jasinhbca's quest for discipline, knowledge & profits

Stocks4life said:
on trade 7 do you trail any stops or have something that automatically moves the stop to BE+1 after x move higher? Doing some studies you may find that change makes a difference.

Overall pretty standard PA on the chart good trade positions but in opposite esp on the range break short and huge reversal candle that got a lot of retail shorts trapped and it took off the opposite way. Can usually get in on a breakout pullback short so have some patience.
More...

Thanks for the post Stocks4life. I do not have firm rules re: moving stop up. Generally, once price has moved in my favor a few points i'll tighten stop if price is moving away from an area it should not return to. On trade 7 I should have tightened up much more. Hope & frustration took over.

Trade management is something I'm working on to make more rigid & consistent.
 
Vix is low and I was thinking of switching back to CL. The problem is less the market and more me however. The slump continues. I don't say that to make light of my trading or to not take ownership of the problem. By slump I mean my mental state. My confidence is shaky and I'm trading "let's hope this trend continues "type entries rather than valid reversals that are my strong point. My objective read of the market is off. I'm passing on trades I should not be. Second guessing myself. The second trade is a good example. Once I was stopped out for -2 I thought 'the market has just given me valuable information and is likely to go up from here" but I passed on reversing so quickly because it felt like overtrading. I'm thinking while trading- Nodoji has said don't do it.

Anyway, i'll trade with patience or switch to sim if need be until I get back in the groove. I'll get some exercise tonight too.

-6.75 pts today , 3 trades. Only first two shown on the chart.


didn't include full stop/ target analysis today.
 
jas_in_hbca said:
Vix is low and I was thinking of switching back to CL.

The problem is less the market and more me however.

The slump continues.

I don't say that to make light of my trading or to not take ownership of the problem.

By slump I mean my mental state.

My confidence is shaky

I'm trading "let's hope this trend continues "type entries

rather than valid reversals that are my strong point.

My objective read of the market is off.

I'm passing on trades I should not be.

Second guessing myself.

I was stopped out for -2

I thought 'the market has just given me valuable information and is likely to go up from here"

I passed on reversing so quickly because it felt like overtrading.

I'm thinking while trading

Nodoji has said don't do it.

didn't include full stop/ target analysis today.
More...


Right or wrong…, here is what I sense;

Stress

Fear

A cluttered mind

An overactive mind

A fight… or at least a major struggle – within yourself



Which the symptom…, and which the root – I would not venture to guess

You need to figure out


========================================

I see you also omitted the trade plans


Those trade plans – are “in your face” feedback – no doubt

What you planned to do – vs. – what you actually did

When created and followed – a trade plan;

Brings about consistent actions

Forces us to understand…, to be accountable…, to be patient…, to follow a prescribed set of actions - for the mkt's current condition / environment/ PA

One may very well think – yeah I could create a plan… but the mkt changes – I must be adaptable.., flexible

That is why there is a piece which speaks to managing to target

One thing for sure – mkt is a variable….

When the trader is also a variable…, creating consistency is impossible

==========================

A lot being asked (rather demanded) of you J – from yourself…, from the mkt…, and admittedly.., from me

The mkt’s demands will never relent.., nor even lessen my friend

And as your goal is to be a trader - neither will yours..., or mine


======================


Maybe it a good time to clear the ole noggin…, simplify..., refocus…, regain a solid base

Get back to being objective... taking it 1 day at a time... 1 trade at a time - plan each..., trade each.., move on


Just my thoughts Sir

RN
 
Thanks, RN. Good thoughts and I don't disagree with any of it.

======

No trades today. Score a point for patience.

Lousy PA for my methods. Narrow range chop that did lead to a choppy trend but not clean enough for me. Most of day was an inside day.

5 minute chart attached, marked 1 trade that I considered.

Pre market analysis: Long Target pHOD 3730.25 and all time high
short target pLOD 3707.50 down to 3700
 
There was a time..., when before the open..,

I would sit and ask myself

This evening after I shut the platform down

Do I want to be disappointed in myself

Do I want to be ashamed

Do I want to be pissed off

Do I want to tear down everything I’ve built

Do I want that sick feeling deep in the pit of my stomach

Do I want to explain to my wife how I couldn’t exit a loser – that I couldn’t simply hit a mouse key… that I hit the mouse key too many times….

That I simply couldn’t control myself – not that she’d understand anyway

Or

When I shut down the platform tonight

Do I want to leave myself something to build on

To be happy

To be proud of myself

To know.., win or lose.., I did the very best job I could of managing me.., and my trades

To be able to look my wife in the eye and say – I traded well – not that she’d understood that either – but I did

============

It is up to us to decide how we want to end each day

===============



To this day..., I still sometimes ask myself these very same question in the morning

Just to ensure I have my head screwed on straight


RN
 
Thanks for sharing that RN.

It's a terrible feeling to know that the plan was not followed. The drain of the capital twists the knife as a reminder one is moving further from the goal. Lot's of head games. I've learned or am trying to learn to calm the inner critic and forgive myself for my mistakes. It's not the macho way we grew up with but then trading is not a sport where berating oneself to try harder works. At least not for me. The pain of not following pushes us and reminds us to follow the plan.

=================

So did I follow the plan ? Of trades taken yes. +6.50 pts . 2 trades

The range was still narrow and choppy the first few hours. After quick drop in NQ I passed on longs given the small net change on day, negative a/d numbers and the swiftness of the drop. It's not a bias I like to trade with. Generally I'm short or long, doesn't matter. Likely, just a conservative build the confidence day. Best focus I've had in a while. Every bar provides information kind of focus. Nice to see the NQ moving well again.

Correction to yesterdays post: I noted on chart NQ all time high , s/h/b bull market high.

LONG HL

ENTRY 3733 W/ SLIPPAGE

stop tick below low of entry bar 3730.25 2.75

Target ORH 3737.25 , hold on strong break out

trade management: stop to 3731 on break of 3733.50
stop to 32.50 on ppause at 3735

Exit at weak test of target and channel 3737 + 4.00



2 Short PB in trend

entry 3724.00
stop 3726.25 2.25 above prior swing high

target LOD 3718.25

Trade management: At break of 3722.25 minor support stop to BE

exit at price slowing at 3720.50 minor support +2.50
 
jas_in_hbca said:
Thanks for sharing that RN.

It's a terrible feeling to know that the plan was not followed.

The drain of the capital twists the knife as a reminder one is moving further from the goal.

Lot's of head games.
More...

Drain of capital aside... there is also the letting our self down - knowing we can... yet also knowing we didn't


The mental is very important imo



jas_in_hbca said:
Thanks for sharing that RN.

I've learned or am trying to learn to calm the inner critic and forgive myself for my mistakes.

It's not the macho way we grew up with but then trading is not a sport where berating oneself to try harder works. At least not for me.

The pain of not following pushes us and reminds us to follow the plan.
More...


Absolutely agree with you - and it especially important we forgive our self - then move on



jas_in_hbca said:
So did I follow the plan ?

Of trades taken yes.
More...

Now we're talkin :)

Can't ask for any more


jas_in_hbca said:
LONG HL

ENTRY 3733 W/ SLIPPAGE

stop tick below low of entry bar 3730.25 2.75

Target ORH 3737.25 , hold on strong break out

trade management: stop to 3731 on break of 3733.50
stop to 32.50 on ppause at 3735

Exit at weak test of target and channel 3737 + 4.00



2 Short PB in trend

entry 3724.00
stop 3726.25 2.25 above prior swing high

target LOD 3718.25

Trade management: At break of 3722.25 minor support stop to BE

exit at price slowing at 3720.50 minor support +2.50
More...



LONG HL

ENTRY 3733 W/ SLIPPAGE

stop tick below low of entry bar 3730.25 2.75

Target ORH 3737.25 , hold on strong break out

trade management: stop to 3731 on break of 3733.50
stop to 32.50 on ppause at 3735

Exit at weak test of target and channel 3737 + 4.00

Comment

Very Solid trade from start to finish


2 Short PB in trend

entry 3724.00
stop 3726.25 2.25 above prior swing high

target LOD 3718.25

Trade management: At break of 3722.25 minor support stop to BE

Comment

I don’t see this trade on the chart

=================================


Monday - we do it all over again - but until then.., get some rest this weekend


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