2014 [P&L journal]

[masterm1ne]

Thanks for the advice. You are absolutely right. And everything you said is the reason for the journal. I know what my major problems are;

1. Not holding winners long enough. This alone would have probably given me a positive year last year and this year.

2. Trading counter trend.

Only through experience will I learn to how to fix these things...

 

[Andrew1090]

Quote from masterm1ne:

Thanks for the advice. You are absolutely right. And everything you said is the reason for the journal. I know what my major problems are;

1. Not holding winners long enough. This alone would have probably given me a positive year last year and this year.

2. Trading counter trend.

Only through experience will I learn to how to fix these things...

The not holding winners longer part is probably not a problem. If you get a good profit from a trade, that's good. Don't look at what you could of made when the price goes further into profit as that just makes you greedy with your trades. You must learn to let go off the potential profits you missed out on. Reason for this is because you cashed out for a reason. And that reason I assume was because you (at that time) believed that the price movement would not benefit you further which is why you cashed out. This was you following your plan which is what you want to keep doing (if you have a profitable plan).
If you leave the trades early solely due to the pressure/panic/other emotions then I see what you mean, you should work on that.

 

[masterm1ne]

The not holding winners longer part is probably not a problem..

Ok... this is the most egregious remark ever made. If I notice nearly every good trade I do the market continues my direction many more points, then my plan should be revised to capitalize on this.

I looked back over last years trades. I should have no problem raking in money if I held on to my winners just a tad bit longer.

Anyway more woes .... I was not able to trade last week because the wifi has been down at work.

Today I missed the best trades. I only noticed the wifi was back up around 0900, I had tried to connect earlier. I think the best short was days ago but also I have no planned trades to enter ....

 

[masterm1ne]

Yea. It's becoming evident that day trading esp is just not doable as a part time thing.

Scratched it because I had to go get lunch and have to attend a meeting in a few minutes.

 

[masterm1ne]

I recently had the interest of this woman that I wanted in my life more than any other one I have in the past 26 years of my life.

But guess what? I fucked it up for the same reason I am a fuck up trader. I haven't learned to sit on my hands.

We arranged to meet last Sat but I continued to run my mouth and it never happened. Today she said maybe we will meet someday, but for now I'm going to go out with other people and I advise you to do the same (this is woman code for forget it).

What is pathetic is I know the right action in both circumstances but struggle to execute.

 

[masterm1ne]

The same exact... exact thing happens..

every..


single..


day..


Humans will never change, nor the bots they create. Exhaustion, indecision, reversal, panic .... ad nauseam in an endless cycle.

I have (and will forever humbly accrue) the knowledge , skill, & experience to be a great trader.

I am slow as a snail to modify my behavior but I will do it because its is seemingly, possibly deceptively, worth it.

I still cashed out early.

 

[masterm1ne]

Money press in operation today but I didn't focus on the market this morning, so I didn't take any trades. Was too busy yelling at Geico reps for doubling my premium for a minor accident. What a fucking chump I am....

Old coulda shoulda woulda

Planned trade was short at 1127.7

 

[masterm1ne]

Soon, the math will be:

5% of $100,000 (current net liquid) = $5k (max risk)

Short 15 RLM @ 1127.7 w/ Stop @ 1130.6

Risk = 2.9 points x 15 contracts x 100 dollars per point = $4,305

Current price @ 1099

Reward = 28.7 points x 15 contracts x 100 dollars per point = $43,050

 

[masterm1ne]

Aaaaandd RLM closes down 40 points

I had a very low Risk : Reward PLANNED trade entry @ ~1130

The only reason I write this is in hopes that maybe one of these days I won't fuck it up. Rather recently there was a similar day which I entered the trade but bailed out early. I need to get it in my mind the possible numbers. I have the capital and experience to have reasonably made:

40 points x 100 $ per point x 15 contracts (max leverage for 3 point risk) = $60,000 today.

And I'm sure some better traders made even more than that..

 

[masterm1ne]

I patted myself on the back and jumped up to tell myself what a great trader I am. Took a quick loss (little more than ideal) but the market was moving fast and I don't use hard stop orders.

Action like yesterday and today is typical as we saw in the last few weeks... Huge range into contracted range. Wasn't expecting the mint to be in full form today.

After 2 trades I'm done. Traded 4 lots today as I didn't feel as strong about the markets action.

I need to start gathering data for 1-2 other trade entries. I will first master the one I have now before actually trading them. Days like yesterday show that having more than 1 form of entry would allow for you capture some of the move in case you miss one or two best entries.

I didn't take the first trade I liked because it's not entirely planned, even though it was very close....