jasinhbca's quest for discipline, knowledge & profits

[jokepie]

Quote from Instynct:

Entry price does matter, especially to small retail traders. It determines how much risk you need to put up on that trade, and it can easily make the difference between a 5 pt potential profit and 10pts potential profit. And it could even make the difference between a profitable day or losing day. If the market is constantly oscillating, whether it be trending up or down, why would you want to enter short at the bottom of the oscillation or enter long at the top of the oscillation?

The beauty of markets is endless.... my gold can turn into stinking poo as soon as it changes hands. Does it ..?

Entry price, small retail account size, risk capitals, profit targets etc.. are all independent variables.....

Understanding of "trading" as a process that is repeatable over various market time frames is the key for clarity of thought.

I can show you tons of charts where the price just bleed-ed slowly from 9:30 am till late in the day with little or no reactions. Also, I can show you similar charts on larger time frames and vice versa (longs).

Then why is it still so hard to make money by major TRADERS ???
go figure....

 

[Instynct]

Quote from jokepie:


I can show you tons of charts where the price just bleed-ed slowly from 9:30 am till late in the day with little or no reactions. Also, I can show you similar charts on larger time frames and vice versa (longs).

If you're implying that there are some days where the market just bleeds in one direction and there are no oscillations, then adjust your chart setting. If you can't see oscillations for example in a 15 min chart, bring that down to 5 or 3 mins and it will show. If you can't see oscillations in a 1000vol chart, change that to 100 vol. Point is market will always oscillate to some degree or another and the best entries are against the direction of those oscillations(preferably at the top/bottom of them), but within context of the market's bias. If a trader is not comfortable entering on shallow pullbacks, then they should sit out. Trading shouldn't have to be everyday that the market is open, but you floor the accelerator when you do get days that have more opportunities. And to my recollection those kinds of grinding days don't happen often, maybe 15 to 20 % of the time.

 

[jas_in_hbca]

2 trades - 5.25 points

Anticipate the breakout or wait for it then enter ? I'll do both depending on how i see PA develop. The thing that i'm realizing that is more important is trade management. If you buy anticipating a breakout as i did today and price stalls then the premise for the trade , a breakout , is no longer valid. Maybe it's just pausing before it tries again ? Not likely. Exit with minimal loss or BE and then enter if price actually does breakout.

2nd trade same kind of thing. i need to stop looking at my stop as 'there's still hope' and exit when PA turns. I think this is one of the biggest challenges in trading; staying objective while in the trade.

Missed a nice long entry in the a.m. 'cause i couldn't put a name on the set up. It's how i think and if i don't know the set up it feels like i'm guessing and shouldnt trade it. Nevermind the intuition side of trading for now the thing is it was a a 123 low set up. Holy shit am i becoming senile ? How'd i miss that ?

 

[jas_in_hbca]

3 trades + 4.50 All in about the first hour . Lost some focus in the afternoon and kind of needed to just book a day of profits so i wasn't looking too hard for another trade. Nice action though.

I could have let my one winner run more but lately i've seen so many trades at 5+ that turn into BE that i was eager to lock in the +7.25 i had.

First trade i missed by a few seconds booking a couple points that got closed for -.50. Notes on chart

My plan today was to trade without hesitation and i did a good job of that.

 

[jokepie]

Quote from jas_in_hbca:

3 trades + 4.50 All in about the first hour . Lost some focus in the afternoon and kind of needed to just book a day of profits so i wasn't looking too hard for another trade. Nice action though.

I could have let my one winner run more but lately i've seen so many trades at 5+ that turn into BE that i was eager to lock in the +7.25 i had.

First trade i missed by a few seconds booking a couple points that got closed for -.50. Notes on chart

My plan today was to trade without hesitation and i did a good job of that.

Do you use limit or Market orders

 

[jas_in_hbca]

market.

Have considered using limit orders for entries. Usually the qtr or half i might save is not worth possibly missing the trade. On exits unless i have a target i just want out.

Please don't tell me i should be using limit orders. My little brain can only handle so much

 

[jokepie]

Quote from jas_in_hbca:

market.

Have considered using limit orders for entries. Usually the qtr or half i might save is not worth possibly missing the trade. On exits unless i have a target i just want out.

Please don't tell me i should be using limit orders. My little brain can only handle so much

hashaha....i was gonna say the otherwise...market is the way to go.. nice trading today...dont forget to give ur winning trades pounding...
u paid for her...

 

[jas_in_hbca]

1 Trade -1 pt

My usual get to office late on thurs + had some distractions so missed alot.

just the 1 trade short late in the day.

Back tomorrow rested and ready.

 

[jas_in_hbca]

This trade (chart posted) is the set up i want to take more of and have had trouble pulling the trigger on before.

Unfortunately works better when the market isn't range bound like today but i like the R:R. Had MFE +4.5 closed for +1.00

Target at the 41 area may have been smart.


first trade today -2.25

-1.25 on day. Unless something happens soon i may call it a day early. If i'm going to watch paint dry then i'd rather do it at home where i actually do have a room to paint today.

 

[jas_in_hbca]

Didn't have the focus today that i would have liked which happens more often on Mondays. I was aware of it and didn't force or chase any trades even after missing some nice entries.
Pleased about that.

1 trade + 5.25 pts MFE +9 MAE - .50

One of my big beliefs has been that trading can be learned through lots of non passive screen time. Watching price react to S/R and different set ups and trying to make sense of it and see it in real time is the key, IMO. So far i still believe that and feel i'm slowly making progress in seeing and getting the entries i want to be taking.

Another belief i've come upon recently is regarding why do traders fail. From my own experience i think it has to do with trade management and very specifically staying objective while in the trade. As a discretionary trader i can be pretty good about stalking my set ups with patience and objectivity. Once in the trade i tend to tense up, much less than before, and focus too much on the very last price. I may also hold winners too long hoping for more despite signs to the contrary. Being able to act on what i see while in the trade, see the bigger picture and recognize the market clues is the objectivity that is crucial to my success. I think recognizing this is a step towards doing it. Time will tell.