A Beginner's Mind

Week3 14th day of 15-day sim-trading ES. The purpose is to build good habits to follow the plan and setups consistently. Starting now to focus on both entry and exit.

Today entries are ok but too late in exits. The last short was just stopped out although many chances to exit for better result. Continue to do the similar thing in entry but need to change how to exit.

many sim-trades in NQ:
http://i.imgur.com/SQ211vm.jpg
http://i.imgur.com/xaIkgFD.jpg
http://i.imgur.com/PixaB7u.jpg
http://i.imgur.com/qoECpnf.jpg

sim-trades in ES is attached. Only one trade; bought by mistake when exiting shorts so exit it immediately.
 

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Oct 31 2013 I didnot sim-trade ES but i did sim-trade NQ ( TR boundary reversal ), focusing more on entry since cannot watch the market continuously. At a location for possible reversal, better to scalp or not to trade until break out strongly.


Note: previous post has a typo: should be week 4.
 

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Week 4 summary

i finished 15-day sim-trade ES. The 4th week mainly i sim-traded NQ. Most of entries are ok but i was not managing exit well.

Recalled the purpose of starting this journal: build good habits of stop widening the stops and follow the plan consistently. I seldom have the intention to widen the stops but i have not been able to follow the plan consistently.

Since yesterday, i have started to read the book Trading In The Zone, word by word, which i have read it several times before. This time, i started to sense some deep meaning which i have never felt when i was reading it before.

From the book:
Accepting the risk means accepting the consequences of your trades without emotional discomfort or fear. This means that you must learn how to think about trading and your relationship with the markets in such as way that the possibility of being wrong, losing, missing out, or leaving money on the table doesnot cause your mental defense mechanisms to kick in and take you out of the opportunity flow.

When you make yourself available to take advantage of an opportunity, you do not impose any limitations or expectations on the market's behavior. You are perfectly satisfied to let the market do whatever it is going to do. You will not be trying to get anything from the market or avoid anything.

This is where professional traders really separate themselves from the crowd. When you accept the risk the way the pros do, you won't perceive anything that the market can do as threatening. If nothing is threatening, there is nothing to fear. If you are not afraid, you donot need courage. If you are not stressed, why would you need nerves of steel? And if you are not afraid of your potential to get reckless, because you have the appropriate monitoring mechanisms in place, then you have no need for self-control.

Wish you all a peaceful and joyful weekend!
v2XSHTh.jpg
 

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How about we all get together at the above location in a few years? Doesn't look like too bad a place to me for relaxation.

Gringo
 
When a trader is able to trade effortlessly, then trading becomes peaceful.
When a person is able to embrace whatever life has prepared and focus on the present, then life becomes peaceful.
 
Week 5 1st day of sim-trade NQ and ES: goal is to follow the setup consistently but not to focus on P&L.

Took 3 shorts in NQ: http://i.imgur.com/YEkYKNG.jpg. No more trading today. If watched 5m carefully, 2nd short would not be taken and may be able to look for long. 5m: http://i.imgur.com/RSUQJqo.jpg

Today I followed NQ setup exactly. The last short exited when 10ps target reached. I did trail stop to BE first and then 4ps profit. No trading in ES but did observe ES from time to time.
 

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Week 5 3rd day of sim-trade NQ and ES: goal is to follow the setup consistently but not to focus on P&L.

What I learned today: for weak trending market, i should exit faster and have a conservative profit target.

Started to read again the book Trading in the zone again. This time, i read it backward, the last chapter, then 2nd last chapter. The material is very valuable, but i have to read it often so that i donot forget since i found out it is easy to forget the fundamental rules during trading.

NQ: http://i.imgur.com/F7ARlE6.jpg and arond opening trades attached in the below
ES: http://i.imgur.com/krD8czs.jpg
 

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