Spydertrader's Jack Hershey Futures Trading Journal

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Quote from ericta:

PointOne,

You are doing SCT already?! what's the longest trade you had?

BR.
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Not exactly: I don't yet link every turn. (I have noticed that my exits would almost always have worked better as reversals.)

What I'm doing is training myself to get used to being in all the time (on the sim for now) volume / pace permitting. I'm not looking at the P&L, just making the turns within zones where I identify an FTT of my well defined P3 channels. Sometimes I don't even look to see what my fill price was if it was in the right zone.

Yes, sometimes I make a complete hash of it (I still find it variously hilarious or infuriating when I get whipped to the tick), and I may reverse more than once in a 5 minute bar, but the more I do this the sooner I recognize and correct my mistakes. Finding the optimal level of attention is key. I think getting used to being in all the time is a minority pursuit - it is just too far out there for 99.9% of traders to ever consider. The alternative is to go through the sideline-entry-exit emotional rollercoaster which is very draining. Go with the flow - fewer decisions to make and you won't miss the big moves either...

As an aside, when I was learning to ski, I was concerned about other skiers being faster and more stylish than me. After a while I dropped that and just went out every day and skied my way, trying out a few variations but mainly just putting in the mileage and informally debriefing over a coffee (or beer) what worked and what didn't, sometimes asking someone for another point of view. Without consciously striving for it, after a few weeks I was skiing faster and more stylishly than the people I'd previously looked up to. When I'm at the top of a steep slope I like to get on with it, not stand there for ages wondering where I am going to turn or if my edges will hold (this time!). When I'm moving I'm in control, when I'm standing still my mind can go into overdrive and my feet feel like lead. Don't think too much, just do it.

Attached is something I was doing while writing this post (I closed the short too soon to post here LOL).
 

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Quote from guavaman:

Tums,

Thanks for your comments. I subscribe to the Pr0crast theory of clean charts and delete what I believe to be non essential channels so I can better see the flow of the market. I used to have so many lines it got confusing for me.

With that said, am I correct that you enter/exit using tapes? I have contemplated pursuing this strategy in the past but felt I would have to make too many trades and thought I was supposed to trade PT3 channels and tapes were really just a prelude to them.
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Guava:

Go to my posted charts, you will see there are not a lot of lines. And I seldom move or erase my lines.

If anyone has problem with too many channels, I would suggest you to leave them on the chart. At the EOD, go print out the chart and do a debrief on the lines -- go through each line one by one, and ask yourself why did you draw this channel: what was the purpose of that line? what were you thinking when you drew that line? What were you trying to achieve?

We don't draw the channels for fun... we are pros. Each channel has a purpose: These lines are our money makers; they are our guardian angels amongst predators, guiding lights in the stormy sea. Ok I am no poet, but you know what I mean: I take the lines seriously.

If a channel you drawn turned out to be invalid, at the EOD, you should try to understand what prompted you to draw the channel in the first place? Were you uncertain, but draw it anyway, thinking it is better to have too many channels than too few? Maybe one of the many channels will hit a jackpot?

Well, sorry to tell you, you cannot draw a lot of channels and hoping one of them will work. How could you know which one to trade on? Your uncertainty in laying the channels is reflecting in your PnL.

You have to think of yourself as a pilot landing a plane, it has to be flawless each time.



Regarding trading off tapes:
Beginners can trade off tapes. The forest rules apply -- take the pt3 off the down tape. Always check the gaussian for confirmation. There should not be too many trades in one day. If you do, then you might not be doing it right.
 

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Oct 2 - Morning trades

green arrow - long
red arrows - short

vertical line - closed position

My only post analysis comments are:

Short trade - I exited cause of price but look at the LOW volume
on that bar ( black circle ). VOLUME - CONTINUATION of
Short. I needed to see GREEN INC PRV along with the price
move to exit.

Long Trade - Traded non dominate tranverse. Made good exits.
Might not be using appropriate time frame to enter/exit/
monitor non dominate tranverses.
 

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I read Oddiduro's comments a few days ago about watching two bars at a time and then was watching Pros video when something clicked. I see now Ive been much too slack in drawing my tapes. Every little trendline is important. I've been resisting watching bar by bar but Ive seen the light.
 
Morning chart and trades

The dash green arrow I thought about going long but wasn't satisfied with the distance from the Green RTL where my stop would of been.

Exited the first two Short cause of price.
Exited the third short cause of very weak prior gaussian moves ( black circles ) plus getting close to lunch.

solid green arrows - long entries
solidred arrows - short entries

vertical ine - exits
 

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It is the emotional/ psychological toll that I believe is the worse. All the years spent toiling at what can only be described at this point in time, as an abject failure and waste of time, effort and treasure.

In the beginning there was unbridled excitement that people actually earn a decent living by simply deciphering patterns on a computer screen. No boss, employees, customers, contractors, driving/traffic...This seemed to easy and too good to be true.

Eventually the the excitement gave way to endless methods and endless losses that further gave way to the realization that although simple (short up here and buy down there) this perfect profession was not at all easy or possibly doable. Eventually, around year two or so, the frustration of not having progressed to the point of mere profitability was starting to effect aspects of my life not associated with trading.

Being a home builder I have grown accustom to things not going to plan and people doing the opposite of what I expected. So I had developed a certain degree of patience and ability to deal with adversity. By year two the markets had eaten through all of it. The strain associated with all the effort to make trading work, coupled with the stark reality that it wasn't at all; interfered with my marriage, physical condition and general happiness.

Year three I stumbled onto the JHM through Spyder. God bless him. I know that just about everyone stands in amazement with me at his dedication, interest and follow through in attempting to pass on this method. I have no doubt that he as well as others have complete confidence in JHM's potential.

The ups and downs associated with all the uncertainty of trading is what is so draining. The shudda-wudda's that afflict every decision and every second (even the good ones). Seems I am constantly deciding between the lessor of two evils. I realize the JHM is designed to eliminate the guesswork but that day is by all accounts very far off.

I don't know if others have the same or similar experiences associated with trying to learn how to trade for a living. I suspect my experiences share some commonality with others. If so, is all this effort and cost (psychologically, physically, time wise and financially) worth chasing something with such an uncertain outcome? The outcome may not be or seem uncertain for some. Those with the requisite amount of time, talent and funding to available to negotiate the learning curve.

To this day, over three years into this journey, I still routinely fall for the head fakes. Even if I don't act on them, I am in a state of panic when they occur. "Am I right or did I miss something. By my MADA the market should be doing X, but it is doing Y. What did I miss....." The inner dialogue never stops. I had no idea I had I could have so many concurrent thoughts.

With the excitement a distant, foggy memory and the "fun" long extracted from the effort; is the desire to make a decent living in front of a screen really worth the costs? Especially this long into the journey?
 
As mentioned in PM guava, I think everyone in your position should focus on honing the absolute beginner level of skills, taking the lowest-risk trades to reduce anxiety/stress and build confidence, experience, and account. I'm confident Jack would say the same. This would mean focusing on taking 1, 2, maybe 3 of the clearest PT3 entries in a day when pace is above a certain level, using only the ES Price and Volume. If you can get this down you will feel less pressure to succeed at the more complicated stuff, and as a consequence it will be easier to integrate when the time is right, because your emotional burden will be lifted.
 
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