Maintaining Self Discipline

[Zodiac4u]

I don't mind the critiques.

1. That was the first trade opportunity that I felt confident enough about to take, mostly using smaller timeframe support and resistance. It definitely wasn't even close to the best trade opportunity on the chart, it just happened to be the one I pulled the trigger on.

2. I'm trying not to trade the open in this "Main Demo Account." After the move down I was hesitant to jump in to a trend that might be exhausted and ready to turn. I was looking for a long opportunity and this trade was the first one I liked. Better long opportunities came later, and I almost tried again and probably should have, but I just wasn't completely sure of the entries, and I'm trying for high accuracy.

Thanks for the questions! Made me have to think a little.

(Here is a response from your number 1-2 list)
New years read,
Rule#1. You can't feel something that's not there. Opportunities are not felt, they just are, until their not. When they are not? you lose small. This is where you need to think outside of the box and question what you think you know? Write it down and
re-read it a day later.

Rule#2 The only thing you can be sure about is markets are not random. They are there for a purpose and that is to facilitate commerce.

History lesson: Read about why markets exist, what is there sole purpose? Gamble? Trade? (facilitate commerce)?

I have collected stack of rules, But not for public reading.

 

[studentofthemarkets]

(Here is a response from your number 1-2 list)
New years read,
Rule#1. You can't feel something that's not there. Opportunities are not felt, they just are, until their not. When they are not? you lose small. This is where you need to think outside of the box and question what you think you know? Write it down and
re-read it a day later.

Rule#2 The only thing you can be sure about is markets are not random. They are there for a purpose and that is to facilitate commerce.

History lesson: Read about why markets exist, what is there sole purpose? Gamble? Trade? (facilitate commerce)?

I have collected stack of rules, But not for public reading.

Thanks for the feedback.

Never really thought about working on having a stack of rules. I have some basic ones. I have my rules for how to trade/manage my account. Might be an eye opener to make the effort to find rules that the market follows, rather than general tendencies, which is what I tend to think of it doing. Good idea to write things out and read them later.

 

[Zodiac4u]

Thanks for the feedback.

Never really thought about working on having a stack of rules. I have some basic ones. I have my rules for how to trade/manage my account. Might be an eye opener to make the effort to find rules that the market follows, rather than general tendencies, which is what I tend to think of it doing. Good idea to write things out and read them later.

K.I.S.S Trading system= Keep It Simple Stupid.

 

[Trade Theory]

Stick to strict entry and exit criteria. Refuse to enter an order unless it meets your criteria and automate the exit trade to meet your criteria by using conditional orders. It'll force you to follow your trade plan and keep emotions out of it. OCO or trailing orders are helpful depending on your strategy although you already know this.

 

[Zodiac4u]

Stick to strict entry and exit criteria. Refuse to enter an order unless it meets your criteria and automate the exit trade to meet your criteria by using conditional orders. It'll force you to follow your trade plan and keep emotions out of it. OCO or trailing orders are helpful depending on your strategy although you already know this.

This was exactly my point in my post#91, Rule #1. Strict adherence to entry and exit rules. I've spent many hours being angry at myself for not following my plan. You can't know 100% of the time if a trade will or won't work out. Best to not pay attention to your feelings. Market participants orders come in randomly, there's no way of knowing what other people are going to do, best to ignore feelings and use a mechanical approach.

 

[studentofthemarkets]

Live Account: No trades
Main Demo Account: 1 winner
Practice Demo Account first 30 min of the open: 1 loser and 2 winners.

 

[studentofthemarkets]

The trade taken on Monday is very similar to the trade taken today. Neither of the trades were taken at the place where I thought the market was at, basically a retracement into the start of a new trend. Both were taken at retracements and both won, but they were taken too early.

 

[Wheezooo]

(Here is a response from your number 1-2 list)
New years read,
Rule#1. You can't feel something that's not there. Opportunities are not felt, they just are, until their not. When they are not? you lose small. This is where you need to think outside of the box and question what you think you know? Write it down and
re-read it a day later.

Rule#2 The only thing you can be sure about is markets are not random. They are there for a purpose and that is to facilitate commerce.

History lesson: Read about why markets exist, what is there sole purpose? Gamble? Trade? (facilitate commerce)?

I have collected stack of rules, But not for public reading.

I lived by my rules. When I walked away, I had a book of 217 Rule #1's.

First rule I ever wrote down, was the first day I ever traded - Always leg the weak side of a spread first.

Most important rule I ever wrote down - Never assume catastrophic risk.

NEVER broke either. Rules are good.

 

[studentofthemarkets]

No trades in the live account or Main Demo Account today.

3 losers and 7 winners in the Practice Demo Account trading the open.

 

[studentofthemarkets]

Live Account: no trades
Main Demo Account: 1 winning trade
Practice Demo Account trading first 30 min of open: 7 wins, 5 losses
All trades 10 ticks SL and 10 ticks TP on NQ.

Main Demo Account analysis:

On Dec 30 and Jan 2 the 2 trades taken both had the same fundamental flaw. They were taken when the trend was beginning to become exhausted and I was thinking the trend direction was going to change, but the trend change didn't happen yet. Today I was really trying to wait until I had definite signs the trend was changing, but other than the trend showing signs of weakening, it was still in an uptrend when I shorted it. Yes, I did, barely, make 10 ticks, but only after the trade was nearly stopped out.

I need to spend some time thinking through why I'm consistently entering in so early before the trend change and I need to rethink what I'm looking at that's making me think that there a change in direction is taking place earlier than it is, because I'm very obviously getting it wrong. The 5 min chart from today shows very clearly that the trade was not taken at a logical place to go short.