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Welcome to my trading garage, if you step into the garage be careful!
About Me
Recently retired auto mechanic, worked 45 years repairing cars and light trucks, ending my career at a Maserati Dealership.
Trading Education
Back in the late 90's I dabbled with stock buying. Made a tiny bit of money then lost interest. In 2014 I found a new interest in futures trading. I didn't know the first thing about trading futures so I searched the internet and found someone that I felt was genuine. This person didn't have that sunglass look sitting on the beach, that person was Mack of Price Action Trading. I learned much from Mack but eventually ventured out on my own, learning from other YouTubers. In that time I have blown through many of my trading accounts and thousands of dollars, including two Prop Funded accounts that I lost very soon after getting funded. After my time with the funded accounts I found I had lost confidence, a total change for the worse had affected me after that experience. I have now recovered and have settled on a new trading methodology. We will see how this goes and if it will be a successful.
Method
You will see many arrows drawn on my chart, they are support and resistance. Some are darker than others meaning they are part of the bigger picture, some are pink lines drawn from the daily chart. I use the daily chart along with a 30/60 minute chart but I take more interest in the daily chart for support resistance. The chart I trade on is a 2000 tick chart (Mack's and mine favorite chart). I also use trend lines but recently have focused more on the support and resistance arrows drawn. When PA gets to one of my support resistance arrows area, if there is large enough prior candle stick, I will take a trade against the trend to earn a scalp. I also have recently started using a ATM runner but not very confident with its actions. If you follow what I'm doing I will try and explain what it is or why I made the trades.
Strengths
I love trading, if my body permitted I could sit all day and trade but I now know a few hours is best and stop.
Weakness
Not accepting that I was wrong then moving my Stop loosing all profits. That is why I have created this journal, to become more accountable with letting my Stop do its job.
What more can I say
Until I can prove to myself that this is a good concept I will only trade Live Sim. I will try and post a daily chart with explanations as to why I took the trade. I am eager to start back trading live with real money on the line but unfortunately because I have been at this for so long, if I can not show consistency with profit, trading in Sim, I will most likely then, stop trading. At some point in life you have to know when to say when, I feel very close to that now but hopefully not. Thanks for following my journal and I welcome comments.
Off to a good start, my first long winded post was lost. My bad, no doubt. Instead of writing long post I think only a few words about each image.
Journal2
Shorted at 5044, looking to scalp out at 5043 with 3 contracts with 2 contracts runner.
Journal13
Three contracts +1point, two contracts stopped out with + 2 ticks
I would say to just analyze what I'm doing for a while to see what I'm doing is understandable.
You can see I'm also using trend lines and measured moves. When these line up with my support resistance lines, all the better. Everything in context matters, I'm watching everything.
Journal 14
I will work on making the images bigger/clearer to see. Overall todays trades were good, 6 profits, 2 losses. One of the losses was a stupid News trade I should not have made. The other loss was part of a ATM with runner, somehow it went against me after scalping 1 point.
This is my new trading methods, I have always look to make profit off continued moves but because I can't afford large Stops this scalping feel right.
Todays performance overall was good but showed some weakness. Was too early with Trade 3 for a loss. Came right back in for a gain. Trade 6 was also too early on the entry but was disciplined enough to take an early Stop. Trade 7 appeared to be a good trade but in hindsight it wasn't thought out clearly. There wasn't a prior candle to fill, plus price action was stacking up. Trade 8 went against my new method, more revenge trading to make up for the prior loss. Trades 9,10 and 11 were good trades. Overall 8 winning trades 3 losses for a gain of $1,150. Will post the Trade Performance after todays close.
Spent a lot of time focusing on my chart and if it would show what it is I'm trying to do. It is very hard to explain a persons trading reasoning. Yes this journal is for my benefit but would also like others to understand what I am trying to do.
Couple charts to show, I see now the arrow lines I drew are a little to faint, will correct tomorrow. 1st chart just showing where I place my support resistance arrow lines prior to next days price action.
Last chart showing dotted arrow lines from yesterdays price action and where support and resistance can be expected.
Todays focus after weekend study. After establishing trend enter only in that direction unless in a range, then only at support resistance. Large prior candlesticks give better chance of success with wick returning more towards the trend. When price action slows keep eye on the tick counter. Don't enter in the middle of a leg. Don't trade if wicks are stacking up, wait for better entry. Pay attention to how the candlesticks open and close when at support resistance.
Screenshot (527)
Morning session was difficult, many distraction. Took a break at 10:00am
Continued trading at 11:30, took second break at 1:00 pm.
Continued trading at 1:45pm until 3:30pm
Overall trades
Grading for today, overall poor. Morning session was frustrating. Made poor decisions at the start which was hard to shake. Then multiple distractions followed. My plan was to only enter with the trend, after watching several good trades go by I decided to take what was offered. I struggled again with Stop placement, told myself it's better to be wrong early. Was very impatient with price action today, moved my stops to breakeven and was stopped out just to watch it go my way and miss out on good trade. I was down all morning until I took a break at 1:00pm. After my break I was able to make a small profit for the day but it took almost to closing.
Biggest lessons learned today, In the morning I'm anxious to trade, can't wait to pull the trigger. If I have sat and traded the entire day, late in that day, I hesitate on every trade to pull the trigger.
Tomorrows focus, be patient with the trade and look to get multiple points on each trade.
Apparently I wasn't having any pre trading thoughts this morning and that's how my trading started off today and again found myself playing catch up all day. After thinking about it I remind myself that I'm study a new method of scalping. It isn't about win or loss at this point. I feel that there is merit to this method but not a method I feel totally good with. As I reflect I see I failed to account for measured moves, typical price action movement or just the context of it all. Give this method another try tomorrow but pay attention to the big picture.
Pre Opening
Trading
Take away today, don't try and predict market direction, go with what you see.
Note: green squares is a win, red a loss.
Focus on the larger picture, remove smaller time frame arrows as I go, be patient at support resistance areas.
Today I did anything but Follow my Plan. It's bad when you yourself has to sallow a trading day like I had today but worse when I should share it with others to see in a journal. Hopefully by sharing it will somehow help me in the long run. No excuses today, once again like yesterday morning I started off with a loser. Should not have made that trade, the market was dropping rapidly, I thought it was ready to reverse and I jumped on it only to instantly get stomped out. Not taken no for an answer I did the same thing two more times. Had I drawn a measured move it would have maybe kept me from entering. There were more loosing trades at the same area but it got cluttered up and I couldn't evaluate them.
Worse than the above moves, I moved my Stop multiple times today so far that had they been hit I would have blown the account. For that reason I feel the biggest defeat today. Not much more to say.
Take Away even though I'm in Sim mode it matters, don't be foolish.
Your results are a bit skewed since commissions are not being factored. Right click on the simulation account and then click EDIT ACCOUNT. Select the NinjaTrader commission pull-down and then choose FREE, MONTHLY, or LIFETIME.
Additionally, you should be earning or costing your account 10x less than as being reported, even if this is a simulation. When you were a mechanic, you didn't start working on Maserati, you started with Ford (or equivalent). You earned the right to work on Maserati with world-class skill & aptitude. Approach trading (or any new business) with the same mindset. Trade MES, prove yourself, and then you will have earned the right to trade ES after months & possibly years of statistics. The timeline to trade ES is ultimately dependent on your personal growth; your results will speak for themselves.
Don't give the market any more of your hard-earned money than is absolutely necessary, especially in the beginning. Don't inflict needless psychological and financial damage onto yourself. Your primary task now and in the foreseeable future is to build skills. Trade MES.
Thanks for your observations, always appreciated. I for the fun of it did on the SIM account select Lifetime and then reopened the Trade Performance chart and found no difference in the accounting. At any rate to better explain my actions. I am not focused on dollars, I am focus on will this scalping strategy be something I can rely on as well as other trading methods.
"earning or costing your account 10x less than as being reported" don't understand what your saying. Not being critical with your other comment but in my defense, I have been studying the ES since 2014. I have woke every morning for ten years, two to three hours before work and either Sim traded or Live traded the ES as well as the MES. I have lost several $5k accounts in the process but have equated that to a college education. I have also recently passed Apex Funded accounts but the draw downs on both instances knocked me out. I don't recommend funded trading and I not big on what I'm doing now, here with this journal using a SIM account but I am aware of the cost.
I agree, hopefully this journal will help me build more skills.
For the SIM Commissions, they will not take effect for old trades - only new trades going forward.
By 10x, I refer to MES being 1/10 of ES. Start in the minor league and get called up to the big leagues. You can get 10x more education with MES than ES. I just don't want to see another trader on the forums lamenting the $10,000 they gave away after recovering from a mind freeze event when it could have been just 1/10th.
I don't recommend the funded trader programs, either.
