Update: Still here. Been working on making a method/approach and testing it out. It has been quite the journey for the past few weeks. Putting a lot of stuff on paper so I KNOW my plan. I have the last section to work on before I'm back on SIM to implement it. I hope to be ready for SIM by Monday/Tuesday. It's been good being away, and just studying/writing/choosing how I'll approach the market. I realized how important it is for traders to find their own individual approach. They begin to "own" what it is they're doing, and a part of them roots for the success of it, instead of using someone else's material. Granted, others material may be what a trader needs. I'd bet a trader needs to learn the hard way, no matter what material they use. Unfortunately, next week I'll have just tuesday and wednesday to trade AM. Again, if I can find consistency, I'll move shifts at work to be available every AM session at least. That's months down the road, but I write it and write it because that is the goal. Happy New Year, -JS
I'm still learning how best to post reviews here. I think for a while, to see if the format fits me, I'll address only PA strategy first, and then execution/mind second. To start, today was a great day to enforce my belief that "I act on all my edges with hesitation", and "Trading is a pattern probabilities numbers game". Meaning, we can assess the method after a series, not any single one trade. PA STRATEGY: Trade Plans and PA notes: 4 trades, 3 losses, 1 win. Trade 1: -2 points. Entry/Signal: Buy 4161.25. INITIAL Stop: below upper range extreme, 4159.25. Target: previous range height. Notes: Price moved immediately in favor after a hard DB rejection. Price hovered in the green zone for 5 minutes before being stopped out. Trade 2: -2 Points. Entry/Signal: Sell 4150.75. INITIAL Stop: 4152.75 Target: Previous range height. Notes: Price stopped this trade out immediately, and it was stopped intra bar. The method has not yet been applied in SIM, only static charts. Intra bar stop outs were to be expected, and possible FUTURE tweaks might be in order. Tweaks not in order now. Trade 3: -2 Points. Entry/Signal: Sell 4150. Initial Stop: 4152.5 Target: range height Notes: This trade was a chased trade. To be discussed in execution. Stopped out. Trade 4: +7.5 points Entry/Signal: Sell 4129.5 Initial Stop: 4131.5 above lower extreme of range Target: Slightly reduced range height. NOTES: Price made a significant move down, found resistance created by a zone, and ranged briefly for 15 minutes. Classic bear flag. =============================== EXECUTION - My goal today was enforce/throw some energy at some new beliefs. Obviously there's some work to do. Trade one was taken without hesitation. I'm happy with trade one, and found absolutely no emotional distress there. Trade 2: Taken without hesitation. However, it was an intra-bar stop, something I haven't been able to work with since studying static charts while developing method. It was immediately stopped out intrabar. I got upset. I believe I was upset, because I was no longer focused and neutral, operating out of good beliefs. I have this idea that trading is actually about individual trades, when it's clearly not and never will be. Taking the small losses is great way to succeed. I'm still learning and working hard at believing this. I'm also learning to really adopt the "every moment is unique". Knowing I should believe it, and BELIEVING it are two very different things. Trade 2 led to chasing on trade 3. This trade should have never been initiated because of my emotion. Trade 3 could have been initiated, because signal still valid. But I took trade 3 for ALL of the wrong reasons. At this point, because of 3 losses in a row, and 1 loss away from my daily max loss limit according to plan, I stepped away. I shoveled some snow here in PA, had some more coffee, and just reflected. Re-read beliefs, re-focused, and revisited. By this point price was clearly heading for the channel extreme on the 240, and I was simply looking for my entry signal. Two pivots later BOOM! So trade 4: Executed well without hesitation. Staying in until my predetermined target, especially after three losses, was a struggle. I was afraid of hitting my max daily loss. But I didn't touch it. I waited. Went to target. I was happy. BUT, I want to learn to be focused and neutral, and just execute my trades well, and not be sad/happy/excited/impressed/depressed etc.... This I'm hoping will come with time, practice, review, and also patience. ==================================== I'll be SIM again tomorrow AM session. I'm glad to be back, and feel focused. I'm not available from thursday on to trade. I will use this time to do more in depth review on these trades, in my personal journal. I'd spend more time now, but I'm off to work. Gotta test out my new snow tires.
Nice job JS. I like how you're really paying attention to your mindset. Remember to take slow deep breaths as needed
Man this a long post - took me a bit to think through it I agree w/ J - really good to see you focus on your mindset 1) Freudian slip?? 2) Agree..., but later..., on this same topic - I will disagree One can't assign probability to any single trade's outcome (each is 50/ 50 - and uncertain) But... we follow a consistent and repeated routine - we trade the same signals - then absolutely we can glean the probability of how well our approach works And that will lead into some insightful data mining about our trading Think consistency begets consistency I really.., really applaud...., and support you making a trade plan - for each trade Damn good job 2 suggestions - keep doing this...., add a blurb on how you will manage each (may come a time when you want to add / reduce / work a position ) Perfect 1) I can give you a way to manage intrabar - when you're ready - but i'll come with a big caution 2) Getting upset is a symptom - why did you lose focus / lose neutrality - drill down and figure out why (mkt / your action got inside your head) 3) Yes.., trading is all about individual trades Else you turn a blind eye to uncertainty Else you don't stay in tune with trading (and get ahead of your self) Else you don't stay focused Else you don't wait on valid signals - and start 'throwing" on trades Else you over trade Else you lose respect for risk This list..., of why we solely focus on individual trades..., is quite long - you need more convincing - please say so 4) Absolutely 5) Big difference - it the difference between conscious (knowing)..., and subconscious (acting without thinking about it) 6) Trade 2 didn't do shit..., JS..., led JS to chasing (by the nose no less) JS lost objectivity and control Keep trades separate and discrete - no way on bad trade..., will (or could) automatically lead to the next trade being bad Damn Good Job Again This showed the control that was missing during trade 2 & 3 You lost it.., then gathered it back up And stick to the routine create context wait for a signal make a trade plan/ enter trade works - or it breaks down wrr Lot of emotion (ups and downs) in trade 4 But also a lot of gathering back up..., then doing your job Stick with the latter..., minimize (and it will come with time.., and following your routine) the latter ====================== trade 1 & 4 - solid trade 2 & 4 - brain farts and a lot of..., all over the emotional radar screen throughout Keep on truckin JS RN