Dbp, I did contradict myself there sorry.. part of my system is counter trend.. but my rules state not to take a buy in a market that is trending strongly down.. or if I were to take that type of trade it should be when the trend has exhausted itself.. I"m not being patient enough in waiting for the proper setup on these..
I hesitate to ask about the specifics of your system, because it really doesn't make any difference. However, I'm getting confused about just what it is your system is supposed to do, and maybe it's confusing you as well. If so, that may be why you keep departing from it. Do you have clearly defined goals? Are the rules for your system specific enough so that you can determine whether or not it is helping you reach those goals? If the rules aren't specific enough and you have to make a new determination as to whether to enter or not every time one of your setups occurs, then you will lkely drive yourself crazy. If the rules are specific enough, but your system isn't helping you reach your goals, then you may need to look at your system again. Or take another look at your goals. Sorry to be so general, but there is some basic information missing (unless it went past me), and some problems can't be solved without going back to A.
Dbp, When you say clearly denined goals.. do you mean monetary goals??? I guess my system rules aren't specific enough.. I do have to make a determination a signal is generated. Maybe this is also part of the problem..
The goals need not be monetary. They can be net points per contract. Either way, I assume you've determined whether or not the system you're using enables you to reach those goals. If it doesn't, then you need either to revise your goals and re-examine your system. As for the system itself, it need not tell you exactly what you should do with each and every setup if you have reached the level where you can be discretionary and continue to reach your goals. However, if you're trying to reach that discretionary level without having nailed down certain behaviors relating to objectivity and consistency, then you're likely to become so entangled in doubts and anxieties that your wins and losses become more or less random, and that's no recipe for success. You've mentioned several bar intervals, trigger mechanisms, and system objectives. But you haven't - unless I missed it - been specific about entry, stops, etc. Therefore, I suggest that you decide exactly what your goals are for the month, then work that down to the week and day. Find a mechanical system that enables you to reach those goals (and by "mechanical", I mean that it tells you exactly what the setup should look like and exactly what you should do when you see one). Then test the system in order to determine whether or not it performs as it's supposed to. When you've reached a point where you can trust it, then follow it. If you can't follow it, then the problem is most likely psychological, and that's a different road. Think about all of this first, however, before getting into all the psychological angst. Perhaps your boxers are in a twist simply because you haven't revisited your goals lately. Or your system isn't internally consistent. As with a car that won't start, don't take it apart until you've determined whether or not there's gas in the engine. Look for the simple fix first. Even if there are difficult problems to be fixed, they will be easier to deal with if the preliminaries are out of the way.
Dbp, In terms of goals.. yes.. my system more than reaches them.. I have set a very modest goal of netting 1.75 points a day.. and from what I've tested of my system it more than accomplishes this. a problem for me also comes in when the day is drawing near to an end and I haven't gotten my 1.75 points.. I feel anxious to get them before the day is over instead of being patient.. following my rules and gain the 1.75 points in another day.. some days offer 10 points in my system.. and some days offer little or no points.. I need to be more patient.. I believe you were right about needing the excitement.. gambling mentality I have.. and that will not win in trading.. I need to conquer these problems and I think I'll be okay.. Am I making any sense here???
Dpb, "Am I making any sense here???" Hope that didn't sound cynical.. I'm just unsure if I am making any sense.. I appreciate the help and I need outside help.. I need you guys to see what I'm doing wrong.. and call me down on it.. This is why I started this journal.. and so far its been worth the effort.. Thanks again.. to all who have helped..
First, you needn't worry about making so many points per day. Set a weekly goal. And if it looks as though you're not going to make that goal by the end of the week, then revisit your system and make whatever modifications are necessary. Do not, in other words, just make something up in order to reach your weekly goal. You are just as likely to make things worse. As for the "gambling mentality", you're going to have to define what that is and what there is about it that attracts you. There's nothing wrong with being subjective and going with "the flow". But that's a level you have to earn, and it looks as though you haven't earned it yet. Even a gambler understands probability, and he won't place a bet that doesn't meet his requirements. However, he also understands that, probability or no probability, there is no guarantee that a particular play will lead to a particular result in a particular case. Probability works for you only if you make the same bets again and again with the same rules, the same stops, the same management tactics. If you began with an edge, then you will be successful, but only over a series of trades, not over every single one. You're trying to trade by instinct without ever having achieved objectivity and consistency.
My thoughts Flashboy (which I have said in other threads) You are trading under financial pressure. Don't know what your situation/responsibilities time wise and financially are but you should have a source of income which allows you to meet your monthly obligations and hopefully put some money aside. Then you will not be under pressure to make money or not lose it! I too had many great entries and closed them out and reaped 10% of the move trying to be conservative and"protect my profit". I've found between enough decent income besides trading and leaving the computer after placing a trade that was the only road to success. How can one be objective and say every tick doesn't matter when every tick truly does matter for survival?
You are correct.. I don't need income from my trading for survival but I am dependant on it for some things coming up... That and my account has dwindled down pretty substantially.. I am undercapitalized and its showing in my trading results.. I hate to stop trading and wait till I get in a better financial situation.. but don't know how long that'd take.. probably 3 yrs or so...
Here's today's trades.. Emini - 7 trades 3 winners 4 losers Gross Loss = $37.50 1 trade in Euro.. see prev. post Profit =$375.00 I guess not a bad today considering the way it started off.. was lucky to come out with a profit.. Hindsight analysis.. would have been a great day had I not taken those 4 losers.. which I should have never been in in the 1st place.. they were emotional trades.. needing to be in the market.. The 2 biggest mistakes in my trading today was not letting my profits run on the 1st trade and the 4th trade @10:30.. was inching a stop up on the 10:30 trade but put it too close and got stopped out for a small profit.. I could have locked in a breakeven trade there and then let the market do its thing.. this comes back to what some of you pointed out.. trading with scared money.. watching every tick that goes against you and sweating it out.. not a good way to trade.. Looking forward to any comments