jasinhbca's quest for discipline, knowledge & profits

Discussion in 'Journals' started by jas_in_hbca, Nov 16, 2010.

  1. Redneck

    Redneck

    I'm trying to look at this objectively.


    I think I did OK today.

    First trade went quickly to target in 2 minutes

    I was only moderately tested.


    Next two trades failed to move past resistance quickly.

    One was a reversal trade

    the other a PB after an extended up move.

    So I wasn't willing to give them much time. BE & -1.


    Those were traded pretty much per the guidelines I currently have.

    I want quick MFE and levels being taken out.



    I'm also testing and tracking fixed stop;

    less Thinking while trading.

    That would have resulted in + 25 & maybe 10-15 on the last two trades.

    So did I screw up today ?


    I don't think so.

    But there may be some adjustments I need to make.

    all trades were valid in plan trades.


    If I'm deluding myself here RN, please, and I'm sure you will [​IMG] let me know.


    ++++++++++++++++++++++++++++++++++++++++++++++



    There is a fine line between being overly impatient.., or…, being cut and dry (it either works…, or it doesn’t)

    Given the time of year – which do you think you were today

    Always – our expectations must marry up with what the mkt is doing… and…, how fast.., or slow – it is doing it


    =============


    My thinking – you were a bit too impatient…, in that..., trades were taking longer to work than you’d like

    But overall…, You did a Great Job today


    Celebrate the victories


    RN
     
    #1051     Dec 5, 2014
  2. dartmus

    dartmus

    You did great today. Thanks again for sharing your journey.
     
    #1052     Dec 5, 2014
  3. Redneck

    Redneck

    Just read NOD's post - she and I are essentially saying the same thing

    RN
     
    #1053     Dec 5, 2014
  4. Thanks, Mods.

    Thanks, ND, Dratsum & RN.

    I'm not going to over think it but I agree RN I believe I was a bit too impatient.

    The trades will be logged and i'll review the overall data I compile.

    Thanks, I will celebrate the victories as I stay focused on improving my execution of the plan.

    ====

    I may have said this before;I was always opposed to fixed targets. Let profits run has been ingrained in me, probably from the Market Wizard book. A fixed target seems absolutely contrary to this. But right now I'm really liking the no decision, take reasonable profit approach. And in the past seeing price run another 20+ ticks beyond my exit would drive me a bit crazy. I still would like to play test with 2 cars and scale out but for now I'm very happy with the target exit.
     
    #1054     Dec 5, 2014
  5. Redneck

    Redneck

    Yup - we have positives - we build on those


    =====================

    On another note

    Day trader scalping (reduced fixed targeting) is the mainstay approach of a lot of successful day traders - never underestimate its effectiveness - especially when scaling up is included


    otoh - there are very few day traders who can capture the majority of a move (the let profit run) on a regular basis - it takes a combination of traits that are rarely found together


    Best we keep focused on what is working.., and scale it up when we're ready :)

    RN
     
    #1055     Dec 6, 2014
    jsmacksem likes this.
  6. slugar

    slugar

    so when you guys are talking fixed targets are you saying the same profit target on every trade or setting your profit target based on current price action. some would argue that since no two trades are alike and every moment in the market is unique that this would be hard to do
     
    #1056     Dec 6, 2014
  7. Same profit target on every trade, however I will adjust lower based on S/R levels. The problem I was running into was I'd move target higher, price would miss it and I'd end up getting out with a profit of 10 instead of my original 25 target. I'd rather take steady chunks and miss further profits than give back too much in open profits. It also takes out decision making on the exit and reduces stress. Based on my experience with CL and current volatility 20-25 is a good target. I'm tracking MFE assuming I had not exited to see if I should be using larger targets. In a lower volatility market I may have to lower target.

    I'm also looking at if I get a new signal before my target is hit then increase target based on the new signal.

    Bottom line objective is to have wins average 20+ and losses average < 11. With even less than a 50% win rate I still have an edge. From there then look to see what I can improve or just be content being "The House"
     
    #1057     Dec 6, 2014
  8. Redneck

    Redneck

    Slugar

    Be mindful - we all see things differently / trade differently


    J is finding / developing / using - that which plays into his unique personality - hence turning what's been a frustration - into a strength


    Many ways to skin the ole cat :)

    RN
     
    #1058     Dec 6, 2014
    gears and Alpha Trader like this.
  9. slugar

    slugar

    Makes sense jas I would like to eventually do something similar when I'm trading multiple contracts and set a target and manage the rest according to the current price action environment.
     
    #1059     Dec 6, 2014
  10. Since I've switched back to CL I've been trading pretty well.

    Tomorrow I want to be sure I'm not over confident. Be patient and wait for valid set ups. They will be obvious when they are there.

    Manage trades properly . Set stop and target and avoid micro managing & thinking while trading. Relax.

    Keep trading. Don't worry about giving up profits. As long as I'm focused and valid trades are there take them.

    Expect this will be uncomfortable. Know this is the proper way to trade and the stats are in your favor.
     
    #1060     Dec 7, 2014