MySLAJourney

Namo Gurudev,

Can you please help clear a few doubts and help me lead in the correct direction for future trades.

I am a bit confused about the 50% rule/guideline. Do we calculate 50% for each upthrust or for seperate swings.

I knew that the demand line has been broken however was feeling uneasy (as I could have exited at about 110 which is a point up, also which was almost close to the daily ATR for this stock which is 4 points - can you please throw some light on this)

So I did not exit but when 33% of the upmove was taken I exited (breakeven) and I entered short. (This is where I have improved as earlier I used to get very upset with losses for hours however today it took me around 5-8 minutes to clear my head and enter the short however to be honest there was some impatience in it and also the need to take revenge ).

The short was exited for a loss and I closed the computer and watched some TV.

Please can you help me here. I don't struggle much with entries but exiting the trade is a different story. (As a side note your 3 steps of finding the overall trend, context and range has helped me see entries well before what I used to using my 30 mins ORB - thanks a ton for that).

Normally I have seen that I can get to 1:1.5 or 1:2 (this is just stats for my sake and I do not worry about RR before the trade as I can not predict the future) however I read that we can earn in intraday only on big days so we should try to be in the trade till the end. Or do you suggest that I keep a target of say 1:1.5 and exit if the trade comes back at me (I do not want this kind of mentality as this is opposite to what you teach here and my mind kind of opposes all these ideas automatically like RR, exiting at set profit points etc. however just for some time do you think this is a good idea.)

Regards,
K
HDIL26052015fullday.png
 
The 50% "rule" is merely a measure of strength/weakness. It has nothing to do with stops in and of itself. As such, it's drawn in real time as soon as the trend has been broken. If price stages a rally (in an uptrend), then it's redrawn at the next DL/SL break.

upload_2015-5-26_9-32-9.png


As for the rest, I suggest you look at what Gozilla is doing at BMT. No point in going through it all twice.

As for the ATR and R:R ratios, they're not part of the SLA, so I have no comment. If you find them useful, use them. If you don't, don't. But the SLA doesn't require any of that.

As for the long:

upload_2015-5-26_9-38-56.png


Note: I suggest also that you look at the Mindfulness II thread that I started this morning as well as read or re-read "The Mind Game".
 
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dbphoenix said:
The 50% "rule" is merely a measure of strength/weakness. It has nothing to do with stops in and of itself. As such, it's drawn in real time as soon as the trend has been broken. If price stages a rally (in an uptrend), then it's redrawn at the next DL/SL break.

View attachment 153113

As for the rest, I suggest you look at what Gozilla is doing at BMT. No point in going through it all twice.

As for the ATR and R:R ratios, they're not part of the SLA, so I have no comment. If you find them useful, use them. If you don't, don't. But the SLA doesn't require any of that.

As for the long:

View attachment 153114

Note: I suggest also that you look at the Mindfulness II thread that I started this morning as well as read or re-read "The Mind Game".
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why did you close the mindfulness II thread?
\
 
zdreg said:
why did you close the mindfulness II thread?
\
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Why go through a repeat performance of the first one? I'm all for debate and discussion, but ridicule and derision do not lend themselves to grown-up discussion.
 
dbphoenix said:
Why go through a repeat performance of the first one? I'm all for debate and discussion, but ridicule and derision do not lend themselves to grown-up discussion.
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ridicule and derision goes with the territory. let the idiots exposed themselves.other posters will ignore them. as the OP keep the thread on track. i suggest you reopen the mindfulness II or
start mindfulness III, immediately,
 
zdreg said:
ridicule and derision goes with the territory.
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Not everywhere. And it distracts from my trading.

But then none of this has anything to do with this journal. And while I'm happy to help out with journaling, I won't be opening up any more threads. It's just not worth the trouble.
 
throw out your ideas and weather the storm. not everyone is on same level (thats what makes a market), not everyone is rational or rational all the time(thats what makes life interesting) :)

throw your ideas out there (ie, your OPINION on ways things should be done) pick & chose your battles. ie,ignore irrational. let chips fall where they may.enjoy :)
 
dbphoenix said:
Note: I suggest also that you look at the Mindfulness II thread that I started this morning as well as read or re-read "The Mind Game".
More...

Namo Gurudev,

Thanks a lot for your help. I think though I understand the SLA/AMT approach I am not using it 100% in my trading. I think the reason is FEAR. Not that much of losing but of being wrong. Maybe this is the reason I give trade too much room as I only want 1 trade per day but want to be right.

I have backtested the SLA approach and have found out that I can not have too big a loss if I use common sense however for profit I might need to trade 2-3 trades a day which I need to be comfortable with.

I think I am working with 2 approaches simultaneously here which might be causing the problem:

1. ORB approach where I try to catch trend days so I hold it for long

2. SLA/AMT which I use to exit

Learning: I need to either give the trade enough room which means early entry (high information risk) or follow SLA to the point and take as many trades as the need be with keeping the 50% guideline, AMT etc. in mind.

Still got a lot of work to do. After around 4 years of intense study (I did and still read around 2 hours per day and also try and backtest over the weekend) and trading I though I would have it by now but it is not easy...

Will go through the threads and the PDF as suggested. Thanks once again for your guidance.

Regards,
K
 
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