my journal 2

This is a discussion on my journal 2 within the Trading Journals forums, part of the Reception category; Little better. Now playing breakouts as well, according to slightly different requirements, which are almost the opposite: 1) Not overbought ...

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Old Jan 27, 2010, 10:17pm   #99
 
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re: my journal 2

travis started this thread Little better. Now playing breakouts as well, according to slightly different requirements, which are almost the opposite:

1) Not overbought
2) slightly above resistance
3) preceded by uptrend

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Old Jan 27, 2010, 10:20pm   #100
 
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re: my journal 2

travis started this thread Total mess. I guess this is when I start screwing around, or maybe not. I'll try more to see if the method works regardless of whether i am tired or not. It would be perfect if it did.

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Old Jan 27, 2010, 10:27pm   #101
 
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re: my journal 2

travis started this thread Won again, and I am tired. I guess this is the measure of a good system: it works even if you're tired and pissed off. Also, switching chart as soon as you've made a trade keeps you off "revenge trading", because once you lose or even win, you're changing chart so you don't hold a grudge towards the stock that made you lose (or win, which also keeps you from being neutral). Every time you change stock in some way you reboot your mind and prejudice about that stock.

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Old Jan 27, 2010, 10:39pm   #102
 
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re: my journal 2

travis started this thread Yup, I think i've got it. I am getting there. First discretionary (or at least manual) system that I'm profitable with.

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Let's sum it up one more time:

RULES FOR BOTH METHODS:
1) on the weekly chart of "chart game", one trade per stock on 5 stocks for a total of 5 trades (only LONG trades allowed)
2) if unprofitable after two weeks close trade
3) if profitable after two weeks, close after 6 weeks

DIVERSIFIED RULES:

BOUNCE ON SUPPORT TRADES:
1) Important support level
2) Confirmation candle, gap down (touching support), uncertainty candle with regards to downtrend
3) Extremely oversold

BREAK THROUGH RESISTANCE TRADES:
1) Not overbought
2) slightly above resistance
3) preceded by long term uptrend (you can't have 4 years of range or else a breakthrough is less likely)
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Old Jan 27, 2010, 11:27pm   #103
 
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re: my journal 2

travis started this thread Lesson learned: I really have to let price reach support, without anticipating it, because in most cases it will get there. I have to really trust s/r levels in other words, because they get reached.

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Old Jan 28, 2010, 12:02am   #104
 
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re: my journal 2

travis started this thread I think I am learning something. The last two series were 100% wins. I am learning to read candlesticks, in other words, the way that price moves, which is nothing other than oversold/overbought levels, which I already mentioned. Yeah, because that's what we read in candlesticks. Overall I got about a 66% of wins, and a very large profit. It's working: more wins than losses and bigger wins than losses. I am now only worrying that I won't be able to repeat this in real trading, but this stuff definitely cannot hurt.

Also, I have to mention that most of the stress is gone, shown by the fact that I'm playing these charts dozens of times in a row.

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Last edited by travis; Jan 28, 2010 at 12:08am.
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Old Jan 28, 2010, 12:43am   #105
 
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re: my journal 2

travis started this thread Ok... definitely learning. Learning the value of round numbers on stocks: 10, 30, 50, 100. Just like 0.0100s on GBP and EUR.

Got a bunch of positive results. Would feel like doing 20 trades at a time, but I am afraid that would get me started overtrading, and hanging on to losers, in order not to get an awful series of let's say 20 trades. If I fail on 5, so be it, because I can start all over again. But if I fail on 25, it's a mess, psychologically. On the other hand, the results, in terms of percentage of wins and profit, could be more constant. And I wouldn't have to upload all these images. I'll think about it.

Maybe I'll either play 20 trades or I'll copy paste the results instead of taking snapshots.

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