[AbeSmith]

11:05CT. Long at 13495. Stopped out at 13483. -12. Total loss for today so far is -50 points. 4 roundtrips. Realized P&L is -267.04. That’s more than 2% of my account value if I was trading with real money. Will take some time out to think about my trading. A lot of my trades were high risk. Also, I think the constant logging and photoshoping is taking a toll on my concentration. Not thinking clearly, taking stupid setups and risks that I should not be taking, and frankly I should know better than that. Glad that I’m trading a paper account, but still I’m very disappointed in myself.

[AbeSmith]

Originally Posted by MrPaul »

Abe,

Are you watching any other time frame besides the 5 minute?

Looks like lunch has set in, gonna leave the screen for a while to refresh my mind.

Hey Paul. I tend to look at the 1 minute chart as well but a lot of my last trades I didn't even do that. I don't know what came over me. I do have the weekly chart up as well as the 2 day chart but they are IB charts and so not very useful.

[MrPaul]

Originally Posted by AbeSmith »

11:05CT. Long at 13495. Stopped out at 13483. -12. Total loss for today so far is -50 points. 4 roundtrips. Realized P&L is -267.04. That’s more than 2% of my account value if I was trading with real money. Will take some time out to think about my trading. A lot of my trades were high risk. Also, I think the constant logging and photoshoping is taking a toll on my concentration. Not thinking clearly, taking stupid setups and risks that I should not be taking, and frankly I should know better than that. Glad that I’m trading a paper account, but still I’m very disappointed in myself.

Don't be disappointed one bit! That's exactly what simulated trading is for. Imagine if they starting shoving our Air force recruits on their first day into real jets and told them "good luck!"

Much the same applies when trading alongside seasoned financial market professionals. The only difference is the barrier to entry.

Edison was once quoted saying "...Results? Why, man, I have gotten lots of results! If I find 10,000 ways something won't work, I haven't failed. I am not discouraged, because every wrong attempt discarded is often a step forward...." Keep this in mind as you learn to trade!

Originally Posted by AbeSmith »

Hey Paul. I tend to look at the 1 minute chart as well but a lot of my last trades I didn't even do that. I don't know what came over me. I do have the weekly chart up as well as the 2 day chart but they are IB charts and so not very useful.

In my opinion you can take that weekly chart and use it as a coaster while you monitor the 5 minute and 1-2 minute. The weekly charts are important but within the context of intraday trading they are better paper airplanes than guideposts.


If you need some more material let me know I still have 100's of trading texts/ resources you can have.

[james_gsx]

Two trades this morning, both breakouts that I set up in advance. First one was to the short side at 13,744 and covered quickly at 13,466 for +8. The second trade was to the long side a few minutes later at 13490 and out at 13496 for +6.

[james_gsx]

Stopped out on a breakout play, a loss of 2 YM lol

Should have seen that volume was light and the typical breakout probably would not have occurred.

Just had another breakout to the short side, this one confirmed with volume. Entry - 13479 and target +6, target was hit.

[AbeSmith]

Originally Posted by MrPaul »

Don't be disappointed one bit! That's exactly what simulated trading is for. Imagine if they starting shoving our Air force recruits on their first day into real jets and told them "good luck!"

Much the same applies when trading alongside seasoned financial market professionals. The only difference is the barrier to entry.

Edison was once quoted saying "...Results? Why, man, I have gotten lots of results! If I find 10,000 ways something won't work, I haven't failed. I am not discouraged, because every wrong attempt discarded is often a step forward...." Keep this in mind as you learn to trade!



In my opinion you can take that weekly chart and use it as a coaster while you monitor the 5 minute and 1-2 minute. The weekly charts are important but within the context of intraday trading they are better paper airplanes than guideposts.


If you need some more material let me know I still have 100's of trading texts/ resources you can have.

Thanks Paul. I appreciate that.

[james_gsx]

I thought this trade is worth sharing, especially when it comes to the whole idea of look for reasons as to why you are wrong with every trade. I entered this trade looking for a small breakout of 5 pts from the wedge. At first it looked like I was going to get the break out, entered the trade at 13469. Immediately the tape slowed and I saw a tick hook appear, nothing had quite yet happened so I quickly got out of the trade for break even. A few seconds later the YM fell 20pts blowing right through my stop highlighted in the green.

[brownsfan019]

What a day here... I can't begin to explain how rough this day has been. Right now, it's about break-even roughly and that's a miracle in itself.