OMS Trading Journal

[onemoreshot]

I decided to start a journal here on ET. I'm hoping this will give me a place to document my thoughts, provide some accountability, and lay out what I'm working on in hopes for some constructive feedback along the way. I've been trading for a little over three years and I'm sure I've made just about every dumb mistake in the book. I've been a DOM scalper but I keep slowly bleeding accounts so even though I am profitable more than 50% of trading days, my profit days tend to be small and I let my losing days get away from me.

I'm looking to learn how to read price charts but most importantly, how to control the man in the mirror. There is a lot of progress that needs made in the discipline and psychology departments before I will be a consistently profitable trader.

 

[onemoreshot]

I have been a live day trader for over three years and I currently have the emotionally painful experience of not having a live trading account. I'm currently on a 30 day demo. I have enough funds to put in for another account but the last 3 or 4 times I've done that the results haven't led to having any money in the account within 2 or 3 months so until I get my shit together, I'm not willing to risk any more capital.

I'm currently taking the advice of @NoDoji and looking backwards at previous days' price charts looking for patterns that repeat themselves and then taking note of what happens at each patterns occurrence. Once I find a statistically tradeable pattern, I'll test it in live simulation and then likely a topsteptrader combine. Hopefully I'll find a few patterns but time will tell.

 

[Redneck]

Hey OMS

Please allow me to consolidate and group

First part of your journey: build the mental..., a proper trader's mind set

I've made just about every dumb mistake in the book.

This the learning cure - we've all been there..., done that

Not an issue long as we don't keep repeating the same hiccups


========================

I keep slowly bleeding accounts

though I am profitable more than 50% of trading days

I let my losing days get away from me.

This all about mental make up

============================

There is a lot of progress that needs made in the discipline and psychology departments before I will be a consistently profitable trader.

most importantly, how to control the man in the mirror.

I'm looking to learn how to read price charts

Top 2 - agree 100% - and both are mental

3rd - easiest to accomplish - but will not fix top 2


=======================

I have been a live day trader for over three years and I currently have the emotionally painful experience of not having a live trading account. I'm currently on a 30 day demo. I have enough funds to put in for another account but the last 3 or 4 times I've done that the results haven't led to having any money in the account within 2 or 3 months so until I get my shit together, I'm not willing to risk any more capital.

Until one can successfully trade SIM - absolutely no reason to go live / risk money

Successfully trading SIM..., means absolutely no shortcuts..., means treating it exactly as you would your live accounts

=================

I'm currently taking the advice of @NoDoji and looking backwards at previous days' price charts looking for patterns that repeat themselves and then taking note of what happens at each patterns occurrence. Once I find a statistically tradeable pattern,

Second part of your journey: build the necessary tools

================

These are two completely separate.., yet symbiotic parts - to you the trader

Where would you like to begin Sir


RN

 

[lawrence-lugar]

I decided to start a journal here on ET.
I'm hoping this will give me a place to document my thoughts, provide some accountability, and lay out what I'm working on

There is a lot of progress that needs made in the discipline and psychology departments before I will be a consistently profitable trader.

Try to look at things from a 'celestial' perspective.

"

"

 

[onemoreshot]

First part of your journey: build the mental..., a proper trader's mind set



Second part of your journey: build the necessary tools

================

These are two completely separate.., yet symbiotic parts - to you the trader

Where would you like to begin Sir

I'd like to start with the first part, the mental.

 

[Redneck]

I'd like to start with the first part, the mental.

Fair enough.., lets get to the nut cuttin


Few ground rules:

I don't mince words - I expect the same from you
Honesty - you'll get it from me - I expect it from you
You get pissed - either at me or in general - say so
You have questions - ask.., either here or in PM
You feel I've posted BS - say so
You have something on your mind - speak it.., either here or in PM

Know..., every emotion / doubt / question / concern / bitch/ unworthiness / flat stupid / frustrated / or whatever..., you've had..., or will have - I've had it too

I survived - so to will you

This will be work..., this will change you - since you asked.., I'll assume you're up for it

==============================

Step 1 - clarify and solidify

Need you to create your Approach / Methodology

Some call this a trading plan - I don't..., I will ask you to create a trading plan for each trade - but that is a ways down the road - and we'll discuss when appropriate

==========================

Your Approach / Methodology

Addresses the; What / Why / How / When - of your specific trading (the who is obviously you)

Examples:

What:

What type of trader
What tools you will use
What TF's you will use / which is your trading TF..., your higher TF..., your lower TF
What are your signals - Which btw - you only get two setups (signals) at this stage - one for longs..., one for shorts - matters not which signals you pick either
What context you will use
What it is you're trading
Add to as appropriate

When:
Times of day/ week / month / whenever - your will trade
Again - add to as appropriate


How;
How you will be going about your actual trading
How will you create context
How will you identify price's bias
Again - add to as appropriate

===================================

This is your approach / methodology - create / add / modify accordingly

This meant to clarify and solidify - in you - what it is you the trader does

Keep the mkt out of it - this is only about you

Anything you're unclear/ unsure about - we can discuss (here or in PM)


Goal is to get this crap straight in your head - so you can execute it to the letter - no matter if all hell breaking loose in the mkt

Get your approach / methodology created - then we'll move on down the road

=================

In the meantime I have a few questions I would like you to answer please (here or in PM)

Take your time..., and think through these please

How do you feel about uncertainty

How do you feel about a losing trade/ series of losing trades
(For instance: do they piss you off / make you feel less than / make you feel you were wrong / how do you view them)

Do you believe losing trades..., are as much a part of proper trading - as are winning trades

Objective..., unbiased..., mentally centered..., dispassionate - to what extent of each are you.., when trading

You an observer and exploiter..., or a participant

You been trading for over 3 yrs - what stuff (crap) has built up over that time - that needs resolved (put to rest)

=========================

I've asked some pretty poignant questions - feel like not sharing with the world..., PM your responses


Me - I'm a simple minded..., dumbass redneck - I could give a shit what the world thinks

And at the end of this journey of your's Sir - so too will you not give a shit - if trading correctly what you truly desire

================

After your approach / methodology complete - next step will be to instill discipline..., patience..., routine - but not until the approach / methodology complete

Can't do it..., if we're even a little unclear on what exactly it..., is




RN

 

[onemoreshot]

I have been spending the last few days thinking about the above questions and it's pretty clear there is allot that I don't know, not only about myself but also about the market. I did some sim trading this morning and got absolutely wiped out. I ended 0 for 6. I have to study more and get better.

 

[onemoreshot]

Also, I'm currently re-reading Trading in the Zone by the late Mark Douglas and I'm making my way through Brooks' materials.

 

[Redneck]

I have been spending the last few days thinking about the above questions and it's pretty clear there is allot that I don't know, not only about myself but also about the market.

Honesty - I respect that.., it a good/ solid foundation upon which to build

I did some sim trading this morning and got absolutely wiped out. I ended 0 for 6.

Screw the results - the only question is;

Did you follow your process?

No need to answer OMS - before we're finished..., your answer will be: Yes

======================

I have to study more and get better.

Study more what;

You
The mkt
PA
Indicators
The Fed
Monetary policy
China
Why the chicken crosses the road (my sorry attempt at humor)

No matter..., I'll assume we're still focused on this..., first and foremost - until you say otherwise

I'd like to start with the first part, the mental.

============================

Also, I'm currently re-reading Trading in the Zone by the late Mark Douglas and I'm making my way through Brooks' materials.

Beautiful

One important note - take time to rest / do something else / give your mind a break away from trading

I understand you're eager - but this is going to take time..., and too much of anything is bad

People can only absorb so much at a time / can only learn / change at their own pace

We can cram for exams - that crap absolutely does not work for trading

Our internal must be rock solid / and built on unwavering..., factual..., conducive to trading beliefs - otherwise the mkt (actually we) will rip us to shreds

RN

 

[Redneck]

Need you to create your Approach / Methodology

I was thinking about this yesterday just prior to the fed announcement

Not only should your approach / methodology detail out what you will do

It should also include what you won't do


Examples;

Not enter prior to an announcement / certain reports

No trading during chop / lunch / 15 or 30 min just after the open /or prior to the close

No trading after x amount of losses..., not mentally prepared..., physically rested / fit..., or after cocktails

You get the idea


When / how / why we trade - is important

When / why we don't trade - is..., as important


RN