Tradersaavy's Discipline Journal

Discussion in 'Journals' started by tradersaavy, Jun 23, 2004.

  1. I am going to add an update to this journal as there has been a significant change and learning point in trading this system and the topic of discipline. And trading in general for that matter.

    Hopefully when I read this journal again some time in the future I'll be able to learn from the progression noted here. Also, I hope that there are others who can gain something from this reading as well.

    To cut to the chase:

    April was the most painful month that I have had trading this system.

    It lead me to look at alternatives to the current style of trading.

    I decided to add a breakout set up to the reversal trades that this system does.

    I realized that this system does not fit my personality. I thought it did. But after taking a couple of the break out set ups I realized that these set ups fit me much better.

    I have also realized that there are other breakout set ups that are working well.

    I read once a long time ago that some traders are better at trading systems and some are better trading with discretion. Better as in fitting their personality and IQ/EQ.

    I "decided" that a system was better for me because I could just 'follow the rules'.

    A trader really has to find himself.
    I have been trading with discretion on a few particular breakout set ups since the end of April and have made more points in YM than the last 3 months combined from the reversal system.
    It feels much better and is highly rewarding. Rewarding both financially and intellectually/emotionally.

    Quite honestly I feel that all of the years of trading have just come together. Trading the reversal has taught me wonders in identifying breakout set ups.

    Final thought:
    Nothing ventured nothing gained.
    If I had not looked at this discretionary method of trading I would still be aggravated (yet minimally profitable) trading the hard disciplined reversal system. Although I felt that I was 'breaking the rules' by venturing in to this 'out of the system' style trading, it was a good "out of the box" thought process that we all have to do sometimes.

    Gotta find what's in ya.
    #201     May 15, 2005