Tradersaavy's Discipline Journal

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

  1. Finally back home, kind of.

    I'm moving and have sold my house and the new house isn't ready yet. I'm homeless.

    I actually won't be able to trade until I go back to work.
    I'll trade when I'm not in a meeting.
    I will resign from work on August 9 and then be trading fulltime.
    Although I need to figure out where I'll be doing this being that my house isn't ready yet.

    So, my trading and the ability to work on discipline will be affected due to all of the above.

    July 8 and 9 in review (hindsight) would have been pretty good on the 1m charts.

    Really getting anxious to trade again.
    #51     Jul 11, 2004
  2. OK, I'm back at my fulltime job now.

    Thank god.

    Not for the job, but for high speed internet access and some time to trade again !!

    I see a 1m set up currently, but some of the filters to produce a signal are weak. I feel that I am really looking for the set up.
    I have looked at ES and NQ to see if they have strong signals.
    ES does, NQ doesn't.

    $indu doesn't either.

    So, discipline will kick in and I will not take the trade.

    If I am trying to make a trade look good, I probably shouldn't take it.

    There are some cases where YM will be almost set up and if ES, NQ and $indu look good I will take the trade.
    #52     Jul 14, 2004
  3. How about that.

    I would have been stopped out right now.

    Glad I did not take the short.
    #53     Jul 14, 2004
  4. Short YM 10260.

    Current target 10252.

    I am skeptical about this trade because today looks like it may be
    an uptrend day. We'll see.

    Signal is there though.
    #54     Jul 14, 2004
  5. Out at 10255.

    My band moved so my target moved.
    #55     Jul 14, 2004
  6. This trade didn't feel right.

    I'll post a chart to explain.

    This is an area where discretion comes in to the trading rules.

    This area will need to be worked on.

    Worked on as in, from experience, over time I will have a better feel for these types of chart patterns.
    #56     Jul 14, 2004
  7. ... and there goes YM 20 pts from my entry and I got out with 5 points.

    As mentioned, the signal WAS there.

    I got out because of a discretionary decision where I have seen these wide peaks before and they usually go sideways and do not fall.

    I need to decide what to do in the future with these types of patterns.

    I suppose that I should just follow my rules, period.

    I will do some research.
    #57     Jul 14, 2004
  8. B_Wayne


    I've been through the same thing. You follow your rules and you have a successful trade. You follow your rules and you get stopped out of what winds up being a successful trade. You follow your rules and they save you from being trapped in a disaster. You follow your rules and you don't take a trade that turns out to be enormously profitable.

    The problem is not the rules as such but focusing on the outcome of a particular trade. If your rules give you a profit over a long string of trades, then think carefully before throwing them out or even modifying them. The goal should be to follow your rules, not to make a profit on every single trade. Trying to make a profit on every single trade can drive you crazy.

    So don't look at just this trade or the last two or three trades. Look at the last twenty or thirty or forty, then see where you are. That should tell you whether your rules need changing or not.
    #58     Jul 14, 2004
  9. long quick scalp 10220
    target 10229
    #59     Jul 14, 2004
  10. stopped out of the scalp.

    jFollowed rules though.
    #60     Jul 14, 2004