my journal

This is a discussion on my journal within the Trading Journals forums, part of the Reception category; Yeah, I trust your wisdom quite a bit, you know that. And you understood that I am not into books, ...

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Old Dec 2, 2009, 11:12pm   #1021
 
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Re: my journal

travis started this thread Yeah, I trust your wisdom quite a bit, you know that. And you understood that I am not into books, nor being taught stuff, or being told what to do.

From now on, anyone could just quote the paragraphs they recommend to me. I am into reading paragraphs.
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Old Dec 2, 2009, 11:28pm   #1022
 
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Re: my journal

travis started this thread My trade, made over 4 hours ago, is still open. I even turned off all trading programs.

Today my big concern was work instead. My small office is made of boss plus 4 people. Two of them work. I work the most after the boss. Two of the people don't do anything. The suspicious transactions reports keep coming in at the speed of 5 per day. I keep on registering them, doing statistics on them, writing and calling for missing documents, but the ones that are complete are only 4 out of 5 that we get. I fall behind on 1 report per day. I warned the boss about this, and he doesn't seem to realize how big this problem is.

The terrible thing though is that after I get all the missing documents and register the reports, the rest of the office has to process the reports get more details about the suspicious transactions reported and evaluate whether to send them to authorities or not. This part is longer than mine. They're four doing this job, including the boss. Well, they can only process about 10 report per week, out of the 25 we get. So, I fall behind on 5 reports per week, as far as registering, and they fall behind on 15 reports per week, as far as processing and sending to authorities.

This is going to be unbearable because right now we're 150 reports behind and no one seems to be worried about it, except me.

We either get better employees doing the job, or the boss starts asking less quality or the boss gets fired and so do the employees. But he seems relaxed. Maybe he's used to being in a state of emergency. Or maybe he's not realizing where we're heading.

Up to this week, I've always been able to be on top of all my work. Now I've started to fall behind. Because, as few people work at all, more and more work is demanded of me, and I can't keep on increasing the amount of work I do without decreasing the quality. Yet no one accepts that my quality decrease, and everyone increases the quantity. I am in an impossible situation, unless I start increasing the hours I spend at work.

Here's my plan. I'll let some disaster happen to alert the boss about the state of things, about the fact that we're heading for disaster. If the most organized person in the office, the only organized person, can't stay on top of his work, and all the statistics and work is in his hands, the office is in trouble. I don't want this to happen, but in order to not let it happen, I have to anticipate disaster, I have to let the boss get a taste of what will happen. Therefore I must first of all not stay longer during the day, because that would only postpone disaster. Second of all, I'll start refusing jobs. The most important and noticeable ones. So the boss and the other offices relying on me will wake up to the fact that I am overloaded with work.

I've already started with a guy who's from another office and once a month he asks me for a whole day of assistance on tables, pivots and databases, statistics and more, all on excel. Today I told him: look, I am too worn out to be able to focus on the tables you need. I did 80% of the work, and I am refusing to go any further. Because i am really tired. It's all true. But maybe I could help him out if subconsciously I didn't think these guys asking me for help are slackers who spend their whole day nothing and then ask me for help when they're in trouble. The guy said to my boss that it was "easy" and we both laughed at this, when my boss told me, and said "why doesn't he do it himself then?".
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Old Dec 3, 2009, 12:18am   #1023
 
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Re: my journal

travis started this thread Lost 280 dollars: Trade closed according to plan.
This trade lasted about 5 hours. Way too long. I knew after just an hour that my trade had most likely failed, but for a few hours the averages were still in my favor so I kept it open. But no longer... instead I kept it open even after.

Future exit rule to be added to plan:
If the trade is still open after one hour, close it as soon as both averages are against it.

Because it means it didn't go as planned. First of all because after one hour that momentum in your favour is pretty much all gone, and second of all because this is confirmed by the fact that the averages are against the trade. That's when I should exit.

So far these are my trades, all made according to all rules:
1 takeprofit
2 takeprofit
3 aborted at 1 tick profit
4 stoploss

I am confident that with about 1 trade per day, this should be the future rate. About 2 wins out of 3 trades. I am pretty confident about this. No matter what markets will be like, with pivots + correlations + trend on my side, there's no way I will lose money. Actually I should even bet 2 contracts as soon as I'll have one month of profits to back my opinion.

In the weekend I've got to remember to test the few rules I added to the system. I am very happy with this system. It's the first time I have a system actually, in the sense of respecting all its rules. I also know that i can't add too many rules or else I will fail to follow them, and i might add rules that don't always work.

Last edited by travis; Dec 3, 2009 at 1:39am.
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Old Dec 3, 2009, 12:52am   #1024
 
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Re: my journal

travis started this thread NEW VERSION OF SYSTEM

HOTKEYS
Set up hotkeys:
"B" for "buy 1 at market" with 20 ticks bracket order,
"S" for "sell 1 at market" with 20 ticks bracket order,
"C" for "close position".
----------------------
CHARTS
SET UP THESE CHARTS ON IB'S TWS:
1 WEEK AND THEN 4 HOURS OF ES, CL, GBP "line" mode
2 DAYS OF EUR.USD@IDEALPRO 15-minutes CANDLES WITH PIVOTS
4 HOURS OF EUR.USD@IDEALPRO 1-MINUTE CANDLES WITH 15-periods and 210-periods moving averages
----------------------
RULES
ENTRIES can be made if:
1) you haven't lost over 250 dollars for the day (from discretionary trading)
2) your entry and your take profit are >=10 ticks away from any pivot lines
3) you have looked at "correlated" chart (1 week and then 4 hours)
4) the 225-period ma is in favor by >= 5 ticks
5) the 15-period ma gets crossed by price (in favor) after touching the other side >= 3 minutes
EXITS
1) Bracket order of 20 ticks.
2) You can exit early if you wish, but not increase the distance of the stoploss.
3) If the trade is still open after 1 hour, close it as soon as both averages are against it.

Last edited by travis; Dec 3, 2009 at 1:39am.
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Old Dec 3, 2009, 1:30am   #1025
 
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Re: my journal

travis started this thread **** them all. I ain't going to work tomorrow. They wear me out and this is what they get. They rely too much on me and... **** them.
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Old Dec 3, 2009, 1:33am   #1026
 
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Re: my journal

travis started this thread 1) you haven't lost over 250 dollars for the day (from discretionary trading)
2) your entry and your take profit are >=10 ticks away from any pivot lines
3) you have looked at "correlated" chart (1 week and then 4 hours)
4) the 225-period ma is in favor by >= 5 ticks
5) the 15-period ma gets crossed by price (in favor) after touching the other side >= 3 minutes
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Old Dec 3, 2009, 1:35am   #1027
 
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Re: my journal

travis started this thread It has to fall more and then bounce back up, for a long signal to be triggered.

It'll take hours before it goes my way and I'll get a signal. But this is just great: despite feeling like ****, frustrated about work, here I am, waiting for a signal. Very good test to see if I quit my compulsive gambling habits. This would usually be the most favorable time for compulsive gambling, but, so far, I've felt no desire for it. Maybe because I have really understood that I can make money this way, with the system, and i've understood that I'd really lose money the other way.

Last edited by travis; Dec 3, 2009 at 1:44am.
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Old Dec 3, 2009, 1:48am   #1028
 
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Re: my journal

travis started this thread What sense does it make to improvise everything, to go by instinct, when my instincts are so misleading, when i can be profitable by following some simple rules that still allow me some discretion and still allow me to feel like I am needed and that I am doing something? Would I rather make money in an hour or go against the trend for hours and hours and have to double up when I am losing and totally lose control over my actions? I would rather make money in an hour. I would rather have a majority of small wins (20 ticks) and a minority of small losses (20 ticks), than a majority of small wins (20 ticks), and a minority of huge losses (200 ticks).
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Old Dec 3, 2009, 2:28am   #1029
 
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Re: my journal

travis started this thread Nope, no trades in the neighbourhood. Going to bed.
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Old Dec 3, 2009, 8:11am   #1030
 
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Re: my journal

travis started this thread 1) you haven't lost over 250 dollars for the day (from discretionary trading)
2) your entry and your take profit are >=10 ticks away from any pivot lines
3) you have looked at "correlated" chart (1 week and then 4 hours)
4) the 225-period ma is in favor by >= 5 ticks
5) the 15-period ma gets crossed by price (in favor) after touching the other side >= 3 minutes
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