who else feels like crap after bad day. Even if it was just a mediocre day -- knowing you cut a trade too early, blew a position on a keyboard error, stood like a moose in the middle of the road while the opportunity took off without you, or took that one goofball trade the screwed you up...is it just me? even on my best days, I always walk away feeling like I could have done more...I rarely feel productive, even when I'm on my game.
Let me ask you something. When you make a trade that is profitable, do you think " Any fool could of made that, or maybe that was just luck" And when you make a bad trade you think "I'm so stupid" ? Take care, -Kastro
usually when I make a good trade I know it's a good trade. And when it's dumb luck (a subtle difference) I know and take it. When I do something stupid, I don't hide it from myself. I think I really need to up my game. I'm not satisfied because I'm not really engaged, I think.
knowing you cut a trade too early By what measure did you cut out too early? The chart you are looking at? The following are reasons to throw away your charts if they are a negative influence. 1)Charts always make trading look easy 2)Charts will always magnify any negative perception you might have about yourself. stood like a moose in the middle of the road while the opportunity took off without you Why is there only one opportunity to get on the ride? Again are you referring to the chart? took that one goofball trade the screwed you up...is it just me? After reading this post I understand why you might let it ride on a goofball trade! even on my best days, I always walk away feeling like I could have done more...I rarely feel productive, even when I'm on my game. In my experience what you are describing is a lack of focus and lack of a daily objective/goals. First I am going to describe to you what is working for me and then compare it to my confusing days. Today I begin the day with a daily objective to make 60 ticks on 1/3 of my max size. For example lets say my max size was 6 contracts. My daily goal would be 120 ticks. I have found that this is an obtainable goal to achieve in any trading day. I usually hit this mark within the first hour of trading. Also this goal does not put any excess stress on me. I am able to stay calm throughout the trading day. I keep my losers very tight because I am trying to accumulate ticks and more ticks to capture the goal. This is my focus. This is my drive. So what if I miss the big move --- my only focus is to look for the next best trading opportunity. If I missed a trade thirty seconds ago there will be another one in a couple of seconds, minutes, hours, etc. For me I have to have a clear SIMPLE daily objective. I do not use charts in my trading. They make trading too complex and confusing. In the last three months I have been able to achieve my goal within the first hour of trading. Majority of the time I end my trading day at this time. The reason I end the day is without a goal that I can emotionally commit to my trading becomes undisciplined and more like gambling than trading. Some days I do keep trading. Then I set another goal to make 60 more ticks. One problem I have had in the last three months has been the last week of the month. I gave back 50% of my month in April, 25% of the month in May, and almost 15% of the month of June. Thankfully I ended the month of June on monthly highs. The reason I was having a problem at the end of the month was I gave up my simple daily goal/objective. By the end of the month I would remember the couple of days I made 300 ticks. I would also add up all the money I made and by the last week of the month it seemed like I had made it in one single trade! So instead of trying to hit the simple goal of 60 ticks I wanted to hit a home run of 300 ticks or 500 ticks! I hit these goals, but instead of making 500 ticks I ended up losing 500 ticks. Thankfully I understood the problem and my last week of June was a profitable one. To conclude I have been where you are. Thankfully I am not in the same boat today. I ended my cycle of confusion by implementing a clear SIMPLE daily objective/goal.
I read my post, and it sounds a little preachy. I write these posts to keep myself on track! I have been treading water for a long time, and I finally feel like I understand what works for me. So take my preachy tone with a grain of salt. I am really writing to remind myself what I am doing differently.
This appears to be very uneven trading not subject to an accurate methodology. If your approach is hit & miss and 'feels like crap', the remedy is to work out or adopt precise management of your entries & reverses in order to utilize the days gyrations (eg YM)
thanks for the feedback. well, I admit I'm in between peaks here, and I'm a bit unfocused. but some of this stuff is very idealistic. I understand that having a simple, workable methodology, and understanding its limitations, is key to walking away at the end of the day knowing whether or not you've done your job. Too, I learned that you're on your game until you're not. Sometimes the market changes tactics on you, and you can't roll with that if you're married to your rules -- which may just be the price to pay for having rules. I'm not saying "don't have rules." I'm saying, there are periods when any system just isn't making it, so beware when you're on your game.
Refer to Sartre, Camus. Absurdity is part of the human condition. The nausea you feel is evidence you are alive. Learn to live with certain uncertainty. Upon this foundation, find your own meaning.
I am a completely discretionary trader. I guess my system would be my "intuitive feel" for the market. I trade any way I can make money. One trade I might scalp for ticks. Another trade I ride a wave. Another is a countertrend. The important thing for me is to get out quickly when I am wrong. When you use the word "system" what are you exactly referring to? I am curious because I think as a discretionary trader I have a completely different definition for this word than most on this board. For instance if you notice that the market is becoming choppy do you trade this choppiness or do you have to write another trading program to take advantage of the change? For me my "system" is my intuitive feel for the market.
Try reading trading in the zone by mark douglas, it deals with several emotions you´re facing right now... ************************* Scalper, great post.