Smacking the ER2

Dan,

Yeah totally agree with you on psychology. I'm glad you at least got something out of the day.

Here is the updated chart with 3 further continuation long signals - if I'd stayed around there was plenty of scraps on the table to fight over :)

On a positive note these key reversal sessions are now featuring in very consistent areas of my higher TF charts so hopefully I can get tuned in better and plan my sickie days better!!

Have a good Thursday & Friday.

Cheers
 

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The mantra in my trading plan is ‘Calm, Decisive & Never Give Up’. Well that is the exact opposite of what I demonstrated today. I made some points on one trade, but I’m getting really down on myself for the lack of decisive action on my signals and its becoming a vicious circle at present. The signals are there and calling out to me, but the rational part of my brain seems to be vetoing them at present.

I’m going to go back to 5min charts because my performance has dipped since I started on 3min charts (more signals, but more noise, and currently more missed signals!!). I’m not blaming 3min charts because I know my fear levels seem to have risen in the last week – not sure why. Last Wednesday didn’t help because walking away in a sulk is not the way forward for sure. I need to get back to a more carefree attitude I had 2-3 weeks ago.

S1 (L) - signal not taken - incredibly my bias was short
S2 (L) - signal not taken - clear signal but 14:57 candle freaked me out of long
S3 (S) - signal not taken – poor concentration
S4 (S) – nice entry at 641 and I exited just before 639 support at 639.2 – not an exit signal – but there was no selling on this pullback and so I was keen to lock in quickly
S5 (L) – nice continuation long – but I just watched it and didn’t act.
S6 (S) – ditto S5 – circle pretty viscous at this point.
S7 (L) – signal not taken – local powercut meant I was out of action for 20 minutes.
S8 (L) – signal not taken
S9 (L) – ditto S6

One out of 9 signals taken……what a mind f**k
Points +1.8pts (not inc commissions)

Onwards and upwards……….
 

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any of you girls noticed the massive increase of atr in er2?

time to readjust risk parameters....


even when er used to kick out 15pt days last year, the intraday atr (bar volatility) was nothiing like it has been these last few weeks
 
Yeah Fred, and it has been kicking my ass, thanks for pointing it out!

Good point though, I should look at ATR. I a new and could use all the help I could get.
 
If you don't mind me asking, what do you get from posting in this journal?
Has your performance improved or is it more an excuse to not trade or to trade poorly?
I can't imagine you would be posting if you were all that successful in trading.
Just a question. You can tell me to piss off if it helps.
 
Jessop,

Don't feel bad, I took 3 big losers in a row for about negative 600 in the first 2 hours. I told myself I won't trade on fed news, guess what I did, I went ahead and traded, stupid, plain and simple.
 
Roka,

Its a very fair question indeed.

I started off with the view that I needed to kick my arse publicly where I didn't follow my trading plan and take all my signals. I've also had some great advice from people which has helped get things in perspective.

I think I have improved certain areas of my trading, but then I have week's like the last one where I feel I'm back at the beginning in terms of fear/hesitation etc.

I feel my decision to take a new IT contract has definitely compromised my commitment to being a trader.

But you are probably right I wouldn't write this journal if things were going well. So the bottom line is that the experiment in journal writing is probably coming to its natural conclusion. I will give it to the end of this week and see how things go.

I may just try ER2 trade posts because I do enjoy the banter with certain ppl. But then again look what has happened to the YM traders thread :eek:

Cheers
 
Hi Dan.

I just can't understand where all this fear has come from ?

I think my expectations are getting unrealistic again.

I want certainty so I spend more time on market analysis and check whether my signals work again and again.

I've started a few chapters of Trading the Zone again tonight because that usually calms me down and I have a day or so in Probabilities mode :)

I do start the week slowly, but today was ridiculous.

Cheers
 
Jessop,

I trade 5 minute candle, I quit trading off of 1 minute, too fast.Part of my problem is I am using a grey box EW software, so I am having challenges with the stops, sometimes they are .6 all the way to 2pts. That is part of my problem. The system generates winning trades if I follow them consistently.

If I could suggest check out http://www.woodiescciclub.com/start.htm
not to necessarily trade woodes cci, although I am looking into, but he has alot of free webinars, you have to have hotcomm, and look at the recorded one on the right for Brett Steenbarger. He is good like Douglas, and Douglas has some recorded webinars there too. I learned some things from listening to all three. I hope this helps a bit.

Best of Trading to you. Look on the bright side, you made money!

P.S. I just re read about your power problems, spend some money and get battery back up, its rougly $100 US for 1/2 hour I believe.
 
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