Feedback appreciated. My Journal Begins...
- Thread starter jsmacksem
- Start date
Of coarse it's a long post!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
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
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)
Perfect
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
Damn Good Job Again
This showed the control that was missing during trade 2 & 3
You lost it.., then gathered it back up
And stick to the routine
create context
wait for a signal
make a trade plan/ enter
trade works - or it breaks down
wrr
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
I am trying to sweetin them up/learn how to get to the point. We'll see....
===================
1) Freudian Slip- YES. "WITHOUT"
2) For some reason, I feel like we are agreeing, but our words/my words are just clashing?
=================
"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
)"thank you. I found making the plans faster then before. I think this is probably from the studying and working on the approach. One day, I will definitely want to add/reduce/work a position. Definitely. I really only know one way to manage and that's with a trend line. How else? Monitor H/L or each bar? The ticking? One day, I would also like to let trades run further. But, for now I really want to be consistent, and possibly adding these so soon might not be good. Your thoughts?
========================
1) Is the big caution don't trade crack?
I do want to hear this. But not yet if that's fine.2) Perfect advice, I do need to do this. I don't have an answer now.
6) yes. I lost control and focus.
======================
Thanks for the input RN. Good to hear from ya, and trade well my man!
-JS
Techinal Analysis
(Focus more on 240 bar S/R for targets)
5 trades: 4L & 1 W = +58
Trade 1: -2.25 pt
Entry/Signal: Sell 4121.5. Pre-Mkt Range break.
Initial Stop: 4123.5, range extreme breakdown
Target: Range height reduced, 4112.
Notes: Near future considerations are to learn to scratch after obvious breakdown instead of holding to stop. Also, focusing more on 240 S/R is very helpful.
Trade 2: -2 pts
Entry/Signal: Buy 4138. Range breakout
Initial stop: 4136. Inside upper range extreme. No zone/gap created on breakout, good.
Target: Range height, 240 upper channel extreme minus a few ticks. Because target a long ways off, decided to manage this with SL break, with a closed bar.
Notes: Intra-bar stop. PA suggested signal still very valid with a immediate lower rejection, continued higher lows.
Trade 3: + 11.75
Entry/Signal: Above last failed breakout. Buy 4139.25.
Initial Stop: 4137.35, inside upper extreme.
Target: Range height reduced, 240 upper extreme trend channel. Had to manage this one because it took a while and used a demand line. Price continued to make Higher highs. Price in fact retraced and came back past point of entry, but trade stayed and went to target before reversing at trend extreme.
Trade 4: - 2pt
Entry/Signal: Buy 4152.5 (no signal, not objective, addressed later)
Stop: Below range extreme (again, not objective, addressed later)
Target: addressed in MA.
Trade 5: -2pt
Entry/Signal: Sell 4133.75 range broke south after zone fill
Stop: 4135.75
Target: Reduced range height. Would manage with Supply line if price printed more bars. 4125.
Notes: Really considering how to scratch. This was the second trade today to move in favor, only to revert back to stop. Getting to B/E on two of today’s trades would change a lot in PnL.
MENTAL ANALYSIS
This is my last day trading this week. These past two days were great to learn from. I’ll spend the next 4-5 days reviewing, and finding some inoperative beliefs within the trades/head.
Trade 1: Sell signal at 0932.
This signal was present. However, I didn’t test nor develop my approach to play signals based off of pre-market action. One day, I might, today is not that day. Thankfully, I stayed objective, even though I say this trade was outside of my plan/method. I have to stick to my method. I will begin believing in myself more as I stay consistent with my method.
Trade 2: Buy Signal at 0948.
PA was very clear. Order was in, and I was simply waiting for the fill. I was staying objective, I felt neutral, and fought really hard to maintain that mindset. I noticed my conflicting beliefs more than ever after this stop out. My new belief, “There is a random distribution between winners and losers for any set of variables that define an edge”, was conflicted with what I believed my whole life. “Losing is for losers. Don’t lose.” I could feel the conflict. How I long to accept the losses for what they are: small, necessary, momentary, part of my job.
Thankfully, I was able to stay objective. I’m fighting hard at this point to keep my mind in the trading game. After that failed breakout, PA completely confirmed the original direction.
Trade 3: Buy Signal 0951
What a tuffy for my head. Great entry. Target range height, good trade. I struggled re-entering, especially after re-entering yesterday on trade 3 where I chased.
I didn’t chase today though. What’s the difference you ask? I will probably have to determine this on the weekend. I felt more calm, ready to follow my method, and wait/engage.
I had to manage this one with a TL, because it was evident there was one there. It helped me stay in when price came all the way back to the entry.
Trade 4:
Total breakdown here. I didn’t objectively identify my edge/signal. I was almost clouded. Could the winner have effected my judgement? Was I feeling euphoria? What belief was I operating out of, when I took a signal outside of my method? Or when I traded outside of my method? This simply can’t happen to be consistent.
This trade wasn’t part of my method. Shame on me. It’s not easy but it’s simple. Is this your signal? That is the number one question I must ask. The answer here was an obvious no.
Trade 5:
Edge objectively identified. Executed very well. Up to this point, I was in the green by quite a bit. According to my plan, I never give back all the profit once I reach a certain point. After this loss, I followed my plan to retain some profit.
I thought this was going to be a nice trade. I was calm and focused. And then priced went back to my stop.
I want to be ok with these losses. Plan and simple, I’m not OK with these losses. I must spend some time, I must even make a plan, for how I’m mentally going to arrive to a place of focus, where these losses are ok.
After some consistency with implementing this method, I will learn how to scratch. My fear now, is if I learn how to scratch, I’ll scratch all the damn time instead being patient with price. So for now, unfortunately, I’m going to wait and learn trade my method. I can always make some changes later.
These reviews are getting long!
For future mental analysis review, I will probably start asking myself these questions:
1. Did I objectively identified my edge?
2. Did I act on my edge w/o reservation or hesitation?.
3. Did I predefine the risk of this trade?
3. Did I completely accept the risk of this trade?
4. Was I willing to let go of this trade?
6. Did I pay myself as the market made money available?
7. Did I maintain Patience and Emotional Control?
8. What Fear(s) did I experience during this trade?
9. Was I focused on Flawless Execution?
10. Did I exercise "Consistency" in all my actions?
Comments:
-JS
(Focus more on 240 bar S/R for targets)
5 trades: 4L & 1 W = +58
Trade 1: -2.25 pt
Entry/Signal: Sell 4121.5. Pre-Mkt Range break.
Initial Stop: 4123.5, range extreme breakdown
Target: Range height reduced, 4112.
Notes: Near future considerations are to learn to scratch after obvious breakdown instead of holding to stop. Also, focusing more on 240 S/R is very helpful.
Trade 2: -2 pts
Entry/Signal: Buy 4138. Range breakout
Initial stop: 4136. Inside upper range extreme. No zone/gap created on breakout, good.
Target: Range height, 240 upper channel extreme minus a few ticks. Because target a long ways off, decided to manage this with SL break, with a closed bar.
Notes: Intra-bar stop. PA suggested signal still very valid with a immediate lower rejection, continued higher lows.
Trade 3: + 11.75
Entry/Signal: Above last failed breakout. Buy 4139.25.
Initial Stop: 4137.35, inside upper extreme.
Target: Range height reduced, 240 upper extreme trend channel. Had to manage this one because it took a while and used a demand line. Price continued to make Higher highs. Price in fact retraced and came back past point of entry, but trade stayed and went to target before reversing at trend extreme.
Trade 4: - 2pt
Entry/Signal: Buy 4152.5 (no signal, not objective, addressed later)
Stop: Below range extreme (again, not objective, addressed later)
Target: addressed in MA.
Trade 5: -2pt
Entry/Signal: Sell 4133.75 range broke south after zone fill
Stop: 4135.75
Target: Reduced range height. Would manage with Supply line if price printed more bars. 4125.
Notes: Really considering how to scratch. This was the second trade today to move in favor, only to revert back to stop. Getting to B/E on two of today’s trades would change a lot in PnL.
MENTAL ANALYSIS
This is my last day trading this week. These past two days were great to learn from. I’ll spend the next 4-5 days reviewing, and finding some inoperative beliefs within the trades/head.
Trade 1: Sell signal at 0932.
This signal was present. However, I didn’t test nor develop my approach to play signals based off of pre-market action. One day, I might, today is not that day. Thankfully, I stayed objective, even though I say this trade was outside of my plan/method. I have to stick to my method. I will begin believing in myself more as I stay consistent with my method.
Trade 2: Buy Signal at 0948.
PA was very clear. Order was in, and I was simply waiting for the fill. I was staying objective, I felt neutral, and fought really hard to maintain that mindset. I noticed my conflicting beliefs more than ever after this stop out. My new belief, “There is a random distribution between winners and losers for any set of variables that define an edge”, was conflicted with what I believed my whole life. “Losing is for losers. Don’t lose.” I could feel the conflict. How I long to accept the losses for what they are: small, necessary, momentary, part of my job.
Thankfully, I was able to stay objective. I’m fighting hard at this point to keep my mind in the trading game. After that failed breakout, PA completely confirmed the original direction.
Trade 3: Buy Signal 0951
What a tuffy for my head. Great entry. Target range height, good trade. I struggled re-entering, especially after re-entering yesterday on trade 3 where I chased.
I didn’t chase today though. What’s the difference you ask? I will probably have to determine this on the weekend. I felt more calm, ready to follow my method, and wait/engage.
I had to manage this one with a TL, because it was evident there was one there. It helped me stay in when price came all the way back to the entry.
Trade 4:
Total breakdown here. I didn’t objectively identify my edge/signal. I was almost clouded. Could the winner have effected my judgement? Was I feeling euphoria? What belief was I operating out of, when I took a signal outside of my method? Or when I traded outside of my method? This simply can’t happen to be consistent.
This trade wasn’t part of my method. Shame on me. It’s not easy but it’s simple. Is this your signal? That is the number one question I must ask. The answer here was an obvious no.
Trade 5:
Edge objectively identified. Executed very well. Up to this point, I was in the green by quite a bit. According to my plan, I never give back all the profit once I reach a certain point. After this loss, I followed my plan to retain some profit.
I thought this was going to be a nice trade. I was calm and focused. And then priced went back to my stop.
I want to be ok with these losses. Plan and simple, I’m not OK with these losses. I must spend some time, I must even make a plan, for how I’m mentally going to arrive to a place of focus, where these losses are ok.
After some consistency with implementing this method, I will learn how to scratch. My fear now, is if I learn how to scratch, I’ll scratch all the damn time instead being patient with price. So for now, unfortunately, I’m going to wait and learn trade my method. I can always make some changes later.
These reviews are getting long!
For future mental analysis review, I will probably start asking myself these questions:
1. Did I objectively identified my edge?
2. Did I act on my edge w/o reservation or hesitation?.
3. Did I predefine the risk of this trade?
3. Did I completely accept the risk of this trade?
4. Was I willing to let go of this trade?
6. Did I pay myself as the market made money available?
7. Did I maintain Patience and Emotional Control?
8. What Fear(s) did I experience during this trade?
9. Was I focused on Flawless Execution?
10. Did I exercise "Consistency" in all my actions?
Comments:
-JS
Attachments
Thanks RN. I forget who you were talking to, maybe JAS. But you stated one needs to have a routine for getting from Point A (loud head), to Point B (focused quiet centered head). You mentioned reverse engineering this. That is great advice, and something I'm going to work on. Where I want to be while I'm trading, and what steps or routines can I take that get me there? I look at this over the weekend.
Hope you have a good day!
-JS
Here's a picture of PA context on the 15m. I have horizontal S/R, a main trend channel, and a possible breakout channel still needing some confirmation.
Is this good context?
===================
I'm ready for today, and I really want to practice predefining and fully accepting each trade's risk, or being willing to let it pass. I haven't been good at accepting the risk fully.
Hope everyone trades well today.
-JS
Is this good context?
===================
I'm ready for today, and I really want to practice predefining and fully accepting each trade's risk, or being willing to let it pass. I haven't been good at accepting the risk fully.
Hope everyone trades well today.
-JS
Attachments
Does it accurately capture price (priority 1)
Then;
Does it makes sense to you
Does it provide you trade-able information
direction (near term as well as long(er)
setup(s)
identify when a trade is invalidated
acceptable risk per trade
target(s)
RN
Yes and Yes Yes.
Was just working on those 15m channels. Guess it has to work for me. Maybe silly question in hindsight.
my "cranium" is ready. Also hoping to identify more fears/holdbacks today.
-JS