Feedback appreciated. My Journal Begins...

I used to hold through pull backs, issue being how do you tell, when its a nice pull back,mwhich then goes higher or a big pull back and trend changer, you can't is the honest answer, okay really strong trend day maybe.

So Exit dont risk it being a big move against you and enter again, when it turns up again.

Holding while is goes against you is hoping, no room in trading for hope, hope is fir losers.
 
As to RN's moan, we all make mistakes, sometimes mistakes work out just like correct trades fail, you could of been right, it's not an exact science, that's what your stop is for.

And we learn by mistakes, your still a newbie, I bet RN still screws up from time to time, I sure as hell do.
 
Consistent results - can only be achieved through consistent action

==========

Do I fuck up - yes..., I'd say arguably every day

Am I consistent when trading - bet your ass

Do I still have losing trades - of course



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

btw - This isn't about me.... this is JS' Journal..., and his Successful Journey


RN
 
Redneck said:
Consistent results - can only be achieved through consistent action

==========

Do I fuck up - yes..., I'd say arguably every day

Am I consistent when trading - bet your ass

Do I still have losing trades - of course


RN
More...

But most of us aren't robot's while trading ( you maybe ), so I say we are allowed to screw up as long as we deal with it correctly.
 
Nor are most consistent..., nor full time traders



Trade correctly..., or make excuses

Mkt doesn't care either way - one's PnL might however

RN
 
11Nov14 Review/Replay

I didn't look at any chart and replayed bar by bar my plan. I wasn't able to SIM, but made trade plans anyways. Was quite the rangy day.

Off the bat price dropped. Yellow circle annotates possible first trade that I did not take because of pre mkt supply line. Possible wedge. I believe now in hindsight I should have taken it, and would have made my day profitable. But I did not. So what. I let it go, next trade.

Trade #1 B/E:
1. PB to DL Long 4179.25
2. 4174.75, Breach of DL
3. 4188, or DL break. No former R up there unless we go way back.
***Exited after breach. After this exit, if I was fast enough to reverse, there was a small retrace for a short. I was not paying attention. I think simply because I just exited a trade.

Trade #2: -2.5 pt.
1. Long PB entry after SL broke, also buyers came in strong 15 min prior at 7173.25.
2. 4177.75. DL breach
3. No measured move this time, DL breach, or 4190.25.
***Stopped out. During that trade, what ran through my mind was maybe I should have had a stop under the larger demand line since it was more established. Now, in hindsight, I'm glad I didn't, because it would have been a bigger loss.

Trade #3: Not Triggered. Had a plan for this one and everything. But price reversed. I like some of my entry rules because the not having a trade triggered means you were wrong about PA, but right about not having a loss.

Trade #4: Not triggered. DL breach. Removed trade.

At this point I suspected rangy crap for a while.

Trade #5: -1.75
1. 4177.5 Big SL broke. 1st PB long,.
2. 4174.75, DL breach
3. DL breach, watch PA around 4181 which was R earlier
***scratched at 4175.75 with a DL breach

No catching the finishing moves. Some extra notes on chart.

Total Loss = 4.25 points.

Price stayed between 62 and 80 most of the day. Small range. Money could have still been made though. By catching the earlier move that I passed on, today could have been profitable.

Why did I pass on the first trade. I don't think there should be reason if price has "confirmed that it's wedging". That confirmation in PA didn't yet exist, so I think that first play should have been taken. All in hindsight of coarse. But since I can't SIM, I'm trying hard to learn with real time play back.

I can SIM tomorrow morning's session, I look forward to being there!

Still studying douglas. What a great book.

--JS
 

Attachments

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My advice is your becoming to prediction based, you need to KISS, i don't personally use a lot of history, find trend lines only work by coincidence so not often enough.

Only 2 things matter...

Whats the over all general direction of the market, say last 60mins, we will say its up, so longs only.

What live is the price doing, going up or down, not talking candles here, live price movement.

So after a pull back when the live price turns up, go long joining the longer trend.

If no over all trend stay out, your odds on profit drop considerably. I have ways to handle this but get the basics first.

No SR point, no lines, just momentum go back to basics and sim that.

Your falling for the over complicating trap we do after we start off well.

M5 for over all picture to see the trend, then m1 for entry and exit might work better for you. ( just confuses me)

I started off profitable, then learned crap off the internet, how your supposed to trade, then it takes years to unlearn it sadly.
 
Update:

My journey for now has consisted of working on my psychology/head issues, and choosing one set-up/signal to master, to own, and trade well.

To be honest, I NEVER thought that trading was going to be filled with working on me as a person. Call me naive. So be it. I started out seeing that trading was a business that could be learned, that it was a skill that could be honed, and it left me upset. I've mastered many skills, and it's been a walk in the park. I wanted trading to be this. WOOPS!

Upset because, after embarking on this journey, it is filled with psychology. If I do not address the issues I have with not being able to employ patience, I'm surely doomed.

I definitely need not proceed, if I'm not willing to practice this discipline. It is that simple. Something in me wants to continue working on me. Something in me is passionate about changing that attribute in my behavior. I can't explain it and for that I'm sorry. I wish I could.

But, I know this is me. Not yet, but this is me.

In continuing, I worked a lot on my head today and I had to stop half way through because I can't spend the whole day in brain. It's exhausting.

What I'm Learning:

"everyone get's what they want out of the markets."

OR, "they get the success they feel deserve from the markets."


Struggle: I struggle choosing one set-up. WHY?
1. I lack the discipline to patiently wait for it.
(But patience is paramount in trading!)
2. Fear of choosing wrong set-up.
(I can't! They all exist. Simply and naturally. Choose and master one.)

***Issue: Why I am I unwilling to wait for one single set-up?
---I'm impatient. (overcome this)
---I want to master it all now. (can't be done, one bite at a time)
---HATE my job. (thank God for a job and work hard at trading in off-time)


In closing, I sure hope I do not sound like a babbling idiot. Maybe some might even relate. If so, good. I'm not alone. I was speaking to my wife about my issue. Being unwilling to wait for the set-up. My incredible lack of patience in waiting for any sort of PA confirmation. Her recommendation was superb.

It also coincided with many recommendations I've read here on ET.

Just observe.

Watch the day's action. Don't look for your set-up. Watch. Practice your patience. Employ the patience, be patient. This is by far a great weapon in trading. (told my wife to trade capital, no go) :)

Tomorrow, I'm off from work. I'm not going to trade. I'm however going to participate in the PA. I'm going to mention it here, and I'm also going to mention (hopefully), how I took no trades on the 8 different set-ups that I saw.

I'm going to practice this. I'm going to master this, and then, I'm going to pick a single set-up to master.

Over n Out
JS
 
jsmacksem said:
Update:

My journey for now has consisted of working on my psychology/head issues, and choosing one set-up/signal to master, to own, and trade well.

To be honest, I NEVER thought that trading was going to be filled with working on me as a person. Call me naive. So be it. I started out seeing that trading was a business that could be learned, that it was a skill that could be honed, and it left me upset. I've mastered many skills, and it's been a walk in the park. I wanted trading to be this. WOOPS!

Upset because, after embarking on this journey, it is filled with psychology. If I do not address the issues I have with not being able to employ patience, I'm surely doomed.

I definitely need not proceed, if I'm not willing to practice this discipline. It is that simple. Something in me wants to continue working on me. Something in me is passionate about changing that attribute in my behavior. I can't explain it and for that I'm sorry. I wish I could.

But, I know this is me. Not yet, but this is me.

In continuing, I worked a lot on my head today and I had to stop half way through because I can't spend the whole day in brain. It's exhausting.

What I'm Learning:

"everyone get's what they want out of the markets."

OR, "they get the success they feel deserve from the markets."


Struggle: I struggle choosing one set-up. WHY?
1. I lack the discipline to patiently wait for it.
(But patience is paramount in trading!)
2. Fear of choosing wrong set-up.
(I can't! They all exist. Simply and naturally. Choose and master one.)

***Issue: Why I am I unwilling to wait for one single set-up?
---I'm impatient. (overcome this)
---I want to master it all now. (can't be done, one bite at a time)
---HATE my job. (thank God for a job and work hard at trading in off-time)


In closing, I sure hope I do not sound like a babbling idiot. Maybe some might even relate. If so, good. I'm not alone. I was speaking to my wife about my issue. Being unwilling to wait for the set-up. My incredible lack of patience in waiting for any sort of PA confirmation. Her recommendation was superb.

It also coincided with many recommendations I've read here on ET.

Just observe.

Watch the day's action. Don't look for your set-up. Watch. Practice your patience. Employ the patience, be patient. This is by far a great weapon in trading. (told my wife to trade capital, no go) :)

Tomorrow, I'm off from work. I'm not going to trade. I'm however going to participate in the PA. I'm going to mention it here, and I'm also going to mention (hopefully), how I took no trades on the 8 different set-ups that I saw.

I'm going to practice this. I'm going to master this, and then, I'm going to pick a single set-up to master.

Over n Out
JS
More...
My 2 bits- You are a fast learner- You are getting a sense for that which you have not experienced- and are more cautious-You have the potential to be a survivor and not a quick causality- rushing in to flame out quickly.
Granted- there is a certain amount of human drama in choosing to be the torch that flames out with a flair...a lot of emotion when that occurs- we sometimes seek that.
you are making the better choice-Longevity- learn-don't burn up-sd
 
sowterdad said:
My 2 bits- You are a fast learner- You are getting a sense for that which you have not experienced- and are more cautious-You have the potential to be a survivor and not a quick causality- rushing in to flame out quickly.
Granted- there is a certain amount of human drama in choosing to be the torch that flames out with a flair...a lot of emotion when that occurs- we sometimes seek that.
you are making the better choice-Longevity- learn-don't burn up-sd
More...
thanks SD. I definitely want to stick around. Maybe even help one day. We'll see...
 
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