jasinhbca's quest for discipline, knowledge & profits

RN you are a good guy. Thanks for the post; another that I've printed out.

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I've got several ideas running through my head today.

First, despite recent evidence to the contrary, I know how to trade. I've tested the set ups. As I discussed not long ago I went through past actual trades and found by changing my trade management rules the system improves greatly over my actual results. I'm trading simple , common set ups used by other profitable traders.

(Having said that I'm always open to suggestions and critiques of my trades. RN, I'm paying attention when you suggest thinking more diagonally. I'll study that)

My problem is a combination of mental attitude & sometimes not recognizing the set up quick enough or not accepting the uncertainty of the set up.

I need a mental plan. One, as RN suggests, that gets me in to the proper mind set each day. Next the plan needs to address my weaknesses: 1) Trading when not rested . This fortunately doesn't happen often. This should be easy. Don't trade. 2) When I miss a trade I very frequently will force a low odds trade. I need to be able to recognize this and take a break or whatever I come up with to get me refocused. That'll be my starting point.

On missing trades. I need a cheat sheet of the key things I look for in a trade. Usually it comes down to 3 things. I need that on my desk in front of me and maybe a couple chart examples. There are times when i'll ask myself "Is it a set up ? , yes, then take the trade " and I do. Other times i'll ask myself and it's "yeah I think so but what about this..and let's give it more time". Then missed it.

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I started reading Market Mind Games by D Shull awhile back then set it aside. Today I picked it up again and found her thoughts very interesting in regard to the subconscious and the mental baggage we've acquired when young and how it can severely impact our trading decisions. Scary is what it is because there likely are reasons for what I do that are just part of "me". I hope she has some solutions for what may ail me. :) I need to keep reading.

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Tonkadad,

My work, tax prep, requires my full attention 6 days a week from Feb through end of April. Last year I traded a bit in Feb but I've already got work that needs to start getting done. In May i'll be able to again devote a substantial amount of time to trading. I will miss it and does bother me a bit that I lose practice time. But I'm lucky to be self employed and spend as much time with trading as I do.

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I'll post again in a bit with yesterdays chart and some comments.
 
J,

I distilled down your post to a few keys – imo of course…, as always – push back if you think otherwise

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I'm paying attention when you suggest thinking more diagonally

This..., and supply and demand (it's only about the actions of the sellers / buyers)

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I know how to trade.

No question…, now it’s developing a trader’s mindset (so you trade (act) like a trader 100%)

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I need a “mental” plan that gets me in to the proper mind set each day

Yes

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not recognizing the set up quick enough

I need a cheat sheet of the key things I look for in a trade

I need a list of key things on my desk in front of me AND a couple chart examples


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not accepting the uncertainty of the set up.

Back to developing that trader’s mindset – mkt is 100% uncertain (your set ups are solid - it's the outcome we never know)


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I very frequently will force a low odds trade.

I will miss it and does bother me a bit

While on hiatus..., use it as an opportunity to improve patience – which then can be applied toward trading and ease the need to force


RN
 
Chart of yesterday attached.

Here's how the thinking went:

Not shown on chart around 7 I think was a with- trend reversal set up I considered but did not take.

Approx 7:30 reversal set up I considered but passed on

Approx 7:40 another with-trend reversal I should take but thought (mistake; thinking) it might just be a pause small PB in up trend.

7:50 now I'm getting frustrated.

First long trade was a continuation set up. I would like to think normally I would pass on this as the move was not strong and moving into resistance area and could likely be just a deep PB. Exit small loss. Not quick enough to short.

Approx 8:20 short continuation trade. Also not a great set up but still valid. Exited quickly when break out failed then ...

looked to reverse long. Not a valid set up for me. From there on out no valid set ups. just trying to anticipate a break of the range. All frustration trades. I believe had I properly taken any of the first three trades I would have traded from a proper mindset of patience and better objectivity.

Not playing woulda/coulda just showing an example of how my frustration began and ended.

So enough of that . Ideally i'll learn to take the trades in plan and learn to manage my frustration when I miss them. Be a professional.
 

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jas_in_hbca said:
Chart of yesterday attached.

Here's how the thinking went:

Not shown on chart around 7 I think was a with- trend reversal set up I considered but did not take.

Approx 7:30 reversal set up I considered but passed on

Approx 7:40 another with-trend reversal I should take but thought (mistake; thinking) it might just be a pause small PB in up trend.

7:50 now I'm getting frustrated.

So enough of that . Ideally i'll learn to take the trades in plan and learn to manage my frustration when I miss them. Be a professional.
More...

You know what to do. You've already done all the analysis, all the work; there's no need to think, just put on those trades and slap on a 15-tick stop loss.

I'd be frustrated as heck if I skipped those trades. Around 7:00, around 7:30, around 7:40...you're calling my trades!

If you skip valid setups, consider just calling it a day because you'll be prone to get back what you missed by trying to make something out of nothing. Been there, done that, many times.
 
NoDoji said:
If you skip valid setups, consider just calling it a day because you'll be prone to get back what you missed by trying to make something out of nothing. Been there, done that, many times.
More...

Or learn the patience to miss the trade and wait for the next set up to materialize


NoDoji said:
You know what to do.
More...

Being on the outside - we (NOD and I) have the luxury of being objective

We're both telling you - You got this


You know what to do.... You know when.... You know how

So what's remaining

That which I most affectionately label; Its nut cuttin time

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You got this J - time to let go... and start executing

You will win... You will lose... and.... You will never know

same for me.... same for NOD.... same for every successful trader

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Trust a bridge will appear..., as you step off the cliff edge... and into what now appears as the abyss

It will

RN
 
smallStops said:
Just out of curiosity, can you summarise your trading experience/steps to get where you are now?
More...


How far do you want to go back ? :)

http://www.elitetrader.com/vb/showthread.php?t=280612

I tried day trading the NYFE futures around 1994-1996. Had to phone the orders in. About all I knew was an ORB system. There was no volatility then. I only could spend a few hours a day on it and was pretty lost.

After that back to stocks. Lots of biotech fundamental analysis and TA. Same story as every other trader I'm sure.

When I found ET a few years back the first thread I found was Anekdoten's AHG. His idea of price action and lots of screen time/study made sense to me. Since then i've spent a lot of time reading ET and researching on the web. (Wish I had this info back in 1994)

I like and bot Lance Begg's course.

I've written and rewritten my trading plan. I've reviewed and annotated hundreds of charts. Saved many charts by Set Up in folders on my computer. Written many 1-2 page additional trading thoughts papers on different subjects.

Changed my diet, more conscious of getting exercise.

Studying, reading & questioning what my method needs to improve it or what will help me more consistently trade it.


I assume I'm not doing anything different than any other serious trader trying to make it.

Let me know if you have any questions.
 
Thanks ND & RN. It's reassuring to hear your words.

I like that bridge bit.

I suppose it's like alot of things; shooting a B-ball, swinging a golf club , playing guitar. After a fair amount of practice you just do it without the conscious thought that had to be done when learning it.
 
jas_in_hbca said:
How far do you want to go back ? :)
http://www.elitetrader.com/vb/showthread.php?t=280612
... day trading the NYFE futures around 1994-1996.
... stocks. Lots of biotech fundamental analysis and TA.
... ET a few years back ... Anekdoten's AHG.
... price action and lots of screen time/study made sense to me.
.. reading ET and researching on the web.
... Lance Begg's course.


... I've written and rewritten my trading plan.
... I've reviewed and annotated hundreds of charts.
... charts by Set Up in folders on my computer.
... Written many 1-2 page additional trading thoughts papers on different subjects.

...> Changed my diet, more conscious of getting exercise. ( :eek: my addition)

... Studying, reading & questioning what my method needs to improve it or what will help me more consistently trade it.
More...

Thanks a lot for the summary.
wow 20 years in the market!
I'll take the time to read your whole thread. :)
 
jas_in_hbca said:
How far do you want to go back ? :)
http://www.elitetrader.com/vb/showthread.php?t=280612
... day trading the NYFE futures around 1994-1996.
... stocks. Lots of biotech fundamental analysis and TA.
... ET a few years back ... Anekdoten's AHG.
... price action and lots of screen time/study made sense to me.
.. reading ET and researching on the web.
... Lance Begg's course.


... I've written and rewritten my trading plan.
... I've reviewed and annotated hundreds of charts.
... charts by Set Up in folders on my computer.
... Written many 1-2 page additional trading thoughts papers on different subjects.

...> Changed my diet, more conscious of getting exercise. ( :eek: my addition)

... Studying, reading & questioning what my method needs to improve it or what will help me more consistently trade it.
More...

Thanks a lot for the summary.
wow 20 years in the market!
I'll take the time to read your whole thread. :)
 
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