I find this older chart more challenging than the recent ones. It was given as a test by Jack (Grob109) to nwbprop, more than three years ago. I haven't seen how Jack drew its channels and gaussians. If you feel like practicing ...
Spydertrader's Jack Hershey Futures Trading Journal
- Thread starter Spydertrader
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This is dangerous thinking. I call it a "zero bias" and I also have this problem (assuming it is a problem; well for me it was) although I think it's under control now. When you're down after 1 or 2 trades all you do is trying to make up for the earlier loss often causing you to jump into a trade to early (risking even a bigger loss and a big down day) and it certainly makes you unable to hold a winner long enough to make up for anything more than the earlier losses. As soon as the winner has turned into a 2 tick gain (for the day) I would exit even if the market showed more potential.
The point is to
- never look at you P&L during the day. Do not trade to make up for anything. Trade the potential the market gives. I repeat: Just don't look at P&L. Once you start to watch P&L you will watch it all the time and before you know it your trades are just based on P&L instead of market information.
- Start mentally from zero every new trade and earlier losses are taken care of. Each and every new trade deserves your full attention and concentration.
This is what helped for me.
regards,
Ivo
I'll start with a Thank You to all that have been contibuting lately. What an incredible journey you all are guiding. Something that helped me the most was all the advice given to bundlemaker. Kind of wierd that era had such a positive impact on someone.
I went back to using only what I could see and understand, and have made huge strides. I took a little different path but am ending up at the same place.
Watching TIKIs video I ran through my thought process while he did his. When he said I'm looking for pt. 3, whle flashing back I decided to share my journey to this point.
I am no where near SCT and as soon as I excepted that, things started to rapidly improve. I'm taking setups that are clear to me and sideline quite often, especially during quiet volume periods. I don't use any tools other than the es and ym. It is basic support and resistance with volume(gaussians) as the guide. I plan to start looking at the DOM again at some point.
Currently the trades I take are after an r2r, b2b or FRV. I look for where the last traders got caught on the wrong side of the market. When I see dec. volume into that spot I look for an entry. Sometimes at the market and sometimes I use the 1 or 2 min chart and enter on the break of the last bar(recent refinement after some of Spyders comments), looking for PRV to validate. I got religous with the guassians and the intragaussians. While debriefing, drawing in the setups and channels. I found that my entries were point 3's. This is where I realized I'm stating to arrive at the same place. I see the ftt's much better now and am finding ways to enter on the ones that I find clear.
Hopefull things will continue to get clearer. I can feel the resolution level slowly dropping. No big hurry at this point.
No idea how far this journey will go, if it stopped now(totally unlikely) it would still be a success.
This chart is how I annotated the market during the time referenced in TIKI's video:
http://charts.dacharts.com/2007-11-11/last wrong.png
Thanks again to everyone.
I may be way off track but this is working for me.
I went back to using only what I could see and understand, and have made huge strides. I took a little different path but am ending up at the same place.
Watching TIKIs video I ran through my thought process while he did his. When he said I'm looking for pt. 3, whle flashing back I decided to share my journey to this point.
I am no where near SCT and as soon as I excepted that, things started to rapidly improve. I'm taking setups that are clear to me and sideline quite often, especially during quiet volume periods. I don't use any tools other than the es and ym. It is basic support and resistance with volume(gaussians) as the guide. I plan to start looking at the DOM again at some point.
Currently the trades I take are after an r2r, b2b or FRV. I look for where the last traders got caught on the wrong side of the market. When I see dec. volume into that spot I look for an entry. Sometimes at the market and sometimes I use the 1 or 2 min chart and enter on the break of the last bar(recent refinement after some of Spyders comments), looking for PRV to validate. I got religous with the guassians and the intragaussians. While debriefing, drawing in the setups and channels. I found that my entries were point 3's. This is where I realized I'm stating to arrive at the same place. I see the ftt's much better now and am finding ways to enter on the ones that I find clear.
Hopefull things will continue to get clearer. I can feel the resolution level slowly dropping. No big hurry at this point.
No idea how far this journey will go, if it stopped now(totally unlikely) it would still be a success.
This chart is how I annotated the market during the time referenced in TIKI's video:
http://charts.dacharts.com/2007-11-11/last wrong.png
Thanks again to everyone.
I may be way off track but this is working for me.
This is an excellent practise chart. The day was pretty choppy, there were a lot of flaws and the gaussians were complicated. Here's my try:
Revenge trading, concentrating on break even points, etcetera. They all fall within the spectrum of bad trading habits. This applies to any strategy.
In an other thread someone posted a quote by Ed Seykota that said:
"everyone gets what they want out of the markets"
If you want to break even, you'll break even, give or take a few points.
If want to make money you'll repeat a profitable routine again and again and again. This is what Jack means with "pool extraction". He has a little routine that he repeats and that makes him money again and again.
Everybody here still has a lot to learn before they reach that level of sophisticated simplicity. I catch myself sometimes on a bad habit and correct myself by refocusing on what I should be doing. It's hard though, we're human beings and we're hardwired to attach emotional value to arbitrary numbers like break even points. It takes alot of emotional maturity to overcome it.
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