Hi, In the past, you allowed 6.5 minutes for the trade to work. Now, you only allow three one-minute bars. (That is less than three minutes.) You are getting less and less patient. Thanks for the chart, and other information.
@Handle123 Thanks for sharing that screenshot and information. Love it... "and I don't know much, not my concern, stick to the rules".
Today's readout leaves me in a quandary There is good There is bad There is emotion - leading to a series of internal roller coaster swings There is diametrically opposed (obviously - duh) Appears the premise for trading today is PnL ("Feb a whole $6") Not..., whether you were of sound mind / emotion - and ready to trade Unfortunate given yesterday a purposeful down day ================= I would not describe today's trading as good..., nor..., would I describe it as bad I think tumultuous a better characterization Tumultuous trading is the most dangerous..., the most draining to one's emotional capital - and leads to shortened careers (it unsustainable) Suggest detailing out exactly what your job is (actual trading is but one very small aspect) Would also suggest getting your trading emotions / mindset normalized (reigned in) RN
Thanks @Redneck much appreciated Sir. A had a clue of what might have caused that emotion on the last couple of trades, and after some reflection I believe I have it figured out. It was a change of trading environment. I went from trading at my home office to my business office.... that was the difference. I didn't have that emotion hit me at my home office, but I did at my business office. Even with a door closed, still potential for interruption... so from now on, I won't trade in that environment. As for the P&L... I am going to go back and reread some of what you and others wrote on this subject. My premise going into trading on Friday, end of month, was to actually not trade P&L... it was more tempting to just not trade at all that day, and be able to say I had dug myself out of a hole. So I started Friday trying to continue to trade the plan, but that was a struggle as the old P&L for the month kept coming into focus throughout my trading day. At what point is it okay to consider P&L? What would you recommend? Weekend homework - to work on the list you mentioned. Much Thanks!
END OF MONTH UPDATE: I want to point out some actions that have made a distinct difference for me this month. Good to journal them, but also may offer some help to other traders out there. 1) I hit a point where I was frustrated, and in that place I had to humble myself enough to realize I needed to go back to the basics. 2) Doing that, stripped away most expectations, and specifically the fact that I kept trading each day trying to make more and more ticks and swinging for the fences. (Frustrated that I wasn't further along with profit and passing the combine) Now I could just focus on making good trades. 3) A simple Checkmark! - Inserting this simple checkmark routine into my existing trading behavior has made a substantial difference in the outcomes. I didn't try to force myself to change the habit loop, but I inserted a routine that has helped to change the outcome. 4) Meditation - I also added this pre-market routine prior to turning on the computer. For me, this involves reading some Bible and saying a prayer. I find it centers me and helps to relax. 5) Tremendous help from @Redneck , @Handle123 , @monoid , and @NoDoji in their consistent comments throughout my journal. Things I can go back and reread over and over until it sinks in... 6) Which has now lead me to adjust my focus to simply doing my job correctly, rather than the previous focus which was on profit and loss. 7) Getting back to the basics, has also helped me to be content with whatever happened that day. Before, I would be up $600, but that wasn't good enough, I wanted more... now I get up $200 and I am just pleased if I have been trading correctly, and should be happy to call it a day if my time is up. 8) Decreasing my daily loss limit from $1000 to $400. Now one single day doesn't wipe out a week of work. 9) Being honest with myself. You can't cheat at this. You are your own best friend, and you owe it to yourself to be totally honest with your performance. It sounds easy, but it isn't... our brain creates all sorts of self-defense mechanisms to avoid pain/disappointment/change... 10) I've really tried to focus on being more consistent. To learn to love consistency 11) Past performance is not indicative of future results. This reminds me that each day is fresh and new. Just because I struggled with something yesterday, doesn't mean I need to struggle with it today.... and just because I did awesome at something yesterday, doesn't mean I will do awesome today. 12) I've been working harder on just being an observer. Staying neutral. Just have "working assumptions" about the market. My version of right and wrong is changing to.... Did I execute the correct actions or not? So it doesn't matter what the outcome of the trade is, as long as the correct actions were taken. Powerful, the mindset this starts to create when you look at the markets. 13) Finally, I have fought my "monkey" brain to stay on the winning side of probabilities. I can't cut that trade short, cause I screw up my probabilities. Even after so many mistakes this month, February, the probabilities still caught up to me... and I was on the right side, and a total of 12 trading days netted out positive $138. Thanks to all who have contributed to this journal, and those who read it! Good Trades, Yukoner
Yukoner: I have been thinking about your post. Your point #5 (took a trade not in my methodology) was just unbelievable to me. I know I have already mentioned it in an earlier post, and am repeating myself, but that is how much this point bothers me. This is much more than the emotions related to looking at PnL, in my opinion. It is one thing for a trader to be afraid to take a trade 'cos of the fear of losing, but to take a trade not even in the plan -- it is, I don't know what! I was trying to think why one would ever do it. What I could come up was that your trading plan might not be completely defined. I could be wrong here, but can you please share with us the details to which your trading plan is documented? I do not care for your secret sauce, but I would be interested to know how much detail there is. Even an outline of the headlines in the documentation would help. In my mind, I keep thinking that if a trading plan is specific (which is how it ought to be), there arises no questions of shooting from the hip, which seem to occur only when one is even moderately guessing on entries/exits when in a trade. I am sorry, but I am still unable to shake this point #5 out of my head. Trying to see how I could be of help on that point. Maybe @Redneck has some specific thoughts? Rooting for you. All the best. Edit: In the interest of being open, I am attaching a trading plan for one of the sequences I trade. The reason my trading plan is this way is 'cos that is how my mind works! Regards, Monoid.
Never PnL is used to measure where you are..., and if you should proceed (similar to a go - no go - gauge) Some will say; PnL should be used to determine if/ when losses are enough - trading should be halted for the day - and I wouldn't disagree and / or If the profit target hit - trading should stop for the day - and I wouldn't disagree But to allow PnL to be considered / factored in - in any way..., shape..., or form - beyond -> go - no go Is wrong thinking imo We must totally detach our self from the money aspect - and trade only if/ when we are fully prepared - (there is no we in PnL - not meant as a joke either) RN
Yukoner is trading from an emotional foundation When one trades from this - nothing should come as a surprise..., nor unbelievable He enters an uncertain environment (the mkt) - and uses a random variable (emotional swings) as his foundational base of operation (trading) ================================= Until he normalizes his emotions - every day will be a crap shoot And throughout the day - the roller coaster (hi / lo swings) ride will continue RN
Hated hearing this, but sucked it up, left the house early and now quietly sitting here reading the workbook NoDoji recommended... "Thoughts and Feelings". Working through it... And yes, I can now see this much clearer, and I quote: "Worry thoughts anticipating danger" and "they set the panic cycle into motion" and then I feel "an intensification of physiological symptoms called the fight or flight response" which leads to "have catastrophic thoughts about your..." trading. Those "catastrophic thoughts cause the release of adrenaline, signalling your body to intensify its preparations for danger". "From here the cycle gathers momentum..." "The key is to stop focusing on and buying into catastrophic thoughts and other thoughts that maintain anxiety." Quoted from "Thoughts and Feelings - taking control of your moods and your life"
There is actually a 3rd response..., seldom mentioned..., but imo more pervasive in trading Fight..., Flight..., or Freeze Just something to be aware of as we're monitor our selves Keep on Truckin Yukoner This shit was easy - it be all the rage RN