@monoid I found this a lot tougher than I thought. It wasn't easy to just set aside those trading related thoughts, but I kept telling myself that Sunday morning would be my time to reflect, catch up on my journal, and reread your instructions. Had an awesome day on Saturday. Recharged. Spent the afternoon and evening on the beach with girlfriend and friends. Wood fire. Hot dogs. Beer. Crisp night, watched the moon rise up over the ocean as the tide went out... mountains in the background. Absolutely stunning. Might post a pic later.
Yukoner, sorry to ask , as I just want to check the facts: are you actually a funded Topstep trader? was this part of your original goal?
Interesting point indeed Handle : How much do you really value your health? Yukoner: really shocking experience. trading while in a hospital bed!!! Why did you felt the need ( obligation?) to continue trading instead of focussing on your health? Did any family member approaved of your decision to continue trading when ill?
RN, We could argue (discuss ) the thought aspect over and back, but to get straight to the point, what I am trying to say is that if a trader is at a certain level, as it is a progression like any other endeavor,and the results are not improving as planned/desired, then it stands to reason that something (what the trader is doing) needs to change in order for the results to change. The big question, is of course, what needs to change (mostly) in order to progress. If one thinks about too many things at once, then confusion will arise! J_S
Thanks for the reply. What I am struggling with is actually having an objective trading plan that has a trading edge which I assume should be realized after 10 trades, or at least 20. My results to date have been terrible, but this is because I didn't have a trading plan, although I saw first hand how emotions came into this. I always thought that if I knew and tested my plan and saw that it was profitable that I would be able to just run it, not caring about any one trade since I knew that after a series of trades, certainly by the end of the week, I should be up. Anyway, so when I was asking about how good your plan is (and not that I'm suggesting this), but do you think you could another trading your plan, and they could take it and trade it and make money? I asked because in a sense, this trader wouldn't in any way be emotionally connected to the plan as they didn't build it. They wouldn't care if it was stupid or not. It would very much be like how the experts in your journal say you have a job to do, which is to just carry out the plan as you should. So I wonder that if the plan is indeed profitable, and if its easy enough to teach someone, then that someone should be able to trade it. Now if there is wiggle room as you confirm, then perhaps this new trader would also have trouble at this wiggle room stage because you didn't give him instructions about this wiggle room. So perhaps in real time, its this wiggle room where you are actually having to make a decision, and when you are forced to make a decision in real time, this is where it start to fall apart. Another way I thought to look at it would be like this. If a trader told me he has a good plan, I'd say great, skype me, and tell me when to go long or short. I would just do as he says. You wouldn't have to worry cause it not your money on the line, so you could objectively tell me where the trade goes, and I would just take it. If though I see price moving against me, and you're not sure if I should get out or not, then to me this would tell me the problem is in the plan. Anyway, I'm clearly no expert, but I fully understand how in the heat of the moment, I wasn't quite sure what to do and wish I had a plan to actually tell me. If I had that plan, then I wouldn't be worried because I would just take the quick loss and move on to the next trade, and I knew where the next trade would be because my plan told me. Heck, my plan should even tell me if after the loss, I should just take trade in the opposite direction since its moving the other way (this often of course doesn't work either and you get stopped out twice... LOL), but point being, it would be in the plan. So I just wonder if your plan has all of this, and if it does, then I'm very curious about where your deviation from the plan happens, where you start to wish or hope or pray or not exit as you should if your plan actually tells you to.
Yukoner Little over 17 hrs to go Some key points to get aligned; I have got to get my emotions under control ============ Your Job Description / Your Making Widgets (1) Take the first trade as per the trading plan; (2) Note the PnL (or ticks). Immediately do a "go/no-go" analysis and disregard the PnL/Ticks -- "go" if your daily stop limit is not hit/surpassed. (2.a) If "go" goto step (3). (2.b) If "no-go", shutdown the computer, and do something else. (3) When you get the signal for the next trade. Skip the trade. Instead, write the trade down in your notebook. Just sit back and observe the trade as it progresses (this is very important). Document (in audio/book) all your thoughts -- the urges to trade, all the self-talk you have, your feelings etc. (4) After the trade in (3) is complete, go back to Step(1) and start all over again. Notes: (1) For any reason, when in step (1), you enter a trade not in plan, close the trade, write it down. Shutdown the computer, and walk away. (2) Do not review the documented emotions as part of step (3) at the end of the day. Instead, review them the following Sunday morning. ================ Clear / center your head - get some good rest tonight Tomorrow it all business RN
@monoid, considered this Sunday morning and then left it alone until Sunday night. Realistic daily profit target in today's volatility and with my average hours available to trade would be $500 to $600. So I will choose $500. Adding the 5th step. Ready to start for Monday. Thanks for the advice on turning my attention away from trading. Excellent weekend. Feel great tonight and well rested. Ready for this week. Good Trades, Yukoner
@smallStops no I am not funded. Yes, it was part of my original goal. I made it to live trader prep, then ran into serious challenges. Now, still part of my original goal. Just having to tear down some things and rebuild..