Handle 123, how quickly do you go to B/E? Is it just within the 3 minutes if price doesn't move? I'm pretty sure you target 1-2 ticks if you are under water after 3 minutes but what if your trade is working? When do you go to B/E at that point? Thanks for any answers. Hope you are doing well. It's amazing that you are posting your CL charts in this thread.
Yukoner's 2015 Psychological Journal
- Thread starter Yukoner
- Start date
Handle 123, how quickly do you go to B/E? Is it just within the 3 minutes if price doesn't move? I'm pretty sure you target 1-2 ticks if you are under water after 3 minutes but what if your trade is working? When do you go to B/E at that point? Thanks for any answers. Hope you are doing well. It's amazing that you are posting your CL charts in this thread.
I will go to "BE" between 3 and 3 & 20 seconds, if I am at BE, I have to wait as by time I hit market I would lose 1-2 ticks, so I often hit bid/ask. Some of what is happening at time affects going to BE faster like added tops/bottoms showing delay in pushing higher/lower, I like going to plus 1-2 ticks at 7/8 ticks. I do use volume stops which always means slippage of 1-2 ticks, but I get to cheat, I won't say where I have the volume stop set at though, when you trade pre-market, volume not the best but trading is consistent. And yes, I average down on each level up to 8 levels, so when I get a ton of plus one tick winners, that is on original entry. I have automated systems that trade day session on much easier concepts, but all have same money management rules. I either going to get profits in so much time or I get out as I don't want to lose the added contracts profits. And I can get out at loss on original and still make overall gain cause of added. What is happening to highs/lows means a great deal, uptrend you want to see equal or higher lows and equal or lower highs for downtrend, talking about pivots. I post ES chart in ES Journal.
Trying to show Yukoner to do same things each and everyday, nothing changes if the system is viable to start and if it is, just trade it.
Day #3 - Ended up going to sleep quite late... as I was out celebrating a friend's 40th birthday party.... woke up around the same time, but still was really tired so slept until I felt rested.
Went into the day, not even sure I was going to trade. I was monitoring myself pretty close.
Reflecting on today, it seems like every day there is a struggle inside of me between the old way of doing things... and the new way. I find myself at times in the new way.... but then again, so easy to slip back into the old way. Sometimes it is just super easy to trust the plan and let it work... and other times it is crazy hard.
I got into a rut towards the end of my trading day, just way to focused on the price action... like if I concentrated really hard I would somehow see something happen. Silly, I know. I did catch myself... and I start asking myself this... why do I feel tense, focused, angst, heightened? My answer probably will be, I am not trading the plan...
I need to just sit there and wait for the A+ setups... and then trade them accordingly.
-477
Went into the day, not even sure I was going to trade. I was monitoring myself pretty close.
Reflecting on today, it seems like every day there is a struggle inside of me between the old way of doing things... and the new way. I find myself at times in the new way.... but then again, so easy to slip back into the old way. Sometimes it is just super easy to trust the plan and let it work... and other times it is crazy hard.
I got into a rut towards the end of my trading day, just way to focused on the price action... like if I concentrated really hard I would somehow see something happen. Silly, I know. I did catch myself... and I start asking myself this... why do I feel tense, focused, angst, heightened? My answer probably will be, I am not trading the plan...
I need to just sit there and wait for the A+ setups... and then trade them accordingly.
-477
Yukoner, I will go over each signal, they taped to my laptop so my eyes don't have to be moving too far away from screen, maybe full minute looking at them, reminding myself as I will forget little things from time to time. I don't look at yesterdays trades much as they will give me a bias, so my example trades are from perfect signals, so they give me an insight of what I should look.
So you saying yesterday you didn't take A+ trades, you took non-system trades? Then you meant to lose on purpose then, plain and simple, right? If you here for killing time, go water the grass, if you are here to make money, you sit on your hands.
Today was chop most of the time I traded, but "STAYED THE COURSE", I do what I always do, same trades, same patterns, same time management, same coffee, same.....lots of trades often means plenty of chop and why I have 7-8 platforms open, lots of plus one trades. I have four for buys and four for sells so I don't get confused, each in different color for different signals and can change color quickly, just don't want to lose track of what where on chart trade is. I don't trade on chart as can't stand all the arrows/triangles, they confuse me.
All have great weekend. Cheers.
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That is so true. I do not purposely daytrade but I have spent a lot of time looking at the screen and spotted a few situations to place daytrades. For a daytrader my win days % would be great but then I only do it perhaps one a month if the ideal setup arises. If not I give it a miss. Maybe its easier since I feel no pressure to place the trades.
Most of the setups today fulfilled criteria in either direction. Felt more like gambling than trading...pick a color, red or black
Monday = No trading
Tuesday =
Wednesday =
Thursday =
Went from no trades..., to trading correctly (1 day)..., to shear mental chaos (last two days)
What the hell happened YK?
eta - I have an idea - but would rather hear it from you
RN
Tuesday =
Wednesday =
Thursday =
Went from no trades..., to trading correctly (1 day)..., to shear mental chaos (last two days)
What the hell happened YK?
eta - I have an idea - but would rather hear it from you
RN
Day #4 - Slept well, and went into the day feeling okay. However, I just have way too much on my plate right now with my business. (Partner has had surgery, so pulling double duty) It was obvious when my phone starting lighting up at 6:30 am.
Today, again I was just dealing with fighting stupid old trading behavior. I could just feel it creeping in, and stopping me from being impartial. It is that I just keep being worried about losses. I really need to overcome that and change my thinking.
So yea, I fell into that trap for a bit, caught myself... took a break... then went what the heck, just trade what you know to do. I was down for the day. I put two subsequent trades on, and left them alone to just work out. Both winners. Exactly as per plan. I stopped after that, and just called it a day.
When I get into that relaxed mode, I trade well... because I see the market state so much clearer. I just have to stay in that mode AFTER having a couple of losing trades, because then I get worried about my losses... and that deviates me from the trading plan. Another thing, is I often can see the market much better after the first couple of hours of trading... so maybe this is something I need to consider.
Lastly, right now I really need to monitor my psych capital, and only trade if I am rested and able to focus on the market. The work stuff can get to you...
-226
Today, again I was just dealing with fighting stupid old trading behavior. I could just feel it creeping in, and stopping me from being impartial. It is that I just keep being worried about losses. I really need to overcome that and change my thinking.
So yea, I fell into that trap for a bit, caught myself... took a break... then went what the heck, just trade what you know to do. I was down for the day. I put two subsequent trades on, and left them alone to just work out. Both winners. Exactly as per plan. I stopped after that, and just called it a day.
When I get into that relaxed mode, I trade well... because I see the market state so much clearer. I just have to stay in that mode AFTER having a couple of losing trades, because then I get worried about my losses... and that deviates me from the trading plan. Another thing, is I often can see the market much better after the first couple of hours of trading... so maybe this is something I need to consider.
Lastly, right now I really need to monitor my psych capital, and only trade if I am rested and able to focus on the market. The work stuff can get to you...
-226
Hi Yukoner, I hope you don't mind me posting an off-topic question for redneck as he appears to be most active in your thread.
Hi redneck sir, I hope you could elaborate further on some comments you made on another thread. I was waiting for your response on the other thread but you never did and that's why I`m hoping you could shed further light.
In particular, it was the following:
k p said:
with enough careful analysis, you can see which trades require a bigger stop,
k p said:
High win rate and small profits per trade are almost the exact opposite strategy of low win rate but a high profit per trade.
Both these statements are inaccurate KP
RN
Especially for the second statement, I had assumed it was true but I have ever.read.someone. whom I respect.say.that.she.has.a.high prob setup where reward is several times the risk.
I would.appreciate if you could give more details.
Thanks.
Hi redneck sir, I hope you could elaborate further on some comments you made on another thread. I was waiting for your response on the other thread but you never did and that's why I`m hoping you could shed further light.
In particular, it was the following:
k p said:
with enough careful analysis, you can see which trades require a bigger stop,
k p said:
High win rate and small profits per trade are almost the exact opposite strategy of low win rate but a high profit per trade.
Both these statements are inaccurate KP
RN
Especially for the second statement, I had assumed it was true but I have ever.read.someone. whom I respect.say.that.she.has.a.high prob setup where reward is several times the risk.
I would.appreciate if you could give more details.
Thanks.
There's an old adage along the lines of "You can't think your way into right action; you have to act your way into right thinking."
Although being rested, focused, and relaxed is the "breakfast of champions" for a day trader, this foundation cannot overcome negative habits. Replacing negative habits with positive habits requires redirecting yourself as soon as the negative triggers begin.
Create two columns. In the left column write your negative triggers (thoughts/feelings that are counter to, or irrelevant to, your trading plan). In the right column write the action you will take to redirect yourself.
Here's an example of a trigger (thought) and a redirect (action):
Column I: I see a setup and I think "If it's a loser..."
Column II: Immediately place the order, stand up and shout, "I'm a professional trader because I follow my business plan!"
Negative triggers are the result of thoughts/feelings ("I'll lose X dollars if this fails", "Let's just watch the first few setups and see how the action is today", "I have to make at least $$ to get back to even", "I should go long here but it feels really weak", "WTF, stopped out at the high tick!)
Doing something different when the negative triggers begin is uncomfortable at first, but as you push through the discomfort and experience the positive results ("I put two subsequent trades on, and left them alone to just work out. Both winners. Exactly as per plan."), you're making a significant deposit into your psychological bank account.
The next thing to do is to treat wrong action in the same manner an employer would. You've employed Yukoner to trade your capital and generate a decent return on investment over time. You've trained Yukoner how to recognize opportunities and how to execute and manage trades according to your business plan. However, Yukoner's been extremely inconsistent. When he follows your rules, the result is fine, but he's been second-guessing you, thinking he can do better, and the result is very bad.
You've given him notice that as soon as he violates a rule, he has to take the day off without pay. This will prevent a potential downward spiral.
Although being rested, focused, and relaxed is the "breakfast of champions" for a day trader, this foundation cannot overcome negative habits. Replacing negative habits with positive habits requires redirecting yourself as soon as the negative triggers begin.
Create two columns. In the left column write your negative triggers (thoughts/feelings that are counter to, or irrelevant to, your trading plan). In the right column write the action you will take to redirect yourself.
Here's an example of a trigger (thought) and a redirect (action):
Column I: I see a setup and I think "If it's a loser..."
Column II: Immediately place the order, stand up and shout, "I'm a professional trader because I follow my business plan!"
Negative triggers are the result of thoughts/feelings ("I'll lose X dollars if this fails", "Let's just watch the first few setups and see how the action is today", "I have to make at least $$ to get back to even", "I should go long here but it feels really weak", "WTF, stopped out at the high tick!)
Doing something different when the negative triggers begin is uncomfortable at first, but as you push through the discomfort and experience the positive results ("I put two subsequent trades on, and left them alone to just work out. Both winners. Exactly as per plan."), you're making a significant deposit into your psychological bank account.
The next thing to do is to treat wrong action in the same manner an employer would. You've employed Yukoner to trade your capital and generate a decent return on investment over time. You've trained Yukoner how to recognize opportunities and how to execute and manage trades according to your business plan. However, Yukoner's been extremely inconsistent. When he follows your rules, the result is fine, but he's been second-guessing you, thinking he can do better, and the result is very bad.
You've given him notice that as soon as he violates a rule, he has to take the day off without pay. This will prevent a potential downward spiral.