Maintaining Self Discipline

Studentofthemarkets:

Take this as constructive feedback, but Pivotas is seeing the same thing I'm seeing. It might help if you stepped back and started working on bigger picture questions?

Why are you trading? I mean, really -- why are you doing this?

What are you trying to accomplish?

What is your style and do you truly have an edge?

How do you know for sure that you have an edge?

Do you think your style truly matches your personality?
 
formikatrading said:
Studentofthemarkets:

Take this as constructive feedback, but Pivotas is seeing the same thing I'm seeing. It might help if you stepped back and started working on bigger picture questions?

Why are you trading? I mean, really -- why are you doing this?

What are you trying to accomplish?

What is your style and do you truly have an edge?

How do you know for sure that you have an edge?

Do you think your style truly matches your personality?
More...
Thanks.

I'm doing a lot of thinking this weekend.

Appreciate the feedback.
 
I have a few adjustments to my plan.
I am going to be trying to trend trade and not stick with just a 60 ticks target.

There is a set up I like to use that should have a large stop loss....but I'm planning on fiddling with the entry by allowing for multiple entries....with tight stop losses. I might just have a rule that I can't lose more than 30 ticks total for the day, and within that allow for trying to get multiple chances at a good entry....that will have a high probability of getting stopped out for a small loss.

The reasoning behind it is that a 30 tick total loss is usually going to be far less than the loss if placed at the logical place.

The other reason for this is that having multiple chances frees me up to take high risk high reward trades.....meaning the potential gain is worth taking high risk entries...entries I'm not sure about, but it's one way to reduce the cost of that risk.

Another reason is that I like trading this way and I don't like large stop losses and only once chance to get it right.

However, this could lead to revenge trading and over trading....and that is going to kill me as a trader, so I will have to manage that or not trade this way.

I'm only planning on this for one set up....and if I got the trend wrong and I still have lost less than 30 ticks, then I can try another trend, but it's not an excuse to take a lot I've trades just anywhere on the chart. Also, this only applies to a specific set up. The rest are going to be single attempts.

The 30 ticks loss is gross for the day...not net. So making money doesn't undo the losses for the day. Not sure yet how that will affect taking another single attempt trade that needs a 30 tick sl. I'll figure that out another time.

And I'm going to try this on demo and live. The sane thing to do would be to demo trade it before going live. Why am I tempted to ignore this?

So, am I still only taking one trade a day in my live account? I think for now I'll call it one set up per day in my live account.

And in the demo account I want to practice this so I'll try to trade ALL and ONLY the set ups my plan allows.

Next week might be a bumpy ride, or maybe the whole month.... actually, I have know idea how long this will take to make it work or if it will.

But I do like this plan.
 
formikatrading said:
What if instead you pressed pause, answered the questions I posed and took the MAP assessment?
More...
I did answer the questions, in my mind. I will probably take the MAP assessment at some point in the future, but I like what I'm trying to do, so I would continue with it regardless of what the assessment says.

I have a plan. It's still the same plan I started the journal with...to eventually trade the trend. I'm just taking a very long road to get there, but I think I'm improving. And I do think I will get there.

Thanks for trying to help me break out of the looping cycle I'm on.....but don't forget: I was profitable in my live account....barely, and I'm happy with that and gonna try to make it more profitable.
 
Are you committed to being a successful trader or just interested?

Why do you keep resisting doing the "real" work?


studentofthemarkets said:
I did answer the questions, in my mind. I will probably take the MAP assessment at some point in the future, but I like what I'm trying to do, so I would continue with it regardless of what the assessment says.

I have a plan. It's still the same plan I started the journal with...to eventually trade the trend. I'm just taking a very long road to get there, but I think I'm improving. And I do think I will get there.

Thanks for trying to help me break out of the looping cycle I'm on.....but don't forget: I was profitable in my live account....barely, and I'm happy with that and gonna try to make it more profitable.
More...
 
formikatrading said:
Are you committed to being a successful trader or just interested?

Why do you keep resisting doing the "real" work?
More...
I really don't know what you are talking about.

I worked very hard at my new plan. It's a combination of everything I've been working towards for about 1 1/2 years. I've experimented quite a bit here and there with getting to BE quickly....and I know it's not a perfect way to trade, but I think it has potential.

By reducing the cost of getting into a trade, I can take a more risky trade and some
of these risky trades have huge potential.
I've struggled with getting the entry and balancing the risk and think I have a possible solution to it. Maybe not. Maybe after a while of trying this I'll find another loop to try. But each time I adjust my plan I'm getting a little closer to the goal of consistently and safely making a lot of money.

I have taken trading assessments twice in the past. They didn't tell me things I didn't already know. If I like what I'm doing and think it has potential and don't want to change it....then ???

There are a lot of things to focus on with trading...a million books to read or strategies to try. I'm focusing on one....and making adjustments to make it work. Kind of like a horse with blinders on....not going to look at other things that will distract me.

But that's not to say that I won't study things like longer time-frames, etc., that will help with seeing the trend on the NQ.
 
Last edited:
Made a couple more adjustments to my plan that I will trade if certain market conditions occur. It actually adds safety to the plan, while increasing potential for probability....I think. I tried it once tonight in demo mode and it worked fine.

A while ago I made a rule that I needed to wait overnight to trade with a new rule. So this post is to show that the changes are planned.
 
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