My Wyckoff journal
- Thread starter damnpenguins
- Start date
Today was better. Today we made progress:
I didn't stop at the first couple of trades, but kept taking the signals when they came. I was down after the open but this didn't phase me, as I executed when my edge appeared. In fact I was able to bounce back from a couple of losses today without it impacting my execution. I took the trades as I saw them for the most part. I wasn't trading the P&L or my win percentage. That to me is good progress!
I say for the most part as I didn't take one of my signals. I felt at that point my concentration had lapsed and I wasn't present. So I passed.
As Redneck pointed out a while ago, this isn't about reporting pts +/- each day. For me this journal now is more about documenting my progress in terms of Mark Douglas' mental approach. i.e Building and maintaining the correct 'traders mindset' and following my process.
I know I am leaving out a lot of detail by only talking about the mental side of things. But to me this is the most important aspect. Hell - I'm only trading 1 contract at present. So the results good or bad aren't going to blow anyones socks off!
One thing is for sure though. I was at a low point in this process of rebuilding and some kind words at the right time really helped today. No doubt there will be many obstacles and hardships to come. But if I can be taking at least one step closer to my goal each day, then that is good enough for me.
Today was only one day. I have to back it up and not shy away from taking those trades tomorrow and the next day etc Rinse and repeat.
Constant Improvement. Rome wasn't built in a day.
I didn't stop at the first couple of trades, but kept taking the signals when they came. I was down after the open but this didn't phase me, as I executed when my edge appeared. In fact I was able to bounce back from a couple of losses today without it impacting my execution. I took the trades as I saw them for the most part. I wasn't trading the P&L or my win percentage. That to me is good progress!
I say for the most part as I didn't take one of my signals. I felt at that point my concentration had lapsed and I wasn't present. So I passed.
As Redneck pointed out a while ago, this isn't about reporting pts +/- each day. For me this journal now is more about documenting my progress in terms of Mark Douglas' mental approach. i.e Building and maintaining the correct 'traders mindset' and following my process.
I know I am leaving out a lot of detail by only talking about the mental side of things. But to me this is the most important aspect. Hell - I'm only trading 1 contract at present. So the results good or bad aren't going to blow anyones socks off!
One thing is for sure though. I was at a low point in this process of rebuilding and some kind words at the right time really helped today. No doubt there will be many obstacles and hardships to come. But if I can be taking at least one step closer to my goal each day, then that is good enough for me.
Today was only one day. I have to back it up and not shy away from taking those trades tomorrow and the next day etc Rinse and repeat.
Constant Improvement. Rome wasn't built in a day.
I'm not getting all hippy and transcendental or anything here, but this quote, at least to me, sums up the traders journey. Well at least certain aspects of mine!
Came across this site yesterday as I was looking up a quote from Desiderata. This person animates famous quotes poems etc. Brings them into new light. The desiderata one is amazing.
Desiderata - ZenPencils
Back to work
Came across this site yesterday as I was looking up a quote from Desiderata. This person animates famous quotes poems etc. Brings them into new light. The desiderata one is amazing.
Desiderata - ZenPencils
Back to work
Remove right / wrong / expectations.., from trading
Removes emotional pain from trading
Once a person no longer defines the mkt’s information in painful ways (losing / missing out / etc)
Total freedom abounds
=============
Accepting/ adopting uncertainty - there cannot exist - right / wrong / expectation
==================
I pound discipline
Discipline is not a personality characteristic – rather it a mental technique to remain focused
Uncertainty - is the key to unlocking freedom
RN
+1
So true, and on the surface seemingly so simple. Hence why this is so very difficult. No?
I feel like I should rename this journal "My Mark Douglas Journal"
Poor Ricky Demille hasn't had much of a say in a while!
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So - today I followed through with yesterdays progress of taking all of my signals when they came. This for me is very positive. My personal beliefs have always held me back in terms of hesitation more than anything. Over trading has never been an issue for me!
In times past I had to build myself up prior to the open, and take as many trades as this false courage would allow. Not a good way to be..... Yes I was trading but it was an uphill battle, with many false starts.
Along with the relief(?) of todays trading came a realisation though.
For the last week or so I had been limiting my trades per day and trying to focus on the positives of what little trading I was doing.
BUT - By limiting the amount of trades and fooling myself into believing I was doing something positive I was robbing myself of experiences that would help me. All because of limiting beliefs and FEAR.
Case in point - reading the book tonight things are jumping out at me. Same as last night in fact. All because I've pushed myself that little bit further. I've broadened the sample size of experiences, and more and more things are resonating because they are backed up with actual trading experiences that are fresh in my mind.
Fin/
In times past I had to build myself up prior to the open, and take as many trades as this false courage would allow. Not a good way to be..... Yes I was trading but it was an uphill battle, with many false starts.
Along with the relief(?) of todays trading came a realisation though.
For the last week or so I had been limiting my trades per day and trying to focus on the positives of what little trading I was doing.
BUT - By limiting the amount of trades and fooling myself into believing I was doing something positive I was robbing myself of experiences that would help me. All because of limiting beliefs and FEAR.
Case in point - reading the book tonight things are jumping out at me. Same as last night in fact. All because I've pushed myself that little bit further. I've broadened the sample size of experiences, and more and more things are resonating because they are backed up with actual trading experiences that are fresh in my mind.
Fin/
Just coming back to todays post re: pushing myself to take more trades. I know I'm a bit slow in coming to this realisation.
Hesitation due to fear is an insidious, debilitating, humiliating thing to battle.
Particularly when you see your edge working each and every day (wins and losses), and yet you've tucked your tail between your legs and shut up shop after a couple of trades....
The advice to push myself out of my comfort zone had been given to me some while ago, and reiterated recently. But I had been unable to do so, until the last few days.
What can I say? Us Aussies can be a bit slow at times
So here's a funny story that reflects poorly on myself! But there is a point to it......
I had a really crappy break up with a girlfriend in University (this is decades ago now) - I'm talking real Queen Bitch of the Universe stuff here.... It took months for the death blow for this relationship to finally come.
Anyway - when I finally told my Dad I'd broken up with her, he said something along the lines of "There's nothing like the relief you feel when you stop bashing your head against a brick wall".
Smart man my Dad.... Smart man.
Hesitation due to fear is an insidious, debilitating, humiliating thing to battle.
Particularly when you see your edge working each and every day (wins and losses), and yet you've tucked your tail between your legs and shut up shop after a couple of trades....
The advice to push myself out of my comfort zone had been given to me some while ago, and reiterated recently. But I had been unable to do so, until the last few days.
What can I say? Us Aussies can be a bit slow at times
So here's a funny story that reflects poorly on myself! But there is a point to it......
I had a really crappy break up with a girlfriend in University (this is decades ago now) - I'm talking real Queen Bitch of the Universe stuff here.... It took months for the death blow for this relationship to finally come.
Anyway - when I finally told my Dad I'd broken up with her, he said something along the lines of "There's nothing like the relief you feel when you stop bashing your head against a brick wall".
Smart man my Dad.... Smart man.
Only in your head
We've all experienced it - I know I have..., even much worse (at the time)
So it nothing new..., special..., nor unique - except in our individual head
====================
It just like mkt data being anything other than..., data
It is such..., only in our head
Or not..., if we so choose
================
Re-mold your beliefs DP - and make it not..., anymore.., nor ever again
Yeah it takes work..., but beliefs are nothing more than energy
De-energize beliefs which do not conform to the mkt / consistent trading which exploits the mkt...., energize ones that do
RN
Bit of a mixed bag in terms of my start to the week.
Good execution on the majority of trades today. Had a bit of a wobble when I missed a trade due to a technical glitch but felt I recovered well enough to keep on trading.
Took the breakdown at the Open from 91 down to 86, but then I missed the long entry soon after.
It was a completely technical, human/machine interface error, with the problem being 100% on the human front! I enter these early reversal trades off the tick chart with a keyboard shortcut, and my fingers completely missed the target.
This was a bit off putting as it was the trade I was prepping for pre open, and as it turns out it, was one of the trades of the day off the lows at ~86 on NQ.
At any rate - I got it back together and entered as soon as I could into the move, but I had lost a fair amount of time checking that there wasn't an issue with the broker connection etc.
Anyway the good part is that usually I'd probably quit for the day after that as my mental focus would be shot. So I am glad that I was able to get back on board and enter again when another signal came.
Instead of beating myself up for making a mistake, I found it didn't impact on me as much as it usually would. Even though I'd missed the optimal entry, I was comfortable waiting for the next signal, trusting in the work I'd put in. Knowing there would be another entry that would come along....
Another day done.
Constant Improvement. Rome wasn't built in a day.
Good execution on the majority of trades today. Had a bit of a wobble when I missed a trade due to a technical glitch but felt I recovered well enough to keep on trading.
Took the breakdown at the Open from 91 down to 86, but then I missed the long entry soon after.
It was a completely technical, human/machine interface error, with the problem being 100% on the human front! I enter these early reversal trades off the tick chart with a keyboard shortcut, and my fingers completely missed the target.
This was a bit off putting as it was the trade I was prepping for pre open, and as it turns out it, was one of the trades of the day off the lows at ~86 on NQ.
At any rate - I got it back together and entered as soon as I could into the move, but I had lost a fair amount of time checking that there wasn't an issue with the broker connection etc.
Anyway the good part is that usually I'd probably quit for the day after that as my mental focus would be shot. So I am glad that I was able to get back on board and enter again when another signal came.
Instead of beating myself up for making a mistake, I found it didn't impact on me as much as it usually would. Even though I'd missed the optimal entry, I was comfortable waiting for the next signal, trusting in the work I'd put in. Knowing there would be another entry that would come along....
Another day done.
Constant Improvement. Rome wasn't built in a day.
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Zoom out to the bigger picture.
I've added this quote as it really resonates with me at the moment.
To me it encompasses:
I've added this quote as it really resonates with me at the moment.
To me it encompasses:
- A belief in ones edge,
- Risk acceptance (Prior to taking the trade),
- An acceptance of both the randomness of individual results, and a belief in the profitability of ones edge over the course of a series of trades;
- A core belief in uncertainty.