If I'm understanding correctly, the last trade was exited early based on hitting daily profit target. If that's the plan fine but seems to me each trade should be consistently traded per plan then AFTER the trade the go - no go / close down should be decided. Anyway, very nice progress YK !
And I missed that completely - duh YK Each plan - follow it to fruition Exiting that last trade like you did = trading pnL..., and scared Like you already don't have enough habits to rework - you trying to ingrain a couple more Please don't -------------------------- Trade each plan to fruition PnL is a go / no go gauge only RN
Thanks JS, it was a weird thing, because the setup was ideal... went my way immediately, and then I am closing it. However, I am so focused on just trying to trade the steps for the plan... that I err on the side of conservatism. So as per @Redneck , once in a trade I will stick it out to fruition of that plan. Then go onto the Step of go or no go.... Quick Question though, what about trades that the stop loss would bring me past my personal daily loss limit of $400? Let those work out too, even if it means taking a loss of say, $520 for the day rather than the $400 plan, IF the trade doesn't work out? YK
Quick Question though, what about trades that the stop loss would bring me past my personal daily loss limit of $400? Let those work out too, even if it means taking a loss of say, $520 for the day rather than the $400 plan, IF the trade doesn't work out? Is your daily loss limit X..., or X+..., possibly even X++++++ (where does it end) Don't take the trade Wait for a lower risk signal Reduce size to meet risk ======================== Our rules are born (usually) out of hard learnt..., often times costly lessons Why pay for the same lesson repeatedly Rules are rules for a reason RN
Yk, Familiarity breeds lackadaisicalness Seven days does not a habit - nor change make - it must be from this day forward Head down - keep doingthings differently - else the loop not altered The job of 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. The tool for self monitoring Pay attention to your body at all times, as soon as you detect any of the following (only this nothing more): 1. The slightest change your heartbeat rate; 2. shallow or fast breathing; 3. tightness in chest; 4. queasy feeling in stomach; or 5. uncalled for smile or joyous mood Take note and write it down. Once noted…, ask the question; why is my physiological reaction occurring Write down the first answer that comes to mind. Don't dwell on the answer or try to get the "correct" answer. Just write down the first answer that comes to mind. There are two types of answer you will get. (P-One) could be: "because I thought my stop was going to be hit". (P-Two) could be: "because I saw price reverse". When your answer is P-One, you are extracting the thought from your sub-conscious before the thought bubbles into your consciousness and starts chaining. When your answer is P-Two, you have stopped the thought even before it is well formed in your sub-conscious mind. Incorporate: (a) Becoming aware of your physiological change; (b) Writing it down; (c) Asking the question; (d) Writing down the first answer that comes to mind; as part of Step 1 and Step 3 in your process. The daily mantra Today simply another new day We are the same No matter what happens / we think / we feel / mkt does We identify it / we acknowledge it / we through it / we set it aside / we move on We do our job Screw the results ================ I really, truly just want to be consistent and stay disciplined. As you must – each and every day – if your goal is to be a trader RN
Day #39 (Mo Step #11) - Slept well, woke up with some work stuff on my brain, which I cleared out of there before I started trading. Went into the day focused on the plan, and trading the plan. I know, its starting to sound repetitive. Stuck with trading my plan, checkmark... record the next one as sim... checkmark. One thing that is happening, and I am worried about creating a bad habit, is that usually if I get into a trade and it isn't working out in my direction... I exit it, and wait... because I can normally get right back in, if it does start to work out. Typically my trades start working in my favor almost right away. The problem I am seeing, is that I find myself occasionally holding my combine trades longer because I know the next trade would have to be a simulated Mo trade. This could become an issue. Once I realized this I really tried hard to just stick with my game plan. No cheating... stay disciplined. Only thing that mattered was doing the correct action. So today I saw lots of small losses in combine... but good gains in Mo sim trades (unlike yesterday). C'est la vie. I confess to feeling a bit of frustration though. -433 + 1230 Mo ticks
I don't quite understand why you doing simulated? Thinking you should concentrate on whole day being Mo ticks and skip the simulated, you too old to be playing skip trades trying to guess which trades be good and which won't. Today was outrageous day to be missing them.