# Daily Trade Review Process



## CanOz (1 May 2013)

I just wanted to post what i've started doing for my daily trade review process now that i'm trading live again...with a reliable connection.

So i've added the daily trade review to my daily homework routine and i'll do it before i structure the market and prepare for the days session.

Basically what i'm trying to do is scalp up a cushion, in order to take larger size trades at my levels. 

This week is live practice on CL to build up that cushion. 

What i would like to know is if my trade review process is adequate, or if any of the more experienced traders could give me a few tips on what to add or take away. 

The review of stats is not included, but thats part of the process. What i'm focusing on here are the individual trade reviews.

*The Process*

I review and rate (out of 10) each trade in order for:
*Concept * - what was the idea behind the trade and how do i rate the idea?
*Entry quality* - did i get in where i should have?
*Trade management* - Did i manage the trade as well as i could have considering BE, scaling in etc.?
*Exit* - did i exit the position correctly?
*Overall emotions* - How did i feel during the trade, relaxed, nervous, etc.
Total Avg. Score

What to do less of or stop doing:
What to start doing or do more of:

Here is an example:

*Trade 5 *
*Concept * -  brk lower thru band, 7 good idea, lots of selling pressure evident on the tape
*Entry quality* - 9 not too bad, right when the orders started to hit the bid...
*Trade management* - 2 I exited too early when the price hit the next level, i should have went to BE or waited for buyers....they never appeared.
*Exit* - 0 exit too early
*Overall emotions* - 5 a little nervous, it happened quite quickly, scared price would snap back...
Total Avg. Score 4.6

What to do less of or stop doing: Need to stop taking profits too early
What to start doing or do more of: Setup the NT ATM to move me to BE automatically and stick with it unless the buyers jump in and it reverses.

What do others use as a review process? Am i considering everything?

Cheers,


CanOz

Edit: Thanks SKC...i just found this thread as well


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## Gringotts Bank (1 May 2013)

CanOz said:


> *Overall emotions* - How did i feel during the trade, relaxed, nervous, etc.




I think you'll find this is where you get the most powerful feedback.  It's not to say you ignore the other factors mentioned, but that these factors will all show up here.  When I did this, I looked at feelings before, as-I-click, in-trade and after selling.  

But you knew I'd say something like that.  And you may well ignore it.  Everyone else will.


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## CanOz (1 May 2013)

Gringotts Bank said:


> I think you'll find this is where you get the most powerful feedback.  It's not to say you ignore the other factors mentioned, but that these factors will all show up here.  When I did this, I looked at feelings before, as-I-click, in-trade and after selling.
> 
> But you knew I'd say something like that.  And you may well ignore it.  Everyone else will.




Not at all GB, actually emotions are my weakest link...My techniques to structure the market are quite solid, my ability to read the order flow in markets like the DAX and CL are pretty good now...my problem is that when i enter a trade, i lose the confidence in it right away...i need some wins under my belt to improve this. Emotions are my biggest challenge because it clouds all of my other advantages. So i'm looking to see if my emotions are revealing any improvement or not.

Anyway, thanks for the input GB.

CanOz


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## Gringotts Bank (1 May 2013)

CanOz said:


> Not at all GB, actually emotions are my weakest link...My techniques to structure the market are quite solid, my ability to read the order flow in markets like the DAX and CL are pretty good now...my problem is that when i enter a trade, i lose the confidence in it right away...i need some wins under my belt to improve this. Emotions are my biggest challenge because it clouds all of my other advantages. So i'm looking to see if my emotions are revealing any improvement or not.
> 
> Anyway, thanks for the input GB.
> 
> CanOz




See my signature?

Ramp up the fear as big as you can.  Make yourself scared on purpose.  Really terrify yourself, but do it consciously and voluntarily , rather than as a reaction.  Imagine your trade getting smashed by a massive gap, imagine your PC going 'blue screen' at just the wrong moment...and your phone isn't working.  Do it when in-trade.  Now the chart will look qualitatively different.


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## CanOz (1 May 2013)

Gringotts Bank said:


> See my signature?
> 
> Ramp up the fear as big as you can.  Make yourself scared on purpose.  Really terrify yourself, but do it consciously and voluntarily , rather than as a reaction.  Imagine your trade getting smashed by a massive gap, imagine your PC going 'blue screen' at just the wrong moment...and your phone isn't working.  Do it when in-trade.  Now the chart will look qualitatively different.




I see...so because in reality non of that happens you learn to move on and focus on the situation calmly...


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## Gringotts Bank (1 May 2013)

CanOz said:


> I see...so because in reality non of that happens you learn to move on and focus on the situation calmly...




No. There's fear of loss (everyone has it to some degree).  If you try to not feel it, it will grow and you will get more tense.  The more tense you are, the less objectively you will perceive all the information available to you.

If a person is terrified of dogs, he will find himself jumping at shadows when he goes for a walk outside.  He can try to calm himself, but that's only partially effective; as soon as a dog appears, he acts irrationally.  Even if it's a friendly golden retriever who wouldn't hurt a fly, he can't process that information correctly.  Anything with 4 legs and a tail is a threat.  His rational mind will tell you it's ridiculous to fear such a dog, but he still fears it anyway.  He can't help it.

If you tell  him to tense up as much as possible and create the fear himself, then there's an element of acceptance built into that psychological manoeuver.  Any emotion that is accepted tends to disappear quite quickly.  Objectivity returns, and perception is sharp and accurate.  The retriever is very likely to be a non-threat (hold your position).  A doberman running and barking and off it's leash is a potential threat, and should be treated appropriately (sell).


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## CanOz (1 May 2013)

Gringotts Bank said:


> No. There's fear of loss (everyone has it to some degree).  If you try to not feel it, it will grow and you will get more tense.  The more tense you are, the less objectively you will perceive all the information available to you.
> 
> If a person is terrified of dogs, he will find himself jumping at shadows when he goes for a walk outside.  He can try to calm himself, but that's only partially effective; as soon as a dog appears, he acts irrationally.  Even if it's a friendly golden retriever who wouldn't hurt a fly, he can't process that information correctly.  Anything with 4 legs and a tail is a threat.  His rational mind will tell you it's ridiculous to fear such a dog, but he still fears it anyway.  He can't help it.
> 
> If you tell  him to tense up as much as possible and create the fear himself, then there's an element of acceptance built into that psychological manoeuver.  Any emotion that is accepted tends to disappear quite quickly.  Objectivity returns, and perception is sharp and accurate.  The retriever is very likely to be a non-threat (hold your position).  A doberman running and barking and off it's leash is a potential threat, and should be treated appropriately (sell).




Ah, i understand...makes sense. I think i could use that GB, thanks!

CanOz


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## Trembling Hand (1 May 2013)

CanOz said:


> What i would like to know is if my trade review process is adequate, or if any of the more experienced traders could give me a few tips on what to add or take away.




You sure you will be able to find any more so than yourself?


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## CanOz (1 May 2013)

Trembling Hand said:


> You sure you will be able to find any more so than yourself?




I have little experience in intra-day trading, relative to yourself and the other Prop/Ex-Prop guys. Was hoping you all could give me a few tips on the review process...

CanOz


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## Trembling Hand (1 May 2013)

CanOz said:


> I have little experience in intra-day trading, relative to yourself and the other Prop/Ex-Prop guys. Was hoping you all could give me a few tips on the review process...
> 
> CanOz




Well then I reckon the review process is useless if firstly you haven't got a list -  a short one - on things you are working on. Actualy measurable and clearly quantifiable outcomes. Fix 1 thing a week/month. Keep on moving on....


You cannot work to fix being,


> a little nervous



Unless you accept that being deluded is a good way to go. IMO.


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## CanOz (1 May 2013)

Trembling Hand said:


> Well then I reckon the review process is useless if firstly you haven't got a list -  a short one - on things you are working on. Actualy measurable and clearly quantifiable outcomes. Fix 1 thing a week/month. Keep on moving on....
> 
> 
> You cannot work to fix being,
> ...




I'm sorry, but can you rephrase this? What are you getting at, i don't understand...


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## Trembling Hand (1 May 2013)

CanOz said:


> I'm sorry, but can you rephrase this? What are you getting at, i don't understand...




haha - which bit, first bit or the bit about being nervous or both?


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## CanOz (1 May 2013)

Trembling Hand said:


> haha - which bit, first bit or the bit about being nervous or both?




Well both...but to clarify...

I do currently have a few core issues that I'm working on to help me control my emotions during trading. This is an issue you may not even understand, you may not be an emotional person, i don't know. For me, i have an issue when my hard earned money (20 years of savings) is on the line, however, the emotions are mitigated once i have a "cushion" to work with. So yes, your right, i don't need a review process to catch that one, its there and always has been with Intra-day discretionary trading. The live trading, scalping to build an account cushion, is meant to help me over come this....

what does this mean?


> Unless you accept that being deluded is a good way to go. IMO.


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## waza1960 (1 May 2013)

Well here's my  worth..................

  Canoz with your market knowledge I think you will achieve good entries more often than not.

  Seeing as I consider entries as least important and MM imperative that's where I would concentrate.


> What to start doing or do more of: Setup the NT ATM to move me to BE automatically and stick with it unless the buyers jump in and it reverses



  That's exactly what I would be doing
  If you setup say the ATM to help structure Money management/Trade management this will give you support until you gain more confidence and perhaps you could include this in the trade review.
  I would also list your position size and make it progressive/week.
  If you follow the theory of scalping then increasing size how do you regulate this?
  If you concentrate on MM/TM then the emotions aren't as relevant IMO.


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## CanOz (1 May 2013)

waza1960 said:


> Well here's my  worth..................
> 
> Canoz with your market knowledge I think you will achieve good entries more often than not.
> 
> ...




Your  is always welcomes Waza

I'm scalping with 1 contract only to enter, but if i see something too good to pass up in the book then I'll add another. For example, last night i was long once contract, but i added another as it took out a number, you could just see it was going to pop through...

CanOz


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## Trembling Hand (1 May 2013)

CanOz said:


> Well both...but to clarify...
> 
> I do currently have a few core issues that I'm working on to help me control my emotions during trading. This is an issue you may not even understand, you may not be an emotional person, i don't know. For me, i have an issue when my hard earned money (20 years of savings) is on the line, however, the emotions are mitigated once i have a "cushion" to work with. So yes, your right, i don't need a review process to catch that one, its there and always has been with Intra-day discretionary trading. The live trading, scalping to build an account cushion, is meant to help me over come this....
> 
> what does this mean?




This is the whole scam with the mind game and trading nonsense.

You are taking a chance on something that has an uncertain outcome while having a considerable want to have it go your way. (not just the next trade but also the outcome of the next 1000 trades)

You SHOULD be nervous. You are putting "hard earned money (20 years of savings).. on the line". Not only that your pride, self-worth and pressure of family, friends and now this place. This is why you should be nervous._ You don't know if you are profitable._ No amount of mind games and discipline is going to get away from that fact. If you can take a trade and not be nervous you are either an abnormal human being (brain damaged) or successfully deluding yourself to FACTS. 

You cannot work on just "not being nervous" in a trade as a singular goal. Again unless one can BS yourself away from uncertainty. 

What you can do is after the sim phase (which you have done) is start very small so at least the $ outcome will not hurt you. Then its a matter of concentrating on taking the 2-3 setups and exits you think work(from simming) over and over until you have proven to yourself YOU ARE PROFITABLE. Magic, all of a sudden mild nerves are just a small part of the game. Nerves are a symptoms not a cause. By all means manage them but to rid yourself of them you must cure the cause - 3 months of profitable trading (or even just near breakeven) will do it. Trust me.

From this small live trades you will start to see the same old stats turn up. Basically it will be a need to stretch the avg winning amount. And with disc trading - control/stop the frustrated crap/out of sync rubbish trades. If you just print out the trades at the end of the day what you need to do will stand out like dogs balls,
"yes good entry, well anticipated move, my kinda setup etc, bailed out too soon, didn't even take much heat, Blah blah". without knowing what you are trying to do but it will all be there if you have an edge. Just fix a few things at a time.

So your review would actually be a score of how you executed your list of fixes. Given that your trade ideas and market read have an edge. If you just start scoring everything that pops up each day you will have a list of crap so large you will not be able correct the next little step/skill which needs to be perfected. As such make no progress and stay nervous and frustrated then that will be the common theme (symptom) and you'll start thinking that trading is a mind game.

I don't think it is - its a game of laying down Myelin.

Of course others will disagree.


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## Trembling Hand (1 May 2013)

CanOz said:


> I do currently have a few core issues that I'm working on to help me control my emotions during trading. This is an issue you may not even understand, you may not be an emotional person,




Err just to add, I don't know if anyone has noticed? But I'm a very flawed individual. Highly emotional, grumpy, short tempered, overly competitive, arrogant, bitchy, erratic........  I'm sure some others could ad a few more emotions/personality flaws. 

But it doesn't stop skill development. (probably helps it)



Fire up dude!


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## tech/a (1 May 2013)

*Don't disagree*.(With any of the last 2 posts)

In fact you stop reading everything you can put your hands on.
You forget about theory's.
You know exactly what to do and when to do it.
You don't review anything.--You don't have to.

When you know how to trade you know how to trade.

You just do business everyday.


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## CanOz (1 May 2013)

tech/a said:


> *Don't disagree*.(With any of the last 2 posts)
> 
> In fact you stop reading everything you can put your hands on.
> You forget about theory's.
> ...




Not sure exactly where you're going with this Tech/A...? Are you saying that professional traders don't review thier trades to try and improve? They just "know" how to trade? So they've always known how to trade? 

Perhaps you could expand a little?

CanOz
Still taking in what you posted TH....thanks for taking the time to post that.


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## CanOz (2 May 2013)

> .    What you can do is after the sim phase (which you have done) is start very small so at least the $ outcome will not hurt you. Then its a matter of concentrating on taking the 2-3 setups and exits you think work(from simming) over and over until you have proven to yourself YOU ARE PROFITABLE. Magic, all of a sudden mild nerves are just a small part of the game. Nerves are a symptoms not a cause. By all means manage them but to rid yourself of them you must cure the cause - 3 months of profitable trading (or even just near breakeven) will do it. Trust me.
> 
> From this small live trades you will start to see the same old stats turn up. Basically it will be a need to stretch the avg winning amount. And with disc trading - control/stop the frustrated crap/out of sync rubbish trades. If you just print out the trades at the end of the day what you need to do will stand out like dogs balls,
> "yes good entry, well anticipated move, my kinda setup etc, bailed out too soon, didn't even take much heat, Blah blah". without knowing what you are trying to do but it will all be there if you have an edge. Just fix a few things at a time.




Thanks allot Trembling Hand, probably the best advice given to intraday trainees to date....

Really appreciate that.

CanOz


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## tech/a (2 May 2013)

CanOz said:


> Not sure exactly where you're going with this Tech/A...? Are you saying that professional traders don't review thier trades to try and improve? They just "know" how to trade? So they've always known how to trade?
> 
> Perhaps you could expand a little?
> 
> ...




No I'm saying I and those I know as profitable don't use a logging review process.
Those who are on " L " plates can and do.

Sure you'll look at various aspects of current markets but thats all part of knowing.
Like slowing down your driving when it rains or changing to wet weather tyres.
You know how to drive----

Practice practice practice (refer T/H reply above ) will increase your " knowledge " and once you understand
The results of all this practice it's like riding a bike---you never forget.
but if you " don't get it " you'll look at every new theory that appears.
Read every new book, attend seminars, ask if this or that method makes you a buck.

You see it EVERYDAY on this forum.


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## waza1960 (2 May 2013)

Great Posts Tech/A & TH 
 Any newbie starting to discretionary trade should imprint the last half dozen posts in their brain.
 Best and most succinct advise I have seen but it doesn't sell books


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## boofis (2 May 2013)

Trembling Hand said:


> What you can do is after the sim phase (which you have done) is start very small so at least the $ outcome will not hurt you. Then its a matter of concentrating on taking the 2-3 setups and exits you think work(from simming) over and over until you have proven to yourself YOU ARE PROFITABLE. Magic, all of a sudden mild nerves are just a small part of the game. Nerves are a symptoms not a cause. By all means manage them but to rid yourself of them you must cure the cause - 3 months of profitable trading (or even just near breakeven) will do it. Trust me.




Great post. I will put in my experience re. starting small $ value by saying it is of utmost importance. After simming I had the youthful arrogance to 'know' I was profitable  so went hard out with the position sizes relative to account and had some ridiculous pnl swings which inevitably took the focus off of trading to "oh fark I've lost/made so much money". 
Do it CanOz we're all barracking for you mate!


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## CanOz (2 May 2013)

Interesting, last night I ended my CL session -25 ticks. After reviewing my trades the day before, I tried to hold on to winners longer ad also move my stops to BE sooner. We'll it was a different animal last night, as a result I lost two 12 tick winners, just to recall a couple.

I will be reviewing them this morning again, I need to do this review and quite frankly, I can't imagine any intraday traders not doing some kind of trade review when at the stage I'm at....

On a positive note, the two or three setups I use work well. I've just gotto get better or faster at deciding when to move to BE, take profit etc....I know right now that trading more cars would have helped the PL, but taking the heat with more on is harder, so I know it's not the answer.

There are two many trades in my result that shouldn't be there and need to be weeded out too.

Lots of work to do.

Thanks folks....also for the PMs.

CanOz


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## Trembling Hand (2 May 2013)

CanOz said:


> There are two many trades in my result that shouldn't be there and need to be weeded out too.




To my thinking this is one of the most powerful post i have EVER read. It relates directly to the crap trading IMO.



craft said:


> I like these loser threads because they get the closest to the right approach.
> 
> Risk by its very definition is being exposed to a possible negative outcome.
> 
> ...




Very relevant to intraday trading where you can get caught up in the price action and take less than idea trades.


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## CanOz (2 May 2013)

> You can only do two things to control risk.
> 
> 1) Take risk on when it’s priced favourably. (according to your strategy)
> 
> ...





Yeah....in the past i would become too discouraged by that " noise " and give up, not giving my method time to overcome the noise and realize that i can be profitable. That first crest is tough one...


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## tech/a (2 May 2013)

I don't know about everyone else

But I place a stop at as fast as I can
B/E (Mentally) if trading the FTSE/DAX then concentrate on getting the most out of that trade.
If stopped at B/E or small slippage I'm not fussed.

Similar when Portfolio trading.
Once I have a fixed B/E stop its just a matter of catching as much of the move as you can.

I look for momentum and get on.
Get off when it hiccups.


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## CanOz (2 May 2013)

tech/a said:


> I don't know about everyone else
> 
> But I place a stop at as fast as I can
> B/E (Mentally) if trading the FTSE/DAX then concentrate on getting the most out of that trade.
> ...




I use hot keys to enter because I'm not entering where there is little trade, I'm entering where there is a hundred orders pounding the quantity on bid and its just sitting there being eroded until it finally gives way and market drops 15 ticks faster than your eyes can see. My stop is a protective stop 15 ticks away from the inside bid/ask...If the offers start getting swept then I'm out....

Sometimes its easier, six or seven ice bergs at a level just soaking up hundreds of cars....i sell 1 car and place a stop 2 ticks above the bergs, they finally stop buying and the price drops five ticks and I'm out.

Sometimes you can tell some big dick wants to take out the bergs, so he just pounds them non stop, then i'll place a limit order one tick above and wait for the berg owner to puke up his big position and the price to run 7 ticks.

The stops are just for comfort, i can't use them all the time, i need to get out when I'm wrong, when the reason for taking the trade has been proven invalid and before i get smashed for 5 ticks of slippage as 500 other stop orders bail out.

Sound familiar? CL trades very similar to the DAX by the way....you might like it, and at $10 / tick it better value.

the reason i'm trying to perfect this, is that after i build a little cushion, say one or two 4 car full stops, then i can take a nice leisurely swing trade....

CanOz


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## Trembling Hand (2 May 2013)

CanOz said:


> the reason i'm trying to perfect this, is that after i build a little cushion, say one or two 4 car full stops, then i can take a nice leisurely swing trade....
> 
> CanOz




Something to maybe revisit after a month or a bad patch as you clearly have a plan but,

Is this approach not arsed about and in fact dealing with your head rather than the current market? My preference is to always start to trade the market not my P& L.

If I dig a huge hole (often!) or the market is unlikely to be going anywhere then I take little bites but if I start overly worrying about the next 3 trades and take little scalps to charm the doubts I tend to trade what I want rather than whats on offer. Normally taking a little trade getting a winner and then being left with no position stepping in front of momentum........ all day!


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## CanOz (2 May 2013)

Trembling Hand said:


> Something to maybe revisit after a month or a bad patch as you clearly have a plan but,
> 
> Is this approach not arsed about and in fact dealing with your head rather than the current market? My preference is to always start to trade the market not my P& L.
> 
> If I dig a huge hole (often!) or the market is unlikely to be going anywhere then I take little bites but if I start overly worrying about the next 3 trades and take little scalps to charm the doubts I tend to trade what I want rather than whats on offer. Normally taking a little trade getting a winner and then being left with no position stepping in front of momentum........ all day!




Absolutely, this is something that I've been mulling over today, fine to scalp if that's all there is, but if the stops runs etc., are running on to the next solid level then i have to adapt to that or i'm leaving too much on the table, trade after trade.


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## CanOz (2 May 2013)

For some of the guys that PM'd me, as well as those interested...here's a classic setup in lazy arvo trading on CL...

Just above my entry you can see three little triangles. Those are the iceberg markers. Sometimes if the berg is big enough nothing can make him give up, he'll just sit there. This time there were 500 cars traded there at three attempts. 

So i waited for buyers to jump in and pus hthe price up, thinking i could jump on board...nothing happened...so i placed a limit order for 2 cars under the bergs by a couple of ticks...boom! Down she went....now that berg must have some cars to unwind, so i won't let go until the trade looks bullish again...or hits my measured move target.

CanOz


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## CanOz (2 May 2013)

my measured move was 66, i grabbed my profit after the last big push down...got filled at 68, it bottomed at 65.

i had a crack at a long, but then realized that it was likely going to bust, so i bailed and got the limit under...

CL, after the equities open in the US moves too fast for me to compute these types of trades. Last night i traded too late into that. During the European session its not too bad, more my speed.


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## kid hustlr (2 May 2013)

Really great thread. 

I've been doing this each day, after each trade I just write a couple of quick notes to myself, even if its as simple as

- 'got long the curve in an ok spot, perhaps needed to be more patient and back the paper behind me'

or

- 'legged in really well but was way to quick to take profits, I scratched the 3's and effectively paid up when I should have just managed the other leg, I would have made another half tick.'

or

- 'traded the data like a moron today. I had no PLAN and was effectively clicking buttons'

As T/H said patterns do emerge overtime. I think I'm to conservative even when I'm in a profitable trade.

Ah the learning process....

GL Can I'll read this thread each day.


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## boofis (2 May 2013)

Hey Kid H how's your progress going mate?!


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## CanOz (2 May 2013)

Well, after focusing on my one or two little setups today as TH suggested, I've had a profitable day on CL. 

I had a couple of stellar trades, and lots of losers....

Here's my stats:

total trades12
Wins - 3
Loser - 9

(points)
Avg, Trade = .02
Avg. Win Trade = .2
Avg. Loser Trade = -.04

Largest winner = .30
Largest loser = -.11

Ratio avg./Avg. loss = 4.65
Profit factor 1.55

total profit .215 points

a couple of trades had two cars, they were so much easier to trade after the initial heat...All in - Scale out

CanOz


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## skc (3 May 2013)

CanOz,

Thought I'd drop in quickly since you mentioned my review thread from almost the last millenium. I was quite a beginner back then (and still am) so I wrote down everything to both review my own thinking and get feedback from others. In terms of actual benefits of the review process... I'd say worth it for about 20 trades, then it gets old quickly. If something takes too much time and effort yet it doesn't show obvious and direct benefits, it's easy to quickly lose interest in doing it. 

There are 2 (group of) things I do these days...

1. Keeping track of trading stats in moving average terms. E.g. what's my win%, win/loss over last 40 trades? Has that significantly changed from what I'd expect? I'd only dive a bit deeper if there was any cause for concerns. And really for the most part - you know what caused it before you need to dive in.

2. Have a short list of things I know I need to work on. Like TH says - they jump out at you after not many trades... (so detailed trade-by-trade review has very quickly diminishing returns). And these things are probably the same ones you are working on. Need to enter full size with more conviction early, let profit run, plan ahead of upcoming events etc... 




CanOz said:


> Absolutely, this is something that I've been mulling over today, fine to scalp if that's all there is, but if the stops runs etc., are running on to the next solid level then i have to adapt to that or i'm leaving too much on the table, trade after trade.




Scalping is a different skill set to catching runs. I'd say only really experienced traders can switch between the two without great difficulty. As you are still just begining I'd suggest be happy with doing just one thing good first. You can add more tools to your belt later on. Yes that means there'd be days when the market runs 200 pts and you've just scalped 8 of them. But one thing at a time... 



kid hustlr said:


> - 'traded the data like a moron today. I had no PLAN and was effectively clicking buttons'




Lol . You summed up my last CPI Wednesday to perfection.


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## burglar (3 May 2013)

> I had no PLAN and was effectively clicking buttons'




I would put a post-it on my screen!


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## waza1960 (3 May 2013)

> If something takes too much time and effort yet it doesn't show obvious and direct benefits, it's easy to quickly lose interest in doing it.



       +1.......... I think that while a detailed trade review process seems a good idea. 
                      Is it not just another psychological crutch? 
                      Does it not just cause you to overthink the process?
             I think it would be better to trade one setup and concentrate on the Stats such as entry & exit efficiency/ R:R etc
              Only review the trades where you know you didn't follow the setup and if your like me you'll know exactly which ones they are cause they'll stick out like Dog's b*lls.

  You don't need a process which will cause you to question your approach IMO. Better to do that with lots of trades using the stats to guide you.


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## kid hustlr (3 May 2013)

Boofis,

It's a battle but Im still here.

---

I think arguing the types of notes or analysis one performs is arguing semantics a little bit. At the early stage surely you are better off taking a whole bunch of notes, then as the set ups which you like and work become clearer your notes are going to become less 'airy fairy' and more statistical based.

At the end of the day you are trying to manage every part of every trade as well as possible.


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## pavilion103 (3 May 2013)

I don't see the need for daily review. It would just make me not want to turn on the computer each night! 

I simply log on and adjust my stops and do a quick scan for new prospects. Doesn't take long at all. That's how I want it to be.

As posters above, I simply review my stats and that gives me an indication of what I'm doing right and wrong. I save all my trading charts too. After a couple of months I'll do a brief review of my trades then all at once.


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## CanOz (3 May 2013)

Thanks for all the feedback, lots of great stuff...I can see that many would find a detailed daily review a waste of time  and something that likely wouldn't get done eventually. 

So my daily routine still includes the review, but not detailed....which I do a clean price chart. It's quick, a couple of notes to myself on areas to improve today....then onto the homework.

My goal for this month is to be even after commissions, as a minimum.

Pretty much sticking to just CL...

CanOz


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## tech/a (3 May 2013)

Yes 

I think simple is best.
here is an example.

*Click to expand*


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## Trembling Hand (3 May 2013)

pavilion103 said:


> I don't see the need for daily review. It would just make me not want to turn on the computer each night!
> 
> I simply log on and adjust my stops and do a quick scan for new prospects. Doesn't take long at all. That's how I want it to be.
> 
> As posters above, I simply review my stats and that gives me an indication of what I'm doing right and wrong. I save all my trading charts too. After a couple of months I'll do a brief review of my trades then all at once.




Yes but you are not doing 20 trades a day (or 100). You have nothing to work with. This is where intraday has an advantage for a learner. *IF* done correctly you will do in a month what a EOD trader does in a lifetime.


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## tech/a (3 May 2013)

Trembling Hand said:


> Yes but you are not doing 20 trades a day (or 100). You have nothing to work with. This is where intraday has an advantage for a learner. *IF* done correctly you will do in a month what a EOD trader does in a lifetime.




So your saying that a good intra day trader will be a good EOD trader
But not the other way around. Not disagreeing but feel that both are different.
I don't think you need be a good intra day trader to be a successful EOD trader.


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## Trembling Hand (3 May 2013)

tech/a said:


> So your saying that a good intra day trader will be a good EOD trader
> But not the other way around. Not disagreeing but feel that both are different.
> I don't think you need be a good intra day trader to be a successful EOD trader.




no.


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## tech/a (3 May 2013)

Trembling Hand said:


> no.




 IC.


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## CanOz (3 May 2013)

Pretty happy this Friday evening...picked up another 21 ticks net today on 11 trades, mostly on GC, one on CL.

I missed the trade of the decade on GC though saw it coming a mile away...even Tweeted it! I was long at like 73 half and puked at the second PB to 74.8...only to see the contract completely blast off like a farkin rocket at 17:50 to 87!!!

Waited for that trade all week...i will never forget that!

CanOz


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## Kalaika (3 May 2013)

Evening all,

Sorry about the stupid question, but I'm playing "acronym bingo" as some of the posts are going over my head, trying to understand CanOz's strategies over the past few days. I'm assuming "BE" is break even, but can't for the life of me work out CL and GC?

Please don't reply with RTFM or LOL!

Thanks, K


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## CanOz (3 May 2013)

Kalaika said:


> Evening all,
> 
> Sorry about the stupid question, but I'm playing "acronym bingo" as some of the posts are going over my head, trying to understand CanOz's strategies over the past few days. I'm assuming "BE" is break even, but can't for the life of me work out CL and GC?
> 
> ...




I would never lol or RTFM...errr what does that mean? Shouldn't it ne ROTFLMAO?

Anyway, CL is the Crude Oil Contract and GC in the Gold Contract on the CME (Chicago Merc.)

Yeah, BE is Breakeven...

MP is Market Profile
DOM = Depth of Market
BS = well you know...

No such thing as stupid questions in my thread!

CanOz


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## Kalaika (3 May 2013)

Thanks CanOz, that helps.

RTFM: I was an IT nerd years ago before changing vocation - the philosophy was "You got a got a problem with your PC / solution / code? *R*ead *T*he ** *M*anual". Ill let you fill in the blank 

I've been obsessively studying the AS forum the last few weeks trying to pick up some pearls of wisdom. I'm keen on posting the bare bones of my trading plan soon to get some feedback (I'm a relative newbie). The biggest challenge I'm currently dealing with is information overload - I'm trying to work out what stuff *isn't* that important when considering things like risk & money management, entry /exit / loss rules etc.

I keep reading that simpler is (relatively) better, but making judgement over what is too simple etc is a challenge.

Well done on your own approach and your candour in sharing how you are progressing. Hope you are successful with it.

Cheers.


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## CanOz (6 May 2013)

Well today was a slow day, i did well to stand aside for most of the day:sleeping:. At one stage i was -11 ticks and then i caught a prime setup just before the Pit Open and grabbed +13.5 ticks, for a net +2.5 ticks.

Today was a UK bank holiday, from now on i will pass up on trading GC and CL during the European session when its a holiday in the UK or Europe. Trade is slow and there is just no follow through. This could be part of messy Monday anyway. With a light data calendar i should have expected as much.

Anyway, its all good, with another positive day.

CanOz


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## CanOz (7 May 2013)

Well i didn't have a very good day today, i hit my daily stop. I had some major data issues and i should have stopped trading once i noticed it, instead i suffered some bad slippage as i tried to get out of a position...

New rule, first hint of data issues, I'm done for the day.

Back to Square one...

CanOz


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