Feedback appreciated. My Journal Begins...

[Redneck]

Thanks RN. When you say I do have the framework, are you suggesting this works, but consider adding rules to let winners ride, instead of exiting a potentially really profitable trade?

Not suggesting it works..., it works

The mkt is uncertain - can any number of rules harness that..., do rules even exit for that - no

One must have rules to dictate their course action - then act accordingly - based on what the mkt is saying

eta - Day trader scalping is the ultimate defense against choppy / rangy PA

It does limit your potential on trending days.., and will give you pause on how much you're missing during a trend..., but it will save your ass the rest of the time

=======

When I say you have the frame work - you have the general concept - that needs further refining before implementing

Could I give you the answer - likely..., but its preferable you think through it - so you'll own it




I don't understand the difference between day trader scalping, and traditional scalping. Is traditional scalping for small ticks with large size where as day trader scalping is more for points?

Traditional scalping tries capturing the spread

Day trader scalping catches cents / small moves (in your case ticks/ small moves) - where.., and as momentum is on your side (this another way of say catch the meat of a move..., stay away from the edges (where the bickering occurs - and our confusion ensues))

Get in.., get the move.., get out..., go back to observing - for the next go round



So an edge is then the knowledge we gain from our research, testing, and implementation of our plan/method? The edge is also the correct psychology to coincide with all that?

No both are advantages to aid in our ability to trade

First this whole notion about edges - the absolute edge is insider information - knowing something is going to happen before most everyone else

Not only is this illegal to trade..., but likely we'll never have access to that type of information

============

So lets limit ourselves to the "edges" we have available (and I'll limit my discussion further to your current topic)

Ability to get in / out quickly - thus limiting our exposure..., making a few cents (ticks)... and limiting the emotional capital spent for any given trade

This goes a long way toward the bottom line/ one's confidence - "IF" - we then in turn hold onto to it



I always thought a daily point target is good, but also allowing room for more winners.

Both have their merits - but when starting out it is wise to pick one..., and stick with it till your skills/ mental prowess developes

crawl/ walk/ run/ do a marathon

Would you rather have a part of something - EOD...., or all of nothing..., and likely lose more on top of the nothing

RN

 

[jsmacksem]

Great Points. Today I'm currently reviewing past charts, because I've noticed that I'm a bit too discretionary on exits--needs to be defined. Discretion needs to exist sure, but I prefer to limit it to some well-defined entries, management style, and exits.

I agree. This is a great defense against CHOP/RANGE.

You prefer I think through it so I'll own it. I couldn't agree more. Even though I disagree. What? No seriously tell me. Kidding.

I want to own it and make it mine. The resources you're offering are great and how many successful traders suggest you do the work is real. Hard, but real.

I would definitely prefer to have part of something, EOD. So that means I should probably set some profit targets. I generally do, but in an effort to increase more of a move, I move them.

OTOH, If my set-ups were that well defined and tested, one could simply exit for "some of the move", and re-enter at next available set-up---which like you said, also limits emotional capital, which I learned last week, is something very, very real. I'm drained!

Thanks again,
J

 

[Redneck]

I've noticed that I'm a bit too discretionary on exits--needs to be defined.

Discretion needs to exist sure, but I prefer to limit it to some well-defined entries, management style, and exits.

Discretion is little more than another name for random variable

Can any of us afford to induce random variable(s) - if our true desire is consistency


Every time you enter the mkt;

Know exactly what you are looking for (signal wise)..., Know exactly how/when you will act..., Know exactly what you will do throughout the entire trade...

Then; seek out / act / do - exactly that

Nothing more / nothing less


If you desire consistency - then this is exactly what is required - every trade / every day

Hard, but real.

Learning to trade is hard - no two ways about it


We must be harder - period

I would definitely prefer to have part of something, EOD.

So that means I should probably set some profit targets.


I generally do, but in an effort to increase more of a move, I move them.

"Do..., or Do not - There is no Try" - (quote from Kung Fu Panda) and appropriate for our actions

OTOH, If my set-ups were that well defined and tested, one could simply exit for "some of the move", and re-enter at next available set-up

The quintessential day trader's scalp

also limits emotional capital, which I learned last week, is something very, very real. I'm drained!

It is important to rest.., and be 100%


The mkt is a void... that until you've built the necessary barrier..., will suck every bit of energy you have


This emotional drain creates stress..., and stress will cause us to do really..., really..., stupid shit (experience talkin here)


Building the necessary protective barrier takes time..., until then... every time you are in the mkt - KNOW..., you are at risk - not only monetarily.., but also emotionally


===========


Trading is strictly pay for performance (which is why I love it so... not in love mind you - simply love it)


Best ensure we're cable of performing @ 100% when trading


No more / and certainly.., No less


RN

 

[Redneck]

There is a certain mixture of hardness – yet pliability – a trader must possess

It a quite interesting enigmatic..., paradox


RN

 

[Turveyd]

Don't buy into the long term stuff, Day trading your in control the market is moving up, you get in, ride it exit, pure no issues.

Swing trading, you enter based on X, 3 days later, X is well forgotten your just hoping it'll hit TP before SL, multiday trends and big pips sound great but realistically they don't happy, not met 1 swing trader via index's or Forex over the years which can make more than 20% per year.

The longer the term the more it's just a gamble, ie nearer 50/50 if your a poor trader then it's hard to drop much below 50/50.

Shorter the term, more skill based the nearer you can get to 100% or 0% if your poor.

Therefore poor traders think Longer term is better, which it is for them as there money lasts longer despite there still losing.

 

[slugar]

Listen to RN he knows what he's talking about

 

[Redneck]

Damn - no pressure - :eek:



JS

Tomorrow..., stick to each trade's plan - screw the results of each trade placed


btw.., I had some wings and cold beer - very delicious - Thanks for the recipe

RN

 

[jsmacksem]

Discretion is little more than another name for random variable

Can any of us afford to induce random variable(s) - if our true desire is consistency


Every time you enter the mkt;

Know exactly what you are looking for (signal wise)..., Know exactly how/when you will act..., Know exactly what you will do throughout the entire trade...

Then; seek out / act / do - exactly that

Nothing more / nothing less


If you desire consistency - then this is exactly what is required - every trade / every day






Learning to trade is hard - no two ways about it


We must be harder - period






"Do..., or Do not - There is no Try" - (quote from Kung Fu Panda) and appropriate for our actions




The quintessential day trader's scalp






It is important to rest.., and be 100%


The mkt is a void... that until you've built the necessary barrier..., will suck every bit of energy you have


This emotional drain creates stress..., and stress will cause us to do really..., really..., stupid shit (experience talkin here)


Building the necessary protective barrier takes time..., until then... every time you are in the mkt - KNOW..., you are at risk - not only monetarily.., but also emotionally


===========


Trading is strictly pay for performance (which is why I love it so... not in love mind you - simply love it)


Best ensure we're cable of performing @ 100% when trading


No more / and certainly.., No less


RN

So discretion = random variable. I agree with you. Loved this quote. "Know exactly what you are looking for (signal wise)..., Know exactly how/when you will act..., Know exactly what you will do throughout the entire trade..."

I hate admitting when I'm wrong, but like I said yesterday, I'm working on actually defining these things. I sat in front of past charts all day yesterday, almost in awe of how there are really repetitive behaviors in price action.

How I am wrong --> there are A LOT of questions a trader needs to know the answer to before initiating a trade, upon entering, managing it (which includes MANY questions, because price can do anything), and exiting it. Not to mention a simple money management plan that must be followed...

I actually had to to look in the dictionary for "quintessential". I had an idea, but wanted to be sure. Thanks.

Yes I have felt drained ever since last week, being the first week live. Up then down, up, up a little more, and down so far there is no more up down. Up down.

 

[jsmacksem]

There is a certain mixture of hardness – yet pliability – a trader must possess

It a quite interesting enigmatic..., paradox


RN

I've seen this too. An unwavering discipline, almost Army Serg approach to a plan. Then, the, "it's ok, some trades lose. Next one!".

The rigorous testing of a plan with statistics, yet the trade that scratched...again.

Interesting..

 

[jsmacksem]

Listen to RN he knows what he's talking about

k