Another new day We remain the same..., we follow our routine... we do our job We are not smart enough to second guess / out think the mkt We don't second guess signals..., or each plan We observer / monitor ourself We follow each plan to fruition - We do not inject randomness Trade well - and to hell with the results RN
Thanks, JS. I like reading your updates as well. I expect you will get this trading biz quicker than it's taking me. =============== Negative results but I did my job well. I traded my plan, gave trades time to work, didn't move my target. Had Douglas' "Anything can happen" float through my head several times while in trades. Interesting is that I now have the expectation of being profitable every day. Then am disappointed when I'm not. This is a different mindset from when I was hoping to have a couple big days a week to pay for the losing days. I'm curious to see if I can get to the point where there's no expectation other than of trading well. And disappointment is better than the frustration I used to feel on losing days. Overall, trades taken were good and managed per plan. Can plan be improved ? Probably but not going to be making any adjustments until I get my discipline solid with this plan. Then I can start testing some tweaks. Specifically, if I don't get MFE immediately should I tighten stop ? Historically most of my winning trades work very quickly. This will be something i'll look into.
Another new day We remain the same..., we follow our routine... we do our job We are not smart enough to second guess / out think the mkt We don't second guess signals..., or each plan We observer / monitor ourself We follow each plan to fruition - We do not inject randomness Trade well - and to hell with the results RN
Positive day. Sometimes after a couple losses I question myself if I'm taking valid trades. Easy to find reasons why they didn't work after the fact. Had those thoughts today. For the most part I'm taking in-plan , valid trades. Today I did. Some didn't work. At a break I reminded myself that I have an edge and don't second guess the losses. Over a series of trades it will be profitable. My initial target is always 25. I'll lower to 20 if S/R suggests to. One trade went + 22 or 23 and seemed to pause. Was entering a S/R area so I took +18 figuring that's close enough to my target range. Is that breaking my plan ? Never mind the fact that a minute or two later it did go to +25. I'm going to invoke the Seykota principle. Paraphrasing ' always follow the rules. Know when to break the rules'. I don't want to make a habit of exiting too quickly but I'm going to let this one slide. Wait, not so quick. I was negative on the day at that point. I bet I was being influenced by the PnL. Especially since a couple trades went +10 to a loss. Which indicates a choppy market and a good reason to take the exit. OK, that's fine. Later I did hold a trade to a target that was not changed. Overall, I did my job of executing the plan.
Yup - after starting off negative - then getting positive - sure would be easy to agree But then I'd be deluding both you and I Which both - I bet - you let run to the stop loss - then exited This is absolutely good trading - as you followed each plan..., and allowed the trades to come to fruition Damn right its breaking plan That S/R was there before you entered this trade - meaning it should have been factored into the plan - but wasn't You cut profit short (willing to take full loss - twice..., but not able to remain patient/ calm and take full winner) ======================================== Bullshit Never met/ talked to Ed..., but I would bet you're taking his words and using them incorrectly..., and to suit your actions today "always follow the rules, Know when to break the rules" Know when to press winners / know when to cut losers short (which can only come after a hellofalot of experience) Seriously doubt he would ever mean this to cut winners short Then don't - period Sure let one slide..., and tomorrow - let another..., day after - why not another..., and another.., and another Where.., and when - will it end I'll tell Ya exactly where and when - with you blowing your account There is absolutely no room for laxing our rules - ever Good ========================= J, When it comes to trading..., I am not a hard ass because I like chewing your ass Truthfully I don't derive any pleasure out of it whatsoever The fuckin mkt made me this way Please..., learn from my fuck ups - and don't repeat them Please RN
Thanks RN. I needed to hear that. Keeps me focused. Usually I'm pretty good about honest, self-evaluations. Reminds me that I need to be sure I don't slip up in that regard. Pretty simple, though really. Either I followed the plan or didn't. I appreciate your feedback. As aside, I think you know I've been through blow ups before when trading stocks. Biotech, unexpected news, margin calls & margin calls, wiring money in. Not ever going there again. Or even close to that neighborhood.
Another new day We remain the same..., we follow our routine... we do our job We are not smart enough to second guess / out think the mkt We don't second guess signals..., or each plan We observer / monitor ourself We follow each plan to fruition - We do not inject randomness Trade well - and to hell with the results RN