. One was the stop out. The other two were trades taken in situations where momentum was brief or slowing. Late entry on one, and the other was just a pullback.
I took a couple practice trades that were much more profitable than my live trades. Pulling the trigger more frequently is necessary.
Friday, June 21, 2013
June 21 (Gain $45.82)
One live trade, one winner. Out far, far too soon. Long 500 shares of TNA at $44.82 at 2:10 pm. Exit all at 2:11 pm for 10 cent gain. Price eventually hit $45.88 in the 3:30 pm candle; over a dollar available to me had I stayed in.
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My practice trades were also mostly successful with some stop outs. I didn't take the trade, but the SPY doji at 11:45 am on the 15 minute chart was a nice signal to go Long.
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My practice trades were also mostly successful with some stop outs. I didn't take the trade, but the SPY doji at 11:45 am on the 15 minute chart was a nice signal to go Long.
Thursday, June 20, 2013
June 20 (Gain $97.63)
Gain of $97.63 on three positive trades in 500 shares of TNA each.
Monster day in the markets. All three of my winners were on mean reversion/ fade the primary trend of downward movement. Kind of ridiculous to be looking long on the biggest down day of the year (?).
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I had a couple practice trades that were shorts and they worked out well, obviously. I also took a couple practice trades long; 3:25 pm and 3:35 pm. Both stopped out at the bottom of the candles. Now, as the market is in its last five minutes, those two trades would have been big winners as price rallies big in the last 10 minutes. I believed it was going to go up, but my execution was wrong.
Monster day in the markets. All three of my winners were on mean reversion/ fade the primary trend of downward movement. Kind of ridiculous to be looking long on the biggest down day of the year (?).
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I had a couple practice trades that were shorts and they worked out well, obviously. I also took a couple practice trades long; 3:25 pm and 3:35 pm. Both stopped out at the bottom of the candles. Now, as the market is in its last five minutes, those two trades would have been big winners as price rallies big in the last 10 minutes. I believed it was going to go up, but my execution was wrong.
Monday, June 17, 2013
June 17 (Gain $68.21)
Once again, out far too early. Shorted 500 TNA at $49.72 per share at 10:04 am. Exited fourteen minutes later at $49.56. The final low price of that move was $49.10; Sixty-two cents. I took only 16 cents.
I had four other trades that really didn't do much; two winners under $13 and two losers under $11.
I had four other trades that really didn't do much; two winners under $13 and two losers under $11.
Friday, June 14, 2013
June 14 ( Gain $26 )
One trade and it was a very good entry. Short the top of the 2:20 pm candle in TNA. Out FAR too early however. I had a great entry and the retest at the 2:35 candle did not reach my entry price, let alone threaten to stop me out. I had up to 35 cents of gain available to me, had I played it well. I really have to get over the anxiety related to staying comfortable in trades and trusting that I have made a good decision and trusting that my stop will provide the final insurance policy against large losses.
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Trained monkeys can learn to read charts with enough practice. Traders require mental prowess.
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Trained monkeys can learn to read charts with enough practice. Traders require mental prowess.
June 13 ($126 Gain)
Three trades, well executed at entry and all resulting in winners. All three were reversion to the mean trades against the prevailing upward direction and in all three cases, exits for gains were processed quickly.
Wednesday, June 12, 2013
June 12 (Gain $131.02)
Back in the saddle today.
I took three live trades in TNA, all for winners but all three out too early. With a quick glance at the chart, it appears that I took less than half of what was available to me on those three winners.
I also took six practice trades with four available to take gains and two stopping out.
I haven't traded since my last post. I've been studying charts every day, however. My skill-set, my edge, seems to move ahead a little every week. As per usual, it is my mental game that needs the most honing.
I took three live trades in TNA, all for winners but all three out too early. With a quick glance at the chart, it appears that I took less than half of what was available to me on those three winners.
I also took six practice trades with four available to take gains and two stopping out.
I haven't traded since my last post. I've been studying charts every day, however. My skill-set, my edge, seems to move ahead a little every week. As per usual, it is my mental game that needs the most honing.
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