The NORMAL fluctuations. This back and forth is normal. It's even noise (zero information) ! I get shaken out on NOISE ! Yeah ... No Signal but still I take action. Breaath, Relax man. As you said. The big money comes from "getting the most of it" when we happen to be right. Yes, I should breath slower, be more patient and more cold blooded. Maybe I should stop bringing expresso with me at the trading desk. Only water allowed ! Fresh water to stay calm and alert. Thanks
Seriously, I feel like I know what be done. It boils down to 4 or 5 rules. Now I need to practice, & Master it. Don’t fight the immediate trend Enter as close as reversals Don’t cut winners short Don’t let losers run That’s about it. Now … we can talk “details” But enough said … My weak spot is rule #3. “the Tape Reader will find that when it is time to close a trade, it is usually time to reverse his position.” “Any one who can spot these (critical) points has much to win and little to lose, for he can always play with a stop placed close behind the turning point.” “the Tape Reader must cut out every possible eighth loss and search for chances to make three, five and ten points. He does not have to grasp everything that looks like an opportunity. It is not necessary for him to be in the market continuously. He chooses only the best of what the tape offers.” Once you know that … There is no secrets, nor obvious not obvious, anymore. It’s just a matter of building a system around it and sticking with it. That’s why I come here for the fun, Because … What else ?! I’ve found my own (unprofitable) way. Yeah I told you I’ve never been profitable. Never made a single withdrawal from trading. But still I am hopeful for what’s next, As usual, I am gonna be rich this time Once I thought that I did found a way not to lose on a trade … It was true 90% of the time then I would blow up. Take heat, average down, TP at breakeven. Now I understood that in order not to lose, I’ve got to take logical trades and risk a fraction of the reward. Cheers.
Still there is a difference btw knowing and doing. Then we forget, rediscover if we don’t practice. So it’s important to practice the good things. And to Stay In The Game !!!
A few days ago @Laissez Faire recommended the interview with Amrit Sall in Unknown Market Wizards. You should check it out, especially for his approach to overcoming trading errors. Also, the interview with Richard Bargh might be helpful. It is interesting that Sall was Bargh's mento early in Bargh's career. Schwager: What got you out? Bargh: I have predefined rules about where to take profits and how to ride trends. Amrit Sall says 75% of his profits come from his day trades. Schwager: Expound upon how you get into a flow state and how it impacts your trading. Sall: I go through breath work and meditation to center in o the present moment and transcend the chatter in my mind ... when I am deeply present everything feels easy." I never used these concepts myself, but I do recognize what he is talking about. There are certain days where I really feel I'm vibing with the market and I am unusually calm, focused, and very relaxed. On those days everything does feel easy. If only I could experience those days regularly rather than few and far between.
It is always refreshing to read an honest post. I think from reading your journal, you are a much better trader than you said. If you are not already profitable you are awfully close. I also think you can summarize #1 & #2 as: Be patient, wait for the right entry. Take care.
Thank you. At least I need to stay in the game. Often I blow up in just one day because "I can't take it" anymore. But if I respect my maximum daily loss then I should be able to come back tomorrow. Yes, patience has a lot to do in this game. I am someone who's patient overall but not within a trade ... I've never been lucky because I always cut profits short, Often bought the top of bull markets to sell the bottom. This is patience ... Wait for the bear to pass. Wait for your winners to work for you. Be patient
This is another reason for you to move to the TopstepX platform. As @Laissez Faire noted recently you can set a hard daily loss limit that will lock you out of trading until the next day. It sounds like you would benefit from such a hard stop loss trigger. If you keep doing what you've always done without making any real changes you are going to get the same result you have always gotten.
Yes, that’s right. I’ve checked on SC and there is a similar feature but I have not implemented it yet. Got to turn it on. Also that’s why I try to keep the session short otherwise I end up with zero willpower xD Trading the first 90min from RTH open is more than enough. I either “make it” or not. Tomorrow is another day.
That list is 90% of what it takes as a directional trader. Some enhancements I found over the yearz are two buys instead of one, spaced some candles apart to give you insurance for an adverse move. Only one buy allowed after the first one and must be above the floor of the consolidation range you're entering above. Really smoothes out the jagged equity curve. Another enhancement for directional trading you already posted about, and it's how the legs of the running segments get longer in the middle of the bigger trend on the next higher timeframe. But the real talent to directional trading is testing all the above, believing in it, using it reliably and managing position size based on the equity curve, which itself behaves just like a stock. -not to be construed as reliable advice, because here it is in public, and you know what that means! That is outstanding, and if it continues for much longer you will be hiring SML to be your motivational speaker