Pete's Place

Goal: Seek and destroy any signs of this viscious cycle:

(1) discipline
(2) winning
(3) addiction to winning
(4) taking more chances in order to satisfy need to win
(5) losing

I have identified this pattern in both my trading and poker playing.

Really just (1) and (2) are fine. No need to go to 3-5.
Maybe that's the problem.

Really just (1) should be fine.
 
The only answer I've been able to come up with over the years, which has also been the most successful one, is to approach each day as if it were business as usual. I make no assumptions as to what's going to happen. I know what my strategies are expected to do and the conditions under which they do best. If the setups occur, I take them. If they don't, I don't. I did all that testing for a reason, and I let it do what it's supposed to do.

--dbphoenix
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Yes JD, I was doing just that this weekend. It wasn't that easy but it can be done. First I would download an xpo file from Qcharts using Tradestation's Global Server along with "hyperserver" from this site.
http://www.hypertrader.it/htools.shtml
Then there is another program called hypertools from the same site that will enable you to convert the xpo file to excel or ascii.
 
Following dB's suggestion I didn't worry about predicting what kind of day it was. I looked for my setups and took them.

Two trades, executed both according to plan, no problems. One winner, one loser.

The first one was a short after backing off the 1420 high from last week in the morning. Stopped out when it broke thru.
I noted later that my trend indicator called for longs only today.
Didn't realize at the time of the trade; situational awareness problem.

Second one was a long after seeing support at 1415. Also an 300-tick pullback. Exited for a small gain after seeing resistance at 1420.

Wrapped it up for the day, for some reason I was convinced the trading day was over, or there would be no more long entries. Turns out there were a couple of great ones on the 875-t in the afternoon.

Overall I am very happy with today because I executed the trades according to plan.
 

Attachments

Quote from Fast_Trader:

Peter, why no short plays? We had some really nice opportunities to the short side today.

-Fast
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Indeed, the best trade was probably a short where I closed my long today, after touching 1420.

But I like to keep the option of holding overnight open, on every trade. Supposing I got short today, and the naz closed 20 pts lower, I would still be uncomfortable holding a short overnight with the uptrend in place. A long, that'd be no problem today.
 
Quote from peterfigliozzi:



Indeed, the best trade was probably a short where I closed my long today, after touching 1420.

But I like to keep the option of holding overnight open, on every trade.
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I'm curious...why?

-Fast
 
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