Not a lot of opportunities for my set ups today. Didn't trade too well either.
-3.00 5 trades
will do some review and back at it tomorrow
-3.00 5 trades
will do some review and back at it tomorrow
jasinhbca's quest for discipline, knowledge & profits
- Thread starter jas_in_hbca
- Start date
The mental side. Here's what been going through my head last few weeks.
I'm re-reading Lanny Bassham's book âWith Winning in Mindâ. I'm putting this at the top of my list of psych. books. Better than Douglas' Trading in the Zone despite Bassham's book not being about trading.
This book has been influencing my attitudes toward trading. The one thing that he stressed and I found particularly interesting is the idea that âSelf Image and performance are always equal. To change your performance, you must first change your self-image.â
And:
âIf you are proactive about controlling the direction of your life, then you must control the way you think. Every time you think about an error, you move to make it like you to create it. Every time you think about a solution to a problem it becomes more like you to solve itâ
âI am responsible for changing my self-image. I choose the habits and attitudes I want and cause my self-image to change accordinglyâ
âBe careful not to complain....complaining is negative reinforcement.â â Fill your thoughts only with your best performances, and you cannot help but be successful.â
OK you get the idea. So if my journal postings seem a little self-delusional regarding my slow progress now you'll know why.
Some other thoughts i've had:
People are creatures of habit. We repeat the same actions and same thought processes because it's comfortable, it's what we know, and because , at a primal level, it's what's allowed us to survive. Why change what's working, right ? Habits are intertwined with our self-image. Our actions are driven by our self-image, which create habits, which reinforce our self image making these ingrained actions difficult to change. To compound the problem of change is that most of this habitual process is happening at an unconscious level.
If I am hesitant to enter a trade or slow to exit at a target then a habit or thought process must be changed. At the same time obviously I must be working on my image of myself as a trader. The first step is that i'm trying to be more aware of what i'm doing and feeling. If I get frustrated then I'll take a break until i've let go of the frustration hopefully creating a new habit. I'm letting go mentally of bad trades , not so easy during the trading session, to avoid reinforcing that behavior. I'm looking at the positives in my trading to reinforce the habits I want to create. Outside of trading i'm more aware of my thoughts and possible habitual thinking.
I'm interested to see how this subtle change in thinking and how the other ideas in Bassham's book will impact my trading results.
============
Yesterday -3.75. A couple impatient, forced out of plan trades. A couple nice entries and was able to take set ups even after putting myself in the hole. Still picking up nuances of PA and making notes. Mostly the focus is on me now.
I'm re-reading Lanny Bassham's book âWith Winning in Mindâ. I'm putting this at the top of my list of psych. books. Better than Douglas' Trading in the Zone despite Bassham's book not being about trading.
This book has been influencing my attitudes toward trading. The one thing that he stressed and I found particularly interesting is the idea that âSelf Image and performance are always equal. To change your performance, you must first change your self-image.â
And:
âIf you are proactive about controlling the direction of your life, then you must control the way you think. Every time you think about an error, you move to make it like you to create it. Every time you think about a solution to a problem it becomes more like you to solve itâ
âI am responsible for changing my self-image. I choose the habits and attitudes I want and cause my self-image to change accordinglyâ
âBe careful not to complain....complaining is negative reinforcement.â â Fill your thoughts only with your best performances, and you cannot help but be successful.â
OK you get the idea. So if my journal postings seem a little self-delusional regarding my slow progress now you'll know why.
Some other thoughts i've had:
People are creatures of habit. We repeat the same actions and same thought processes because it's comfortable, it's what we know, and because , at a primal level, it's what's allowed us to survive. Why change what's working, right ? Habits are intertwined with our self-image. Our actions are driven by our self-image, which create habits, which reinforce our self image making these ingrained actions difficult to change. To compound the problem of change is that most of this habitual process is happening at an unconscious level.
If I am hesitant to enter a trade or slow to exit at a target then a habit or thought process must be changed. At the same time obviously I must be working on my image of myself as a trader. The first step is that i'm trying to be more aware of what i'm doing and feeling. If I get frustrated then I'll take a break until i've let go of the frustration hopefully creating a new habit. I'm letting go mentally of bad trades , not so easy during the trading session, to avoid reinforcing that behavior. I'm looking at the positives in my trading to reinforce the habits I want to create. Outside of trading i'm more aware of my thoughts and possible habitual thinking.
I'm interested to see how this subtle change in thinking and how the other ideas in Bassham's book will impact my trading results.
============
Yesterday -3.75. A couple impatient, forced out of plan trades. A couple nice entries and was able to take set ups even after putting myself in the hole. Still picking up nuances of PA and making notes. Mostly the focus is on me now.
Thanks, Glad you found it helpful.
Good Stuff J
Going to get that book and read it
Thank You
=============
No doubt we trade who we are
RN
The following is a video about trading habits by Linda Bradford Raschke:
http://www.youtube.com/watch?v=I_aqnns0vJ0
I hope you enjoy it.
RN, let me know what you think of it.
===============
Moonmist,
Thanks, I've watched that one but haven't yet read the book that she recommends. Linda is great, i'll listen to it again.
I'm now reading " Switch: How to change things when change is hard". Back and forth between that and Bassham's book.
Thank you !
===============
Moonmist,
Thanks, I've watched that one but haven't yet read the book that she recommends. Linda is great, i'll listen to it again.
I'm now reading " Switch: How to change things when change is hard". Back and forth between that and Bassham's book.
Thank you !
Still plugging along.
For June I was plus about 10 NQ pts. Obviously after commish I'm negative.
Feels like (and in review) I'm doing more things right than wrong. Less of the mistakes I used to make.
Will do an update later this week.
For June I was plus about 10 NQ pts. Obviously after commish I'm negative.
Feels like (and in review) I'm doing more things right than wrong. Less of the mistakes I used to make.
Will do an update later this week.
..or an update today.
This exit (second trade) used to drive me crazy. Leaving too much on the table. Followed my plan though. Taking exits based on idea i'll eventually scale out and for now taking first exit.
The point is, today, missing the rest of the move didn't bother me. Very happy to follow the plan.
Thought about re-entry but didn't want to enter within the range.
no other trades today. +4.5
I guess while I'm here. Monday -3.75. 1 out of plan trade for -3.00
Yesterday. missed the big down open and several deep pullback long trades but pulled out +6.00 pts
todays trades chart attached
This exit (second trade) used to drive me crazy. Leaving too much on the table. Followed my plan though. Taking exits based on idea i'll eventually scale out and for now taking first exit.
The point is, today, missing the rest of the move didn't bother me. Very happy to follow the plan.
Thought about re-entry but didn't want to enter within the range.
no other trades today. +4.5
I guess while I'm here. Monday -3.75. 1 out of plan trade for -3.00
Yesterday. missed the big down open and several deep pullback long trades but pulled out +6.00 pts
todays trades chart attached
+ 9.50 today
More opportunities than I'm used to. The patience I've developed needs to adjust to the market.
About a 50 pt range today so I feel like I should have made more than I did. But focusing on the positive and overall very pleased.
First trade exit based on break of 5 min TL +7.50 . I like the way I held this 'cause was ready to exit at +4, + 5 & +6. Good mental practice holding there.
Second trade maybe forced the short a bit . Quick exit -2.25 and immediately went long for +4.00 This was mostly a take the money exit although there was HTF resistance that had me thinking it could reverse on me quickly.
The range break at 7:20 I passed on because didn't like the look of the doji's and the bars retracing each other. Maybe I'm overthinking it there.
More opportunities than I'm used to. The patience I've developed needs to adjust to the market.
About a 50 pt range today so I feel like I should have made more than I did. But focusing on the positive and overall very pleased.
First trade exit based on break of 5 min TL +7.50 . I like the way I held this 'cause was ready to exit at +4, + 5 & +6. Good mental practice holding there.
Second trade maybe forced the short a bit . Quick exit -2.25 and immediately went long for +4.00 This was mostly a take the money exit although there was HTF resistance that had me thinking it could reverse on me quickly.
The range break at 7:20 I passed on because didn't like the look of the doji's and the bars retracing each other. Maybe I'm overthinking it there.