Birth of a trader

[Laissez Faire]

Quote from frank8800:

I was feeling a little frustrated, but it was a joke

My life is too wonderful to get depressed, but I do get angry and disappointed from time-to-time.

That`s nice to hear

I was a little worried at first, since I know how "expensive" it is to trade in self-loathing mode

Like Handle, I think it`s wise to focus on only one market when day trading, especially fast moving markets like the ones you are trading.

Btw, did you ever read Pit Bull? If not, it comes with my highest recommendation

 

[frank8800]

Quote from Laissez Faire:


Btw, did you ever read Pit Bull? If not, it comes with my highest recommendation

Yep - got it on my shelf. Very entertaining and inspirational.

 

[Handle123]

Frank,

You starting to get the hang of reduced instruments, keep ego in check.

Huge bars are often end of price movements, it is never better than 50/50 as far as trend continues.

 

[frank8800]

Quote from Handle123:

Frank,

You starting to get the hang of reduced instruments, keep ego in check.

Huge bars are often end of price movements, it is never better than 50/50 as far as trend continues.

Thanks, I'll try to remember that. I did have my doubts about that trade, but it was an uptrend where the pullback bounced off the EMA. Thought it worth the risk.

 

[frank8800]

Trade #1
This was near the LOD after a flat morning. Was expecting a strong break of the low. When it bounced off the LOD, moved to BE+1 where I was stopped out.

Placed a couple of limit orders on the way up, but didn't get filled. After that 65 tick run mid morning I thought the market was too extended to go long, so I ignored a couple of long signals. Winners, of course.

 

[NoDoji]

Quote from frank8800:

Trade #1
This was near the LOD after a flat morning. Was expecting a strong break of the low. When it bounced off the LOD, moved to BE+1 where I was stopped out.

Ballsy, Frank, trading right into the NFP :eek:

6E is a good breakout instrument. Try the breakouts when a strong support or resistance is about to be challenged.

 

[futuresbuyer3]

I think this is an ego thing. I recommend the teachings of Eckhart Tolle.

 

[Handle123]

I have never been fond of journals especially when you are not seasoned, I think it simply puts undue pressure on the trader. Many are thinking of what they are going to post instead of concentrating on making money.

Frank, what about a rule that says you need for price to actually hit the EMA, would you have made any coin today? Keep saying the same thing whether trading Crude or 6E. Ema's can be considered a moving trendline and many use it as a form of support.

 

[frank8800]

Quote from Handle123:

I have never been fond of journals especially when you are not seasoned, I think it simply puts undue pressure on the trader. Many are thinking of what they are going to post instead of concentrating on making money.

At least in my case, I'll have to respectfully disagree with you about my journal. I'm certainly not feeling any pressure to perform just so I can post great trades and impress people. In fact, it's the exact opposite for me. Although I'm getting better at some things, sometimes I make some really stupid trades that I'm very embarrassed of, and think twice about posting. However I do post everything, regardless.

This journal is a subset of a more detailed one I keep for myself. The only purpose of this journal is to troll for help from more experienced traders. To this end, it's been a smashing success. The weak link in this plan is I'm not skilled enough yet to assimilate the good info that I've gotten from people like you and others, especially NoDoji. Sometimes I read a 'helpful' response and think WTF? Then months later I'll re-read it and say, 'Ooohh, that's what they were talking about!'.

I look back at trades that I did months ago and cringe. I am getting better, but am under no illusions as to how long this will take. I see a trade setting up and sometimes I practically have to scream at myself to take the trade. My logical brain doesn't understand why this is, and that's the demon I'm battling at the moment.

 

[frank8800]

Quote from NoDoji:

Ballsy, Frank, trading right into the NFP :eek:

6E is a good breakout instrument. Try the breakouts when a strong support or resistance is about to be challenged.

I haven't forgotten any of your setup recommendations or advice- in fact they're all in my annotated 'NoDoji Book of Wisdom' (first edition). I do monitor those setups, but right now I think it's premature for me to take them. I greatly appreciate everything you've done to help me, and the fact that I don't act on some of your advice doesn't mean I'm ignoring or discounting it, it just means I'm trying to digest it and make it 'my own'. I'm pretty sure that if you gave me your detailed play book and all your secrets that it wouldn't do me any good at the moment. I think the best and perhaps only thing successful traders like you can do for struggling people like me is to hold a candle in the darkness of the forest and yell, 'hey - over here'.

I'm trying to do something now that I would have laughed at months ago. Make $100 a day with one setup in one market. Baby steps.

As far as trading into the NFP goes, that wasn't an act of bravery. I simply forgot to annotate my chart with the news.

I have noticed however, that frequently news events simply accentuate a move that is already underway. Exceptions, of course, like the oil report in CL or Bernake speaking. But things like PMI, Housing, Consumer Sentiment don't seem to be such a big deal.