jasinhbca's quest for discipline, knowledge & profits

[Alpha Trader]

And for sure as we, or at least I, in thinking about your issues see things I can do better for myself. For which I am grateful.

+1

Thank you Alpha for pointing out the significance of RN's statement.

I had to @Hooti ! I have sometimes worked with personalities that are known self-fighters. They lose before they can even start to stand a challenge to the market and other participants. Basically, their trading is at a level where success and consistency is very remote.

First, they are stripped of everything and given a short break, so as to allow the brain to register a "fresh start". All that is given at that point is only ONE set up. No other setups or styles/systems are allowed. The only time a trade can be taken is when this ONE setup appears.

With time, one thing or the other transpires and that rule is breached by most. The one person that has embraced it only has 2-4 trades in a whole trading day. Since he is so comfortable with it, he piles on good volume and is making a decent living. The rest are much "fancier" and are a ways away from calling their job: Trading for a Living.

 

[jas_in_hbca]

3 for 3. Traded well. Didn't move targets. Took good trades.

Slept in a little to be sure I was rested for Monday.

Didn't look at PnL but should be a small acceptable loss. Missed that 9:15 PB entry when I was taking my scheduled break.

====

Yesterday did some mental review. A little talk with my inner critic and a review of what it means to be a professional trader; discipline and following plan and the specifics of what that entails.

 

[jas_in_hbca]

4 for 4

A few trades in CL that didn't work. Looked slow and choppy so started watching NQ , which was a good decision.

Lost a bit in CL , made a bit in NQ. Didn't look at PnL

Kinda just waiting for a day that better fits my methods.

Nice that I'm able to pull a little $$ out of NQ. That market used to drive me a little crazy.

 

[Handle123]

4 for 4

A few trades in CL that didn't work. Looked slow and choppy so started watching NQ , which was a good decision.

Lost a bit in CL , made a bit in NQ. Didn't look at PnL

Kinda just waiting for a day that better fits my methods.

Nice that I'm able to pull a little $$ out of NQ. That market used to drive me a little crazy.

For me, August has always been toughest month to day trade, whoever has not taken family vacation doing so, often times Indexes make highs in August on lite volume then starts to slide down. So I usually reduce volume, trade less of ES and more of Nasdaq, lower first targets in Crude oil but extend 2nd targets cause lack of contracts available so market orders zip in one direction greater. Many more spreads would be done in August on grains.

Jas, you doing very well, good traders adapt to other markets, just be consistent.

 

[jas_in_hbca]

Thanks Handle , appreciate that.

 

[jas_in_hbca]

I can start the count over or call it 4 out 5. The latter is a bit more encouraging.

Mostly it was an OK day. Waited til after inventory report to trade. My first trade was a set up where a larger target can be justified but since it was first trade of day I kept my regular target . I want to book some profits and create discipline before I start playing with targets. So that was good. Kept my 15 target and was fine when price went a pretty easy + 40.

Another trade I held through an uncomfortable narrow choppy consolidation that finally went to target ; actually a few ticks short when it stalled at resistance.

I get marked down on 2 mistakes. One a nervous exit for +5 when i should have held and another trade where I did increase my target to 20, which was acceptable, but then I started increasing it further as price approached. Wrong ! So didn't get my 20 and price quickly retraced and I exit for a few ticks.

It was a slightly profitable day but I didn't do my job properly.

It's possible the missed profits on a couple trades that I say didn't bother me perhaps do bother me. I'm trying to play catch up or something. I need to acknowledge that possible frustration during the session and let it go and re- affirm to stick with targets.

 

[Redneck]

I get marked down on 2 mistakes.

One a nervous exit for +5 when i should have held

and another trade where I did increase my target to 20, which was acceptable, but then I started increasing it further as price approached. Wrong ! So didn't get my 20 and price quickly retraced and I exit for a few ticks.

These are not mistakes - they are conscious decisions..., you made

I can start the count over or call it 4 out 5. The latter is a bit more encouraging.

Or..., place your focus where it needs to be


RN

 

[jas_in_hbca]

Did fine today. Couple trades in CL that didn't work. Action didn't look good so switched to NQ.

Lately trend has been lose in CL, win in NQ; which continued today. I think I trade CL better but lately NQ has been offering better moves. Might have to spend more focus on NQ.

Feels like I should have made more in NQ but I traded it properly. The plan may need some adjustment. I'm getting a better feel of separating me the trader from me the plan developer which relieves some frustration at not having made more.

Going to review some parts of my plan this weekend.

 

[Redneck]

Going to review some parts of my plan this weekend.

J,

As you do this..., please keep in mind - this the low volume / volatile time of the year

So what may be a good / appropriate revision now - may not be applicable later on this year / even heading into next month

There's a fine line between the sweet spot..., and over optimized (curve fitted)


Just a thought my friend


RN

 

[jas_in_hbca]

Thanks RN. My exits in NQ look like they can be improved. I trade it with 2 cars , 1 off at nearby target and then try to let other run. A couple ideas I want to try.

But good point , things do seem slow.

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

At one point today I was looking at the chart and thought I have no idea what I'm looking at. Bars and bars, WTF am I doing. Looks like price wants to go up but there 's no set up. Then price goes up and I think OK how can I have caught that. The answer came to me , we're in a range just do nothing and wait , don't worry about those moves.

Overall fine today, well actually good . Not great results but through the boredom and range I traded fine. Saw a clear set up in last hour , took it with no emotion expecting a small loss and it ended up hitting my first target and ran a nice amount with second car.

CL was terrible for me this week. Nothing going on for me there.

Overall for week -64 ticks in CL and + 39 pts in NQ. Not a great result in NQ considering I'm pulling that out with two cars but I'm fine with it. After lots-o-commish down about $ 210

That was a tough week for me. Happy to get out with a reasonable loss.

I expect CL will pick up but i'll continue with more attention to NQ since that's working for me.