Need Advice

Another net positive day for both accounts. Not much but it's going in the right direction. I went both long and short.

I remember years ago when I first started daytrading(during the bear market), I would buy the dip too early. On days like yesterday and today I would be totally destroyed. Now I timed it slightly better and bought the dip and short when needed. Got out quickly when I'm wrong. Now, both days I'm up positive. Not huge. Just 1 lots. But gotta practice the right habits first.

And it's not just during bear markets. If you buy the dip too early then you will get shaken out. If you short the rally too early then you will get shaken out. It's best to go with the trend. Then reverse when higher highs, higher lows show up. And vice versa.

So, that's slowly undoing one bad habit.

The other bad habit was shorting rallies. So yesterday during the morning I used to get wiped out. Now I joined in on the rallies. Not perfect since I shorted then got wrong then joined in.

Today I used stops and kept my losses small and manageable.

There are still a few things I know intellectually what do but can't execute due to my bad habits. A few more tweaking and constant reinforcement to cement in good habits.

I'll keep you guys updated

:)
 
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Jzwu2017 said:
Looks like you are getting better. Sounds like you still got a lot more to learn/practice.

Verdict: keep you day job until you are ready.
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Both accounts are net positive for the day again. Not a lot. But it's a start to turn the tides. They were up then down b/c of poor risk management. Should have cut losses faster. But the losses this time were MUCH MUCH smaller than in prior experience and thus manageable. So I was able to make them back and ended up for the day.

You are right. I'm still a long ways from equaling my old day job.

Progress is good. My winners are ZW, NG, and CL. I'm still net negative on NQ. Ack!

I don't know how to go long on NQ. At least I'm going long NQ nowadays as needed instead of just going short in the old days. But when I go long, I get out so quickly for small points. Then as soon as I get out it zooms up. I think it's because i have such psychological bias that even normal fluctuations in NQ when I'm long seems really big deal and I get out quickly. Whereas for when I short NQ, I can hold with easily for bigger gains(when i'm right). Even when my methods show the trend is up I still can't hold NQ for long periods to enjoy the rally up... Need to fix that problem especially in a raging bull markets like nowadays.

At least I'm NOT being stupid and shorting a strong trend and getting run over and being down huge like in the past. I take small positive gains as I get rid of bad habits and install good habits.

The Progress Principle.
 
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Big progress today! Not that I made a lot of money. That will come in due time(I think). It's that I fixed one of the toughest and most persistent biases.

Over the weekend, I practiced on the a trading sim a particular setup and pattern. And today I keep on executing it. It's a short-term less than 1 minute to a few minutes hold. The nice thing about this pattern is that it got RID of my short bias behavior. I know now clearly when to enter long. Patterns that used to wiped me out now generate profits. Albeit not as big since I get out quickly on small up moves. Still working on longer term hold for longs.

But in the beginning of the morning I was back to my old habits and loss both on the long and short side doing patterns I know historically does NOT work. Old habits die hard. As I was doing it "mindlessly"(since they were such ingrained habits) I was thinking out loud. OH NO! Not again! Luckily I got out before it was too much damage. This means more practice on the sim all week until the new behavior is automatic!

But SINCE those first 2 bad trades, I have consistently executed as I'm supposed according to my plan and strategy.

For me progress is about doing the right things at the right time. Keep doing that and everything will take care of themselves.

I have other non-trading things to tend to now. For the first time I feel like I could make more if I trade more! I'm going to miss out on the market now that I have to do other things. LOL. Whereas in the past, the more I trade the risk of a big loss increases.

It's not quite a 100% there. Need further refinements are needed, but directionally I like where this is going...
 
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trader99 said:
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At least I'm NOT being stupid and shorting a strong trend and getting run over and being down huge like in the past...

The Progress Principle.
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You're still shorting a strong uptrend. Use caution and wait for the signs to be up huge went you want to become the Grizzly.
 
Overnight said:
You're still shorting a strong uptrend. Use caution and wait for the signs to be up huge went you want to become the Grizzly.
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I've given up on shorting strong uptrends. In fact, I'm working on to change that behavior period. I think I'm very close to eradicating that kind of thinking from my system.

Go with the flow...

:)
 
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trader99 said:
I'm given up on shorting strong uptrends. In fact, I'm working on to change that behavior period. I think I'm very close to eradicating that kind of thinking from my system.

Go with the flow...

:)
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Now all you gotta' do is see the trend reversal. Open your nose and watch for it. I am pining for Trump's speech in an hour, that will help direct me, IF I CHOOSE TO PARTICIPATE. *clucks*
 
Xela said:
Ooh, well, I'll be careful not to spend it all at once, then ...
action-smiley-023.gif
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So no ordering "Clive Christian Imperial Majesty" perfume? Maybe they have a knock off in the seedy part of town....
 
trader99 said:
I've given up on shorting strong uptrends. In fact, I'm working on to change that behavior period. I think I'm very close to eradicating that kind of thinking from my system.

Go with the flow...

:)
More...

For day trading and not scalping, trend is your friend, and give it several years of study to learn what happens at ultimate highs/lows, there are patterns, but unless you train your eye for swing lengths of a trend, or when likely a trend is over extended, you be shorting in mid range of a swing, and you know what has been happening, have a journal of what you see and write down how many times patterns occur and whether profitable or lost, better in a journal than real dough.

Keep up positive behavior.
 
Woohoo! Progress today! No, I didn't make much money on NQ! But I FIXED one of my bad behavior pattern and actually profited from it. I feel so much BETTER now I know the exact long entry point.

I just need to work on the long exit strategy and exit for greater profit than 1 NQ points. LOL. Hey, at least, I'm consistent! I guess if I was a pure scalper then all I need to do is apply SIZE to the consistent 1 NQ points on each trade.

I'm not ready to trade size on NQ yet.. I need to make sure I get all the bad behaviors out of my system and instill consistent good behaviors for a while before trading size.

Most of my money today was made on ZW (wheat futures). I was holding more than 10 lots and got out on a good trend. ZW has really low margins.

So net net I didn't make much on NQ since I was trading only 1 lots. But for me it's more about instilling good habits than making money now.

It's such a good feeling. I feel like I have "new eyes" so to speak. Spots where I previously made mistakes but now those very spots I know which way to go(long or short).

What did I see before? Just so odd. I had to shift my thinking and perspective to see price behavior in the right way...
 
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