Give at least a couple more days. You may develop a better feel for when to give price room and when to keep a tight rein.
switching gears to Price Action via SLA
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Give at least a couple more days. You may develop a better feel for when to give price room and when to keep a tight rein.
I think this goes hand in hand with learning to scratch.
My understanding is that one is to scratch when price doesn't immediately go in the direction of your trade.
One of my biggest pieces of baggage I have is not being patient and holding. I think the idea of scratching seems to go against what I've historically fought with regard to the market.
I may need to regroup and focus on one thing at a time:
-I'm trying to watch price and learn the subtle nuances in the balance of buyers and sellers,
-see price without demand and supply lines,
-give price some room, and
-exit quickly if things aren't going my way.
Seems like I am spinning and not making any progress. I know the idea of SLA is that it's simple - not easy, but simple. Perhaps I do need to go back to the Bride approach and just exit when a DL or SL is broken.
So my post earlier was quite whiney. And nobody likes it when people whine. I've got to buck up and keep working at it.
I've gotten some instruction on using my platform to execute trades on my chart rather than working with a price ladder. My thought with taking this approach is that I'll just be able to trade and not constantly focusing on P&L. The money f*cks with me, so if my sole job is to focus on the trading aspect, I'd like to think that I'll be removing a layer of pressure.
I did some reading of other SLA journals today too. At some point or another, we're all having similar issues. They may manifest themselves differently, but for the most part, we all have fear (of something). Seeing how others work through their fears can only help me.
I'm taking the attitude (per Niko) to allow negative trades to add up in my sim account and not in my live account. I also plan to employ the 3 contract approach so that I have multiple places to exit rather than every trade being over if one specific thing happens.
So - that's the plan.
I've gotten some instruction on using my platform to execute trades on my chart rather than working with a price ladder. My thought with taking this approach is that I'll just be able to trade and not constantly focusing on P&L. The money f*cks with me, so if my sole job is to focus on the trading aspect, I'd like to think that I'll be removing a layer of pressure.
I did some reading of other SLA journals today too. At some point or another, we're all having similar issues. They may manifest themselves differently, but for the most part, we all have fear (of something). Seeing how others work through their fears can only help me.
I'm taking the attitude (per Niko) to allow negative trades to add up in my sim account and not in my live account. I also plan to employ the 3 contract approach so that I have multiple places to exit rather than every trade being over if one specific thing happens.
So - that's the plan.
trust the process and embrace the journey my friend. The more I've come to trust this approach and not even acknowledge a loss or two or even three in any given day my focus has increased tremendously. Hit the close button and keep your eye on price.
I'm working on it. Trusting myself is the hardest. I know the approach works.
In order to get any better at this, I've just got to keep on doing it.
I've learned definitively that trading tighter ranges is not a good idea. Would SLA keep me out of trouble for the most part? Likely, but I'd rather just get in to trades that have the greatest probability of success. Knowing that and not DOING anything during a tight range are 2 different things though.
The chart I'm posting is the 2nd replay I've done (12/4/13) this afternoon. The first one was for the morning prior (3rd) and it was in a 10-12 point range from the overnight and stayed there for the first 2 hours after the open. It wasn't a great morning to test out entries and exits as my plan doesn't allow me to trade during ranges like that.
So --- the next morning was a better fit for what I'm working on currently. I tend to enter a trade and want to get out even when it's going for me. I tried to temper that by getting in with 2 contracts. If something looked odd, a DL/SL was crossed, I could exit but still have another contract to manage and not be in an "all or nothing" situation. Yes - I'm using the DLs and SLs again but merely as a guide. Once a trade has gone far enough from the beginning, I'm to use the swings as exit points rather than just a break of the line. I didn't completely adhere to my plan though. I should have waited for the area at the blue diamond to be compromised before exiting, but I was getting anxious at that point. I know - I need to be numb.
I'm going to keep trucking along.
I've learned definitively that trading tighter ranges is not a good idea. Would SLA keep me out of trouble for the most part? Likely, but I'd rather just get in to trades that have the greatest probability of success. Knowing that and not DOING anything during a tight range are 2 different things though.
The chart I'm posting is the 2nd replay I've done (12/4/13) this afternoon. The first one was for the morning prior (3rd) and it was in a 10-12 point range from the overnight and stayed there for the first 2 hours after the open. It wasn't a great morning to test out entries and exits as my plan doesn't allow me to trade during ranges like that.
So --- the next morning was a better fit for what I'm working on currently. I tend to enter a trade and want to get out even when it's going for me. I tried to temper that by getting in with 2 contracts. If something looked odd, a DL/SL was crossed, I could exit but still have another contract to manage and not be in an "all or nothing" situation. Yes - I'm using the DLs and SLs again but merely as a guide. Once a trade has gone far enough from the beginning, I'm to use the swings as exit points rather than just a break of the line. I didn't completely adhere to my plan though. I should have waited for the area at the blue diamond to be compromised before exiting, but I was getting anxious at that point. I know - I need to be numb.
I'm going to keep trucking along.
I never get tired of this, some time ago RN suggested an exercise regarding what I feared.
Try to get to the bottom of your fear and you will gain trust by giving that a solution.
My fear is losing money. I'm not afraid of the market in the manner that db suggests many might be -- it's not out to get me and it isn't trying to mess with me and the big machines aren't messing it all up. My fear is about ME making the right choices over and over and over again.
Suggestions for getting the hell over that fear?
Are you sure that your fear is not about making the wrong choices?
I recommended a book in chat today that I think can help with this. Its called, "A Strategy for Daily Living" and since you are highly motivated I won't have to ask you to do the exercises.
It can seem a little psuedo-spiritual which turns some people off but I've found this sort of approach helpful. I picked up the habit of meditating a few years back and that helps give you more perspective in the moment as well.
We are hard wired to avoid pain and seek pleasure. Its tough work to undo something so basic.
Hope this helps.