Man this a long post - took me a bit to think through it
I agree w/ J - really good to see you focus on your mindset
To start, today was a great day to enforce my belief that
1) "I act on all my edges with hesitation"
2) "Trading is a pattern probabilities numbers game". Meaning, we can assess the method after a series, not any single one trade.
1) Freudian slip??
2) Agree..., but later..., on this same topic - I will disagree
One can't assign probability to any single trade's outcome (each is 50/ 50 - and uncertain)
But... we follow a consistent and repeated routine - we trade the same signals - then absolutely we can glean the probability of how well our approach works
And that will lead into some insightful data mining about our trading
Think consistency begets consistency
PA STRATEGY:
Trade Plans and PA notes: 4 trades, 3 losses, 1 win.
Trade 1: -2 points.
Entry/Signal: Buy 4161.25.
INITIAL Stop: below upper range extreme, 4159.25.
Target: previous range height.
Notes: Price moved immediately in favor after a hard DB rejection. Price hovered in the green zone for 5 minutes before being stopped out.
Trade 2: -2 Points.
Entry/Signal: Sell 4150.75.
INITIAL Stop: 4152.75
Target: Previous range height.
Notes: Price stopped this trade out immediately, and it was stopped intra bar. The method has not yet been applied in SIM, only static charts. Intra bar stop outs were to be expected, and possible FUTURE tweaks might be in order. Tweaks not in order now.
Trade 3: -2 Points.
Entry/Signal: Sell 4150.
Initial Stop: 4152.5
Target: range height
Notes: This trade was a chased trade. To be discussed in execution. Stopped out.
Trade 4: +7.5 points
Entry/Signal: Sell 4129.5
Initial Stop: 4131.5 above lower extreme of range
Target: Slightly reduced range height.
NOTES: Price made a significant move down, found resistance created by a zone, and ranged briefly for 15 minutes. Classic bear flag.
I really.., really applaud...., and support you making a trade plan - for each trade
Damn good job
2 suggestions - keep doing this...., add a blurb on how you will manage each (may come a time when you want to add / reduce / work a position
)
Trade one was taken without hesitation. I'm happy with trade one, and found absolutely no emotional distress there.
Perfect
1) Trade 2: Taken without hesitation. However, it was an intra-bar stop, something I haven't been able to work with since studying static charts while developing method.
It was immediately stopped out intrabar.
2) I got upset. I believe I was upset, because I was no longer focused and neutral, operating out of good beliefs.
3) I have this idea that trading is actually about individual trades, when it's clearly not and never will be.
4) Taking the small losses is great way to succeed.
5) I'm still learning and working hard at believing this. I'm also learning to really adopt the "every moment is unique". Knowing I should believe it, and BELIEVING it are two very different things.
6) Trade 2 led to chasing on trade 3. This trade should have never been initiated because of my emotion. Trade 3 could have been initiated, because signal still valid. But I took trade 3 for ALL of the wrong reasons..
1) I can give you a way to manage intrabar - when you're ready - but i'll come with a big caution
2) Getting upset is a symptom - why did you lose focus / lose neutrality - drill down and figure out why (mkt / your action got inside your head)
3) Yes..,
trading is all about individual trades
Else you turn a blind eye to uncertainty
Else you don't stay in tune with trading (and get ahead of your self)
Else you don't stay focused
Else you don't wait on valid signals - and start 'throwing" on trades
Else you over trade
Else you lose respect for risk
This list..., of why we solely focus on individual trades..., is quite long - you need more convincing - please say so
4) Absolutely
5) Big difference - it the difference between conscious (knowing)..., and subconscious (acting without thinking about it)
6) Trade 2 didn't do shit..., JS..., led JS to chasing (by the nose no less)
JS lost objectivity and control
Keep trades separate and discrete - no way on bad trade..., will (or could) automatically lead to the next trade being bad
At this point, because of 3 losses in a row, and 1 loss away from my daily max loss limit according to plan,
I stepped away.
I shoveled some snow here in PA, had some more coffee, and just reflected.
Damn Good Job Again
This showed the control that was missing during trade 2 & 3
You lost it.., then gathered it back up
Re-read beliefs, re-focused, and revisited.
And stick to the routine
create context
wait for a signal
make a trade plan/ enter
trade works - or it breaks down
wrr
So trade 4: Executed well without hesitation.
Staying in until my predetermined target, especially after three losses, was a struggle.
I was afraid of hitting my max daily loss.
But I didn't touch it. I waited. Went to target.
I was happy. BUT, I want to learn to be focused and neutral, and just execute my trades well, and not be sad/happy/excited/impressed/depressed etc....
This I'm hoping will come with time, practice, review, and also patience.
Lot of emotion (ups and downs) in trade 4
But also a lot of gathering back up..., then doing your job
Stick with the latter..., minimize (and it will come with time.., and following your routine) the latter
======================
trade 1 & 4 - solid
trade 2 & 4 - brain farts
and a lot of..., all over the emotional radar screen throughout
Keep on truckin JS
RN
