YK Let's see if any of this resonates Same stock.., different days - two completely diametrically opposed environments Larger move targets - will only work in one of the above environments Smaller move targets work in both - plus some additional environments I'm leaving out We never know the environment before hand - never It real easy to sit back EOD and be resentful of what we didn't extract that day - especially when it staring right back at us..., thumbing its nose Why is there even a decision which lane to follow Is it because of what you perceive as; the "potential" profit you'd be missing out on If so..., then know..., that crap (and thinking) simply isn't real..., nor realistic Hope I'm wrong on this one RN
If we are a trader..... Then everything we; see..., smell..., feel...., taste...., hear..., touch..., think..., do...., experience..., eat..., crap out is trading related All of it = 24x7 RN
In my younger trading days in S&P500, I went for much larger amounts like 2.00 points, back then one point was $500 and traded in nickels, had to call broker who called the floor, once broker felt confident you weren't going to hurt him, he allow trader to call the floor, time is money. One thing I didn't know at the time as I do today, market range extends then contracts(choppy) and if your system can only do well with extension of range, you will continually lose. Your manual back testing may prove different as you brain has trained you to see what it wants you to see, and during real time brain sees something else. All markets are like this and eventually I went other direction as I found counter-trend to work well in S&P500, but like trend trading, this only works part of the time, I finally was able to find happy medium of blending each for S&P500, it was another three years till I really discovered some markets you do limited counter-trend trades like Crude oil and Russell. As your career goes down path of years, you keep learning and tweaking. I would go with both and trade two lot or you feel uncomfortable do a large and take 10 ticks and Mini crude and go for the 30 plus trades to get the experience of trading twice as many. Pete Rose was incredible singles/doubles player. When there is good volume in Crude Oil I trade in groups of 7, I take off 4 lots at 10 ticks, 2 lots at 20 ticks and one lot at 50 ticks. The times I am trading now, most of time slippage would hurt me and why I use limits often depending on where signals occurs into swing of current trend. Early part of trend I use stop/limit to get in, meaning little larger slippage I willing to accept) but deeper into trend no slippage. So depending on where I believe trend possible to reverse I accept perfect entry and often my time stops will shorten, more of a do it now or out at tick profit. If you have to study whether it is a signal or not, you don't have system down, you have to have a faceslap thought and react, YOU are supposed to be the robot. One of practice sessions I use to do when adding a new market to day trade is to sim and for five days, do as many and as often trades in 3-4 hours to get a feel for that market, I will drop down to 20 second charts which will give me many trades, you have no time to think, you are just reacting. I know many would think this is dumb or impossible to try, but it is funny sometimes that something new can present itself as new ideas or might be a knew ways to trade. You not being paid to not trade, what you going to do for us tomorrow.
Day #1 - Yesterday I just chilled and watched the market. I caught up on my journal... and yea, the @Redneck screen shot of FB resonated. Reminding me that I had been taught to identify market state, and I needed to make sure I was using the correct tools for the right job. My methodology will work in both types of markets, you just have to trade it that way. I also talked with my psych coach, and discovered there has been a fair amount of negativity I have placed on some future outcomes of trading OPM. I didn't see it... but as I am talking with him, he just pointed it out... and shesh, if it isn't there. Lots to think about why that is happening... So today I decided that I was just going to trade my methodology, the way I was taught, and try to stay focused on that and nothing else. A few times through the day, I kept telling myself.... "Trade what you see, not what you feel". The beginning was range bound, and I was almost out of time trading when crude started to open up and move... but that was fine. I had traded as per my plan... 1 contract... never any setups to add to a winner. Many small losses... checkmark... a few wins... checkmark. Tried to trade what was happening, and tried to stay impartial. My goal tomorrow is to remain calm... do my best to be impartial... and monitor myself for signs of weakening. +161
I'm back to focusing on - monitoring -> discipline / consistent action YK Not the approach / method Sounds exactly like my day Good Job Get some rest Sir - we'll do'er all again tomorrow ================= aside; Starting over sucks YK - but it necessary until discipline & consistent action takes root..., and grows to the only possibility Day 1 down..., rest of your career to go RN
Day #2 - Slept reasonably well, and woke up ready for the day. Asked myself ahead of time what to expect for market state, and went into the day well prepared. Standard routine, all though I planned to prep dinner for the kids tonight once the market started channeling ahead of EIA. Today was interesting for me, as I felt like I managed to real time identify some challenges I was having while trading. Such as: 1) I was impartial at the beginning, but then that slipped away and I could feel angst build about taking a loss. 2) I caught myself having a bias, even though the market was showing me something different. Challenge #1 - just being aware of the angst I was feeling was a big help. I reminded myself that I couldn't trade that way, so I did my breathing exercises which certainly helps reduce it. However, for some reason fear of loss still gets at me... Challenge #2 - As soon as I realized I had a bias, I told myself... "I HAVE NO IDEA WHAT THE FAIR PRICE OF CRUDE IS"... that really helped get rid of it... all though like all emotion, it took some time to dissipate. Something I want to print out and put on the computer. But this week, I am finding these moments were I am just relaxed and calm and trading like I should be.... those are such good moments.... I just let the trading plan unfold how it should. So I am going to start reminding myself of those moments each day prior to trading. I am going to remember that place of impartiality and just letting the plan work. -180
YK Appears there plenty of head noise today - but regardless; Did you stick to your guns on each trade? =================================== Not discounting this either - it a very important skill As important - you listened / paused / worked through As opposed to ignoring/ discounting/ continuing (time was this would have been your chosen path) Good Job Here RN
Yuk There is no fair market value for anything in the world, just predictions of what something should cost and how much you can tell others what it is worth as you enter the market. Whether you buy a car, furniture, appliances, computers, food, it is all traded at different prices depending on you. I seldom pay the list price on much, I often get better deals at even Sam's Club by asking manager if I buy so many, how about this much....it is all trading. Today very tough in times I trade but it was consistently harder cause tight ranges, I stayed the course and was rewarded. That is what trading is about, staying the course, who cares what the price even is at? You see a signal, you take it and manage it.