I was going to start a new journal today of my live trades. But I missed a perfect entry at the open and frankly wasn't feeling it. So I decided not to put money at risk today after that. Someone once told me that "Eagerness to trade supplants deliberation". I'm very thankful for the advice. It saved me some money today. No good comes from chasing a missed trade. Will kick off tomorrow.
Thanks RN. ----------------- I had an interesting day yesterday. Made 3 good trades within 20m of the Open, and then I started hesitating. It is really frustrating that even when I've made good trades and followed my process I still encounter this feeling. The hesitation is a signal that I'm not where I want to be. I think its because I'm still not 100% comfortable with uncertainty. I've gone back over ch6-7 of "Trading in the Zone" and I believe I understand the message. The market is uncertain, anything can happen, every moment is unique. On an intellectual basis I fully understand the reasons behind everything that MD says. However there is still tension there.... MD says that the best traders have the 5 truths as a core belief. Clearly I'm not there as the tension means that I'm fighting it. When I can get thrown off by a market because it acts contrary to my expectations, it clearly means I've still got a lot of work to do. The fact that the first word that sprung to mind was expectations is a big clue... If I expect an outcome then I am not fully embracing the uncertainty of the market. Being perfectly honest - another thing that got to me was the pressure to post my trades. But I am not going to learn anything by talking to a wall. If all you do is talk to a mirror you'll tend to agree with yourself a lot. Some really good advice I received recently was to step up my failure rate. I am not wanting to let that person down. Funny how you can be left thinking that the day was a failure even after making 3 good trades.
A quick update today. In a nutshell: 3 winners 2 small losses* Better execution today, but still hesitated on a couple. 100% confident I've identified the error - it lies somewhere between the keyboard and chair. Constant improvement. Rome wasn't built in a day. * including 1 WTF???!!! trade that was closed quickly. Call it a brainfart. A lapse. What ever you will. I'll be conducting an autopsy on it to learn from it. Also to make sure the thing is dead and doesn't breed Call it a random and inconsistent aberration.
Anything can happen. You don’t need to know what is going to happen next in order to make money. There is a random distribution between wins and losses for any given set of variables that define an edge. An edge is nothing more than an indication of a higher probability of one thing happening over another. Every moment in the market is unique. Not that I would know anything about our 5 truths..., or have them embedded into my core / tattooed inside my eye lids / listen to em as part of my affirmations ======================== Self hates changing - hesitation / tension is the fight within to resist Learn some techniques to counter Breathing / self talk..., including acknowledging it / move around / take a walk / listening to affirmations One very effective tool..., is to laugh - a deep from the belly..., out loud.., laugh Family will swear you've gone nuts (guess how I know that) ================================ Yup - but should not happen if you solid..., Yup..., and Yup Pressure - all pressure - comes from within It not what happens - rather how we respond - that defines us BTW - that wall / mirror - can be an excellent educator - if it open / interested / honest / supportive / a friend Failure - can only be the result of NOT following your process / routine You certain you want to "step" that up Good trades / bad trades - must be defined by how well we followed our routine / process - not by their results Our 5 truths mandate that No?? RN
This is today's results =========================================== This is noise Get it right Sir RN
Very timely reminder, and thanks. MD has been featuring quite prominently lately! To this point I would say that I knew these beliefs on an intellectual level, but not as a functional, set of core beliefs that guides my daily interactions with the market. That has to change and I'm determined that it will do. I can see that having them as CORE BELIEFS offers so much potential in terms of positive change. Agreed. And to the extent that my descriptions of trades as winners and losers reflects my mindset, I realise it was incorrect. I was thinking in terms of win / loss, right / wrong, with all of the associated negative psychological effects one would imagine. All I can say to your excellent post is that I have started the process of integrating the 5 truths as a core belief. No doubt it will take time, but as someone reminded me recently: it is the journey and not the destination. I fully agree. I think that it is hard to talk in terms of process when you have that win loss mindset. It says more about where my mind was rather than how I actually performed.... The irony is that - it is only since I have been following a process for the trading day, and planning each separate trade that I have moved forward. Yet when it comes to live trading, because I'm operating out of the wrong set of beliefs, at times it gets a bit wobbly. Obviously I have tripped up a bit at the last hurdle and that is where we come back to the 5 truths...... Moving forward is all about integrating these truths into my CORE beliefs. I know I've only just cracked the top of it. Damn - there are a lot of great people on ET reaching out to me at the moment. Thanks. It is very much appreciated!