That's exactly what I need to do EPrado!!! I have to get rid of a 'bad habit' and start correcting this habit on Monday. I have all the P&L's turned off (except one) and while in the trade, I will cover the P&L up with another window. Then I just need to follow my rules and off we go.
of course dude, do whatever u see fit and works for u, my suggestion was just that, a suggestion...i thought u may find it useful but u may as well not. good luck with u journey.
Well, for the first day of not staring at P&L's it took a little getting used to, but it did help to not stare at the P&L's each tick... Still have some work to do, but not a bad first day as I was not sure how easy or hard it would be after being used to the setup I had for so long.
12/13/06 Great example today of how patience can pay off... At 10:17am EST I took a long on the EC at 1.3276. Stop placement was 1.3271. Profit target was 1.3290. At 11:08am EST profit target was hit for +14 ticks = $175/contract. Sounds like a good trade just looking at that... Here is how this trade played out though... 1) After entry it went up a couple ticks, no big deal. 2) At 10:38am, 10:53am it was within 1 tick of my stop loss. Never hit though. 3) Till 11:02am this trade did nothing. That is almost an hour of agony for me, esp if I was staring at P&L's the entire time. I definitely would have flattened if I was staring down the P&L's. 4) At 11:05am we finally got a pop - in the direction of my long - and profit target hit thereafter. So, another great example of why staying patient and not staring at P&L's each tick makes sense. This EC trade was a winner, but could have easily been a loss if I was staring at the P&L's. Side note: what a great morning today... this is good stuff!!
Sounds like you are a bit trigger happy BF. Anyway, have you given any consideration to Volume charts, rather than time based charts.
I personally think the title of your journal says it all. It's not about how many charts, p&l, markets, time zones, etc..... It's about DISCIPLINE. Without it, the rest is worthless...
fearless - no doubt, I am very quick to hit that flatten button when I am staring at the P&L's tick by tick. Now that I have elminated all but one P&L (and it is covered up during trading), that is helping alot. I have looked at other charting timeframes, setups, etc. but have found a lower timeframe that is time based works best for me... When I stay patient.
So true optionpro. Hopefully if nothing else, another trader now or in the future will stumble across this journal and my suggestion of removing as many P&L's as possible will make sense to them and save them some of the headaches I have gotten.
I am not comparing TF's, I am talking about vol bars. Basically the market marches to price levels and volume. Whether this process occurs at this time or that time is of no consequence. for instance, do you check your watch when executing an order?