One Trade at a Time

CA

5 for 6 traded as planned – Great job… I’d say tomorrow is day 2

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

Not listening to our minds… while doing exactly what is necessary – is – what separates us...

And it appears you’re figuring that out – good to hear Sir

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Here’s to day 2…, and simply following the plan :)

RN
 
Thoughts for today.
~9:30am. This morning I felt the urge to trade, even though no signals were present. Did not take any "false" signals though. Just writing honest thoughts.

Trade 1:

Long @ 9:51am @ 2470.75. stopped out at b/e +1.

Took the trade. I felt that I wanted to hesitate before taking it, but nevertheless I took it anyway. The hesitation was from fear.

Trade 2:

Long @ 10:04 @ 2474

I didn't follow the plan. I entered just a weeee bit prematurely, and got bit for it.
Always stick with the plan.

I believe this is in part due to the fact that I haven't sufficiently back-tested, or at least it doesn't feel like it's sufficient. As I've said before I'll be doing that this weekend.

Trade 3:

Short @ 10:28 @ 2466.50

Exited at b/e+1. Entered and exited properly.

Trade 4:

Short @ 10:33 @ 2464.75

Jumped back in after seeing minor support break. Trade hit my target.

Trade 5:

Short @ 10:40 @ 2461.50

Exited at break-even - 1 because I got nervous. Didn't trade according to plan. I wanted to see what would happen with additional size, and it turns out it can still be nerve-wracking even with paper money.
The trade would have been profitable.

Lastly, in hindsight, I had another trade setup opportunity that I missed. Time to really nail down the rules so there's no doubt about what I'm doing.

In conclusion, I think today has been another day of progress, however there's still much work to do. I'm starting to think trading has a lot to do with patience and relaxation. I doubt stress can improve performance.
 
Day 1
Total trades = 6
Trades following plan = 5
Trades not following plan = 1

Good trades = 83%
Bad trades = 17%

==============================
Day 2
Total trades = 5
Trades following plan = 3
Trades not following plan = 2

Good trades = 60%
Bad trades = 40%

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

Day 1 starts tomorrow

RN
 
Progress.

Last night I went over my trading method in detail like I've been saying I'd do and refined the method, and had decent back-test results.

Also had my ego chewed to little pieces by an ET mentor, and that helped a lot.

Today I tested my method two ways.

For the first test, I used the original time-frame and entered every trade properly. I used a target and stop, let price either hit my target or stop, nothing more, nothing less.

I only stopped after 5 because I should not have 5 straight losses with this strategy so it became quickly apparent that on such a fast time-frame this method does not work so well.

Using such a small fast time-frame made it nearly impossible to get the exact price I wanted, and I also missed out on some opportunities. But, I did everything correctly. 100%. The results were disastrous, and I felt like I had to be right.

Last night I realized my ego wants me to be right always, and also that I have a fear that I'll never be profitable, even if it's during sim-testing. For the time being, I've gotten rid of that. Who knows if or when it'll come back, but it damn sure didn't get in the way of testing today. I also wrote on and hung up a paper on my wall that says:

"Take Ego Out, ONLY TEST YOUR METHOD, focus on Execution, FIND THE PROBABILITIES."

It helps seeing that every 30 seconds; it really keeps me in line.

With the terrible results of the first test, I zoomed out and slowed/enlarged the time-frame in order to allow myself slightly more time to act on my signals. Results were incredibly better. Regardless of results though, I entered every trade properly, and didn't move my stop ever, despite the occasional rogue/fear thought. Again, price either hit my target or my stop, and the test was successful.

I was 10 for 10, 100% execution.
 
Day 1
Total trades = 10
Trades following plan = 10

Good trades = 100%
======================

Now please take the following advice;

This weekend – go relax…, go play, or just go do something fun and get yer mind off trading…

iow Allow your head to clear and rest…

Pat yourself on the back – You’ve earned it….



Sunday evening rolls around I’ll put up another post…, for come Monday – it’ll be back to business


Yeah... I know - you’ll want to fiddle with your plan this weekend….

But do take some time off and rest – it’s a must if we’re to stay sharp throughout the week

Damn good work CA

RN
 
Quote from Redneck:

Day 1
Total trades = 10
Trades following plan = 10

Good trades = 100%
======================

Now please take the following advice;

This weekend – go relax…, go play, or just go do something fun and get yer mind off trading…

iow Allow your head to clear and rest…

Pat yourself on the back – You’ve earned it….



Sunday evening rolls around I’ll put up another post…, for come Monday – it’ll be back to business


Yeah... I know - you’ll want to fiddle with your plan this weekend….

But do take some time off and rest – it’s a must if we’re to stay sharp throughout the week

Damn good work CA

RN
More...

Leave my work completely? What will I do this weekend then??!:D

Seriously though, thanks for all your help so far!
 
Quote from Chris_Anonymous:


I do not care about whether these setups can yield profitability. I do not care about if I make or lose simulated paper money.
More...

You remind me of a very very sick patient, a cancer patient. He wants to get well desperately, he will try anything. If you tell him drinking his own urine makes him well, he will drink every drop of his own piss.

You are just like a cancer patient, you will do anything to make money. If someone tells you that sitting on a tree top will help trading, you will climb on a tree top every day.

You have reached such a ludicrous point that you "do not care about whether these setups can yield profitability."

Trading is about making money, if you don't make money, why the hell do you trade?

You need to check your brain. There is something wrong with you.


My advice to you: Drink a glass of your own urine every morning, and you will be profitable. Seriously.
 
Quote from beachhouse:

You remind me of a very very sick patient, a cancer patient. He wants to get well desperately, he will try anything. If you tell him drinking his own urine makes him well, he will drink every drop of his own piss.

You are just like a cancer patient, you will do anything to make money. If someone tells you that sitting on a tree top will help trading, you will climb on a tree top every day.

You have reached such a ludicrous point that you "do not care about whether these setups can yield profitability."

Trading is about making money, if you don't make money, why the hell do you trade?

You need to check your brain. There is something wrong with you.


My advice to you: Drink a glass of your own urine every morning, and you will be profitable. Seriously.
More...

Beachhouse,

It sounds like you have taken that statement out of context, the tip of the iceberg. At the time when I wrote that, I was irritated at my own inability to follow my trading plan. The individual trade's outcome is irrelevant if you know the odds are in your favor over a statistically significant series. By this I mean that it makes no sense in getting bent out of shape emotionally if you have a losing trade when overall the odds are in your favor. And that is exactly what I was doing at the time I wrote that.

Of course profitability matters, both in live and simulated accounts. Without consistent profitability in a sim account, it makes no sense to continue on to live trading.

However, if I can't even take my own trade signals while paper trading, then I can't worry about whether my signals are profitable or not because I'm skewing the statistics. In other words, I need to reliably take my trade signals enough times in a row to determine whether or not the method is profitable. At the time of that writing, I had not done that.
 
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