Trading on "Instynct" (NQ)
- Thread starter Instynct
- Start date
To expand on my previous post...
Today is a clear cut example of Market Bias at work, and it worked so well because you have ES aligned and on the same page as NQ. You don't need hindsight analysis to see this, just look at what price did after the first 5 mins of trading, then zoom out and look at the overall structure. It screams of more short covering, buying, adding to positions..whatever the case, we are going higher. I've mentioned this before, and that is price levels have a tendency to influence structure.
I've made lots of mistakes in the past by going against clear market bias, and it has cost me a lot of money. So I'm not about to criticize anyone who makes mistakes. But at some point, and true professional traders know this, trading is a mental game that requires you to correct your mistakes quickly and not make anymore mistakes to allow your equity curve to head back up. You either have it in you or you don't. If you suffer from other things in life that make you unhappy, then you need to fix those things first. I can tell you that was my issue of mine.
Small gain today, mostly because I lacked proper execution. Maybe I'm just slow on mondays, either way no excuses. You either have it or you don't.
Today is a clear cut example of Market Bias at work, and it worked so well because you have ES aligned and on the same page as NQ. You don't need hindsight analysis to see this, just look at what price did after the first 5 mins of trading, then zoom out and look at the overall structure. It screams of more short covering, buying, adding to positions..whatever the case, we are going higher. I've mentioned this before, and that is price levels have a tendency to influence structure.
I've made lots of mistakes in the past by going against clear market bias, and it has cost me a lot of money. So I'm not about to criticize anyone who makes mistakes. But at some point, and true professional traders know this, trading is a mental game that requires you to correct your mistakes quickly and not make anymore mistakes to allow your equity curve to head back up. You either have it in you or you don't. If you suffer from other things in life that make you unhappy, then you need to fix those things first. I can tell you that was my issue of mine.
Small gain today, mostly because I lacked proper execution. Maybe I'm just slow on mondays, either way no excuses. You either have it or you don't.
Instynct....after my review over the weekend.. Dow AND S&P broke out on Friday out of a relatively large range. NQ was building the small flag I mentioned last week.. With this info nothing BUT long was to be the game plan. There was no reason to be thinking short... So why the shorts?? Greed... Unwilling to let some swings go..
Of course all irrelevant as my plan was to hold the long (Spent an hour to get in that trade) from last night through today or 30 points, whichever came first so I am VERY upset with my inability to carry out a plan for ONE day.. just ONE day. A time will come when I will either quit trading OR man up and execute a plan.
I don't want to scalp. I am not good at it and it takes time I can't spare given the opportunity cost of a small account.
It might be helpful for you to be upset with yourself in the hopes that it will make you change and improve as a trader. But to put things into perspective, it seems that you have been showing some nice consistency in terms ending the day or week with a profit. At our stages in this business, consistency is the foundation for which we will trade 3, 5, 10 or more contracts... and that's when you start making some serious money.
You're well on your way as a trader and I'll be seeing you at the top. And perhaps you'll beat me there.
Instynct,
you've made great progress this year. It's inspiring. Congrats and keep it going.
you've made great progress this year. It's inspiring. Congrats and keep it going.
Rashid,
if being VERY upset motivates you to improve and helps you trade better then great, everybody is different. For me being upset may force me to study more but it also causes me to trade from a fearful, tense mindset. Not good.
Last week i had a couple good days then a meltdown day. Yesterday , as psycho-babble stupid as this may sound i actually said to myself "I forgive myself for trading so shitty. I forgive myself and will do better", something like that. Takes a bit of the burden off and allows me to focus on trading.
You're trading well. Figure out what or why you're doing wrong and begin the process of improving in that area.
rgds,
jas
if being VERY upset motivates you to improve and helps you trade better then great, everybody is different. For me being upset may force me to study more but it also causes me to trade from a fearful, tense mindset. Not good.
Last week i had a couple good days then a meltdown day. Yesterday , as psycho-babble stupid as this may sound i actually said to myself "I forgive myself for trading so shitty. I forgive myself and will do better", something like that. Takes a bit of the burden off and allows me to focus on trading.
You're trading well. Figure out what or why you're doing wrong and begin the process of improving in that area.
rgds,
jas
Closing up VERY early today.. have to go pay the bills the other way...
2368 short a bit preemptive but the drive to the premarket 74 area congestion failed so I figured any attempt at 67 area again would go through... was looking for 63 target (actually wrongly reduced fixed target of 10pts to pick a bottom).. FEAR took me out for a point gain. Volume chart bars never even broke prior bar highs..
2357.75 long another reason not to pick bottoms.. thought 57 area from yesterday should hold.. quick 5 seconds loss.. I guess this wasn't THAT strong a level as low 50's.
2353.5 long AFTER buyers show up on the quick dip back... Held to target just under 66/67 overnight level.. proud of myself here..
Will reduce my "swing" target to 1/3 ATR from here to get more psychological comfort and eventually, hopefully go for larger targets once I am steady.
+9.87 points after comms.... off to work.
2368 short a bit preemptive but the drive to the premarket 74 area congestion failed so I figured any attempt at 67 area again would go through... was looking for 63 target (actually wrongly reduced fixed target of 10pts to pick a bottom).. FEAR took me out for a point gain. Volume chart bars never even broke prior bar highs..
2357.75 long another reason not to pick bottoms.. thought 57 area from yesterday should hold.. quick 5 seconds loss.. I guess this wasn't THAT strong a level as low 50's.
2353.5 long AFTER buyers show up on the quick dip back... Held to target just under 66/67 overnight level.. proud of myself here..
Will reduce my "swing" target to 1/3 ATR from here to get more psychological comfort and eventually, hopefully go for larger targets once I am steady.
+9.87 points after comms.... off to work.
Thanks guys for the comments about my state of mind regarding trading. No matter how good a system I have my response to my errors definitely clouds my view of new opportunities. I will work on better ways to handle this...
I have been consistent in recent weeks but it is tantalizing how much better results could be with some adjustments. We need to push ourselves but there are better ways.... assuming I want to avoid a heart attack.
All focus should be on the NEXT opportunity and executing better.
I have been consistent in recent weeks but it is tantalizing how much better results could be with some adjustments. We need to push ourselves but there are better ways.... assuming I want to avoid a heart attack.
All focus should be on the NEXT opportunity and executing better.