my journal 2

This is a discussion on my journal 2 within the Trading Journals forums, part of the Reception category; Ok, going without any method right now. Only s/r levels. And I've doubled it again. Now hopefully I won't get ...

Closed Thread
 
LinkBack Thread Tools Search this Thread
Old Jan 24, 2010, 12:17pm   #31
 
travis's Avatar
Joined Mar 2003
practicing again: 20k

travis started this thread Ok, going without any method right now. Only s/r levels. And I've doubled it again.

Now hopefully I won't get bored and start gambling, by leaving unprofitable trades open and hoping for them to come back. Yes, because that's exactly what gambling to me is letting losers get away. Losing control of losers. And also not waiting for the right entry opportunity.

I enter as soon as it touches a s/r level. In case I enter a bit early I don't exit until the real s/r level has been violated. I sometimes anticipate because when price is highly overstretched, it is also likely to anticipate and i don't want to miss that trade. I use s/r levels when we're in a range. I use only support levels when we're beyond any resistance. And viceversa. At any time I am only considering 2 s/r level. One support and one resistance.

As an exit from my profitable trades, I use the color of candles: if I am long and I get a black candle, then I exit, and viceversa.

For non-profitable trades, I exit as soon as my level is violated and it doesn't bounce on it.

Right now it's going well. I'll keep you updated. I'll post these pictures of the account hopefully all the way to 100k. And then summarize my method again, in case it's changed from the above.

Never mind the 50 SMA. It's in the picture but I am not using it. I'll get rid of it now.

snap1.jpg

Last edited by travis; Jan 24, 2010 at 12:49pm.
travis is offline  
Old Jan 24, 2010, 12:58pm   #32
 
travis's Avatar
Joined Mar 2003
re: my journal 2

travis started this thread I blew it again. I guess I got impatient, and with no univocal entry/exit rules, impatience got to my thinking and... got to zero again.

This seems to be the pattern in my real trading and in this simulated accelerated trading: I start by doing well, then after a few trades, my reasoning goes bad and i lose everything. That's why I should stick to the rule of making one trade per day in real trading, and only half an hour of practicing on this simulator. After a while in terms of trades/time, I start being less and less careful about picking my entries and exits.
travis is offline  
Old Jan 24, 2010, 1:35pm   #33
 
travis's Avatar
Joined Mar 2003
re: my journal 2

travis started this thread Ok, one more try.

Now I'll automated this thing in a way that no matter how tired I get I'll still make money.

Now, since stocks usually go up more than down, I will only play LONG opportunities.

So I will be looking for support levels only.

I will look for the best support level in every chart I am given, and I will go long on that level as soon as it gets reached.

If profitable, I will stay long until a daily candle fails to make a new high.
If unprofitable, I will allow 3 days for my position to become profitable.

I will come back if I modify this.

The only discretionary thing is picking that support level, and only because I haven't figure out how to define it univocally (swing low, lowest low... that type of thing).
travis is offline  
Old Jan 24, 2010, 1:40pm   #34
 
travis's Avatar
Joined Mar 2003
re: my journal 2

travis started this thread All right, first try: I blew it again and didn't follow my system, which i had written 5 minutes before.
travis is offline  
Old Jan 24, 2010, 1:50pm   #35
 
travis's Avatar
Joined Mar 2003
re: my journal 2

travis started this thread http://en.wikipedia.org/wiki/Carlo_Maria_Cipolla
travis is offline  
Old Jan 24, 2010, 2:02pm   #36
 
travis's Avatar
Joined Mar 2003
re: my journal 2

travis started this thread Ok, tried it again. I am allowing 5 candles against me in case it is not profitable.

First trade 4k profit.
Second: 2k
Third: 1k
300
1k
...
I'll tell you when i am done.
travis is offline  
Old Jan 24, 2010, 2:08pm   #37
 
travis's Avatar
Joined Mar 2003
re: my journal 2

travis started this thread Nope. I got tired and I am stopping here at 17k. I can tell what gets me tired is the discretionary part. Constantly having to decide when to enter and when to exit. S/R is not univocally defined: I have to guess it each time. As a consequence, also entry is not defined. And then it ensues that also exits are not defined univocally. This constant guessing is what makes me tired, or maybe it has to do with the fear of being wrong. Both things.

That's what makes automated systems so powerful. Even with a small edge, they can perform tirelessly, without feeling any of this stress, so that an automated system by making 10 pretty good trades per day can outperform a human, who can only make two very good trades per day, without feeling so much stress that he'll start giving all the money back.

Last edited by travis; Jan 24, 2010 at 2:14pm.
travis is offline  
Old Jan 24, 2010, 2:33pm   #38
 
travis's Avatar
Joined Mar 2003
re: my journal 2

travis started this thread Ok, I think i got it. This has to be practiced as if you weren't playing money and if you weren't playing to win.

You just have to forget all rules and all parameters and keep on playing and playing, regardless of how much you lose, until you figure out how it works. That's what I'll do. I don't have to impress anyone. I just have to practice until I figure out how it works. S/R definitely work, price is not random... it can be figured out. Forget indicators or anything else. All I needed to know, I know. Now I'll just keep on playing it like any video game. Once I figure it out, basically I have become profitable. Then it can be done also on real trading.

The big difference is the speed though. Huge difference.
travis is offline  
Old Jan 24, 2010, 3:46pm   #39
 
travis's Avatar
Joined Mar 2003
re: my journal 2

travis started this thread Getting closer... taking losses less personally... getting there...

snap1.jpg

Watching tv as I play it. It helps me not get too tired and not overtrade.
travis is offline  
Old Jan 24, 2010, 4:04pm   #40
 
Benton D Struckcheon's Avatar
Joined Dec 2009
re: my journal 2

Quote:
Originally Posted by travis View Post
Hilarious. Just finished reading The Basic Laws of Human Stupidity. Great stuff. Many thanks.
__________________
The wise man does at once what the fool does finally.
- Niccolo Machiavelli

...reclining in a comfortable chair with the dreamy, far-away look a volcano might wear just after it had desolated entire villages.
- Saki
Benton D Struckcheon is offline  
Closed Thread

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
say hello to my little journal gozinsky Trading Journals 13 Sep 27, 2011 10:37pm
my journal travis Trading Journals 2334 Jan 18, 2010 12:57pm
The EA Journal! Victor90 Trading Journals 1 Oct 28, 2008 1:47am

LinkBacks (?)
LinkBack to this Thread: http://www.trade2win.com/boards/trading-journals/85510-my-journal-2-a.html
Posted By For Type Date
Science Forum - why Standard deviation is better than Avarage Deviation This thread Refback May 22, 2010 3:34am

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)