Doomberg's Journal - Ticking Along Nicely

[Pazienza]

I took a screenshot of one of my breakout trades yesterday, it was a short trade.

The line was my entry area of entry at 13:45:

Nice job. But I think you can improve the overall expectancy and (if this is important to you) reduce variance by only taking these in the direction of the immediate prior trend.

Otherwise you might find yourself selling into recent support.

Just a suggestion, don't want to take anything away from what you did. The principle is a sound one.

 

[Hotch]

What do you attribute your 18 wins in a row to?

I hope Doom won't mind me answering for him

http://www.youtube.com/watch?v=OYws8biwOYc

 

[Doomberg]

Is that £ or points? What do you attribute your 18 wins in a row to?

Those are points, and the 18 wins.. well i don't expect it to be like this all the time, i have good trades and bad trades, it just happens that i have had 3 good days in a row... but putting that aside i have learned to be a lot strict and not take crap trades like i used too out of boredom, these days if i have to wait 4 hours for a trade i will. Also the mini breakouts i like to trade are becoming easier to spot as time goes on as are the fake ones

 

[Doomberg]

Nice job. But I think you can improve the overall expectancy and (if this is important to you) reduce variance by only taking these in the direction of the immediate prior trend.

Otherwise you might find yourself selling into recent support.

Just a suggestion, don't want to take anything away from what you did. The principle is a sound one.

Hey and thanks for the advice, the way i tend to work it now is to take more points if i am trading in to the trend... so if i see an over-break thats against the trend i may take 5 or so points where as i may take 15 if it was going the other way, i'm a lot more careful if its against the trend, however sometimes i will take a position and hold for more than 5 if all looks well

 

[Masquerade]

I might have missed this stuff. Are you using stops? Do you pay any attention to fundamentals or are you doing pure TA?

 

[YouAreNotFree]

Nice. You're killing it.

 

[Doomberg]

I might have missed this stuff. Are you using stops? Do you pay any attention to fundamentals or are you doing pure TA?

I'll place a catastrophic stop of 50 automatically with each trade i open, but then often edit the TP and SL shortly after, i don't like to have a SL of more than 30 on standard trades although sometimes if i do overnight pending orders i may give up to 100 but its unlikely that any of the Indices would move that much over night... the way the markets have been this week i wouldn't trust any over night trades and have stuck to mainly breakovers and a few S&R trades

 

[Dogtrade]

I'm looking forward to following your journal, Doomberg. This style of trading is very interesting to me.

Let me just be clear, when it comes to the indices, are you trading something like a CFD representing the cash instrument or are you trading the futures?

 

[Doomberg]

Hey Dogtrade i am currently Spread betting as i find it works fine for what i'm doing, instant execution and good spreads... i did move my account over to GFT CFD's last week but it was crap do i am back to SBing... i would like to trade futures but my main market is Dax and its a minimum of €25 per point with Dax futures and i am not ready for that, maybe i will be in a year or so.

Anyway today, 2 mistakes messed it up for me and ended up -124 They were both down to rule breaks too, at one point i was up by +112 and this was after 25 wins 0 losses this month and then i opened a position that was a good looking set up with 5x my normal amount, i only lost -19.1 but because it was 5x the stake it counted as -96.5... i saved the day and got to +48 but then i seen a trade what looked very good, it was based on support from March's low on the daily chart on Dow.. one would think that it would struggle to get past this point, and may cause a big reversal so i set a TP of 500 and a SL of 150.. i went to buy some Ribs and came back to -150.

At 11395 i have set a Long on Dow, i'm risking 40 points but it has a great risk reward ratio as it dropped more than 500 today,
It seems like its found bottom, this is not my usual style of trading but in this instance looking at the charts i am happy to risk
40 to regain the 150 and maybe more.

A good trader and good friend of mine said to me, in times when you take a loss... don't see them as losses, see it as buying information from the market because it will be very valuable to you in the future. Also despite todays mess ups i am still +116 since monday which hits my target of +20 each day with flying colours... this reminds me, keep stake size the same and don't trade set ups that you are not used too... i don't have time to work out all the entries and exits today as i have to get them off 2 online spread sheets but i'll list all my trades below:

+22.2
+23.7
+15.7
+12.2
+18.5
+10.3
+11.5
-96.5 (-19.1 but 5x normal size)
+30.5
-150

Daily summery, and what i have learned:

Don't mess about with stake size too much
Stick to what i'm good at: 1 - 30 min trades

Hope all is well

 

[Chartsy]

 

[Chartsy]

Nice job. But I think you can improve the overall expectancy and (if this is important to you) reduce variance by only taking these in the direction of the immediate prior trend.

Otherwise you might find yourself selling into recent support.

Just a suggestion, don't want to take anything away from what you did. The principle is a sound one.

I think that's fine in a downtrend .

 

[Doomberg]

Having a bad day is not funny lol,

But what is funny that i've still made more this week than you have in 2 years of trading young Chartingtons

 

[Chartsy]

complimentary smiley!

 

[Pazienza]

I think that's fine in a downtrend .

Indeed it is. Just don't forget to bring your crystal ball.

 

[wackypete2]

Just saw your journal. Looks like you're off to a good start.

Good Luck!

Peter

 

[Doomberg]

Just saw your journal. Looks like you're off to a good start.

Good Luck!

Peter

Thanks mate, yeah things are looking ok... i was off to an even better start if you exclude the last 24 hours as i have lost 286.5 points which was mainly due to rule breaks and not trading with the rules... regardless of that i'm still +122 and if i can finish up at close of play today with +150 then i'll be happy as anything over +100 for the week hits my target.

Hope all is well and with you and everyone else a good day

EDIT: Just to add to this the trade i placed yesterday evening with a risk of -40 was stopped out

It was the Dow long.. it was included in to the above figures but i forgot to mention the outcome, so i will now

 

[Doomberg]

Ok so i think i may be having an early finish today as i'm off to pick up a new car now, i can't wait.

Anyway to top off the week, as a whole yes i'm happy as i got +244 and anything over 100 i'm happy with!

Still though i am disappointed with my 3 'rule break' losses as without them i would of been over +500 which would of been nice.

The rule breaks i'll outline again as i feel its even more painful writing them so hopefully it'll help me learn to become more strict, kinda like writing lines at school lol. The 1st one was when i took a larger position that normal... it was after 25 consecutive wins this august so i got cockey and took a position 5x larger than normal, it was a perfectly valid set up but after moving the wrong way i closed -19.1 but this = -96 on my normal stake size, so thats how i'll count it. No 2 was a historical trade and based on the bottom that Dow hit in March, i thought it would be very difficult for it to slip past this and placed a long with a stop of -150 last evening i felt safe, but after coming back from the shops i found that i had been stopped. No 3 i thought "Dow can't go down any more" so decided to risk -40 for another long to get back my -150 loss. Note to self, you know that the big losses are caused by straying from the initial rules so stop it.

Weekly Summery:

32 Wins
4 Losers

Todays Trades:

+33.2
-4.3
+13.5
+24.3
+54

Off out for a bit to grab this car, hope everyone is well

 

[LittleKnown]

Bloody hell Doom, they were some big hits, plan the trade trade the plan

 

[JahDave]

Hi Doom, Great job so far except for a few blunders. You know the drill. Learn from your mistakes and don't repeat them.

 

[pb8856]

Hi Doom, got any links where I can find out more about "Aktionszone Trading", had a quick google but it didn't turn much up.

Great start to the journal