SniperDaytrader
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Yes, I know. Recognizing the emotion is the biggest success. You can´t really control emotions but just acknowledging it helps a lot.
SniperDaytrader's journal
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SniperDaytrader
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March 3, 2015 still some mistakes
We had quite volatile day finally, but I still managed to make few mistakes. I also had some bad luck when I was not filled in the first trade, but that is part of this business I guess.
Point A I was waiting for the market to come to this point for couple of minutes. I entered long 4 ticks from higher low but I didn't get fill. Moment of my entry:
T1 Nice entry, just 2 ticks from local low but my greed kicked in and I didn't take 12 ticks profit because I was convinced I just catched the bottom of the market. At least I got out after the market returned to my entry point at BE+1
BTW. look how the market reacted to my preplanned support level (green rectangle).
T2 Still convinced that the market will move up, I entered long. Didn't work as expected so I killed the position at -4
T3 This was my best trade of today. Again just 3 ticks from the bottom, I learned from my last mistake (T1) and didn't take any chances when I saw the market struggling with the 4446.00 price level. This time it went much higher, but so is the trading. +8
There is acutally good lesson to be learned from this. If I took quick profit from both T1 and T3 I would be up $100. Second option was to aim higher but again WITH BOTH trades. T1 would end up as it did at BE, but I would cash $100 from T3. So either way I would make more money. THE KEY IS THE CONSISTENCY HERE. If you are not consistent, you usually end up earning less.
So as you can see, I still make some mistakes which I grew up from on SIM account but on the other hand I feel tiny improvements every day. This is much more important for me than actual dollar gain.
We had quite volatile day finally, but I still managed to make few mistakes. I also had some bad luck when I was not filled in the first trade, but that is part of this business I guess.
Point A I was waiting for the market to come to this point for couple of minutes. I entered long 4 ticks from higher low but I didn't get fill. Moment of my entry:
T1 Nice entry, just 2 ticks from local low but my greed kicked in and I didn't take 12 ticks profit because I was convinced I just catched the bottom of the market. At least I got out after the market returned to my entry point at BE+1
BTW. look how the market reacted to my preplanned support level (green rectangle).
T2 Still convinced that the market will move up, I entered long. Didn't work as expected so I killed the position at -4
T3 This was my best trade of today. Again just 3 ticks from the bottom, I learned from my last mistake (T1) and didn't take any chances when I saw the market struggling with the 4446.00 price level. This time it went much higher, but so is the trading. +8
There is acutally good lesson to be learned from this. If I took quick profit from both T1 and T3 I would be up $100. Second option was to aim higher but again WITH BOTH trades. T1 would end up as it did at BE, but I would cash $100 from T3. So either way I would make more money. THE KEY IS THE CONSISTENCY HERE. If you are not consistent, you usually end up earning less.
So as you can see, I still make some mistakes which I grew up from on SIM account but on the other hand I feel tiny improvements every day. This is much more important for me than actual dollar gain.
SniperDaytrader
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In order to earn money in e-mini Nasdaq or Dow Jones today, you had to have the fastest hands in the east
The markets have been quite volatile with extremely quick jump moves which required extremely fast reactions in order to get a good price.
Another thing was very strange auctions on reversals in the market. Many times confusing me and giving me contradictive information.
T1 Too early, but I realized it quickly and killed the position at BE. -0
T2 Reentry, but I realized that the market is not ready to rise yet. +3
T3 Another quick long and quick profit taking +5
T4 Probably the best trade of today, just 1 tick from the local high, though I had to close the position because of the auction +3
T5 Too early but I at least managed the loss -4
T6 Quick short, didn’t work so out at +3
T7 Probably the worst trade today. I was pulled into the long just by the tape. -5
T8 Nice long but there was already low volume and the market didn’t move som I killed it at +5
T9 Nice long just 2 ticks from local low. This was very strange because my profit target was overshoot by 1 tick and I still didn’t get fill. I picked the lmt order with mouse but I didn’t release the mouse button so it should have been there. I don’t know actually what happened here. +4
options-george
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Well that looks like a profitable day?
So what happened to the idea of picking your best setups and not putting too many trades? [Just playing devil's advocate!]
Nice trading!
So what happened to the idea of picking your best setups and not putting too many trades? [Just playing devil's advocate!]
Nice trading!
SniperDaytrader
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Well that looks like a profitable day?
So what happened to the idea of picking your best setups and not putting too many trades? [Just playing devil's advocate!]
Nice trading!
You are right though (and devil´s advocate is exactly what I need)
options-george
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I presume that getting feedback sometimes, and ensuring that you stay on the right path, is part of the reason why you are keeping your journal here?
I think it's a really great way to hold yourself accountable. Particularly if you are working on your own - say from home - then a forum like this one is the next best thing to being able to sit down with someone face to face.
Good luck for tmrw's session!
I think it's a really great way to hold yourself accountable. Particularly if you are working on your own - say from home - then a forum like this one is the next best thing to being able to sit down with someone face to face.
Good luck for tmrw's session!
SniperDaytrader
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OG: Exactly, that was the idea behind my blog. Therefore I am greatful for any comments. I like to discuss trading and maybe someone can learn from my mistakes so he doesn´t have to make his own.
Good luck to you as well, bud!
Good luck to you as well, bud!
SniperDaytrader
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I had some technical issues from the beginning today and then some bad luck later on. Good thing is that the markets are starting to move finally.
T1 My bad. Jumped in too early. Stupid trade. -4
T2 - T4 this was series of confusion and technical mistakes. I still can´t figure out what exactly happened during T2 even when I watch it on the video. After I was filled I suddently saw 4 different orders in the market. It looked like this
The stop loss order was just 2 ticks above my entry for some reason and I got stopped out instantly. After that I killed the other orders with ''flatten'' button in SierraChart, however I still saw the orders as pending in my TWS (Interactive Brokers platform). In this mess I still saw this as a short setup so I entered new order but unfortunately I was too confused and by mistake entered long instead of short. Well, this happens as well. As soon as I realized what I did, I killed the position as well and finally entered short but for bad price. I thought that Murphy had his fun with me for today, but he likes me a lot obviously. I placed my profit target at 4456.25 which is the price where the market dropped but I didn't get fill there and the market started to pull back, so I was moving my limit order higher to take at least some profit and suddently my clock alarm window popped up. I use it to remind me of data releases in the markets.
As I was closing the window market moved few ticks below my short order and everything I could do was to close it at BE+1. -2 -1 +1
T5 Finally an entry without any technical difficulties. I took long from pullback into trend. +16
T6 Another long into trend from pullback. This time the timing was even better - more patient. +7
T7 I entered long from nice 30min structure, tape was also very clear - lot of trapped bears. This is the setup I am usually waiting for. However somebody more powerful (and cunning) pushed the market even lower. During the whole period I was convinced the market has to rise so I gave the market room. As you can see from the picture, the market dropped with tick precision exactly at the price level where my stop loss was (and unlike the profit target, it is stop order so I was filled). After that it climbed back like crazy. ''Thank you'', Murphy -12
T8 Quick aggressive short after some trapped bulls. +8
Suma sumarum, I ended up with slight profit today but most importantly I learned a lot again.
T1 My bad. Jumped in too early. Stupid trade. -4
T2 - T4 this was series of confusion and technical mistakes. I still can´t figure out what exactly happened during T2 even when I watch it on the video. After I was filled I suddently saw 4 different orders in the market. It looked like this
The stop loss order was just 2 ticks above my entry for some reason and I got stopped out instantly. After that I killed the other orders with ''flatten'' button in SierraChart, however I still saw the orders as pending in my TWS (Interactive Brokers platform). In this mess I still saw this as a short setup so I entered new order but unfortunately I was too confused and by mistake entered long instead of short. Well, this happens as well. As soon as I realized what I did, I killed the position as well and finally entered short but for bad price. I thought that Murphy had his fun with me for today, but he likes me a lot obviously. I placed my profit target at 4456.25 which is the price where the market dropped but I didn't get fill there and the market started to pull back, so I was moving my limit order higher to take at least some profit and suddently my clock alarm window popped up. I use it to remind me of data releases in the markets.
As I was closing the window market moved few ticks below my short order and everything I could do was to close it at BE+1. -2 -1 +1
T5 Finally an entry without any technical difficulties. I took long from pullback into trend. +16
T6 Another long into trend from pullback. This time the timing was even better - more patient. +7
T7 I entered long from nice 30min structure, tape was also very clear - lot of trapped bears. This is the setup I am usually waiting for. However somebody more powerful (and cunning) pushed the market even lower. During the whole period I was convinced the market has to rise so I gave the market room. As you can see from the picture, the market dropped with tick precision exactly at the price level where my stop loss was (and unlike the profit target, it is stop order so I was filled). After that it climbed back like crazy. ''Thank you'', Murphy
-12T8 Quick aggressive short after some trapped bulls. +8
Suma sumarum, I ended up with slight profit today but most importantly I learned a lot again.
Sniper I like T5 and T6, you went with the strength and traded counter trend against the weak......are you with me?
Also the real money is made on the large move, we need to structure and execute our plan so we take the best the market can offer included a good move, trades with a RR of 1:4 and above are the one that pay the bills.....
Also the real money is made on the large move, we need to structure and execute our plan so we take the best the market can offer included a good move, trades with a RR of 1:4 and above are the one that pay the bills.....
SniperDaytrader
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Well, the most important aspect for me is the structure of the market and then the market auction which I observe on tape. This two together create high probablity mix.
As to the RRR. Yes, I constantly hear to "let the winners run". Please understand that in this phase I am still "playing". It is about gaining confidence in LIVE execution, not really about making money. The real money comes when I start to trade with multiple contracts. Purpose of the trades you see me doing now is to lock me in a RISK FREE trade later on when I will be trading with more contracts. I don´t believe in runners with single contract - the further your PT is, the more it is about luck than anything else. Remember anything can happen in markets at any given time. You can trade that way as well but with much less consistency and win%.
CONSISTENCY IS THE KEY FOR ME!
Yes I understand....
Just sharing, tell me to stop if you feel it is not helping....
ok structures is where a possible unbalance of order flow will happen and defines our field in the battle.....If we take trades in the direction of least resistance against the weaker hands there is a good chance that price will reach the next structure, there PA will tell us what to do, to take our profit or to wait for the next structure.....of course this if we are in a trend market.....
Personally I do not like to cover some while the market is going in my direction, I feel like selling something that everyone wants at a cheaper price, if the run makes 100 ticks/pips and I have covered half at +10, I will be not very happy....
Going to bed, have a nice WE.
SniperDaytrader
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Feel free to share your point of view, or post any comments. I am very open minded person and I like to discuss also different trading approaches.
You look like someone with lot of experience and zyur posts are very welcome here
SniperDaytrader
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I could synchronize with the markets today quite well. I messed up timing of the first two entries and therefore I started with a small loss even when the markets moved in desired direction. Nasdaq also reacted nicely to preplanned support (near T1).
T1 Premature long. I opted for quick 3 ticks loss when I realized it. -3
T2 Another premature long. This time even with bad trade management. -8
T3 Probably trade of today. I went short just 2 ticks from high of today. +12
T4 Quick probe trade. Didn't went as I planned so I opted for quick +1
T5 Long from the exact local low. +6
T1 Premature long. I opted for quick 3 ticks loss when I realized it. -3
T2 Another premature long. This time even with bad trade management. -8
T3 Probably trade of today. I went short just 2 ticks from high of today. +12
T4 Quick probe trade. Didn't went as I planned so I opted for quick +1
T5 Long from the exact local low. +6
Feel free to share your point of view, or post any comments. I am very open minded person and I like to discuss also different trading approaches.
You look like someone with lot of experience and zyur posts are very welcome here
ok here we have a great example, I also took this trade but covered very quickly but I am determined to stay in as much as I can in the future and I am working on it.
Easy? NO. Big balls are required to stay with your trades and technicality can tell us when is time to stay only for a short time instead.
EU last Friday:
A clear DTBF, risk 8 pips, if stayed till the end of the day and not partial covering, +177 pips.
In my case the risk is 1.5%, this trade made 33%.. a few of those a month plus the usual days will place us in at a different category....
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SniperDaytrader
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Weekly results: Week 10
The previous week was disaster. This week my trading started to look better. The markets started to move finally as well.
What I need to work on are premature entries and reducing the average loss (trough better entries). Another area which requires improvement is increasing the average profit per trade. The average profitable trade this week was $26.55. Ideally it should be higher than $30. The percentage of profitable trades rised to 60.71%. Ideally it should be in 75-80% range.
Good news is that even when the profits have been small, I made profit every single day of the week. I ended up this week with $146.88 profit and managed to decrease the drawdown from previous week. From the beginning of LIVE session during very tough market period I am down only $60.
Alltogether, I am quite satisfied with my progress so far. The most importatnt for me is to remember that this phase of trading is not about earning lot of money, but about building confidence and basis for future multicontract trading.
The previous week was disaster. This week my trading started to look better. The markets started to move finally as well.
What I need to work on are premature entries and reducing the average loss (trough better entries). Another area which requires improvement is increasing the average profit per trade. The average profitable trade this week was $26.55. Ideally it should be higher than $30. The percentage of profitable trades rised to 60.71%. Ideally it should be in 75-80% range.
Good news is that even when the profits have been small, I made profit every single day of the week. I ended up this week with $146.88 profit and managed to decrease the drawdown from previous week. From the beginning of LIVE session during very tough market period I am down only $60.
Alltogether, I am quite satisfied with my progress so far. The most importatnt for me is to remember that this phase of trading is not about earning lot of money, but about building confidence and basis for future multicontract trading.
SniperDaytrader
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March 9, 2015 step by step
Step by step I am slowly improving my trading. The market was also moving quite nice today.
T1 Somehow I still make at least one mistake per day. This entry was again premature. -7
T2 Reentry on the same idea, this time even the timing was right. +12
T3 Tried a littlebit more aggresive short. I didn't see what I wanted to see on the tape so I killed the position at BE+1
T4 Went long just 2 ticks from local low. +12
My trading results are also starting to look more like what I was used to.
Step by step I am slowly improving my trading. The market was also moving quite nice today.
T1 Somehow I still make at least one mistake per day. This entry was again premature. -7
T2 Reentry on the same idea, this time even the timing was right. +12
T3 Tried a littlebit more aggresive short. I didn't see what I wanted to see on the tape so I killed the position at BE+1
T4 Went long just 2 ticks from local low. +12
My trading results are also starting to look more like what I was used to.
SniperDaytrader
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I started visiting MMA classes and my trading suddently got more difficult
SniperDaytrader
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Trade like a sniper, part IV. – 3 pillars of success
Accuracy of sniper shots is influenced by three main factors: weapon system (rifle + optics + accessories), ammunition and the shooter himself. Each of these components are equally important. Take the best modern sniper rifle with floating barrel, put the best scope on it, reload accurate ammunition adjusted for the rifle's chamber and put it all into hands of someone who never shot rifle before and he won't be able to hit a barn at 500 meters. If you put old rusty rifle in the hands of skilled sniper he won't be able to achieve the accuracy he is used to. As you can see, if you replace just one of these three components with inadequate one the result is terrible.
Trader relies as well on 3 pillars when trading: money management, trade management and trader himself
full article
Accuracy of sniper shots is influenced by three main factors: weapon system (rifle + optics + accessories), ammunition and the shooter himself. Each of these components are equally important. Take the best modern sniper rifle with floating barrel, put the best scope on it, reload accurate ammunition adjusted for the rifle's chamber and put it all into hands of someone who never shot rifle before and he won't be able to hit a barn at 500 meters. If you put old rusty rifle in the hands of skilled sniper he won't be able to achieve the accuracy he is used to. As you can see, if you replace just one of these three components with inadequate one the result is terrible.
Trader relies as well on 3 pillars when trading: money management, trade management and trader himself
full article
SniperDaytrader
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March 11, 2015 picking tops and bottoms
Today I managed to pick several tops and bottoms with great precision, but I added also some sloppy trades to the mix. I ended up in profit again, but I could have done better without those trades. I tried couple of trades in Dow Jones and both ended up in a loss. I think I will concentrate more on Nasdaq in the future.
T1 I picked up the bottom 4 ticks from low. +4
T2 I picked up the top 4 ticks from high. +6
T3 I tried long in DowJones but had bad price. I opted for quick loss instead of giving the market more space. Even when I can see retrospectively that it would have ended up in profit, I still think that it was good decision. -5
T4 I picked local low just 2 ticks from low. +6
T5 Bad trade, bad management. I took it too prematurely. -8
T6 This was more of a reentry in different market. Still bad idea. -6
T7 Finally a trade which made a little money as well. +18
Today I managed to pick several tops and bottoms with great precision, but I added also some sloppy trades to the mix. I ended up in profit again, but I could have done better without those trades. I tried couple of trades in Dow Jones and both ended up in a loss. I think I will concentrate more on Nasdaq in the future.
T1 I picked up the bottom 4 ticks from low. +4
T2 I picked up the top 4 ticks from high. +6
T3 I tried long in DowJones but had bad price. I opted for quick loss instead of giving the market more space. Even when I can see retrospectively that it would have ended up in profit, I still think that it was good decision. -5
T4 I picked local low just 2 ticks from low. +6
T5 Bad trade, bad management. I took it too prematurely. -8
T6 This was more of a reentry in different market. Still bad idea. -6
T7 Finally a trade which made a little money as well. +18
SniperDaytrader
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Thanx for the support DJ and good luck with your trading as well
