Its been a yr trading..time to evaluate

OK Grasshopper, you want discipline, here it is.
Do what you say you're going to do.
The first time you deviate, just Stop. That's it. Just Stop. You're not making any real money on these two point moves so you may as well take the time off now before you hurt yourself.
Turn off the computer. Go for a walk. Ask yourself " So Mr. Bigshot, is this the way you wanna be?" "Interested in a life of torture? Continual strife? Wanna keep second guessing yourself for the next few years?"
Then get back in there. (I think now is when you drop and give me 20, and no cheating, you spineless recruit)
There- feel better?
Albert
 
Quote from Albert:

OK Grasshopper, you want discipline, here it is.
Do what you say you're going to do.
The first time you deviate, just Stop. That's it. Just Stop. You're not making any real money on these two point moves so you may as well take the time off now before you hurt yourself.
Turn off the computer. Go for a walk. Ask yourself " So Mr. Bigshot, is this the way you wanna be?" "Interested in a life of torture? Continual strife? Wanna keep second guessing yourself for the next few years?"
Then get back in there. (I think now is when you drop and give me 20, and no cheating, you spineless recruit)
There- feel better?
Albert
More...

That's it.


You say you have a system, then tell us that you make too many trades, or do not follow it to the letter. What then, is the point of this exercise. Could of, should have, would have are the three sentance starters that normally end up with a life sentance of nothing.

If you want to follow a system, then follow it. Excuses, for whatever reason, as to why you did not stick with the plan are lame. What this really means is that you have no plan.

Re evaluate your signals and your interpretation. Tighten the rules. Follow them. If you fail to follow them, try a career selling your system to half the muppets that post thier ignorance on here.
 
Hi all,

Two strange things happened today :

1. HAD ONLY 3 TRADES

2. Was frozen when my system give a buy signal. I went against it ( meaning short ) twice in a very very short interval ; although it was yelling at me to go long !

The only reason I can attribute this to is probably the fact that all of last week most of my trades were to the short side with the market bias being negative.

So when my method signalled the buys I frooze. Also given that I strongly decided to trade only valid setups ( as trigged by my method ) it was too conflicting when most of these signals were to go long. This conflict made it hard to change my mental side to adjust to todays trend after being in a sell mode all of last week.

Gotta take each day on its own !!!

To summarize my mental state for today - I stuck to trading my setups only in terms of discipline ( # of trades ) but on the other side my bias towards the market going short was so strong I traded against the trend and against my method.

Another hurdle to overcome between being an amatuer and a proffessional ????

Of the 4 triggers which are marked with a paint brush - trade 1 was a breakeven ( did not take this due the reason explained ), trade 2 was loss ( -1pt ) since i went short instead of going long ( again same reason ), trade 3 was a winner ( +1.5 pts ) i was comfortable with this trade because my method signalled a sell and did not take trade 4 because it triggered a buy and I was in a state of mess. This would have been a winner.

There was a trade taken between setups 2 and 3. Again this was not a setup based on my method, but guess a reflex to losing trade 2. Lost -1 pt.

In all a -0.5pt day. Today for me was a mental game where i was stuck in between the conflicts of the mind.

Hope this makes sense to the readers.

Regards,
DMASTAH
 

Attachments

Hi Albert,

appreciate your post and piont taken

And Prince Philip - I welcome your critisism.

" What then, is the point of this exercise "

Well as stated in my very first post -

" The objective of this journal:

1. To evaluate adherence to my method/system
2. To develop discipline.

This is where i am having a problem. What I am stating are not excuses. They are the reasons. I am trying to evaluate the reasons ( and fix them one at a time ) as to why I am finding it difficult acheving the objective of this journal.

" Re evaluate your signals and your interpretation. Tighten the rules. Follow them "

I have done all of this. My problrm -- The last words two words ---

FOLLOW THEM

Hope its not too long when these reasons sound as excuses to me too.

Happy Trading
 
Quote from dmastah:

Hi Albert,

appreciate your post and piont taken

And Prince Philip - I welcome your critisism.

" What then, is the point of this exercise "

Well as stated in my very first post -

" The objective of this journal:

1. To evaluate adherence to my method/system
2. To develop discipline.

This is where i am having a problem. What I am stating are not excuses. They are the reasons. I am trying to evaluate the reasons ( and fix them one at a time ) as to why I am finding it difficult acheving the objective of this journal.

" Re evaluate your signals and your interpretation. Tighten the rules. Follow them "

I have done all of this. My problrm -- The last words two words ---

FOLLOW THEM

Hope its not too long when these reasons sound as excuses to me too.

Happy Trading
More...

Definately time to start selling to the muppets

good luck
 
Quote from dmastah:

Hi all,

Two strange things happened today :

1. HAD ONLY 3 TRADES

2. Was frozen when my system give a buy signal. I went against it ( meaning short ) twice in a very very short interval ; although it was yelling at me to go long !

The only reason I can attribute this to is probably the fact that all of last week most of my trades were to the short side with the market bias being negative.

So when my method signalled the buys I frooze. Also given that I strongly decided to trade only valid setups ( as trigged by my method ) it was too conflicting when most of these signals were to go long. This conflict made it hard to change my mental side to adjust to todays trend after being in a sell mode all of last week...
More...

Hi dmastah,

If your system signals for you to go Long...

Instead, you Short via residual bias still hanging around from last week...

First of all...that's not freezing in a trade.

Freezing (froze) to me implies you took no action.

Secondly, to take a position based on old info (last week)...opposite of current info...implies your discipline problems has something to do with your inability to seperate your bias from what your system is telling you to do.

Sometimes bias is developed from over-analyzing the markets.

The more time we invest in analyzing something instead of reacting to it...we began to develop very strong opinions (bias) that can sneak up and bite us at the wrong time in our trading.

In addition, to take a trade against your system means you don't have enough confidence in it to over-ride or negate any developed bias.

Possible Resolutions:

1. Stop trading and determine if your system has the ability to meet whatever trading goals you've set for yourself.

The ability to meet your expectations.

Albert suggested you stop trading...completely agree.

The first time you enter a trade via a discipline problem...as soon as you complete that trade...

Regardless if its a winner or a loser...your day is done.

No more trading until the next day.

Something else...I have a friend that keeps track of every winner he had that was the result of poor discipline.

He considers those trades to be lucky winners and that he didn't really earn it.

Each month he takes the funds generated from such trades...

Withdrawls it from his account and gives it to his spouse that wastes the money on the latest fashion for herself...something he hates.

2. Until you resolve the issue of your bias controlling the show...

Only take trade signals that are signaled with your bias.

For example...if your bias yesterday was to the Short side...

You could have ignore all Long signals your system produced and only take action in Short signals your system produced.

More importantly, via your example of yesterday...had you gotten no Short signals...you should have had a boring day via NO TRADES.

I had a similar problem and this helped me alot in the past.

3. Look deep into yourself to make sure there's no concerns from your personal life having impact (self-sabotaging) on your trading.

I remember someone here at ET had a tough trading year...a year his child was born.

Trying to trade, getting proper sleep, staying focus while supporting your spouse via helping out with the baby...

http://www.elitetrader.com/vb/showthread.php?s=&threadid=30716&perpage=5&pagenumber=5

It's extremely difficult to stay focus on trading.

You did mentioned you had to take your wife to the hospital recently and you sound like a involved father via saying something about watching your kids soccer game...

This tells me that family is first and trading is second.

Nothing wrong with that...same with me.

Just figure out ways to re-energize yourself, stay focus and be prepare to trade when its time to trade.

Once again...when its time to trade...be prepared. Distance yourself from outside influences no matter how subtle they may be.

If your not prepare to trade...take the day off from the markets.

NihabaAshi
 
Thanks very much for your possible resolutions :

"1. Stop trading and determine if your system has the ability to meet whatever trading goals you've set for yourself.

The ability to meet your expectations."

Yes Niha, my method has the ability to meet my expectations. In fact my trading goals were based on my proven system performance.


" The first time you enter a trade via a discipline problem...as soon as you complete that trade...

Regardless if its a winner or a loser...your day is done."

I will follow this suggestion and will stop trading for that day if i take a trade without the signals per my system.

"2. Until you resolve the issue of your bias controlling the show...

Only take trade signals that are signaled with your bias. "

This is something that happens after a strong trenday/Breakout day or after something like what happened last week. And you are right about the over analyzing part. I need to find a way to get rid of the " residual bias " after these kind of market days as you rightly put it.

Your suggestion " Only take trade signals that are signaled with your bias.

For example...if your bias yesterday was to the Short side...

You could have ignore all Long signals your system produced and only take action in Short signals your system produced. " seems very logical and makes sense.

3. " Look deep into yourself to make sure there's no concerns from your personal life having impact (self-sabotaging) on your trading. "

Fortunately for me I have a very understanding wife who provides me with tons of emotional support. My kids are wonderful and Yes to me "family is first and trading is second "

Once again Thankyou Niha and please keep them coming. I really appreciate your feedback.

Regards,

DMASTAH
 
Hello all,

Well today I had just two trades. Both of them were triggered as per my trading method.

Trade 1 - Set up as per my method. Loser -2.75pts
Mistake to avoid - Could have reduced the loss by about 50% by moving my stop loss once the pivot was formed at the support area.

Trade 2- Set up as per my method. Loser -0.75pts.
Got out of the trade because it was getting close to 2 pm and did not want to hold a position during the fomc announcement.

After this announcement the volatility was way beyond my grasp and most important I could not read the market. So I decided to stop trading for the day.

Summary: Although today was a loser ( -3.5 pts) I am not the least bit remorseful since I stuck to my plan.

A) I followed my system and made a sensible decision to not be in the market when I could not follow its flow.
B) This in helped me not overtrade. ( On any previous day, given this range of price movement, I would have found it hard to resist not being in the market )

Happy Trading,

DMASTAH
 

Attachments

Hi all,

Today was a very tight range day. Had three trades as per my method. Ended the day with +1.75 pts

Trade 1 Buy 1120.50 SL 1118.50 but took a exit @ 1120.25 before stop was hit. This would have been a winner if I would have held on but given the wild swings decided to exit with a 0.25 pt loss

Trade 2
Sell 1120 SL 1121.25 took a exit @ 1119.50 based on price action +0.5 pt

Trade 3
Buy 1121.25 SL 1120.25 Exit 1122.75 due to heavy resistance showing up on the tape +1.5 pts

tomorrow should be a good day for trading given the breakout probability per the daily charts. I hope its certainly better than the way the market behaved today.

Happy Trading

DMASTAH
 
You must log in or register to reply here.
Back
Top