My Goal for 2008: Trading to Trade Well

Quote from osorico:

Your nicely formatted columns are failing to give you meaningful information to assist you in gaining the "second nature" discipline.

What was your setup? Where were your stops placed? Did you use stops? Did you need stops? Did you adjust them? What was your drawdown? (your tracking the entire pip range for your hold) What was your expectation? Did your expectation change midstream? Did the trade work exactly as you expected or were there times of angst? Why? Why not?
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Hi osorico.

What I have posted online is just a weekly summary. Each row and column is simply a summary of the results for a day and it does not get into details about my feelings for each trade. Every day I use a sheet in which I write down the open, stop, target, close, and comments for each position. In the comments field, I write down the indicators for the position and general feelings. Then at the end of the session, I write a general summary of the day.
 
Quote from datamerc:

Hi osorico.

What I have posted online is just a weekly summary. Each row and column is simply a summary of the results for a day and it does not get into details about my feelings for each trade. Every day I use a sheet in which I write down the open, stop, target, close, and comments for each position. In the comments field, I write down the indicators for the position and general feelings. Then at the end of the session, I write a general summary of the day.
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Excellent!

That's the stuff consistenly profitable traders use... until it becomes second nature anyway :p

And if I may suggest a little trick regarding your "real" journal... focus on the losers (most folks will say focus on the winners). What is it bout those losers that got you in and kept you in? Was there a less costly exit that you ignored? etc etc etc.

A prosperous New Year to you Datamerc

Osorico :)
 
Osorico, my real problem last year was adding to losers. I was adding to losing positions because most of the time I could dig myself out of the hole. I wasn't using hard stops before and had real trouble pulling the trigger to get out - it was easier just to add to the loser. But when I couldn't dig out - that is when the real pain came! It is so dangerous to have a profitable trade in which the rules are broken!

I've finally gotten tired of that cycle. So this year I have chosen 5 pips as my hard stop for every position. I setup a hotkey in IB to automatically put in the stop. Now I have no chance (unless I am really foolish and cancel the stop order) to add to a losing position. :)
 
Update for week ended 1/11/2008.

Two days this week my first 3 trades were losers and for some reason it bothered me more than before - I seemed to have been thinking more about P/L than I should have. Other times I was a bit aggressive with my positions - opening when the trend was too flat. And if it didn't feel right, I would sometimes take profits before the original target. I've got plenty of inner-work to focus on next week.
Code: 
Date	                        P/L     Pips    Range   Size    W  	L       S
Monday, January 07, 2008	$3.61	5.0	76.0	56,000	2	3	0
Tuesday, January 08, 2008	$88.67	24.5	111.0	56,000	5	4	0
Wednesday, January 09, 2008	-	-	-	-	-	-	-
Thursday, January 10, 2008	$66.61	19.0	46.0	56,000	4	2	0
Friday, January 11, 2008	$57.66	15.0	75.0	56,000	3	2	0
---------------------------
Total for the week:             $216.55	63.5	308.0		14	11	0
 
Quote from 4DTrader:

You have already done enough trading. No need to continue if your purpose is to learn.

Let me explain myself:
If you put a cat in a cage with a latched door, the cat, wanting to get out, will try many areas of the cage (trial and error) until finally locating the latch and opening the door and getting out. If you put the same cat in the same cage, the cat, wanting to get out, will go straight to the latch and get out in no time.

Either you have found the latch, or the cage has no latch.
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So what your saying is that ever cat that is currently in a cage, their cage has no latch.?

Someone needs to call the zoo and tell them to beware because sooner or later ALL the lions will escape.

Sorry but that's the silliest analogy I've ever heard.

Some latches are just better built then others and require more skill to open then that of a cat's mind.

Let me share a more appropriate quote,

You can't solve a problem with the same thinking that created it.

A. Einstein.
 
Quote from Joab:

So what your saying is that ever cat that is currently in a cage, their cage has no latch.?

Someone needs to call the zoo and tell them to beware because sooner or later ALL the lions will escape.

Sorry but that's the silliest analogy I've ever heard.

Some latches are just better built then others and require more skill to open then that of a cat's mind.

Let me share a more appropriate quote,

You can't solve a problem with the same thinking that created it.

A. Einstein.
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Ohhh, don't start giving good advise, ET will lose it's entertainment appeal.:p
 
Update for week ended 1/18/2008.

Had my first losing day this year and stopped when I caught myself putting on some revenge trades trying to make the day profitable. Struggling may or may not be the right word, but everyday I remind myself to take it one small step at a time. I am at the point of recognizing when I have, or am about to, break the rules - from there I try to take the appropriate actions (usually stop or take a break).
Code: 
Date	                        P/L	Pips	Range	Size	W	L	S
Monday, January 14, 2008	$83.16	20.5	81.0	57,000	4	3	0
Tuesday, January 15, 2008	-$65.69	-3.5	72.0	57,000	4	4	1
Wednesday, January 16, 2008	$184.76	38.0	53.0	57,000	4	0	0
Thursday, January 17, 2008	-	-	-	-	-	-	-
Friday, January 18, 2008	$61.02	12.0	17.0	57,000	1	0	0
---------------------------
Total for the week:             $263.25	67.0	223.0		13	7	1
 
Update for week ended 1/25/2008.

Really got into the flow and was able to hit some home runs on Monday and Tuesday - I certainly don't expect this all the time, but it is nice when everything falls into place. Wasn't able to trade the last few days of the week because of prior work arrangements.
Code: 
Date	                        P/L	Pips	Range	Size	W	L	S
Monday, January 21, 2008	$437.08	93.5	91.0	58,000	8	2	0
Tuesday, January 22, 2008	$371.35	74.5	93.0	60,000	11	4	0
Wednesday, January 23, 2008	-	-	-	-	-	-	-
Thursday, January 24, 2008	-	-	-	-	-	-	-
Friday, January 25, 2008	-	-	-	-	-	-	-
---------------------------
Total for the week:             $808.43	168.0	184.0	-	19	6	0
 
Update for week ended 2/1/2008.

Nothing especially good or bad stands out this week - nice and boring. Withdrew 25% of January's profits according to plan.
Code: 
Date	                        P/L	Pips	Range	Size	W	L	S
Monday, January 28, 2008	-	-	-	-	-	-	-
Tuesday, January 29, 2008	$102.45	22.5	46.0	62,000	4	1	1
Wednesday, January 30, 2008	$26.69	8.0	28.0	63,000	2	0	0
Thursday, January 31, 2008	$247.72	46.5	62.0	63,000	6	1	0
Friday, February 01, 2008	-$38.28	-4.5	16.0	62,000	1	1	0
---------------------------
Total for the week:             $338.58	72.5	152.0	-	13	3	1
 
Quote from datamerc:

Update for week ended 2/1/2008.

Nothing especially good or bad stands out this week - nice and boring. Withdrew 25% of January's profits according to plan
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Ah, how does it feel to be on the road to success ... :)
 
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