My journey to long term consistency

This is a discussion on My journey to long term consistency within the Trading Journals forums, part of the Reception category; That's great DrSafari! I started keeping a detailed journal/blog two years ago, and have found it really beneficial, so I'd ...

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Old Sep 3, 2015, 1:51pm   #9
Joined Jan 2006
That's great DrSafari!

I started keeping a detailed journal/blog two years ago, and have found it really beneficial, so I'd really encourage you to keep doing it.

good luck.
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Old Sep 7, 2015, 2:42pm   #10
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DrSafari started this thread Thanks options-george, I certainly will!

--------------------------------

My S&P500 trade is still running. I thought and hoped the index would recover faster but it seems it will need some more time. Atleast the volatility is a lot less and I can only hope it's price starts to go up steadily so that I'm in the positives and be in a much more comfortable position.

I have not yet analysed the European Economic Sentiment Indicators report yet which I normally do at the beginning of each month because I made the decision to wait to make any trades using my trading system untill I'm sure the global economy is bullish again. Another reason is that I don't want to take on too many trades now and risk not having enough margin. This way I am protecting myself to make any trades using my system for the time being.

Whenever the index is going up (and thus global economy is bullish again) There will probably be some nice opportunities using my trading system as well.

So currently I'm trying to be patient and playing the waiting game.
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Old Sep 14, 2015, 11:59am   #11
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DrSafari started this thread Okay my S&P500 position I had open got closed because it got expired. Stupidly enough I didn't take that into account. Loss of 491 €. Serves me right for not following my trading strategy.. Because of that august was a break even month for me.

Tonight I'm going to generate some trading idea's and possibly open some positions tomorrow with all the extra knowledge I gained.
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Old Sep 15, 2015, 2:28pm   #12
Joined Aug 2015
DrSafari started this thread Okay here goes, this is my first real entry into my journal.

Only two stocks passed my trading system for now so I took two positions short. All other possible candidates are put on my watchlist. These are the only open positions I have for the moment. I also added a chart and my entry is at the black arrow. I will also post a chart whenever the positions are closed.

Equity before the trades: 4535,37 €

Positions:

G
Type: short
Amount: 50 shares

Opening rate: 33.44
Stop loss: 34.16
Opening time: 9:57:30 am 9/15/2015

Amount risked: 36 €

g_short.jpg


-------

WA
Type: short
Amount: 50 shares

Opening rate: 74.68
Stop loss: 76.26
Opening time: 10:00:41 am 9/15/2015

Amount risked: 79 €

wa_short.jpg

Last edited by DrSafari; Sep 15, 2015 at 2:46pm.
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Old Sep 15, 2015, 3:57pm   #13
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Hi DrSafari,
Your charts don't offer much in the way of granularity - so the comment that follows may be inappropriate - apologies if that's the case. From what I can see, of the two shorts you've taken, it looks to me as if you may have a half decent entry on the first one (G), but a rather poor entry on the second one (WA).

I know you've been reading Alexander Elder - although I've not read the particular book you mention on your other thread - so I don't know whether or not he discusses 'value trades and greater fool theory trades'? If not, take a gander at the link and the reason for my observation will become clear. If it's not, let me know and I'll elaborate.
Tim.
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Old Sep 15, 2015, 10:24pm   #14
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Thanks for sharing your trades here DrSafari.

Is there a specific reason why you are risking different amounts of money on the trades?
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Old Sep 16, 2015, 9:14am   #15
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DrSafari started this thread
Quote:
Originally Posted by timsk View Post
Hi DrSafari,
Your charts don't offer much in the way of granularity - so the comment that follows may be inappropriate - apologies if that's the case. From what I can see, of the two shorts you've taken, it looks to me as if you may have a half decent entry on the first one (G), but a rather poor entry on the second one (WA).

I know you've been reading Alexander Elder - although I've not read the particular book you mention on your other thread - so I don't know whether or not he discusses 'value trades and greater fool theory trades'? If not, take a gander at the link and the reason for my observation will become clear. If it's not, let me know and I'll elaborate.
Tim.
I see what you mean. Yes he talks about choosing good entry points but he doesn't use the term "value trades and greater fool theory trades" in that book. To be honest I didn't take my entry points into account at all. I just saw a daily chart that was meeting my criteria and opened my positions. But thanks for pointing it out, it is something I must incorporate into my current trading system.

Meanwhile I've finished the book and now I'm looking for things to incorporate into my current system (such as choosing better entry points) and also create a second system which I will test on my demo account. There's a lot of information in that book and it's going to take some time to properly digest it.
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Old Sep 16, 2015, 9:26am   #16
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Originally Posted by options-george View Post
Thanks for sharing your trades here DrSafari.

Is there a specific reason why you are risking different amounts of money on the trades?
Yes there is actually. With the second trade which I called "WA" here I shorted the absolute minimum I could short. But that was still 1.7% of my equity. Which is on the rather high side when you are still testing and learning. The first trade the minimum was about half of that which is a better amount for learning. It's difficult to keep the amount risked the same with my current broker and equity.
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