Journal XburbX - My Plan

A big understanding that cleaned up my perspective is looking back 1-2 bars, then projecting 1-2 bars forward utilizing MTF analysis (fancy term for drawing lines) The trading plan is being worked on and will be stuck to this time. Not the first time the Mrs heard that, but I truly believe it this time.

It's nice to follow other traders. I am enjoying your thread x. Think ill stick to this and avoid reading about how this stuff isn't possible.
 
I would never curse out RN, if you read my post it was geared towards others (hence the new paragraph). Anyways, I was merely chiming in because he knew I was stilll lurking and just wanted to show my appreciation despite the temper tantrum.

Good luck to you as well. I can tell you'll be a successful trader just the way you think in black and white. I'm a different shade of gray everyday.

BD
 
BD,

On one hand, I don’t want to start a shit storm – because what is going on in this thread is all too important

On the other – I gotta say – I’m clueless


Your last post to me included;

Geek
Dickhead
Holier than thou
And I want to keep a man down

Now you’re saying I knew you were lurking...

Just how in the world would I know that


Other than XB and myself, I have absolutely no clue who is following / reading/ lurking – though I can reasonably surmise AT, and GKTK are

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

That you’re back – Welcome


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

Aside

You got pissed because I called it the way I saw it

For the record;

I would do the same to XB - and have

I’ve done…, AND continue - to do the same to myself

As there is simply no other way to develop / maintain clear eyes…, grow.. or trade profitably


Like I told AT – the unspoken rule here is keep it real

Not expecting anything else…, or accepting anything less


RN
 
RN,

Let me give you a real play by play of what I meant:

1. Damn it, I keep making money and as soon as I don't stop out where I'm supposed to I turn into a beginner level trader with the blowout potential and emotions. I need a trading plan.

2. Why bother with a trading plan, there are so many convinced that it's in our imagination. I'll go look for confirmation to my method. Then I'll get serious.

3. Then I posted some stuff on E.T., nope no confirmation only more talk of my careless mistakes. But I know that if I had a trading plan this wouldn't even be an issue. WTF?

4. Then I posted my frustration with a lot of the stuff I read on E.T. "Geeks" -> quants and "d-head traders" -> those that don't even consider that there's another way to trade other than their own. BUT then there was you RN, why you keeping a brother down? -> aka where's the confirmation of my method I need to hear now that my mental capital is running on E!!

5. Finally I thought you were asking X about coming up with his trading plan because that was the first thing I inquired about here. I get you weren't referring to me now, considering how my post came across to you.

My apologies. Never meant to be 'that guy' only posting to disrupt.
 
No apology necessary Sir

How about this – we move on from here


XB posted the steps he went through to create a plan

So now, get one created... then get to following it

And post away here in the meantime

I dare say.., we will help (to the extent we can)… but I will also add – we will be brutally honest (as we are with ourselves)

---------------------------------

If trading was easy - every dog and their owner would be - it is a serious business

One additional thought - Having a plan is important - ACTUALLY FOLLOWING the plan - MAKES ALL THE DIFFERENCE (and it take a trader's mindset to do that)


RN
 
I like that. In the end it's on the trader himself. As soon as I grasped that things turned. It is a really hard concept. You can't teach someone else your mind.

Btw on rn's note about following the plan makes all the difference. If you want to put it in perspective think like this. Be paranoid and afraid to deviate from the plan. I'm not attached to money, i'm attached to my plan. I was able to translate the similar emotion to faltering off a plan as when I didn't have a plan and would lose money. The plan I am on now is the only one I have ever religiously followed. If I ever falter with it, it will be the only part of trading that upsets me more money .Losing money doesn't feel good but it's nothing like going off plan. I have tried every angle in trading but changing myself until where I am now.
 
Quote from xburbx:

I hope this helps someone break through

1. Understand that a plan is your only point of reference in the market in gauging profitability. A changing plan or one that you don’t follow means that you are not basing your trading on anything. Most importantly before you make a plan understand why you are making it and what it really is. Don't make a plan without being intimately attached to it. Learn you first and make a plan that fits it. Your own traits and tendencies are what needs to be tailored to or altered.
2. Details are a deal breaker – Learn your setup and avoid words like “close, far, near, about”. As soon as a word like that comes up, make a rule in terms of price action. (A trait that I fought and now twitch if I don't focus on the details I see as important)
3. Use more than 1 time frame
4. Learn to capture all of price’s current movement in the time frame you are viewing. This is an art form and one of the reasons no one can teach exactly how to trade.
5. Understand that a plan works over time.
6. Journal everything with your trades. Time taken, stop loss, length of trade, pictures
7. There is no magical setup or indicator. Simple price action basics work.
8. Support and resistance work sometimes and not others. This isn’t the point. The key is to choose them as close to the same every time while capturing the body of price. The close and open of yesterday might be the same in picking each day but they don’t always capture price.
9. Take your stops
10. If you don’t understand something in the market get out or sit on your hands.
11. Allow price action to manage where your stops and exits are. The market goes where price goes not where you want it to go.
12. No one can predict the market so you have to trade according to what price is doing RIGHT NOW.

Some of these steps might not be needed by YOU but they are needed for ME.
More...




Xb
Awesome list, thank you
question on #4 - have you noticed in terms of ATR, a certain fixed percentage of "capture"? Ie.... If the ATR is .75 , your Capture is normally 50 percent of this on a winning trade. I am not looking for a specific number.
I am still struggling with trying to decide what to trade and would lov to hear anyone's thoughts on this
 
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