Hi SD. Good seeing ya. Thanks a lot for the advice and especially the recommendations on position sizing. I have a preliminary approach in my plan for position sizing, but that will ultimately be built once my method has enough statistics to determine the appropriate position based on execution. Right now, position is as small as possible. -JS
I'm here tomorrow all day. Charts prepped, head ready. I'm still learning to execute well with the above in mind. Here we go, JS
Another good day today. 1 Trade. 1 W 0 L : +$212.60 Trade 1: ENTRY: Sell 4150.5 STOP: 4152.5, a breach of range extreme. Target: Range Height: 4139.75. Managed with a TL. Notes: Was prepared for a "second mouse" opportunity here as well with a possible zone retest. There was a second mouse, but it didn't get close to my stop. I went in today with a centered head, focused on being aware of myself and executing well. Emotionally, trade 1 went great, until price came within 2 points of target. Then, my heart started pounding. I realized I now shifted from objective, to completely emotional, and this simply can't happen. I was able to remember those couple things I'm working on. Being wrong well and small is actually right. Do I fully embrace/accept the risk of this trade? If so, my expectations should align with the markets, which is that anything can happen. And then BOOM. It hit me, I was actually ok if this trade was stopped out, because I did my job, and it broke down, and the loss was small compared to my winners. Proud that I followed my plan and halted trading after reaching my daily objective. I continued to watch, and will continue to watch/learn today. Also from my personal journal, I'm learning more and more that one doesn't have to "embrace/accept" emotional risk, if they are trading from a completely Objective/Neutral perspective like the market's. There won't be emotion. Trade your edge, follow your rules, job done. --JS
Hey Jas. At this point, I don't do any of that. For now, I would say it is because I haven't tested anything like that. Secondly, I have a daily objective target I'd like to reach. Often, this objective is reached before there are any swing points to move a stop above or below. The BE stop is something I will definitely learn in the future. It's a skill set I do not yet possess. As I grow, I'm sure this will become a part of the plan. For now, it's entry/stop/target and a focus on objectivity, not hopes and dreams. -JS
So 1 trade today You made money - then protected it Now isn't that a hellofalot better than losing most of it You feel better..., your emotional capital is intact..., you ingrained correct behavior..., you're ready for tomorrow No real downside ========= Would more have been better - certainly..., will more come as you continuing doing the correct things - bet your ass This is one skill - where one step at a time..., repeated till it second nature - pays dividends =================================== On another note; We all been there - let's you know you're alive Then a very nice recovery..., and great insight You should be - but - pride is a form of ego Enjoy it this evening - then set it aside before hitting the sack Tomorrow it's back to work Keep on Truckin JS RN
Thanks RN. Protecting that one trade is hell of a lot better I'd say. It's part of the plan and I'm glad I followed it. I bet one day, winning days simply become a part of the job/routine, and one simply has to show up and work well. I guess being proud of following one's rules is kind of an oxymoron. They're rules. Hope you had a good day today, see you tomorrow -JS
Winning or losing is part of the job - it the only two eventualities .., not counting BE..., possible for each trade placed As for simply showing up - in the normal world - sure In the trading world - bring yer "A" - game - every day..., every trade - or stay home True - each trade is following a prescribed routine for that trade The challenge - getting / keeping everything..., including one's self - in a peak state to do that Trading is strictly pay for performance Not at all - you made em..., who it easier for..., than you - to break em Break one - even a tiny bit - it easy for us to think - its okay - or..., I meant to do that Especially if the infraction leads to profit You Are Welcome Sir RN
5 trades. 4L & 1 W: +$3.00 There is a lot of hard work to be done on today's review. The TA and MA I'll review this evening, or tomorrow evening as I have to leave for work. A couple points to journal so that I remember and work on later: A past trade influenced a trade today. Even though the variables were common, there wasn't an unshakeable belief in uncertainty as I put on that trade. It was not objectively identified as a single/lone trade. These trades need to be consistently objectively identified. Why wasn't it? I also need to explore why I sold into an obvious demand line. Some ideas are greed, fear of some sort, and losing objectivity. If fear, what fear? If fear losing objectivity, why? A trader's perception needs to be that of the market, objective/neutral, with no room for threatening perceptions, because the market knows anything can happen...if a market "can know". Hope you get my drift. Positive side note: The day ended BE minus commission. I considered calling it a day/morning, but still didn't hit my max daily loss limit. Another edge was established, I took it, and reinforced that this is a probability numbers game. Also, I don't know if it's a result of my journey towards objectivity/neutrality, but the TA and context I'm using is no longer confusing, and I understand/follow it a lot better then I used to. Chart attached.
2pt SL ? with M5 charts where the M5's are 6-8 pips, your going to get nickel and dimmed to death doing that. Either 8-10 SL or go M1 which even then, 2pt is kinda tight, think 3-4.