I will join the others here and try to post a daily journal with a bit map of my trades hopefully.. If it allows me to post them. Reason for doing this is I've been having a problem with discipline lately and hopefully knowing I have to post my trades here for others to see will help me be more disciplined.. Also hoping to get some suggestions on what my improve my trading.. Will start tomorrow.. nothing good to show today.. The following bmp file is just a test to see if it will work..
I think it was the 2nd bar forming a bottom tail.. I got nervous and exited prematurely.. Trading on emotions.. something I need to work on.. That and the fact that I've lost a ton of money in the last 3 days.. getting gun shy...
Hi Flash, Whenever I'm in a rut. I take it slow. Whenever I am in a rut, (which is not uncommon)... I SLOW right down. I cut my position size in half, I take quick profits, and I'm extremely selective on my trade entries. I shut off the faucet. I Stop the money from flowing out. The first step is to trade and not lose money. Then you want to make some cash consistently (even if it's a small amount), then before you know it, you're back in your grove. Then when you're back in your grove, you can do your thing and have some fun. Trade in a fashion that will let you enjoy the job. But we have to ALWAYS trade towards the safe side...especially in this market environment...cuz it ain't easy to make it back. (just my opinion) Wish you the best and looking forward to your journal, gotta_trade
Jeff, (this is a friendly reminder post...in hopes of getting you to open your eyes a little wider) If your going to post a trade journal to help with your discipline... your going to need to post your trades in realtime if you feel that posting trades in the first place is a possible solution to resolving your discipline problems. This is the main reason why most journals under the theme discipline have failed or the poster didn't achieve their goals via the trade journal. With that said...your trade journal will be good for suggestions. Out of curiousity...what city are you located in? Have you thought about getting together in person with other traders in your area...have some sort'uv time off from trading for a day or two each week from real money trading and walking through your trade signals with someone watching...spend time in person discussing problems during actual market conditions? Then after a month of this...get together again in person while someone is watching you trade in realtime as you explain your trade from start to finish...real money trades. The purpose of the above task is to slow down those emotions that's currently are sabotaging your trading (I have read your prior posts) http://www.elitetrader.com/vb/search.php?s=&action=finduser&userid=16518 (none of that after hours over beer stuff) Maybe some of these traders will see something in person that posters at a discussion forum can't see that's contributing to your discipline problems. Simply...a realtime trade journal slows down your emotions, allows you to see right then and there a different perspective as soon as you click the send post button... allows for replies prior to the next possible trade to help calm things down a bit prior to that panic stage grasping your mind or prior to that feeling of out of control. Remember this...if you need solutions or help... realtime is a lot better than after the fact. Not always the case for a few traders...but the case for most traders with discipline problems. In person and in realtime...even better. These are some things I'm going to remember as I read your journal from some of your prior posts: My position size was too large You gave no explaination why you trade numerous different markets to produce a large overall position. Its so tempting.. and I've promised myself I won't do it anymore. If your not a scalper...why try to become one during the trading day? Thus, if your going to change your trading style or plan...at least reduce your size to control your risk if your wrong. I agree..and will become more adament about checking for them. Your not doing your homework prior to the open...possible other obligations such as going to work? Therefore...make some sort'uv check list for every morning prior to the open and during the first hour of trading. the biggest dissapointment for me is I keep making the same mistakes over and over Your discipline problems are deeper than you think or telling us. Therefore, a hindsight trading journal will not accomplish goes about your discipline. I don't trust my strategy.. and I'm letting emotions get in the way too often What exactly is your trade methodology? Can you copy and paste it here for posting? If not...why not? http://www.elitetrader.com/vb/showthread.php?s=&threadid=19468&perpage=5&pagenumber=1 I notice when you started the above post...you never replied to RAMOUTAR about your trading plan... Do you have one? Also...don't forget this post and some of the replies: http://www.elitetrader.com/vb/showthread.php?s=&threadid=19991 Another post you shouldn't forget... http://www.elitetrader.com/vb/showthread.php?s=&postid=290063#post290063 If you start posting in this trade journal more than 1 contract with your current discipline issues while undercapitalize... your going to choke on what your biting off. You rationalize in that above link that you put on size (2-3 contracts) when something is really good (high probability)...that rationalization is a problem I also thought it was odd that you were worrying about 100-200 contracts when your currently trying to max out your $4,000 account via 2-3 contracts. NEVER forget this... discipline problems will always win by a knock out over a high probability signal. Undercapitalization Problems: Stress, discipline problems, hesitation, trying to make back losses, ignoring trade signals, worrying about why you didn't get that extra point if you still followed your plan to perfection et cetera. Here's another discipline exercise... everytime you break your rules...regardless if you profit or loss... Your not allowed to trade the following day. It's your punishment and allows you a chance to breath...regain perspective... to help avoid a BLOW UP day. Also...you like to use words like Totally out of ccontrol and Cocky Here's your cycle of posts... Feeling Cocky via Wins --->>> Feeling Out of Contol via Losses --->>> Post for Help --->>> Feeling Cocky via Wins That's why I suggest you get together with other traders in person in realtime in your city. Another discipline exercise...everytime you get cocky or make good trades...post an in-depth chart of those winning trades and ask for analysis...ask for critism... until you no longer feel cocky after what others say about your wins. I'm still curious how you are able to maintain concentration while trading from work... http://www.elitetrader.com/vb/showthread.php?s=&threadid=19436 Is it possible that is the reason why you have a serious discipline problem... your just not mentally in the game. Thus, because your trading from work...maybe your current trade methodology is not suited for such. Trying to be a day trader or position trader from work while undercapitalize with serious discipline problems... is a tad bit absurd. Is it possible that when you say your on your way to work...you mean your on your way to trading? Last of all...you should only be trading with 1 contract... so why are you concentrating on monetary goals via the below post... http://www.elitetrader.com/vb/showthread.php?s=&threadid=19019 You should be concentrating on your trading plan, discipline, emotional circuit breakers (in person trading pals are good for this if trading from home) and education. That education stuff...use ET Hook Thread and meet some traders from your own city and start discussing the markets in person and during market hours... http://www.elitetrader.com/vb/forumdisplay.php?s=&forumid=28 If you don't have time for such because of work or whatever reason... you shouldn't be trading. P.S. Being profitable during a trading day that lacked discipline will cause more harm than good than having a losing trading day while achieving discipline. Don't forget to post a complete journal... Contract size, time of entry, time of exit and the whys. Don't trade more than 1 contract with your current problems!!! NihabaAshi
Nibabashi, "P.S. Being profitable during a trading day that lacked discipline will cause more harm than good than having a losing trading day while achieving discipline. " Excellent point.. I never thought of it this way.. and I can't tell you how many times this has come back to haunt me.. You seem to know me better than I know myself from my posts.. I've forgotten about some of those.. you make some excellent points.. I live in New Orleans.. I don't know of any other profitable traders in the area.. but would love to be mentored by someone.. even if our styles are not the same.. Yes I do work full time in Accounting.. it will be tough to post trades in real time.. but I will try.. Yes I do have a trading plan.. very simple.. I look for a pullback to the 20 EMA.. and then wait for a small pattern bar like a small doji or a hammer type bar if going long.. then I enter.. Using stochastics .. if its at extreme reading.. at least below 10 or above 90.. wait for a reversal candle and enter.. Gaps.. if the market gaps up by more than 4 points.. and the first or 2nd bar is a reversal bar.. I will enter in the direction of the reversal bar.. I am not maintaining my discipline and am a little undercapitalized.. Like you said this may be a no win situation.. I only asked about the 200 - 300 contracts out of curiosity... You had man questions in your post.. if I didn't answer something you'd like answered ..please ask again.. Thanks for all the thoughts.. I will reread your post again a couple of times.. Jeff
Jeff, Your welcome...if you can find one little thing useful out of that long winded post... than it was worth for me to post it. Hopefully you'll be able to hook up with someone(s) from New Orleans...I'm sure there must be more traders (ET Lurkers) here that are from New Orleans that didn't respond to the Hook Up thread post below... http://www.elitetrader.com/vb/showthread.php?s=&threadid=17457 Also...I don't expect you to answer the questions via a reply... I just wanted you to reply to yourself. However...thanks for the info about the 3 aspects of your trading plan... that will help us that correspond with you in your journal. It's your mentioning of Trading the Gaps that caught my attention now... I will pay close attention when you post your trades on Gap days (Inside Gaps and Outside Gaps). Take Care. NihabaAshi