This is one of those patterns which money management is key to avoiding losses by either not taking trade or reducing amount of time to show whether it is going to work out more quickly or better to get out fast, as in faster Time Stops. Megaphone Pattern.
Yesterday was up 28 ticks and finished up just a couple. Didn't know I was up that amount till EOD. Today +36 in first couple hours then finished negative. Had a + 25 day last week that also ended up only + a few. I need to use more common sense and should use a profit range that I can hit and call it a day. There's a usually a couple days a week were price trends well beyond first couple hours but those usually are obvious early on. Those trend days I can go for a larger target perhaps. I used to feel compelled to watch/trade the whole session to increase my screen time PA knowledge. Now I think my PA reading skills are good enough to not need to be glued to screen. Probably counter productive. I think earlier this year I was stopping after up a nice amount. That was more out of fear of giving up profits; becoming more risk averse. Not feeling that now which I suppose is good, still able to pull the trigger, but I do need to take these profits home with me.
Seriously..., who the hell cares ================================= Did you - or did you not..., follow your routine Did you - or did you not..., follow each trade's plan Both days..., over the entire time you traded ======================== After all this time..., still focusing on results damn.., damn..., damn (beating head on desk) RN
You're right and no I made some mistakes on trade management and a couple forced trades. Re- focusing on process
Well, here I go kicking the milk pail over again. I think it come down to stats, Money Ball, and knowing where a hitter most likely will hit the ball and what kind of pitch. Jas, I just don't know if you get tired and lose concentration, your method most likely don't do well enough in less favorable volume. I find it easier to trade in huge volume but controlled market movement. When the big hedge funds trading and big brokerage they stir up volume and we just want to latch on, but when they go for lunch or play basketball, volume declines and markets get choppy. If you had better stats, am sure it says morning your Michael Jordan then later you Chico Marx.
I posted this elsewhere, but you were the one who likely made me think to say it at all, so I'll share it here as well: I have to wonder how many "struggling" would-be traders are struggling because they are too blind of their own goals to see that they have made it? Let me repeat that: how many "struggling" would-be traders are struggling because they are too blind of their own goals to see that they have made it? If you start trading crude or whatever it is at whatever your start time is according to your plan, and you see that you are up one, two, three or more ATR's on your time frame, what more do you seriously believe the market might give you that day? Shut it down and go live. The market will be here for you the next morning.
Thanks ZBE. I think for a long time I was thinking I needed to log more screen time. Keep putting the hours in. Now I'm realizing that less is likely more as you and Handle have suggested. I'm starting to understand some of the triggers for my discipline issues and certainly fatigue is one of them. I'm going to reduce my trading hours. Maybe back test, review or do some mental work with the extra time. thanks, Jas
Just traded the first 2 1/2 hours in CL today. I'm going to keep with that schedule. After I commute to office, which gives me a break, i'll take a look at trading last 60-90 minutes if markets are moving and depending on how my focus is. I'm slowly doing more and more things correctly. Seeing set ups better, taking trades and managing well. The drawdown really effected my confidence and caused me to second guess a lot. Finally getting back to normal. Trying to talk things out more which keeps me relaxed. But the habit of intently, quietly staring at screen is surprisingly tough to break. I'm out of town next week. Kinda would prefer to be around to trade but a break to review is ok. The things I'm doing now are focusing on steps I can take to keep me relaxed and focused. Kinda of trying to understand how I think.
Normal world would call that self centered / self adsorbed / even..., narcissistic We otoh call that: getting to know your best friend And get to know him well J - fore he the only one you can truly count on - 100% of the time RN
Plagiarized from another thread - this a really good one regarding the various phases we go through.., and where we place our focus during that/ each phase ====================== We work our ass off to create some semblance of "knowing" Then must completely abandon it when actually trading Love trading..., love it..., love it..., love it RN