ES Trading Journal

[new_trader]

23-02-2009 cont'd

4)
sell [email protected]
buy [email protected]
----------------
2.25

If I had the resolve to hold this trade I would have netted another 10 points profit today, [email protected] was completely safe. I seem to be eliminating the fear and hesitation but now it’s the resolve that needs work. I am glad to have ended up in profit today, albeit a small one. But it’s good to be rewarded for the right figuring.

 

[new_trader]

Market [email protected]

 

[new_trader]

24-02-2009

1)
sell [email protected]
buy [email protected]
-----------
(1.50)

2)
sell [email protected]
buy [email protected]
-------------
(1.75)

3)
sell [email protected]
buy [email protected]
------------
3.00

My figuring is the market should move into the low to mid 740’s.

I am getting to the bottom of my problem. The first 2 trades immediately moved into 1 point profit before retracing and taking out my original STOP. In the past I became so accustomed to taking the profits as soon as I got them that I find it difficult to hold a trade for longer. This has required a readjustment to my entries which I am working on. The dilemma I am facing – Is it better to take small profits many times or hold for a larger profit!?

I am wondering if I should now tighten my stops...a good deal of thinking, studying and practicing needs to be done if I am to break out of this rut.

 

[new_trader]

Just after I posted I noticed the market hit @746.50

 

[JRP2891]

Just after I posted I noticed the market hit @746.50

Has that answered your question?

 

[new_trader]

Has that answered your question?

 

[new_trader]

Sometimes I like to practice my forecasting to see if my figuring is correct. NB: This should not be taken as a trade recommendation.
By or before the close the market should move into the low to mid 760’s possibly higher.

 

[new_trader]

Sometimes I like to practice my forecasting to see if my figuring is correct. NB: This should not be taken as a trade recommendation.
By or before the close the market should move into the low to mid 760’s possibly higher.

And there you have it.

18:27 - Market into the low 760's

Lets see if it won't go higher!

 

[new_trader]

[email protected]!

 

[new_trader]

[email protected] and rising!

 

[JRP2891]

Nice call earlier. Maybe having this down on here might make you realise you should have the confidence to try and run your trades more?

I used to do work with a trading psychologist where he told me to write down where i thought the market would go pre entering a trade, and then note down where i got out and where it ended up going. Seeing in black and white that i was making the right calls but leaving profit on the table gave me more motivation to stay with the good ones. Could be something to try? You're half doing this exercise already...

 

[new_trader]

Nice call earlier. Maybe having this down on here might make you realise you should have the confidence to try and run your trades more?

I used to do work with a trading psychologist where he told me to write down where i thought the market would go pre entering a trade, and then note down where i got out and where it ended up going. Seeing in black and white that i was making the right calls but leaving profit on the table gave me more motivation to stay with the good ones. Could be something to try? You're half doing this exercise already...

Thanks. I know that I must do more than just run trades. I must have more confidence in my ability to gauge the difference between a trade I should run and one that I should scalp. I actually already do what you suggest. I have a voice recorder, notebook and pencil and I make notes all day and evening even during study and practice.

This is a travel quote but it's interesting because it summarises my trading experience and the way my methodology has evolved with time and experience.

"A man travels the world over in search of what he needs, and returns home to find it."
George Moore

And of course, Jesse Livermore says it all:

"Without faith in his own judgment no man can go very far in this game."

 

[new_trader]

25-02-2009

1)
sell [email protected]
buy [email protected]
----------------
0.25

Ok, an unimpressive trade today. However, what is important is that my figuring was correct and I stuck strictly to my methodology. You will just have to trust me when I say I would have held this trade into the low 750's.

Don't say a word JRP2891!

N.B: Deleted orignal because I forgot to add image.

 

[JRP2891]

Ok :whistling

 

[new_trader]

25-02-2009 Cont'd

2)

buy [email protected]
sell [email protected]
----------------
3.80

This was a scalp trade, although I knew it from the start. Had to be sure I am on still on the right track! I probably won’t do anymore trading today, just observing and forecasting etc.

Remember: No haste, no hesitation!

 

[JRP2891]

It seems like whenever you reduce your size, you trade how you should be trading...

Good flexibility to change your earlier directional bias.

 

[new_trader]

26-02-2009

1)
sell [email protected]
buy [email protected]
----------------
0.75

This trade was a case of hesitation even though I got out with a profit. I "wanted" to [email protected] but hesitated until 772.50. My figuring being the market should move into the low to mid 760’s. I only took 0.75 points but due to the late entry I closed the trade.

 

[new_trader]

1)
sell [email protected]
buy [email protected]
----------------
0.75

This trade was a case of hesitation even though I got out with a profit. I "wanted" to [email protected] but hesitated until 772.50. My figuring being the market should move into the low to mid 760’s. I only took 0.75 points but due to the late entry I closed the trade.

And there you have it. [email protected]

 

[new_trader]

27-02-2009

1)
sell [email protected]
buy [email protected]
----------------
(1.25)

2)
sell [email protected]
buy [email protected]
----------------
(1.25)

3)
sell [email protected]
buy [email protected]
----------------
(2.25)

4)
sell [email protected]
buy [email protected]
----------------
1.25

5)
sell [email protected]
buy [email protected]
----------------
2.00

I can't help think I'm a better scalper than holder. Trade 1 & 3 would be like trade 4 & 5 which are typical results of about 5/6 trades when I close them in profit. Trades 1,2,3 are typical of when I try and hold. The market dipped into the high 730's I was anticipating a move into the low 730's. Trade 3 closed with a bad fill and I don't know why it took so long for my order to be filled, that explains the extra 1 point loss.

 

[new_trader]

[email protected]