Hi Lajax, I would suggest starting a different thread on this topic, and just tag me in it using the @Yukoner handle. I would be glad to help you. In a nutshell, once you pass a combine they have the choice of moving you directly to live trading... OR putting you into live trader prep which is similar to combine, but much smaller trading goals. That gives them a chance to review more of what you do as a trader. http://help.topsteptrader.com/knowledgebase/articles/231897-what-is-live-trader-preparation- Thanks for following my journal. Yukoner
Hey KP We all have needs - which go way past wants..., desires..., hopes..., and dreams So long as our needs are being met - there is no impetus to change ====== Further..., people only change for two reasons; Either they are completely fed up with their current circumstances and can no longer stand to remain or There is a new set of circumstances which they desire (need) more than their current No.., it takes a commitment to overcome (change).., then and more importantly - it takes action - most times repeating this action..., as true change rarely comes about easily But even before the commitment and action - we must need this change - iow it must fulfill a needs within us Should this need not exist - then we must create that as well - else the change will never take hold We can lead a horse to water - but unless that horse thirsty - no way in hell to make it drink No different for people Yup Some actually revel in self-destructive behavior - a martyrdom of sorts I've never understood why I have no doubt you are fully aware of that which you do..., initially I had doubts..., but no longer You joke about it... yet other times appear so serious I simply don't understand why - but then the why..., is really none of my business As I constantly remind my kids - a person's actions - always speak louder than their words Successful Journey - and may you find that which truly you seek RN
When these two in direct conflict - which rest assured they will be (like they were Friday) Which one will win out If the $'s (PnL) is a byproduct - which is how it must be - then how can the byproduct also be a measuring stick (measuring stick = that by which one grades / judges one doing their job) We can do everything correctly - and still lose We can do every conceivable thing wrong - and still make money hellofa measuring stick - not to mention - goes directly toward trading one's PnL RN
Great insigh RN. I would agree if you use PnL as measuring stick, this doesn't exactly show you Yukoner, whether you did your job well. Got other measuring sticks for that? Can do your Job REALLY well, and still have a losing day. -JS.
Monday I am set to start a new combine.[/quote] 98% of my Trade Plan in money management, you can get in anywhere as an example, but the after is where you make or lose money. I want consistency, something everyday and most likely enough so when I have losing day I have cut it short to stop so day before has covered the losses, I don't want my equity curve to take a huge hit wiping out weeks of work. I think just cause Combine had $1000 limit, you should never get close to it, am sure they not too happy when you get close al the time. I just like stopping on a high note but based on my stats, I detest last trade I take was a loser, now use alarm clock to let me know when I am suppose to quit, I get so concentrated, whole day would go by when I just wanted to trade 90 minutes, LOL. Am sorry if some of my posts come off strong, just want the best for you, but this is tough business, you not competing against others, it is always first competing within yourself, once you can trade "numb", leave ego and fears at the door, you will do better, some losses as system losses, no biggie, but when losses happen cause of yourself, you have to quit for the day, twenty minute break is not going to cure the time you need to penalize yourself. Now go to chalkboard and write 200 times "I won't violate MM rules". I think people make major changes in their lives when the pain is so great they can't keep doing. We tend to often take the easy direction in life, when the harder is usually correct way to do right, takes longer but at least we don't have to keep redoing it.
Thanks for the reply. I don't mean to joke about it, and I do take all of this seriously. I think what I'm trying to get across more is sarcasm. What is so obvious and the right thing to do is incredibly difficult in the moment. So in some ways, I'm both shocked at how much my actions differ from what I intend, but at the same time I want to be kind to myself and just accept what happened versus beat myself up. So my emoticons try and capture this, unsuccessfully I guess. But since this is Yokoner's journal, there isn't any point in saying more other than that this is a great discussion!
Hello Yukoner: I want to bring focus back to your quote on widgets as a lead off to my question. @Redneck, has addressed this every point, but I take a little bit larger view. I think one should differentiate between the widget itself, and the process of making the widget. PnL is a valid measuring stick to monitor the viability of the widget [in the market place]. However, as others have pointed out (including @Redneck, @Handle123), the viability of the widget has nothing to do with the process of making the widget. Hence, to monitor the process of making the widget, PnL is not a valid measure. As traders, we have to monitor the viability of our trading plan (i.e., widget), and our ability to execute our trading plan (i.e., the process of making the widget). Which means we need both PnL and other metrics, but with the understanding that PnL is used as a measuring stick to only validate our trading plan; and, this analysis of our trading plan is a post-market activity. NOTE: To be exact on the use of PnL as a metric, according to me, absolute value of PnL is not important, but the sign of PnL (positive or negative) is the metric needed to validate a trading plan. I could elaborate, but this is not the point of this post. So, my question is simple: Do you really have a trading plan? By trading plan, I mean a plan with all its 'T's crossed and 'I's dotted, not just a good idea. You would never start a widget assembly line with a few missing bolts and loose nuts would you? From what I read in your journal, I get a feeling that you either don't have a complete trading plan (production line is not complete) or that your trading plan is too loose leaving you to make decisions on the fly during trading (production line with lose and missing nuts). But I could be totally wrong. Only you will know. 'The old cat said "Technique is important, and without technique there can be nothing. However, technique by-itself is not enough"' - A translation of the 'Mysterious skill of the Old Cat' [Neko no Myōjutsu written by Issai Chozan in 1727] All the best with the new combine. Regards, Monoid.
**** I am humbled by the support and compassion shown to me in this journal.... they know who they are.... THANK YOU! ****
Smaller targets, Make the bell ring marty schwartz style more often. On my best bad days I clicked the flatten button quickly on smaller targets. It opens you up. On my worst bad days in the past I froze, got stubborn. Winners turned into losers (iceberg A state of inaction gets you into trouble, be in a state of pro action. Also, remove the pressure of the combine or repeated combines. Trade a small account. When the day doesn't 'feel right' you stop trading, harder to do this when in the combine. Pressure to take trades, make the stats look good, meet a specific goal within a specific time frame. You need advantages stacked in your favor, as many as possible. You know this already with limiting your distractions. So, remove the combine. Make a new journal. And Keep Journaling, you have one of the best reads in the journal section here!
wow Yuk you have every trading vice in the book, I just finished teaching a friend how to trade NQ (he's trading live and doing well) but when he started he was keeping track of dollars on his charts (when the trade is active, and talking in dollars). It took a while but now he just shows points gained/loss and talks in points. I told him never to think in dollars, NEVER, NEVER!!! So imo never think in dollars always points, days performance is in points, very simple did you have a 10-20 point day, 40-50 point day, a crazy 100+ knock em out the park day. That's all we talk about for a day performance. Can always figure dollar amount x number of contracts. I never found a reason for the scale in and scale out stuff, complicates stuff. Figure out your trade setups I have 4 up and 4 down setups (keep it simple price action here), each one has it's own risks and required stops (and where they need to go). Stops always in, and only move up. Know when to give your trade more room/time and when not too. Know your setups so well that you dream about them. When the trade is live, every move up or down has what I call a standard trail protocol, when it's violated you are stopped out. Some trades run far some do not, you don't have control over this. If I can't see one of my 8 setups then there is no trade. There is no greed, well maybe point greed but really have no control over that, depends on the day, the setups and how much the market give me in total points. So you may want to think in points but I can see it may be hard to change. I would ditch the combine, there is no need to have extra stress to trigger your vices. Set a simple daily point goal for the day. It can be low to start with low stress. S4L