Journal XburbX - My Plan

XB

Hope you don’t mind me taking some liberty, but a little stretch of the ole cranium is the order of the day



To whoever is reading; Warning

The following may test your beliefs – that’s a good thing

And I’ll note the lessons for ya so you don’t get wrapped around the axle

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I was asked not long ago; RN – why do you help others

My response = Because I am self centered and self absorbed (and I think it an honest response)

Lesson = to thy own self be true (This is an absolute if you stand any chance of trading successfully)

To continue, and expand on being self centered and self absorbed

We can do the right things – for the right reasons
We can do the right things – for the wrong reasons
We can do the wrong things – for the right reasons
We can do the wrong things – for the wrong reasons


THE VERY SAME HOLDS FOR TRADING – but it shouldn’t

Lesson = it doesn’t make a flip why – it only matters what…, and that – we do

And that which we do – must be done the same way over and over and over

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Disclaimer

BD this next part is going to sound as if it is directed specifically at you – it ain’t… But maybe there is something in it that will help – if only you open up your mind a bit

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The plan
vs.
Following the plan (with a trader’s mindset)



BD wants to create a plan that is a all encompassing – takes into account all possible whatevers

Truth is XB wanted to create a similar all encompassing plan

Truth is RN tried to create an all encompassing plan

And let me tell ya – as I am one detail orientated bitch.., my version rivaled the novel war and peace in length…

And it failed miserably - or did "IT"

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Thinking out loud here – there are many ways I can take this… so I’ll note each way - with separating lines

iow; These are separate thoughts – but also connected thoughts
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The mkt is uncertain – so how can we create a plan that is all encompassing

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There are more ways to trade successfully – than I can count…

Then how can plans very so much – yet still be viable

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If I can take a otherwise unprofitable plan – and trade it profitably (which I can btw)

What the fuck is that saying about a plan in the first place
=========================================

I’ve stated more than once a plan needs to be detailed – wtf does that mean then

Details
Make us think through things so that – It is crystal clear to us
What we are doing
When we are doing it
Why we are doing it
Where we are doing it

The mkt is uncertain…. We, and our actions must never be uncertain – and when we become uncertain – we sit on our hands

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So is it even possible to create a comprehensive plan for trading – yes... in about 30 words

But the plan is not the end all be all, or the lesson

Truth is all a plan really needs to be is viable (I’ll leave you to define viable)

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Lesson

Creating/ having a plan is important – as it defines, in detail – the W,W,W,H,& W – for each of us


But being able to consistently and repeatedly execute – IS EVERYTHING… and makes all the difference


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Like XB said – tried every way of trading – except changing… this time I’m changing


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More random thoughts;

Maybe one of these days we’ll explore what it means to have trader’s mind set

Maybe defining it is part of the process of developing one

Who knows.. who can say… what I do know is – it is everything (at least to me)

To grow, we must first be willing to let go…




Just a little stretch of the ole brain

RN
 
Quote from xburbx:

Capture of what?
More...


Price expressed as dollars and cents ( or points), if the average daily range of the stock you are trading is say $2, do your winners gain on average half of this? More? Less? Etc... If you consider this info to be "yours" please let me know.

At
 
So before you made it Rn. You would make plans both simple and elaborate that you didn't predetermine when to trade, where to trade, why to take the trade, what you were trading. Then most importantly the plan that lacked those components you as the trader didn't religiously follow the plan? Hmmmm sounds exactly like me prior to now. I also would like to add that I wasn't listening to price.
 
Quote from xburbx:

So before you made it Rn. You would make plans both simple and elaborate that you didn't predetermine when to trade, where to trade, why to take the trade, what you were trading. Then most importantly the plan that lacked those components you as the trader didn't religiously follow the plan?
More...



No Sir


The WWWWHW part was added in an effort to show the importance of directing that level of detail indentifying (fact finding if you will) inward

So we are clear and decisive about / with OUR actions

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

Aside;

Possibly there is a blur in distinction between the plan… and us taking action

In the beginning – a trader needs a plan – so their actions are clear (whether he/ she follows that plan is another matter)

Once a trader’s mindset takes hold – the actions are simply clear - and he/ she follows them – period

Call it experience… evolving… growing…. being in sync w/ price... whatever…


A plan... any plan… whatever plan – is not the end all be all (I say this because some will develop a plan, and fall square on their face with it – then wonder why)


Our actions – governed by a trader’s mindset – while responding to what price is saying - is

Make sense??

RN
 
A Plan

Setup - including pattern w/ TF(s), hard stop loss, and initial profit target

Trade management - adds dynamic component allowing to react to PA

Still missing an exact "signal" to enter though a close above/below S/R identifying where I want to get long or short on a one minute chart may do fine.

This entry RIGHT ON POINT will allow me to know whether I'm right or wrong quickly, risk less, and get out quickly if wrong. I think this is what the trader mindset is all about.
 
The biggest mistake apart from not stopping out I make is diving in early, only to see the market reveal its hand - by this I mean a clearly better R:R setup, sometimes I'm on the right side of it, other times not. In the latter scenario my stop out is still clear but the R:R has already been blown up.

This is a follow up to my point on having a trader mindset. Funny thing is taking more small losses leaves more opportunities, the key is small losses (entries right at S/R in play) , waiting for confirmation, i.e. 2 point losses, in the ES add up fast.
 
BD

I like it

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Part of the TM (trader’s mindset)

* Patience

* The consistent and repeated application of one’s plan – iow don’t pick and chose which time you will enter when you see your set up – fact is we never know which time will work… and which time will not work – so take em all

* When price hits our stop – we are out – period

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Your key... is key

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Tomorrow all three of us need to WRR

RN
 
XB

New day – new opportunities – as always

For us – same actions – and simply another day - as always


WRR today

win.., lose…, or draw

RN
 
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