You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
A Beginner's Mind
- Thread starter Huyang
- Start date
Week 22
Today one long and one short; both were stopped out. Although two losing trades, it was ok in terms of following the plan although not exactly.
(1) Long: entry was late. If miss the entry based on the plan, then just wait for the next opportunity.
(2) Short: entry was following the plan, but stop was not. Stop should be 1ps above swing high or 5ps.
(3) Need to take the third long based on plan but since i need to leave around 7:30 so i did not take it. From now on, i may let OCO order work for me around 7:30.
Are you waiting for the trade to go against you 5 points to exit?
Are you waiting for the trade to go against you 5 points to exit?
I was writing notes by hand to assess demand and supply with good accuracy. But slow in making decisions. For the first, the exit is following my plan. The second short, the exit is not following my plan; i should exit when FT bar is a strong bull bar. Anyway, I expect myself to make mistakes.
Week 22
If i had traded like in the past several days following the entry of the plan (prob with late entries), i either would have entered pre-open or had bought the BO, i am trading differently today and i am guessing myself. That is ok (again i am saying ok again; but that is just myself); all are part of the learning process.
Finally i waited for the PB, and entered quite high. That is ok again, still my own voice; I have to take more price risk if i like to have less information risk otherwise the direction is wrong. The trailing stop is following the plan but i was slow in deciding whether to exit manually before 10ps PT being reached. When the market is moving down, i decided to let stop work for me: if the market is strong it will let the trade stay. The market is not that strong. Why was i so slow in making decisions? I feel i was trying to exit with a price as good as possible ; this goal is just too unreasonable for manual exit. The solution for me? just exit at market when need to do so! Why care about the minor difference?!
Wish all a great weekend!
If i had traded like in the past several days following the entry of the plan (prob with late entries), i either would have entered pre-open or had bought the BO, i am trading differently today and i am guessing myself. That is ok (again i am saying ok again; but that is just myself); all are part of the learning process.
Finally i waited for the PB, and entered quite high. That is ok again, still my own voice; I have to take more price risk if i like to have less information risk otherwise the direction is wrong. The trailing stop is following the plan but i was slow in deciding whether to exit manually before 10ps PT being reached. When the market is moving down, i decided to let stop work for me: if the market is strong it will let the trade stay. The market is not that strong. Why was i so slow in making decisions? I feel i was trying to exit with a price as good as possible ; this goal is just too unreasonable for manual exit. The solution for me? just exit at market when need to do so! Why care about the minor difference?!
Wish all a great weekend!
Why do you write a plan and don't trade it?
Week 22
If i had traded like in the past several days following the entry of the plan (prob with late entries), i either would have entered pre-open or had bought the BO, i am trading differently today and i am guessing myself. That is ok (again i am saying ok again; but that is just myself); all are part of the learning process.
Finally i waited for the PB, and entered quite high. That is ok again, still my own voice; I have to take more price risk if i like to have less information risk otherwise the direction is wrong. The trailing stop is following the plan but i was slow in deciding whether to exit manually before 10ps PT being reached. When the market is moving down, i decided to let stop work for me: if the market is strong it will let the trade stay. The market is not that strong. Why was i so slow in making decisions? I feel i was trying to exit with a price as good as possible ; this goal is just too unreasonable for manual exit. The solution for me? just exit at market when need to do so! Why care about the minor difference?!
Wish all a great weekend!
Nikoï¼
Because all the 1st trade in the past three days were stopped out, i thought prob i was impatient. I decided to take 5m PB long or short. And i did take the 5m PB long.
The question was asked, because there is NO VALID REASON not to trade your plan. If you do that is because you dont trust your plan so you enter with fear to the market, if fear or hope take hold of you, you cant focus or be patient.
But then the question is more profound, why dont you trust your plan?
The question was asked, because there is NO VALID REASON not to trade your plan. If you do that is because you dont trust your plan so you enter with fear to the market, if fear or hope take hold of you, you cant focus or be patient.
But then the question is more profound, why dont you trust your plan?
Niko: thanks a lot for thoughtful questions.
I trust my plan. Then what do i mean by saying trusting the plan?
⢠i trust all the setups have a positive expectancy.
⢠the plan gives me the guidance and i need to be flexible to make decisions in RT, in other words, the plan is not purely mechanical.
⢠Then what kind of flexibility?
o let me describe it using three possible entries for the setup counter trend reversal up (example only ): PB long after 5+ps break above SL (A), Break out long if strong (B), PB long after 10+ps break above SL (C).
o On average, A has the lowest winning probability but higher reward if right. If my PA reading is quite accurate, then B has the highest probability to move up immediately with minimum or no retracement at all; however if my reading is not accurate, then B has the highest probability to have immediate big adverse move.
o The plan does not require me to treat all the same or have to take all. How to do with three different entries? based on my mindset before opening. Some days i want to take every setup but some days i want to take only the higher probability setups.
I didn't read through the whole journal and, not quite sure what kind of strategy you are using.
But according to this post, i would say it is really normal to have these conflict.
You may have your trading plan, but you are still in your way to build up your edge.
An edge is more than a series of high probability set ups. It should have other aspects, like mental damage control etc.
Give yourself time to digest these conflicts and build up your own edge.There is one way to diminish your mental struggle -- time. The more hours you spend on your chart-reading, the more you understand your trading instrument, and your problem will get solved.
But according to this post, i would say it is really normal to have these conflict.
You may have your trading plan, but you are still in your way to build up your edge.
An edge is more than a series of high probability set ups. It should have other aspects, like mental damage control etc.
Give yourself time to digest these conflicts and build up your own edge.There is one way to diminish your mental struggle -- time. The more hours you spend on your chart-reading, the more you understand your trading instrument, and your problem will get solved.
Week 22
If i had traded like in the past several days following the entry of the plan (prob with late entries), i either would have entered pre-open or had bought the BO, i am trading differently today and i am guessing myself. That is ok (again i am saying ok again; but that is just myself); all are part of the learning process.
Finally i waited for the PB, and entered quite high. That is ok again, still my own voice; I have to take more price risk if i like to have less information risk otherwise the direction is wrong. The trailing stop is following the plan but i was slow in deciding whether to exit manually before 10ps PT being reached. When the market is moving down, i decided to let stop work for me: if the market is strong it will let the trade stay. The market is not that strong. Why was i so slow in making decisions? I feel i was trying to exit with a price as good as possible ; this goal is just too unreasonable for manual exit. The solution for me? just exit at market when need to do so! Why care about the minor difference?!
Wish all a great weekend!
luckylucy:
Thanks a lot for your encouragement. My setup: PB long or short; if market is very strong, also enter at BO. You are right: I have the trading plan, but it is not my edge yet, in other words, i am learning to build up my execution skills using this trading plan ---- to build the discipline to follow the plan consistently. As far as i think, even i were given an excellent setup, but if i donot have the execution skills or discipline, i still cannot make money consistently. The plan is not great except i believe it has positive expectancy but i believe any trader who has good execution skills will make good money consistently if following the plan. During this learning process, I believe i will also find out how to modify the plan to make it more precise and more suitable for me.
I have been reading the book disciplined trader to help with the right mindset. I believe what MD said; trading is more a mental game. Yes, time is powerful. I just need to be patient to follow my own learning rhythm to understand the market. Happy trading!
Thanks a lot for your encouragement. My setup: PB long or short; if market is very strong, also enter at BO. You are right: I have the trading plan, but it is not my edge yet, in other words, i am learning to build up my execution skills using this trading plan ---- to build the discipline to follow the plan consistently. As far as i think, even i were given an excellent setup, but if i donot have the execution skills or discipline, i still cannot make money consistently. The plan is not great except i believe it has positive expectancy but i believe any trader who has good execution skills will make good money consistently if following the plan. During this learning process, I believe i will also find out how to modify the plan to make it more precise and more suitable for me.
I have been reading the book disciplined trader to help with the right mindset. I believe what MD said; trading is more a mental game. Yes, time is powerful. I just need to be patient to follow my own learning rhythm to understand the market. Happy trading!