Brutal perhaps..., but it was necessary (for me) Quirky thing about trading - learning it - we make it just as hard on our self..., as we each decide And not one bit easier.., or harder Truly is a journey of self RN
I only this time last year started taking my own setups, i would see them, be unable to pull the trigger, watch thrm work then take a stupid counter trend setup as inwas annoyed. Confidence issue, got to force yourself to take the setup, do that enough times and eventually you will be able to function. Your realising and admitting to these issues in weeks, most dont see or ignore these issues for years, this is a good sign.
Worked today. Step 1 in progress... Spent most of the day at work, journaling about some issues. It was rather a breakthrough, yet fixing it seems extreme. However, with these "issues", I could improve simply knowing they are there, and that they are lies. This could improve it and in the long run fix it. Spotting the root cause alone is amazing progress, but managing it and especially recognizing it is going to have to be learned. It's also going to have to be admitted, that I'm flawed... I am? Jk... Let's just chalk it up to my "upbringing" which has left a trailing stamp of pain in all of my efforts. It won't succeed here. I won't give in. Trading in the zone came today. Even the preface had amazing insight. I'm looking forward to this book. Step 2 in progress... There are MANY signals available to any trader who is willing to learn. Unfortunately, I already know too many. My journey here is going to pick one (maybe, just maybe, two) signals, and SIM them. Live trading is on time-out for now. As stated earlier, no sense pissing away money. I was wrong. Any thoughts on your favorite signals? Pullbacks in a trend? DTs? DBs? B/O pullbacks? Range play reversals off extremes? --J
When I say I already know too many signals, I should have included, but have no idea how to trade them well. SORRY
Range plays get you on the wrong side, especially in this market to often, that's how I was trading until last week, I only use for choppy times these days. Market like today, your best odds are in jumping on live momentum, ie the market has just started going up, join it, ride it, job done, that's as simple as it gets. Check out Heiken Ashi charts, basically it's a smoothed candles great for momentum trading, really helps hold longer and spot turns faster. The illusion of prediction is the enemy, move as far a way from predicting as you can only momentum is real. * all in a Yoda voice please!!
Pull backs in a trend, work, but how far will it pull back quite often without realising it's actually turned down and it's too easy as it's slow and looks like it'll turn back up that you get emotional and give it more SL room. Don't try to guess how far it'll go and when it'll turn, it's pulling back, short it, trail it with a tight SL take it to the bank.
I know the momentum plays you speak of. There are often huge bursts up and then down. Or vice versa. I've tried simply jumping into momentum plays at market only to be stopped again, and again, and again. A larger stop would kill my account. However, since they generally head back down, one could spot a 123 reversal if there is one and let momentum take you back down. However, one is then trying to call a top, and for me that gets messy. Tried heiken ashi. They are good. For now though, the colors distract me from PA.
I hear ya. If a pull back retraces more than 50% though, the trade is scratched. PA needs to be re analyzed.
Okay need to stay away from the spikes, there to fast, it's when the market is creeping in a direction say over 10 - 20mins, you still get the pull backs with trend so you need to go long at a low spot at the risk of it being a turn, but that's always the issue LOL I find PA distracting, to much noise to many times I exit just before it runs, HA hides that away helps me hold longer so far. Yes there are many that stall where you get a few pts and many that hit the SL, but then in DAX world you get to ride some good 40-50pt moves for risking 10 so it's all worth it.
I like the tone of your journal entries, Jsmacks. I felt like I could have written a few of your initial posts. I'm trying to get back on the market horse myself and really do believe that sim is a tremendous tool. It's not the same kind of pressure as a live trade, but if you can do it with the automation needed to follow your plan and do so successfully, you'll definitely be moving in the right direction. Like RN says, the market will be there. I'm back after some time and it kept on trucking without even knowing I was gone (insert sarcasm). Keep it up man...