Yukoner's 2015 Psychological Journal
- Thread starter Yukoner
- Start date
A fair reply. It is up to every individual to make his/her own decision as to what way to trade, so enough said bout that. I am a firm believer in learning new things, for the day we think we know it all is the day we start to fail, so I will contribute to this thread.
Day #32 (Mo step #4) - Slept well, woke up ready. With one main thought in my mind... do your job and make widgets! Wrote it at the top of my journal. That, and stick to the plan.
Day started off okay, was down about 15 ticks overall, and then had a winning trade on and I was so tempted to just close it out, and take the profit to get me back to breakeven for the day... so yea, I confess to being tempted... but that wasn't my job, my job was to trade it correctly. Which I did and fought the urge to close it, and rode the trade to profit target.
After that, I actually felt pumped... felt really good that I had stuck to the plan. So I took a break, probably 45 minutes, until I felt that emotion start to dissipate and get me back to a neutral observer.
The next challenge I faced was when putting on a Step #3 trade, but then really wishing it was a combine trade. So I talked through it, and I stuck to the plan... and reminded myself that the commitment to discipline was more important to me than a few ticks. But that was a constant minor pressure...
Every trade I put on was exactly to plan. I had some get into good profit, but not to the zone I was expecting, so I held them. Very happy about that, because in the past, I was consistently cutting my winners short. I traded right up to just under my personal daily loss limit, but then stopped trading. I confess, this wasn't easy as crude was just starting to break down... and balance was obviously shifting lower, and I couldn't be in. I reminded myself what my job was, and I wrote down... "It is more important to sacrifice ticks for discipline. I want discipline. I want consistency."
Hello sweet weekend!
-391
+110 Mo Ticks
Day started off okay, was down about 15 ticks overall, and then had a winning trade on and I was so tempted to just close it out, and take the profit to get me back to breakeven for the day... so yea, I confess to being tempted... but that wasn't my job, my job was to trade it correctly. Which I did and fought the urge to close it, and rode the trade to profit target.
After that, I actually felt pumped... felt really good that I had stuck to the plan. So I took a break, probably 45 minutes, until I felt that emotion start to dissipate and get me back to a neutral observer.
The next challenge I faced was when putting on a Step #3 trade, but then really wishing it was a combine trade. So I talked through it, and I stuck to the plan... and reminded myself that the commitment to discipline was more important to me than a few ticks. But that was a constant minor pressure...
Every trade I put on was exactly to plan. I had some get into good profit, but not to the zone I was expecting, so I held them. Very happy about that, because in the past, I was consistently cutting my winners short. I traded right up to just under my personal daily loss limit, but then stopped trading. I confess, this wasn't easy as crude was just starting to break down... and balance was obviously shifting lower, and I couldn't be in. I reminded myself what my job was, and I wrote down... "It is more important to sacrifice ticks for discipline. I want discipline. I want consistency."
Hello sweet weekend!
-391
+110 Mo Ticks
Yukoner:
(1) Couple of days ago, you asked me what you were supposed to do with the recordings that you have made (capturing your thoughts) in Step 3. They are for visualization exercises. You are building a database so that you can use them when you are ready. I don't think you are ready for those exercises yet, but keep up the discipline you have exhibited the past two days, and we will add on the awareness step in a week. One has to tread slowly in this area -- think baby steps.
(2) Please re-read my post from a couple of days ago. It was not a post written in jest or to be presumptuous. It was written so that you become familiar with a simple yet powerful technique to re-focus your mind when your mind "wanders". Pay special attention to the paragraph that starts with "Now, if a thought related to trading comes to your mind ....". Please try to practice it this weekend, and moving forward. It is much easier to practice when your mind is not stressed than when it is [during trading]. Note: The technique is a general technique, it can be used to refocus your mind back to any task you are doing. So, practice it at any and all given opportunities. You should make this into a habit.
(3) I debated with myself about exposing the two new steps that I said will be added to the Steps, should you demonstrate baseline discipline. I decided that I will let you know of one step, and you decide if you want to incorporate it this upcoming week. As to the other step -- incorporating awareness -- that has to wait.
New Step:
(A) Every Saturday morning or Sunday morning, determine a daily profit target for the upcoming week. This profit target should be based on your understanding of price action and your trading plan, not out of greed. Why every week you ask? Because it is also an exercise in becoming aware of your greed and reigning it back. Why in the weekend as opposed to Monday morning? Because, then you will give yourself a change to make an unhurried, well though out decision devoid of delusion.
After you settle on the daily profit target, modify the steps to include the following:
(1) Take the first trade as per the trading plan;
(2) Note the PnL (or ticks). Immediately do a "go/no-go" analysis and disregard the PnL/Ticks -- "go" if your daily stop limit is not hit/surpassed, or if your daily profit target is not hit/surpassed.
(2.a) If "go" goto step (3).
(2.b) If "no-go",
(2.b.i) If "no-go" is due to stop limit being hit, shutdown the computer, and do something else.
(2.b.ii) If "no-go" is due to profit target being hit, then goto step 5.
(3) When you get the signal for the next trade. Skip the trade. Instead, write the trade down in your notebook. Just sit back and observe the trade as it progresses (this is very important). Document (in audio/book) all your thoughts -- the urges to trade, all the self-talk you have, your feelings etc.
(4) After the trade in (3) is complete, go back to Step(1) and start all over again.
(5) Do exactly as Step (3). Then, shutdown the computer, and do something else.
Notes:
(1) For any reason, when in step (1), you enter a trade not in plan, close the trade, write it down. Shutdown the computer, and walk away.
(2) Do not review the documented emotions as part of step (3) at the end of the day. Instead, review them the following Sunday morning.
You are still allowed to make all trading mistakes in Step 1.
Yukoner, you decide if you want to incorporate this new step next week or wait till Thursday when, hopefully, we will add the awareness step into your routine.
All the best. Have a good weekend.
Regards,
Monoid.
(1) Couple of days ago, you asked me what you were supposed to do with the recordings that you have made (capturing your thoughts) in Step 3. They are for visualization exercises. You are building a database so that you can use them when you are ready. I don't think you are ready for those exercises yet, but keep up the discipline you have exhibited the past two days, and we will add on the awareness step in a week. One has to tread slowly in this area -- think baby steps.
(2) Please re-read my post from a couple of days ago. It was not a post written in jest or to be presumptuous. It was written so that you become familiar with a simple yet powerful technique to re-focus your mind when your mind "wanders". Pay special attention to the paragraph that starts with "Now, if a thought related to trading comes to your mind ....". Please try to practice it this weekend, and moving forward. It is much easier to practice when your mind is not stressed than when it is [during trading]. Note: The technique is a general technique, it can be used to refocus your mind back to any task you are doing. So, practice it at any and all given opportunities. You should make this into a habit.
(3) I debated with myself about exposing the two new steps that I said will be added to the Steps, should you demonstrate baseline discipline. I decided that I will let you know of one step, and you decide if you want to incorporate it this upcoming week. As to the other step -- incorporating awareness -- that has to wait.
New Step:
(A) Every Saturday morning or Sunday morning, determine a daily profit target for the upcoming week. This profit target should be based on your understanding of price action and your trading plan, not out of greed. Why every week you ask? Because it is also an exercise in becoming aware of your greed and reigning it back. Why in the weekend as opposed to Monday morning? Because, then you will give yourself a change to make an unhurried, well though out decision devoid of delusion.
After you settle on the daily profit target, modify the steps to include the following:
(1) Take the first trade as per the trading plan;
(2) Note the PnL (or ticks). Immediately do a "go/no-go" analysis and disregard the PnL/Ticks -- "go" if your daily stop limit is not hit/surpassed, or if your daily profit target is not hit/surpassed.
(2.a) If "go" goto step (3).
(2.b) If "no-go",
(2.b.i) If "no-go" is due to stop limit being hit, shutdown the computer, and do something else.
(2.b.ii) If "no-go" is due to profit target being hit, then goto step 5.
(3) When you get the signal for the next trade. Skip the trade. Instead, write the trade down in your notebook. Just sit back and observe the trade as it progresses (this is very important). Document (in audio/book) all your thoughts -- the urges to trade, all the self-talk you have, your feelings etc.
(4) After the trade in (3) is complete, go back to Step(1) and start all over again.
(5) Do exactly as Step (3). Then, shutdown the computer, and do something else.
Notes:
(1) For any reason, when in step (1), you enter a trade not in plan, close the trade, write it down. Shutdown the computer, and walk away.
(2) Do not review the documented emotions as part of step (3) at the end of the day. Instead, review them the following Sunday morning.
You are still allowed to make all trading mistakes in Step 1.
Yukoner, you decide if you want to incorporate this new step next week or wait till Thursday when, hopefully, we will add the awareness step into your routine.
All the best. Have a good weekend.
Regards,
Monoid.
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@J_Smith certainly we can discuss it, but we will need to do that in a new thread, as this one I have tried hard to keep specific to Trading Psychology. I don't mind discussing trade setups. (just not in this thread) What I have found, is you can give the most perfect ever trading system to a potential trader, and most likely that person will fail at it... because 80% of trading is a mental game. In other words, the holy grail is inside of us...
I'll open a new thread and tag you in it. Thanks.
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Your other toyed with you a bit today – nothing drastic – but nonetheless was present
When he started getting hold – you were able to fend him off / hold him at bay – and continue doing your job
Very Nice!!!!
Coming days – he will get louder / he will become more forceful
He is your exact match – in every way
Need to embrace him…, accept him.., and invite him along
=================================
On a different note
Today was a really good day
I especially like this
=====================
Get some good rest – focus on other things (to give the head a rest)
Monday will be here before we know it…., as will your other
Good Job Yukoner
RN
When he started getting hold – you were able to fend him off / hold him at bay – and continue doing your job
Very Nice!!!!
Coming days – he will get louder / he will become more forceful
He is your exact match – in every way
Need to embrace him…, accept him.., and invite him along
=================================
On a different note
Today was a really good day
I especially like this
=====================
Get some good rest – focus on other things (to give the head a rest)
Monday will be here before we know it…., as will your other
Good Job Yukoner
RN