No Trade Tuesday 5/20, following rule. 5/21, 3 trades. Shorts. However, only with very small size following rule. For the 2nd and 3rd trade, I did break rule and doubled size based on gut instinct. But over all I consider my gains were small given today's huge move. Trade execution based on rules were nice as I took almost no heat. Anyway, should not complain stay focus on what I gained, and not could have would have.
Nimble, Great to hear that your discipline is improving. You are not AS tempted to close a premature profit or to get out of a seeming losing trade. oraclewizard77 made a great suggestion on page 10 and I hope you caught it. whitster also gave good advise on page 11. You are still breaking your own rules. You must get past that before execution becomes your next challenge. There are books you could read to improve your mind toward trading, but none will do more toward your growth than practice, practice, practice. So trade light. Remember that backtesting emotional exits and gut entries is impossible... feelings don't show up on the charts, and they are not systematic. Congratulations on the progress.
Worse day since Monday in terms of peace of mind. Because of memory from yesterday, I was anxious to short today. I over traded. First two trade was made not following my system. And because of that, I was uncomfortable and closed out the trades too early. One at BE, and one at a small loss. The next two trades followed my system, but didn't work out much. So ended up a small loss day taking commissions into account.
pshinspections, thanks for stopping by. In some way, I can't pull myself to hit myself hard enough that physical pain becomes a trigger. Probably that's why it is taking me such a long time to learn - I simply forgive my mistakes too easily. What has made me more in control these days is simply talking to myself outside, and during trading hours. It is being "conscious" that is helpful. These days, when I am breaking a rule, my head "rings". As suppose to a month ago, when I broke a rule, I errr... "wasn't thinking". I will keep practicing that consciousness....
Hi Inspector, The current ES day trade system I trade has fewer trades than what I like I think. It trades at most 2 or 3 time a day, and no trades on some days. It is designed to catch predictable trades, not necessarily the largest point move. Therefore the way to trade the system is to trade size when it is due. But these days do not come often, and right now I don't trade large lots yet. I trust my system (at least 90% I think). I deviate from the system because I trying to out do the system. - There is an impatient part of me trying to recoup some of my loss that I have accumulated prior to using this system. I like to be "in the action" because I equate being in a trade with the opportunity to profit. My system trains me to look at risk, and I know up till now, I often see the "profit" of being in a trade more than the "risk". - The days I over trade are those days 'after' a big point move that I missed. There are many days we will get very large point moves, and my system actually aren't trading during those days, partly because days with large point moves are by nature, unpredictable. This is what goes on in my head "I saw those moves based on other analysis, and/or my instincts, but I didn't take them 'cos I followed rules. So I guess I should trade based on these analysis today." As suspected, the day after a large point move we usually get a rest or even a bounce, and I would usually start getting out of sync with the market until I get a weekend when I recoup and rethink. Sometimes it takes me more than a week to get myself straight. There is no doubt best days I have are days when I only trade this system, and I earn "enough profit". I think enough profit for me is more than $500. For example, Wednesday was a great day for me except I traded very few contracts. You saw in my note how I disobeyed my rules and scaled up my contracts. By the end of Wednesday I already pretty much can guess that Thursday I was going to to over trade 'cos I didn't think I earned enough on Wednesday. Then come Thursday, I still loss control. I can pretty much point to the impatience to recuperating my loss as the ultimate reason I break rules here and there. The fact is if I remove the days I break rules, it is quite clear that the small profits I have done would bring me much further towards my goal. The days when I break rules are what is setting me back from reaching my goal. If I can only remember that every time before I break a rule..... Thanks for making me write this down. I again understand more of my own behaviors. That can help in fixing that monkey in my mind. Have a great weekend! Nimble
2 Trades today. First short was in the morning and an easy trade with stops and everything. Second trade, made 20 minutes ago, was doing "my own little counter trend trade", and thus gave it a very small stop, and taken out. Just crap. I need to stop doing "my own little" whatever. Just a waste of time until I really have a second system that I am confident at. Otherwise I can't trade it without getting confused with the first one. Further more, if I can't trade one system right, how can I expect to trade two right?!
2 Trades today. Obedient trades because it is a low odds day that I was not suppose to trade(ya, still broke a rule). Ended up with choppy market and small profits as expected.