Spydertrader's Jack Hershey Equities Trading Journal III

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Quote from Susukino:

I've realised you asked about alerts, not exits. I bought VDSI at 9:44 on anticipation of hitting the lower band of dry-up by 11:30, which it did do JUST barely. FMCN and CMED both hit the lower band early (I think around 10:00 and 10:20 respectively) and had positive MACDH with stoch over 75. I was a bit early on VDSI but it did have all the conditions in place at 11:30. The others were (as far as I am aware) textbook entries?

Suss
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I bought into VDSI as it signaled and took a loss as well. Just the cost of doing business, along with enduring the mental tango.

- Monkman
 
Quote from Monkman:
I bought into VDSI as it signaled and took a loss as well. Just the cost of doing business, along with enduring the mental tango.
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Hah, glad to hear I wasn't alone! I have found the most difficult bit is stopping myself from actively looking for trades rather than waiting for the right setup. Intellectually I knew this would be a problem, but I wasn't emotionally prepared for the difficulty of sitting on one's hands...

Suss
 
Quote from Susukino:

I have found the most difficult bit is stopping myself from actively looking for trades rather than waiting for the right setup.
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You must learn this lesson, and learn it well. These methods provide ample opportunity for profit. When I first started Journal One, two weeks passed before I received a trade signal. I did not see the need to 'push' things, and neither should you. The market provide's the signals. The trader pushes the buttons. No need to chase after the market. Allow the trades to come to you. Doing so, not only teaches the value of following your trading plan, but also allows the trader to learn the value of patience.

If you miss a trade, don't fret. Another train will be along shortly.

- Spydertrader
 
Quote from Spydertrader:
If you miss a trade, don't fret. Another train will be along shortly.
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I appreciate the reassurance. I can see that internalising this lesson is going to be difficult but, as you say, all things come to those who wait.

Suss
 
Quote from Susukino:

I appreciate the reassurance. I can see that internalising this lesson is going to be difficult but, as you say, all things come to those who wait.

Suss
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"Difficult" is a mindset. It is an internal decision.
 
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