To me - you are JS..., J is Jas_in_HBCA..., or JIH (sorry he came first ) ETA; And Ya both are fearful of missing moves ============== Yeah missing moves bothered me..., until I figured out it not my job to catch every move It is my job to protect capital first..., make money second Chasing increases risk - throws me into reactive..., instead of proactive..., puts me behind PA..., instead of in sync with it (in sync = neither ahead..., nor behind..., but in tune) I trade - I'm in total control I chase - price is in control ( I hate feeling / being out of control) =============== Absolutely the PA associated with a missed move - is a prelude RN
So it's ok to miss them? LOL. FOR SOME REASON, Hmm...I have this voice that says, "ya just missed it you fool". Where real traders think, wow, it's tanking, good for you price, your representing price action, now where's my signal"? There's one. After the tank and into the reversal PB. Perfect for 10 points. Hypothetical Oh me and jas. Good guy. Still not through his journal but highly admire him. You mentioned something about how in the morning you would ask yourself. "How do I want today to end? Being pissed? Telling my wife I let a loser run? Angry with myself? Or proud of my performance. So I could say, "I traded well today" at the dinner table. Good stuff. I want to say "I traded well today." I could not tell you why I'm so passionate to learn this...but I am.
I truly like your attitude and am learning from your process and this thread. Stay passionate- It is a great personal challenge/ chess game with yourself.... You are getting a lot of solid guidance here- that will help to keep you on track in the process- While there has been some discussion on the merits of selecting from a 1 min to a 5 min and viewing the higher time frames more- Each of us has what we think a time frame or method that works better for us....The ability to look higher and lower from what we like can offer a different perspective-and influence our actions as to when we take a profit- or hold on for a larger gain. the process you are undergoing is one of gaining novice experience and that will allow you to make assessments of what works well and what does not- and then adapting towards that which works better for you personally, psychologically, technically. That will take time- and as long as you don't blow it by risking too much in real trades, you have the opportunity to see if something else is a better fit. You are a smart Guy- or Gal- and have the ability to be objective regarding your trading- Evolution is a process of discovery over time with what fits and works in the present environment. As you get actual experience or more Sim time, you will get more analytical as to what is an emotional trade and a good technical trade- and gradually refine the process. You may find - due to work or time constraints- that you "like" the action on a fast 1 minute chart, but are more successful on fewer -but longer holds- on a higher time frame. And find that way to access the faster information to enter, and hold for the longer trend- I truly think the ability to enter earlier, but hold longer- in a "trending market" environment- is a key element in making substantial gains- with fewer commissions. As you aptly noted- there are trade-offs in every method - A fast method also comes with more whipsaws and tighter losses- a slower method is longer- but easier to start with and gain consistency with. My simple opinion is - as you noted- Focus on the larger time frame for the longer hold trend periods- but target the entry on a faster time frame to reduce Risk-and gain a better entry-but try to qualify the entry on both time frames-faster and slower. For myself- the faster chart- at turning points- identifies lower risk entries. Something needs to qualify those lower time frame entries- trend line, turn up/turn down etc. Do not forget money management/position sizing when you go live again- Trade to learn-with consistency. still struggling with that myself...... Good luck-
Do not, do not , do not belittle yourself or call yourself names. Whether you think you're joking or not. It leads to frustration which makes for a poor trader and a slow learner. The market will provide enough frustration . You do not need to contribute to it. We become who we think we are so choose your words carefully. And you practice this outside of trading as well. I still look at missed trades and wonder how I should have seen it and how it fits in my set ups. It's how I learn. But try to do it after hours or during slow periods. In the moment gotta let go and accept we're not trying to catch every move. And thank you.
Hey dude, hopefully broke my losing streak ( trading like a dumb ass ), didn't misbehave, killed my losers quickly and made +$630 today, 10.5% account growth The issue is, you start to think there out to get you, they are, you being a retail trader not you personally ofcourse, they know how retail traders react to these small fake moves and they make you trade the wrong way, the trick is to not think like a retail trader, keep reminding yourself of that. Walking away, that'll do me for the week! I think your Journal, got my head sorted back out again so thanks
Thanks SD for the encouragement. The larger time frame is definitely where I need to spend time. It's already helping, if anything, by showing my lack of patience and focus. It's made me take some time off to reflect on those issues. It's been a good time. Live isn't even a discussion yet. But you all will be sure to know when I make that step. For now it's a SIM consistency.
You are completely right. I've noticed this behavior in the past but never gave much attention to it. I know notice it almost everyday and thankfully, I'm catching myself...or my mentor is. And he's reminding me constantly of who I am. Thanks for your words man -Jordan
If my journal helped you that is awesome! It's also great to hear about your gains man. I'm very happy for you. Be sure to watch for signs of euphoria. You did good. Your trades made money. That's good. Fine. It's what you trained for. Do it again. -JS
Update. 11/7/14 Sorry for the brief absence. My emotional capital was well spent. I was beginning to get consumed by this here business. That's not healthy, and it's definitely not how I'm going to live life. That being said, took a break, reflected, thought about many things. I spent some time on "past" 5 m charts. There are plenty of opportunities using this slower TF. I'm looking forward to it. I spent a lot of time reading and reflecting on Trading in the Zone. I'm pretty sure he wrote the book about myself. How he details the journey of the novice trader. It was verbatim what I felt. The book is helping learn how to feel, think, and talk about trading. You can use any sport you'd like, you could probably even use a hobby. I actually wrote this the other day while at work, and I can relate because it's in relation to basketball. Douglas refers to golf/tennis. What I wrote We learn a skill. We learn to play and utilize opportunities at very specific times. We play/watch patiently until the opportunity is present. We act when this opportunity comes. Knowing full well, we could miss. But we know from our past and dedication, that we make more than we miss. 1) We MISS. Fine. -We are fine with it. We continue. We let go and move on. We patiently play our game with dedication. We want to win so we move on. 2) We make it. Good. -We are fine with it. We must continue. We again patiently play are game with dedication looking for the next clear opportunity and we act, again, knowing full well we could miss. Or make it. We play our skill. We do not drive to the lane if we are an expert at shooting 3 pointers. Anyways...had to get this in writing because it means something to me. Traders wait. They focus. The really successful ones find this zone where they literally aren't watching PnL and are actively engaged with PA. PA leads, they simply follow. It's almost subconscious it's been practiced so much. There is no ego, no let downs, discouragement. There are losses. But the trader and PA are that in-tune, they mean absolutely nothing. They are controlled and small, and the trader knows that. The trader loves that. I will become this trader. Back monday morning in SIM. NQ seems to be sideways for a couple days now. When I can't SIM, I'll replay the day bar by bar. --JS
Doing it repeatly is the next issue, your in the exciting mastering is phase, it gets kinda boring, focus goes and so does any trading at all. Hopefull make 2k a day soon, will motivate me, but wouldnt bet on it. Lol