I've been doing ok. The SL is up for improvement, BUT currently I'm gathering "statistical evidence" instead of just arbitrarily changing something.
Make sense? I guess it's called "forward testing".
Feedback appreciated. My Journal Begins...
- Thread starter jsmacksem
- Start date
Make sense? I guess it's called "forward testing".
Forward live testing is the best.
No idea what your commissions are ?? but your paying a lot of comm's for 2pts of movement.
Good to be here. Good morning.
Computer bit the dust over the weekend. It's 8 years old and falling apart. I've resurrected it temporarily in an effort to trade this morning. If the cooling fan sounds like it did on saturday, I"ll probably just work on my plan, as there are some pages I'd like to add/remove in regards to some things I've learned.
It's been interesting watching the NQ continue to reject it's daily up-trend mean. Here was are almost at the top again, about 30 points away.
=======================
Going in --> The market's perspective is as neutral as it comes. And so must my perceptions be. Great things to be learned when I'm not neutral.
Uniqueness --> This trade is absolutely nothing like past trades. They are all unique.
Pre-define and accept risk. If not, pass.
Trust in the method/emotion comes with consistent/objective execution.
being wrong well is actually right.
=========================
Snowy here in PA. Looking forward to our "clipper" this evening. 6-12" I think? NJ 12-18".
I like snow.
Computer bit the dust over the weekend. It's 8 years old and falling apart. I've resurrected it temporarily in an effort to trade this morning. If the cooling fan sounds like it did on saturday, I"ll probably just work on my plan, as there are some pages I'd like to add/remove in regards to some things I've learned.
It's been interesting watching the NQ continue to reject it's daily up-trend mean. Here was are almost at the top again, about 30 points away.
=======================
Going in --> The market's perspective is as neutral as it comes. And so must my perceptions be. Great things to be learned when I'm not neutral.
Uniqueness --> This trade is absolutely nothing like past trades. They are all unique.
Pre-define and accept risk. If not, pass.
Trust in the method/emotion comes with consistent/objective execution.
being wrong well is actually right.
=========================
Snowy here in PA. Looking forward to our "clipper" this evening. 6-12" I think? NJ 12-18".
I like snow.
RECAP.
1 Trade. 1 w. +$200
Technical Analysis
Entry: Sell signal, B/O @ 0930:10. Price: 4264.75
ISL: Breach back into range, 4266.75.
Target: Manage with TL, or Range Height target of 4253 minus a couple ticks. 4254.75 target hit.
Notes: Price hovered just below 15 m channel mean all day Sunday and pre mkt. Resistance found between 84 and 73 three times suggesting weakness. With immediate rejection of resistance zone premarket, LOLR appeared down. Premarket range broke with confidence, leaving little of a GAP/ZONE, offering a high quality signal with low risk, not to mention little to no significant support until 4235. Hit daily objective.
=======================
Mental Analysis
Some "vague" notes from personal journal.
The emotions were neutral and objective. A lovely wave of anxiety removed the objectivity, because of a stall in price action with 7pt profit. Upon further analysis, the fear of leaving money on the table was the likely culprit. If one truly believes at a fundamental and core value, that every trade/moment is NOTHING like past trade/moments, then losing this 7pts is actually ok, especially if we are consistently executing the method with neutral emotion.
===================
TA considerations are now being tracked via excel concerning a B/E stop if they will actually be effective for my method after so many points profit. No changes being made to method as of yet.
===========
Even though daily objective met, I decided to continue annotating entries for TA practice. It was great practice, and the method worked well for the next 3 trades.
I will probably integrate some of these new insights into my trading plan during the afternoon session.
-JS
1 Trade. 1 w. +$200
Technical Analysis
Entry: Sell signal, B/O @ 0930:10. Price: 4264.75
ISL: Breach back into range, 4266.75.
Target: Manage with TL, or Range Height target of 4253 minus a couple ticks. 4254.75 target hit.
Notes: Price hovered just below 15 m channel mean all day Sunday and pre mkt. Resistance found between 84 and 73 three times suggesting weakness. With immediate rejection of resistance zone premarket, LOLR appeared down. Premarket range broke with confidence, leaving little of a GAP/ZONE, offering a high quality signal with low risk, not to mention little to no significant support until 4235. Hit daily objective.
=======================
Mental Analysis
Some "vague" notes from personal journal.
The emotions were neutral and objective. A lovely wave of anxiety removed the objectivity, because of a stall in price action with 7pt profit. Upon further analysis, the fear of leaving money on the table was the likely culprit. If one truly believes at a fundamental and core value, that every trade/moment is NOTHING like past trade/moments, then losing this 7pts is actually ok, especially if we are consistently executing the method with neutral emotion.
===================
TA considerations are now being tracked via excel concerning a B/E stop if they will actually be effective for my method after so many points profit. No changes being made to method as of yet.
===========
Even though daily objective met, I decided to continue annotating entries for TA practice. It was great practice, and the method worked well for the next 3 trades.
I will probably integrate some of these new insights into my trading plan during the afternoon session.
-JS
Attachments
Never underestimate the power of observation
Good stuff Sir
One's methodology / approach (commonly referred to as a "trading" plan)
Is not a static document - it evolves as the trader evolves
Especially valuable when annotated observations are the impetus for amending it - means you're growing
More good stuff
RN
Never underestimate the power of observation
Good stuff Sir
One's methodology / approach (commonly referred to as a "trading" plan)
Is not a static document - it evolves as the trader evolves
Especially valuable when annotated observations are the impetus for amending it - means you're growing
More good stuff
RN
Thanks RN. Great hearing from you.
Yeah my plan is evolving, and I'd imagine this doc will live on. Maybe even be passed on.
If this snow keeps on here in PA, I'll have a snow day tomorrow, and I'll be back at it in the AM.
Good trading to you tomorrow
-JS.
Charts prepped for tomorrow AM session.
Reviewing notes from journal.
Developing a solid belief in the market's uniqueness can be tough work. That is how the market needs to be approached tomorrow. From it's perspective, not mine. Just there to observe/execute.
Some review on what I'm implementing:
1. There is nothing wrong with being wrong.
2. Being wrong small and well is right.
3. The method becomes trustworthy as I execute it flawlessly.
4. I predefine and fully accept the risk of every trade, or am willing to let go of it.
5. No trade is like the last trade. Trade like it.
6. Truly believing each moment is unique, means there isn't anything perceived as threatening, because I've accepted the market can do anything. If something perceived as threatening, there's work to be done.
Bis morgen früh!
-JS
Reviewing notes from journal.
Developing a solid belief in the market's uniqueness can be tough work. That is how the market needs to be approached tomorrow. From it's perspective, not mine. Just there to observe/execute.
Some review on what I'm implementing:
1. There is nothing wrong with being wrong.
2. Being wrong small and well is right.
3. The method becomes trustworthy as I execute it flawlessly.
4. I predefine and fully accept the risk of every trade, or am willing to let go of it.
5. No trade is like the last trade. Trade like it.
6. Truly believing each moment is unique, means there isn't anything perceived as threatening, because I've accepted the market can do anything. If something perceived as threatening, there's work to be done.
Bis morgen früh!
-JS
1. There is nothing wrong with being wrong.
Revised: You need to refrain from approaching the market from a “right and wrong perspective". There are just trades that worked out, and those that didn’t, its all just results. Look at it from this perspective; if I gave you a bag of colored beads (75% white 25% black), or whatever your Expectancy % Number is, and I told you that you were getting a profit for every white bead you blindly reached into the bag and retrieved, would you consider every black bead you pulled out as wrong, and feel bad about it? It would be about the same as like watching last years' Superbowl today as a Seahawks fan, and feeling bad when the Broncos scored a touchdown. Since you already know who is going to win the game (series of trades), why feel bad? Now I ask you, isn't that just like taking a trade...blindly reaching into a bead bag with (75% White/25% Black), remembering that the result on any single trade is always random,.....but the series (% content of the bag 75% wins) is not random. This perspective is called; "thinking in terms of the probabilities".
2. Being wrong small and well is right.
Revised: Your objective is to achieve either a profit or small loss in this trade. Sounds and feels better, doesn’t it?
3. The method becomes trustworthy as I execute it flawlessly.
Revised: I confidently trust myself to consistently execute the method flawlessly. Place your trust where it belongs,...with YOU first....then with the method,...in time.
4. I predefine and fully accept the risk of every trade, or am willing to let go of it.
Meaning: My pattern is there, and I am ok and comfortable with the risk involved in taking this particular trade, and I can walk away from this trade unaffected if it doesn’t work out. Sometimes the same signal and pattern will be there, but you are not ok and comfortable with the risk involved in taking that particular trade,...then,...that is not your trade.
5. No trade is like the last trade. Trade like it.
Meaning: The pattern may be exactly the same as the last trade, but the trade is not the same. The big players and people who move the market, and who traded it seconds before.....may now be taking a piss break.…smile.
6. Truly believing each moment is unique, means there isn't anything perceived as threatening, because I've accepted the market can do anything. If something perceived as threatening, there's work to be done.
Amen to that!: Your job today is to find the “Gold Nugget”, it’s a Treasure Hunt!...enjoy it.
KDASFTG
Revised: You need to refrain from approaching the market from a “right and wrong perspective". There are just trades that worked out, and those that didn’t, its all just results. Look at it from this perspective; if I gave you a bag of colored beads (75% white 25% black), or whatever your Expectancy % Number is, and I told you that you were getting a profit for every white bead you blindly reached into the bag and retrieved, would you consider every black bead you pulled out as wrong, and feel bad about it? It would be about the same as like watching last years' Superbowl today as a Seahawks fan, and feeling bad when the Broncos scored a touchdown. Since you already know who is going to win the game (series of trades), why feel bad? Now I ask you, isn't that just like taking a trade...blindly reaching into a bead bag with (75% White/25% Black), remembering that the result on any single trade is always random,.....but the series (% content of the bag 75% wins) is not random. This perspective is called; "thinking in terms of the probabilities".
2. Being wrong small and well is right.
Revised: Your objective is to achieve either a profit or small loss in this trade. Sounds and feels better, doesn’t it?
3. The method becomes trustworthy as I execute it flawlessly.
Revised: I confidently trust myself to consistently execute the method flawlessly. Place your trust where it belongs,...with YOU first....then with the method,...in time.
4. I predefine and fully accept the risk of every trade, or am willing to let go of it.
Meaning: My pattern is there, and I am ok and comfortable with the risk involved in taking this particular trade, and I can walk away from this trade unaffected if it doesn’t work out. Sometimes the same signal and pattern will be there, but you are not ok and comfortable with the risk involved in taking that particular trade,...then,...that is not your trade.
5. No trade is like the last trade. Trade like it.
Meaning: The pattern may be exactly the same as the last trade, but the trade is not the same. The big players and people who move the market, and who traded it seconds before.....may now be taking a piss break.…smile.
6. Truly believing each moment is unique, means there isn't anything perceived as threatening, because I've accepted the market can do anything. If something perceived as threatening, there's work to be done.
Amen to that!: Your job today is to find the “Gold Nugget”, it’s a Treasure Hunt!...enjoy it.
KDASFTG
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Thanks KD. Really good stuff.
I've added some of your "revisions/meanings" to my vault.