The Diary Of Not Even Semi-Serious DAX30 DayTader

[Purple Brain]

Best trades and most profitable trades come when you take action immediately and the trade moves immediately or at least almost.

Its one thing to have a group of strategies and set-ups to trade, its another thing to sit and set-up and strategy watch.

But your only going to make money or of course lose it if you actually take action.

I see plenty of people on this forum and on other places posting analysis and telling everyone how its going to be etc etc. But very rarely do they take action and anticipate the move.

If you have what you believe to be a good strategy or a group of them, and you see your set-up taking shape....then trade the bloody thing...take action ...be brave and anticipate the move before it happens.

By the time other traders see the move, you will be busy moving your stop to entry and taking some profit off the table as they are just beginning to enter!

What the worst that can happen?

You take a small lose.

To many traders are obsessed with entry and confirmation.

Such a good post. And leaves me almost in a quandary.

My prior trading method to the one I am using at present did precisely that; see an embryonic setup taking shape and get in before confirmation. What was missing was me cutting my losses if it didn't develop and sitting there watching it take my full risk off the table.

I progressed from that to aggressively moving my stop to control risk and getting out for smaller losses. As I mentioned in an earlier post, this works better on losing trades than winning ones where I cut short my profits. Obviously I can tell the difference between a trade moving against me and one that's in profit so there isn't really any excuse for not knowing when to wind the ratchet and when to cut it some slack.

My quandary is that this latest iteration of trading method waits for confirmation based on momentum - which also seems like a good idea. I'm certainly getting into less trades, but the ones I am taking are more likely to run to profit, though of course, I'm getting less of the run.

I thought I was happy with that, but your comments suggest I could consider once again getting in on the promise - some sort of hybrid approach where I get in small size (scale in) on potential setups and then ramp up to full size on confirmation. Seems like a best of both worlds approach - which immediately has me on my guard.

 

[WR1]

Best trades and most profitable trades come when you take action immediately and the trade moves immediately or at least almost.

Its one thing to have a group of strategies and set-ups to trade, its another thing to sit and set-up and strategy watch.

But your only going to make money or of course lose it if you actually take action.

I see plenty of people on this forum and on other places posting analysis and telling everyone how its going to be etc etc. But very rarely do they take action and anticipate the move.

If you have what you believe to be a good strategy or a group of them, and you see your set-up taking shape....then trade the bloody thing...take action ...be brave and anticipate the move before it happens.

By the time other traders see the move, you will be busy moving your stop to entry and taking some profit off the table as they are just beginning to enter!

What the worst that can happen?

You take a small lose.

To many traders are obsessed with entry and confirmation.

its all well and good - but most loose anyway

folks should take there time and as you say develop various strategys
(if possible for 3-5 instruments)

then trades come a plenty

this wk ive had 6 prime set ups and its only Tuesday, so may even stop trading for the wk

but only came from hard work making sure i know all the confirmations, then its easy

you obviously know what your doing so also comes easily - but often its experience and time served that enables you to anticipate moves as you ve seen it all before

 

[Mr Fox]

its all well and good - but most loose anyway

folks should take there time and as you say develop various strategys
(if possible for 3-5 instruments)

then trades come a plenty

this wk ive had 6 prime set ups and its only Tuesday, so may even stop trading for the wk

but only came from hard work making sure i know all the confirmations, then its easy

you obviously know what your doing so also comes easily - but often its experience and time served that enables you to anticipate moves as you ve seen it all before

6 prime set-ups already, wow.
Would it be rude of me to ask you to start a trading journal too, as this journal has not only been a very fascinating read, but to me, personally it has been very motivating, and I'm sure if you started one also it may be inspirational to others, and I.

Best
John

 

[DAX30DayTrader]

Best trades and most profitable trades come when you take action immediately and the trade moves immediately or at least almost.

Its one thing to have a group of strategies and set-ups to trade, its another thing to sit and set-up and strategy watch.

But your only going to make money or of course lose it if you actually take action.

I see plenty of people on this forum and on other places posting analysis and telling everyone how its going to be etc etc. But very rarely do they take action and anticipate the move.

If you have what you believe to be a good strategy or a group of them, and you see your set-up taking shape....then trade the bloody thing...take action ...be brave and anticipate the move before it happens.

By the time other traders see the move, you will be busy moving your stop to entry and taking some profit off the table as they are just beginning to enter!

What the worst that can happen?

You take a small lose.

To many traders are obsessed with entry and confirmation.

I see lots of talk, but no actions.

 

[Splitlink]

Scared to sit down on the sofa for 5 mins to get rid of my back pain in case I doze off again like yesterday.

Swing on the chandelier! Don't go to sleep. though.

 

[Mr Fox]

I see lots of talk, but no actions.

That's because my actions are a lot worse than my talk.


In regards to WR1 it was more of a case of not revealing his strategy, but just a journal listing trades to inspire others.

Btw Keep up the good work. It has been very insightful, and motivating, and I hope it encourages others to start their own journals.

Best
John.

 

[DAX30DayTrader]

How long do I keep this diary/journal going, I started it with no idea of time frame to run it and close it.

Didn't really think it would become popular.

 

[Mr Fox]

How long do I keep this diary/journal going, I started it with no idea of time frame to run it and close it.

Didn't really think it would become popular.

You've only kept it going for a week, and look how popular(inspirational) it is already, so why would you think about stopping.

Keep it going.

best
John

 

[DAX30DayTrader]

You've only kept it going for a week, and look how popular(inspirational) it is already, so why would you think about stopping.

Keep it going.

best
John

I need a get out strategy.

 

[Mr Fox]

I need a get out strategy.

I'm sure that will come when you've put a few noses out of joint of the unsuccessful seasoned posters with your constant success(and long may it continue), and they will start accusing you of having ulterior motives, and that you're really Gregg Secker in disguise wanting to sell us all the "Unlimited Wealth" programme.



Disclaimer: There are some very good people on here also that will help you as much as possible without the want of anything in return, and I am testament to this fact, as a poster on this forum has helped me so much that I'm forever indebted to his gratitude.

Best
John.

 

[DAX30DayTrader]

I need a get out strategy.

Do I just exit, or do I scale out, thats the question.

 

[DAX30DayTrader]

I'm sure that will come when you've put a few noses out of joint of the unsuccessful seasoned posters with your constant success(and long may it continue), and they will start accusing you of having ulterior motives, and that you're really Gregg Secker in disguise wanting to sell us all the "Unlimited Wealth" programme.



Disclaimer: There are some very good people on here also that will help you as much as possible without the want of anything in return, and I am testament to this fact, as a poster on this forum has helped me so much that I'm forever indebted to his gratitude.

Best
John.

I was only joking - well kind of.

I don't plan to stop this journal any time in the near future, so will just keep posting away. Though a time will come when I get board or whatever and call it a day.

Will defiantly run it up to xmas and if Im not sick of it, then I will continue it after xmas.

 

[be-positive]

I was only joking - well kind of.

I don't plan to stop this journal any time in the near future, so will just keep posting away. Though a time will come when I get board or whatever and call it a day.

Will defiantly run it up to xmas and if Im not sick of it, then I will continue it after xmas.

if you run it to xmas might send you a mince pie , or if you would prefer -- a dolly bird to sort out bad back

 

[Purple Brain]

DAX to hit 8815 before falling back?

If it does start to fall back from here, can I claim my totally random stab at a number was in fact a modest demonstration of my unerringly accurate prescience and start selling trading signals for the DAX?

 

[DAX30DayTrader]

if you run it to xmas might send you a mince pie , or if you would prefer -- a dolly bird to sort out bad back

I already got one of those, need to get me something else.

 

[DAX30DayTrader]

If it does start to fall back from here, can I claim my totally random stab at a number was in fact a modest demonstration of my unerringly accurate prescience and start selling trading signals for the DAX?

8817 was the R2 if your into those.

 

[superstunner]

dax is retracing after hitting 8820. expect more profit taking by traders.

 

[be-positive]

I already got one of those, need to get me something else.

lol -- Ah - so reason for sore back ???, far to much duvet action with jolly dolly over weekend, -- then come monday banished to couch so to make this weeks spending money for jolly/d :innocent:

 

[DAX30DayTrader]

Support - 8770, 8745/50, 695/700, 8675, 8650/55, 8615/20

Resistance - 8838, 8860/65, 8900

 

[be-positive]

morning ------ all the best today nick