I'd like to become a better trader

  • Thread starter Thread starter PO
  • Start date Start date
NQ broke out of the open range (why do I talk about NQ? because I look at it during the day for guidance), but stalled before reaching YH (yesterday's high).
And ES is stalled at the ORH(open range high)
 
market is in congestion - need to stay away and wait for a high probability trade instead of getting chopped up here.
 
sold 4 es here @ 1302.
stop 1304.5 - just above daily high
target 1998
reason $tick finally got negative, NQ rejected YH ES has failed break out of OR

Although we do have a series of HH and HL on 5 min ES chart, so my selling could have been premature...
 
closed previous trade at break even as I never was happy with it.
I broke my rule of not trading congestion and taking only high probability set ups.
 
Quote from Best Looser:

Gap closed, PP tagged.
Open range is 1298.75 - 1305.5 = 6.75 points
Time for a little break so I don't overtrade.
More...

I have no idea where I got these numbers from for OR...

it's 1299.25 - 1304.25 = 5 points

still confusing signals.
lots of snow in North east, could be a choppy small range day after yesterday's run up.

staying on the sidelines for now. I find it difficult to just observe the market and not be in a trade. I have to learn - to do nothing is a big part of trading.
 
short 4es 1301.25, stop at 1303, target AH low 1298
YM rejected 1200 yet again, YM, ES and NQ look like H&S formations.
 
Quote from Best Looser:

A little introduction
I've been trading on and off, not full time for almost 3 years.
I've lost money for the first 2 years and made a little money last year.
The time has to come to either make it or break it - I have till the end of this year to see if I can do it.


Objective
The purpose of this journal is to keep me accountable to myself and to keep my emotions in check.
I've hit the rock bottom in the last few days of this market's roller-coaster ride and desperately need to change the way I trade.
I will accomplish this by documenting here my trades and experiences.


Main issues could be summed up as lack of discipline, overconfidence and fear/greed of missing a trade
1. Overconfidence - I work hard on making money for weeks and to gain confidence in my trading, only to loose it all on one stubborn/overconfident counter-trend trade.
2. Lack of discipline - I hold on to a loosing trade instead of cutting the losses short, even worse, I add to my loosing trade.
3. Revenge trading sometimes clouds my judgement.
4. I often fear missing a good trade and not make money, so I get greedy and end up rushing into a trade without a plan.
5. I know what I should do, but don't do because emotions cloud my judgment and I think 'this time is different'.


My Resolutions --- I will need help to stick with them. I don't know why I break my rules... But I cannot longer afford to do that.

1. I'm trading ES exclusively.
Never adding currencies, stocks or options into the mix.
They take away from my focus.

2. Take only selective high probability trades.
It's better to miss a trade then to rush into it.
When in doubt - stay out.

3. Always have a catastrophic stop loss in place.
Don't ever add to a loosing position.
I need to learn how to loose.

4. Don't trade until I assess the market's trend.
Will try to write down reason for a trade, stop loss, target.
Publish my EOD p&l here.

5. Keep tabs on my emotional state.
Take a break after a loosing trade.
I don't need to be right, I need to be wrong small.


All comments and suggestions are welcome and appreciated, although I will be responding only to some of them due to the limitation of time and desire not to start any fights.


******Trading is a losers game and not a winners game. He who loses best will win in the end*******
More...

I recommend you do this in private. So much about this business is psychological, these public forums will mess with your sub conscious.
 
will 1300 hold it again? it did so 4 times this morning.
$tick is turning negative finally below 200
 
If you are going to do this through a public journal, I would suggest you jot down your notes and thoughts down as you trade throughout the day, and then post an end of day summary to your journal. I cannot see how your posting of a blow by blow of your day trades is going to do you any good, but I can easily imagine it doing all kinds of harm.

Also, "Looser" is not the same as "Loser." "Trading is a loser's game ..." You want to be the Best "Loser", not the Best "Looser," unless you feel you're too uptight, and you need to loosen up a bit.

Good Luck,

d-day
 
Quote from Rickshaw Man:

I recommend you do this in private. So much about this business is psychological, these public forums will mess with your sub conscious.
More...

care to elaborate how so?
 
You must log in or register to reply here.
Back
Top