Awh gees, did you really have to tell me that!?! I hate those squigly little lines, and all of their cousins. (I really hadn't thought about the MACD connection - but you are right) I know what you mean about the trend/non-trend situation. That's where the seat of the pants part comes into play.
You tell em', traderkay - it's seat of the pants all the way. I'm tired of some silly little lines telling me what to do! And as for that backtesting stuff - it would take at least a day and a half to get all the dust and crud off my copy of TradeStation! ( spent three grand on that sucker - and left a lot more behind trading tested ideas! ) Can't we open the market a little early - me and my "short pants" are ready to go - go - GO! ( I'm sorry, I get a little carried away on Sunday nights )
The LOL part pleases me. I had no real idea where to go with this "journal" thing when it first came up. But as it has evolved, I have tried to write more about feelings, fears, greed, and just the ordinary day to day things a "trader" has to deal with. (just wait for the installment on days with too much time on your hands) So I figured if I do it, or experience it, some other poor soul out there probably knows what I am talking about.
There has been a lot of that, because I fully approve of that method. As for the "machine variety", I ain't so sure. Maybe that Bill Gates character programmed some weird stuff into this machine ( that rarely does what I want it to do anyway ), just to play with my head. God knows that TradeStation and this computer were ALWAYS at odds. So there ain't gonna be ANY backtesting. No matter how much sense it might make - no matter how persuasive you may be. It's seat of the pants, baby, all the way!!!
Learn to play Bridge! It is a great game, and lots of traders play it, particularly option traders. nitro
...But just a little bit. My system/method is designed for nicely trending markets â this morning ainât been one. But letâs cut to the chase: 9RT/ - 1 Point 3 Winners â 6 Losers So how do I feel about it? Happier than a pig in do-do. Admittedly my enthusiasm to put this baby to the test was very high, and I used more âSOMPâ than âSkirtâ in my trade decisions. But without exception, without exception I allowed each and every trade to fully play out â with minimal distress. And that is a landmark for me. Itâs also what this exercise is all about. Granted, I pushed the entry signals to the limit, but in retrospect only one of the nine was clearly a mistake. It was just a tough morning for trend trading off of pullbacks. (At least in my opinion, and remember that mine is the only one that counts). I will try to be more selective this afternoon, but even with a small loss, I consider the morning as a good experience.
Oh, Hi there! I was just working on my journal â you can read over my shoulder, if youâd like. Dear Journal. What a fantastic day! The morning saw me trade as I rarely do. Discipline! All the way! The market was difficult for my style, but I did it the way it should be done. You would have been proud. In reality, I lost a point, but all but one of the trades were entered properly, and of the three winners, all (yes ALL) met my profit objective. It was a hoot! I sat there calm, cool, and collected. It was a sight to behold! This afternoon saw three opportunities, and they all reached my profit objective! Not a bad day, all things considered. So thatâs it, dear Journal â see you tomorrow! The problem is that I am lying through my teeth. The morning report is the gospel truth, but nothing is after that. The lunch period saw a series of wild and crazy scalps that had nothing to do with the way I am supposed to be trading. The trades lead to a reasonably acceptable 4 ½ point loss on the day. But then it really, really got ugly. Pissed that I had traded during lunch, a series of revenge trades ensued and at much larger size than normal. The bottom line? 114RT / -37 Points. What else is there to say. This morningâs optimism has faded somewhat â to say the least.