Greetings RN, What you've provided to ET is likely the best short version of a Trading Plan that I've seen in a long time. As we used to say in the military, its "Foot Stomper A,B,C" {Accurate, Brief, and Concise}. I guess sometimes it obviously helps being a "good ole country boy" of little words, because when you do tend to speak...its well worth listening. What you have provided to anyone watching is a simplified template of a Trading Plan, and with a little more work in a few areas, will no doubt "git' er done" in as short a time as possible. Nicely done effort. KDASFTG
RN, Thank you , great post ! And I got it all covered. It's just a matter of discipline from here on out. ---------------------- Hi KDA, good to see you. jas
Thanks RN. Really a beautiful day for PA trading IF you can leave some biases behind. I did not. Fighting the trend too much. Re-learned a couple important things and actually gained more confidence in the methodology. All and all just an off day at the office. Not ignoring my mistakes but not going to belittle myself over them either. I am asking myself why I was looking for a reversal too soon. Was it because I missed an entry ? Am I thinking the move is extended so it feels like chasing and I've been burned that way before ? What is causing me to create a mindset that ignores my system ? Exit at a loss and reverse feels like an impulse entry and not supposed to do that. Is it an impulse trade or is it a new level of skill and trading ? A little voice is saying, No, don't do that ! Why is that voice still trying to protect me ? Well, just brainstorming a bit. Things i'll ponder on later. no quick answers. Anyway , like I said , just another day at the office
Fair. +4.25 NQ. Did a good job avoiding afternoon range (no trades) but should have taken a PB re-entry or two. Trading around HOD makes me tentative and that's where some opportunities were presenting. Let me know if you still want to see charts. jas
Alwaysâ¦, if youâd like Truthfully.., trying to get a read on where you are Know where we left off.., but you may no longer be there â and the last thing I want is to be bothersome.., or a hindrance Or me talking about one thing... and you thinking - YO.... I'm over here ========================= btw; Last few days been hanging out in Slugarâs Journal â feel like it.., stop inâ¦. good eyes..., and perspective - are always beneficial RN
So you've been at this 20 years and still struggle with consistency. I'm in this game 10 years and face a similar struggle. So my response, from studying Expert Traders, is I only focus on a very small niche strategy that does not work 90% of the time. And I try to sit out 90% of market action. I have a "trade with perfection or not at all" attitude now. Because only perfect practice makes perfect. Trading with imperfect form or technique will devastate you in the long run. Most traders that often lose just hate sitting out 90% of market action because the thinking is "why would I take 90% of profits off the table"? But the reality is you are also taking 90% of the risk off the table. And since everyone's mental bandwidth is naturally constrained, 10% of market action is much easier to deal with and trade with perfection then 100% of market action. Expert traders take this concept of focusing only on a small niche strategy even further. If you look at instituional investors that manage tens of billions - they are all trading very tiny niche strategies. Buffet, for example, only considers high quality value stocks and only 5% of stocks fall into this category. Thus he stays away from 95% of stocks out there. So he takes 95% of the profit off the table and still ends up the richest man in the world. And even with the 5% of stocks he would consider he probably puts in 1000s of hours of due diligence (from his analysts) before making even a small purchase that will represent only 2% of his portfolio. Simons also filters out like 95% of market action. His only interested in the 5% of market action where he can get in and out in minutes with a small profit. He ignores every time fractal above a few minutes. Activists like Icahn and Ackman also don't go near 90% of the stocks out there. Only situations where activism can make a huge difference is what they are interested in. Just about every Expert trader out there eliminates over 90% of market action from their trading. The only way to survive & be consistent is to just work with a very small fraction of the opportunities that are out there. Trading is so incredibly difficult that even if you filter out 90% of the action, its still hard to generate alpha from the remaining 10%.