What did you think of that book, I know it's a classic and all but I didn't like it at all. Did you learn anything that you're putting into practice? Trading In The Zone does a better job of illustrating the psychology of trading, maybe it's because I read trading in the zone first, Van Tharp's book felt a like a drag.
How I stopped making the same mistakes in 2010 and started to make more money
- Thread starter thinkfirst
- Start date
What did you think of that book, I know it's a classic and all but I didn't like it at all. Did you learn anything that you're putting into practice? Trading In The Zone does a better job of illustrating the psychology of trading, maybe it's because I read trading in the zone first, Van Tharp's book felt a like a drag.
For me this book was very useful, his concept made sense and I'm applying his money management suggestions ever since I've read his book.
Day 4
I spoke with Bob today (AKA Robert Weinstein) and he suggested to continue with this journal if it's helping me. It does help me indeed and I'll keep going for now.
Today was nothing special day until RSH, KCI and PSYS started going up all at the same time. This is when I wish I would be automated, especially since this is one of those days with lack of sleep. I can see the pattern in being less focused when I don't get enough sleep (duh), however lack of sleep is my reality and I just need to get used to it.
Anyway, I was only able to trade RSH and PSYS, traded very well. I do see a lot of areas where I can improve my results. Currently my goal is to be consistent in applying my rules. I do monitor however my ideas on entries and exits so I can use it later.
+647
I spoke with Bob today (AKA Robert Weinstein) and he suggested to continue with this journal if it's helping me. It does help me indeed and I'll keep going for now.
Today was nothing special day until RSH, KCI and PSYS started going up all at the same time. This is when I wish I would be automated, especially since this is one of those days with lack of sleep. I can see the pattern in being less focused when I don't get enough sleep (duh), however lack of sleep is my reality and I just need to get used to it.
Anyway, I was only able to trade RSH and PSYS, traded very well. I do see a lot of areas where I can improve my results. Currently my goal is to be consistent in applying my rules. I do monitor however my ideas on entries and exits so I can use it later.
+647
Day 5
I can call this day as "almost at the target" day. I did follow my rules and was taking every signal as part of it. So when I had a lot of positions I had to just place bunch of OCA orders. Several positions almost got to the target and than reversed on me. Overall I would do the same thing again, follow my rules and work the numbers. However I did go to my broker's web site and learned about different order types.
-240
I can call this day as "almost at the target" day. I did follow my rules and was taking every signal as part of it. So when I had a lot of positions I had to just place bunch of OCA orders. Several positions almost got to the target and than reversed on me. Overall I would do the same thing again, follow my rules and work the numbers. However I did go to my broker's web site and learned about different order types.
-240
Day 6
My p/l is positive today, but I'll be honest, I was trading based on my p/l rather than my rules. Because of that I did override my trading plan which of course created the opposite and I left a lot of money on the table. I wonder if I ever be able to make it⦠It's been over a months (or years) and I still can't follow my rules 100% for longer then 3-5 days.
Am I the only one? Or is this true "holy grail" and this is why it's so hard?
Glad it's weekend ahead of us, time to think.
+900
+1676/w
My p/l is positive today, but I'll be honest, I was trading based on my p/l rather than my rules. Because of that I did override my trading plan which of course created the opposite and I left a lot of money on the table. I wonder if I ever be able to make it⦠It's been over a months (or years) and I still can't follow my rules 100% for longer then 3-5 days.
Am I the only one? Or is this true "holy grail" and this is why it's so hard?
Glad it's weekend ahead of us, time to think.
+900
+1676/w
What's stopping you from going fully automated? Too much gut feeling in your rules? Sounds like you have a good plan, do you still lack confidence in it?
Also, your attachments are boring.
How about a graph?
Also, your attachments are boring.
How about a graph?
You can't get 100% of every move in a trade. Once the move's over we all look back and think wow, I left so much on the table, blah blah blah. But if you're targeting profits based on technical price points and how price reacts there, leaving money on the table isn't a problem. You want to catch a chunk of meat out of the move (ok, for me, a chunk of the aapl) and if you catch 50% of the move, that's a decent chunk.
When you leave money on the table is it because you exit all at once, or because you exit too soon based on a violation of your trading plan for the trade, or???
If you're exiting all at once, consider scaling out half or thirds. If you're actually changing a trading plan midstream for no technically good reason, then you need to work on trusting yourself with the trade.
I've gotten pretty good at trading my 4 pet stocks and trusting where price will go based on watching their price action for a long time now.
BUT I'm leaving money all over the table sim trading CL. I only recently started giving it serious attention and still focus too much on tick noise instead of trusting price to reach certain technical zones. I'm working around it by trading 2 lots and taking some profit early in the trade. This gives me some instant gratification and makes me more relaxed about letting the other lot run.
But still I'm having quite a time of it.
That is not easy to swallow, I look back each and every time I exit a trade and feel like banging my head on the wall for leaving money on the table, but then I remember the times when things turned against me and I gave up most or all of the profits because it had to hit the target, there was no way it couldn't, and then I paid the price.
So true. And if you do what makes sense at the time, that's what's important. But if what you do doesn't make sense, then it's OK to bang head on wall.
Today I was sim trading CL and I closed my position at a previous support level. All I saw at the moment was the previous support (that had found significant buyers, leaving a looong hammer), and price ticking up a tad at that level. What I didn't pay attention to was the fact that I shorted a lower high beneath a falling 20-bar MA. When price makes a lower high in a down trend, it most frequently makes a lower low. Boy did it ever.