MacAttack

Quote from macattack:

my goal was to trade similar to the NoDoji style or Volman style.

"I need to make a plan" sounds simple enough, but what is the process to create that plan?
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forget about NoDoji style or Volman style,forget about the plan.you`ll never get out of that dead end!the only plan is to do what works!

i bet you have a few set ups,you`ve seen in the past worked perfectly,but for some unknown(masochistic,stupid?) reason you decided to make things more complex.go back to the things you watched them were working.
 
Quote from macattack:

Do you just determine 1 setup at a time & then test the heck out of it & add filters to it & determine the most profitable stop/target combination?
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Yup, begin with 1 setup

Define it

Spell out the context necessary to trade it

Then trade it – EVERY time it materializes within the context you’ve outlined

Keep performance stats, and a journal

Modify/ refine as necessary – always off session

After you master** “trading” this 1 set up…, add a second – and master it

**Mastering does not mean there won't be losses - there will - BFD

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One note;

Keep your plan short.., sweet…, and in words/ terms a dumbass redneck could decipher

No one can remember a 500 page essay…, let alone trade it

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Personally I'm not big on back testing - BUT that is just me... You may decide otherwise

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Aside

There are a gazillion ways to slice this pie - slice it to your liking

And consistently review your performance stats so you know if what you're doing is making you money

Final suggestion - get your opinion, and all the personal stuff - the hell out of it

RN
 
Quote from macattack:

"I need to make a plan" sounds simple enough, but what is the process to create that plan?

Do you just determine 1 setup at a time & then test the heck out of it & add filters to it & determine the most profitable stop/target combination?
More...

That's pretty much what I did:

http://www.elitetrader.com/vb/showthread.php?s=&threadid=237799&perpage=10&pagenumber=1

I wish I'd come across this when it was posted (I was just starting out):

http://www.traderslaboratory.com/forums/wyckoff-forum/15535-developing-plan-trading-journal.html
 
I actually attempted to follow a plan today & made some fake money.
I don't know if it's a good plan yet as I just started working on it last night.

But now I understand why people say I'm overthinking & I need to stop thinking & I need to place trades according to my plan. I've heard it all before, but I think it finally clicked.

DBPhoenix nailed my mind perfectly when he said,
"For one thing, you think WAY too much. You over-analyze. You anticipate. You visualize scenarios in your head and translate them into something that is actually occurring, that is, you think about what you expect to see and then you see it even though it isn't really there."

So anyway today doesn't prove anything as it's just one day, but trading was a lot more enjoyable methodically following a plan. And it was a heck of a lot more enjoyable removing most of the over-thinking & over-analyzing.

I traded one scenario only with the option to go with the signal or counter to the signal. Profit was 77 ticks.
 

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Quote from macattack:

I actually attempted to follow a plan today & made some fake money.
I don't know if it's a good plan yet as I just started working on it last night.

.
More...

Now keep following your plan everyday for at least a few months so you can analyze your results objectively, but you must be able to follow such plan, without deviation, or else trading is not for you.
 
Time to try this again. I have a severe overtrading problem which is probably my worst problem that needs fixed. Then there are trends...............going thru a chart slowly bar by bar last night I still found it difficult to sell a steep downtrend. I kept looking for a reversal, and guess what, I kept seeing reversals. Only they were just illusions. After about 6 losses in a row I got the point.

I thought if I could just turn my chart so that a steep trend appeared sideways I'd view it just like a range & sell towards the top, buy towards the bottom. Maybe I'll start turning my monitor on it's side when a trend begins.
 
I was reading NoDoji's old journal last night. I had forgotten she struggled a bit too when she was learning all of this. I get frustrated when I read about her making so many ticks day after day after day with no losing days. I don't mean that in a mean way; I just mean it was frustrating to see somebody so incredibly good at something that you are trying so hard to do but haven't reached the same level yet. Just a normal human emotion I think.

So anyway it was good to read about her journey & know that she had struggles too when first learning (definitely not as bad as me, but still some of the same issues).
 
macattack said:
Then there are trends...............going thru a chart slowly bar by bar last night I still found it difficult to sell a steep downtrend. I kept looking for a reversal, and guess what, I kept seeing reversals. Only they were just illusions.
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Print the three charts I posted on my "Difficult" thread and practice only seeing the with-trend opportunity at a hard right edge that looks like a reversal.

Self-talk is really helpful. "The trend is clearly up. Price action definitely favors the bulls. The bulls are in control and are making money; they got my back. I can buy this scary reversal feeling and even if price does reverse, the bulls will usually defend enough to let me out break even."

ADD: Today's PA by the way is an uptrend, but it's a sloppy channeling uptrend. Money can be made in both directions, but neither of my two short trades today allowed for more than a scalp, whereas a few of my long trades reached target.
 
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