Journal XburbX - My Plan
- Thread starter xburbx
- Start date
Trading is a marathon.. not simply a mad dash into oblivion
Sitting and Observing - is wise... as we are risk managers first.., foremost.., and always
It is also damn hard..., if not impossible - for most to do
Good Job Yesterday!!!
Trade well today XB..., regardless the outcome
This weekend we can relax
RN
Sitting and Observing - is wise... as we are risk managers first.., foremost.., and always
It is also damn hard..., if not impossible - for most to do
Good Job Yesterday!!!
Trade well today XB..., regardless the outcome
This weekend we can relax
RN
There isnt enough time in the day left to give me a setup. I know RN has his eyes open on one now so hopefully it allows the beer to taste better tonight. This week just didnt offer a lot of setups. Lots of close calls, but my oddly peculiar rules kept me out a lot. The week was modestly profitable but profitable none the less. I will be studying some new stuff this weekend and reviewing some suggestions by RN.
Looking forward to next week giving some more setups but if it doesnt, I'd rather stay out and keep to the plan.
Lesson learned this week
1. Patience pays off even if I'm not in the market. Possibly more
2. I look at weeks like this as building my mental fortitude rather than getting anxious about trading.
Looking forward to next week giving some more setups but if it doesnt, I'd rather stay out and keep to the plan.
Lesson learned this week
1. Patience pays off even if I'm not in the market. Possibly more
2. I look at weeks like this as building my mental fortitude rather than getting anxious about trading.
XB
Youâve demonstrated 10 straight days of great trading
Consistent
Patient
Disciplined
Yeah you didnât will the lotteryâ¦, well I lost a couple of days ago as well
Takes timeâ¦, takes workâ¦,and it takes the 3 things listed above â which I could easily argue are the hardest to master
=========================
Btw; Thereâs another thread floating around here asking how many hours it will take to become consistent
im not so ho
Every day
Every hour
Every minute
Every trade
Till I retire
Yet have I been able to just show up â and the mkt hands me over money consistently
=========================================
Rest and relax XB â next week will be here before we know it
Great Job today
Great Job this week
Great Job the last two weeks
======================
In summary;
======================
1. If I focus on executing my plan it takes the emotions of the connection to money away. I was so focused on doing what my plan says that the money and stocks outcome didn't have a mental impact on me.
I would say this was the main lesson this week and I didn't realize it until after the trades were over, win or lose.
2. It pays to be patient. I didn't take a lot of trades this week but sitting and waiting ended up making it a profitable week
1. Patience pays off even if I'm not in the market. Possibly more
2. I look at weeks like this as building my mental fortitude rather than getting anxious about trading.
If I dont follow my plan I have nothing.
RN
Youâve demonstrated 10 straight days of great trading
Consistent
Patient
Disciplined
Yeah you didnât will the lotteryâ¦, well I lost a couple of days ago as well
Takes timeâ¦, takes workâ¦,and it takes the 3 things listed above â which I could easily argue are the hardest to master
=========================
Btw; Thereâs another thread floating around here asking how many hours it will take to become consistent
im not so ho
Every day
Every hour
Every minute
Every trade
Till I retire
Yet have I been able to just show up â and the mkt hands me over money consistently
=========================================
Rest and relax XB â next week will be here before we know it
Great Job today
Great Job this week
Great Job the last two weeks
======================
In summary;
======================
1. If I focus on executing my plan it takes the emotions of the connection to money away. I was so focused on doing what my plan says that the money and stocks outcome didn't have a mental impact on me.
I would say this was the main lesson this week and I didn't realize it until after the trades were over, win or lose.
2. It pays to be patient. I didn't take a lot of trades this week but sitting and waiting ended up making it a profitable week
1. Patience pays off even if I'm not in the market. Possibly more
2. I look at weeks like this as building my mental fortitude rather than getting anxious about trading.
If I dont follow my plan I have nothing.
RN
X, you are completely right. Focusing on what you don't understand is no way to live or trade. Thx for your words. I recently read up on emotional intelligence. And its not just hope for a rosy future but having the confidence in yourself and your means of getting there, a trading plan?
Why don't I have an all encompassing trading plan?
1. No accountability
2. Greed, need to be in the market all the time
3. Lazy, At least 10-12 different type trades, too much tracking/journaling
I am encouraged by your efforts here, and I think I have a plan of action. Simple pre and post trade screen prints in a journal along with the trade parameters written out, all of which fall within my guidelines. Cause who cares what the trade is, its just something you see acting a certain way around lines or something. RN, I want to incorporate the order resting near my stop loss as well. Right now I place an order knowing my out but pay no heed to the EXACT proxy to it. As for profit targets, all out on scalps and mostly out on bigger P.T. trades with a runner (no more treatin 'em the same)
X, certainly not hijacking here, had to free the mind here for a fresh start. Much obliged gents.
Why don't I have an all encompassing trading plan?
1. No accountability
2. Greed, need to be in the market all the time
3. Lazy, At least 10-12 different type trades, too much tracking/journaling
I am encouraged by your efforts here, and I think I have a plan of action. Simple pre and post trade screen prints in a journal along with the trade parameters written out, all of which fall within my guidelines. Cause who cares what the trade is, its just something you see acting a certain way around lines or something. RN, I want to incorporate the order resting near my stop loss as well. Right now I place an order knowing my out but pay no heed to the EXACT proxy to it. As for profit targets, all out on scalps and mostly out on bigger P.T. trades with a runner (no more treatin 'em the same)
X, certainly not hijacking here, had to free the mind here for a fresh start. Much obliged gents.
No problem bd. I look at my plan as the only way to give myself orientation as to what I am actually doing. With out it I am just floundering around and wasting time/money.
Another note - I have had and probably still will have tough times in trading. I have found my passion for the markets is what makes me push out of tough spots. Never quitting is a major part of what makes me stay here. I decided about 3 years ago that win or lose I am going to stay with markets until I die. It sounds dramatic but it removed any time frames of "I plan on trading by x date full time or make this much money by x date". I decided that it might take 1 day or 30 years. I don't care.
Another note - I have had and probably still will have tough times in trading. I have found my passion for the markets is what makes me push out of tough spots. Never quitting is a major part of what makes me stay here. I decided about 3 years ago that win or lose I am going to stay with markets until I die. It sounds dramatic but it removed any time frames of "I plan on trading by x date full time or make this much money by x date". I decided that it might take 1 day or 30 years. I don't care.
BD
Do you actually have a plan⦠and does it contain at least one set up you know by heart
If not â thatâs semi okay for now â but you will absolutely need to develop both â then most importantly â follow both
A trading plan doesnât need to be long and/ or complicated.., but it must be clear â to youâ¦
As does your set up(s)
And they both need to be what you will do / how you will trade â come hell or high water
Yes you can always modify both your planâ¦, and set up(s) â off hours⦠but never while trading â and I mean never
================================================
Know this Sir;
The first go around in creating a plan, and defining a set up â is always the hardest â for reasons youâve stated⦠and probably because weâre just not sure what each should look like
All set ups work⦠and all set ups fail
Understanding this makes the process easierâ¦
Rejectingâ¦, avoidingâ¦, or sorta adopting this (the yeah, but syndrome)â¦, to any degree â makes it damn near impossible to create a planâ¦. or completely adopt and follow a set up
I also suspect it another reason many put off creating a plan â it makes us HAVE TO accept â just how uncertain the mkt really isâ¦.
==========================================
XB has worked his ass off to get what Iâm sayingâ¦, the result of which is clear in this journal (and yes he and I have butted heads a time or two - mine still hurts
)
=========================================
So BD
Do you have a plan⦠do you have at least one set up â that you know inside and out (like the back of your hand)⦠and do you follow BOTH through hell and half of Georgia
If not â then you have work to doâ¦
If you do â then whatâs holding you back (please be specific, and honest)
To be clear, never will we ask you to divulge your set up â it is yours after all
But know that my view on set ups is this;
Set ups are a dime a dozen
Every set up works â and every set up fails
There are a gazillion ways to make money trading
It is oneâs mind set that will ultimately determine their trading destiny
RN
Do you actually have a plan⦠and does it contain at least one set up you know by heart
If not â thatâs semi okay for now â but you will absolutely need to develop both â then most importantly â follow both
A trading plan doesnât need to be long and/ or complicated.., but it must be clear â to youâ¦
As does your set up(s)
And they both need to be what you will do / how you will trade â come hell or high water
Yes you can always modify both your planâ¦, and set up(s) â off hours⦠but never while trading â and I mean never
================================================
Know this Sir;
The first go around in creating a plan, and defining a set up â is always the hardest â for reasons youâve stated⦠and probably because weâre just not sure what each should look like
All set ups work⦠and all set ups fail
Understanding this makes the process easierâ¦
Rejectingâ¦, avoidingâ¦, or sorta adopting this (the yeah, but syndrome)â¦, to any degree â makes it damn near impossible to create a planâ¦. or completely adopt and follow a set up
I also suspect it another reason many put off creating a plan â it makes us HAVE TO accept â just how uncertain the mkt really isâ¦.
==========================================
XB has worked his ass off to get what Iâm sayingâ¦, the result of which is clear in this journal (and yes he and I have butted heads a time or two - mine still hurts
)=========================================
So BD
Do you have a plan⦠do you have at least one set up â that you know inside and out (like the back of your hand)⦠and do you follow BOTH through hell and half of Georgia
If not â then you have work to doâ¦
If you do â then whatâs holding you back (please be specific, and honest)
To be clear, never will we ask you to divulge your set up â it is yours after all
But know that my view on set ups is this;
Set ups are a dime a dozen
Every set up works â and every set up fails
There are a gazillion ways to make money trading
It is oneâs mind set that will ultimately determine their trading destiny
RN