Yukoner's 2015 Psychological Journal

[Yukoner]

Day #1 - Did my homework the night before in case I might trade today, then circumstance dictated that I probably wouldn't have the time to trade. However, later on my morning did work out that I had the available time.

So I was paying attention to crude after the EIA report, and I thought "Do I really want to trade today?"... My answer was, if crude came down to a certain level, well I would love to be a buyer. At the time, it seemed unreasonable to expect that to happen.... but I put in an order and let it work. About 20 mins later I was filled.

Now I am trading. All I can do is rely on what I know to do. Interesting enough, I was strangely calm and almost disinterested (the way I want to be when I trade). Closed it out with a profit.

Then I saw another setup long, and I took it, and I added... but then nothing happened, and it came back down to where I was basically breakeven on the trade. So then it just didn't do anything... and I could feel the frustration build... and at one point, I remember saying out loud a few times... "Cmon oil, lets go, lets move". I realized I wasn't calm (too emotional attached to "being right")... I was reverting to old behavior... so I took off one of the contracts, and I adjusted my protective stop to where it should sit to invalidate the trade... and I left it alone. About 25 minutes later it had finally started moving, and I closed it out with a 33 tick profit.

I watched a bit more, then my time was up as I wouldn't be able to focus... so I called it quits for the day, and left it alone. Felt good to be getting back into the swing of it...

+548

 

[Yukoner]

Day #2 - (Writing this on Saturday morning) Yesterday was a day that I had to deal with fear. I was fearful about losses, about not doing everything correctly, and I actually waited quite a while before I put a trade on.

Once I was trading, again I had to battle with that fear, and so I had to pause... and reminded myself of what did I really have to fear? My kids would be fine, I would still eat and life would pretty much be the same.

So I had a hard time trading, in a day where oil just kept going straight up. The next time this happens, I must just keep slowing myself down, breathing well, and double checkmark that I am following my plan.

First real weekend off in two months.... and it is absolutely gorgeous here! Heading over to the west coast to do some surfing. Hello sweet weekend!

+51

 

[Redneck]

Day 1, trade 1

I was strangely calm and almost disinterested (the way I want to be when I trade).

Day 1, rest of trades

I could feel the frustration build

I wasn't calm (too emotional attached to "being right").

I was reverting to old behavior..

=========================
Day 2

I had to deal with fear.

I was fearful about losses, about not doing everything correctly

I had to battle with that fear,

=====================

I was reverting to old behavior..

Felt good to be getting back into the swing of it...

Till you see..., then resolve - the reality of things

This is exactly what we have...., this is all we have...., and this is all we'll ever have

Everything else..., up to and including any profit - is simply noise YK..., a diversion if you prefer


============

A sound trader (psychology speaking)..., can take a piss poor plan - and make money consistently

A piss poor trader (psychology speaking)..., will take the best plan - and blow it every time

Or at best...., trade with roller coaster emotions..., resulting in roller coaster results

==============

Felt good to be getting back into the swing...

reverting to old behavior..

Yup..., unfortunately

RN

 

[Handle123]

Day #1 - Did my homework the night before in case I might trade today, then circumstance dictated that I probably wouldn't have the time to trade. However, later on my morning did work out that I had the available time.

So I was paying attention to crude after the EIA report, and I thought "Do I really want to trade today?"... My answer was, if crude came down to a certain level, well I would love to be a buyer. At the time, it seemed unreasonable to expect that to happen.... but I put in an order and let it work. About 20 mins later I was filled.

Now I am trading. All I can do is rely on what I know to do. Interesting enough, I was strangely calm and almost disinterested (the way I want to be when I trade). Closed it out with a profit.

Then I saw another setup long, and I took it, and I added... but then nothing happened, and it came back down to where I was basically breakeven on the trade. So then it just didn't do anything... and I could feel the frustration build... and at one point, I remember saying out loud a few times... "Cmon oil, lets go, lets move". I realized I wasn't calm (too emotional attached to "being right")... I was reverting to old behavior... so I took off one of the contracts, and I adjusted my protective stop to where it should sit to invalidate the trade... and I left it alone. About 25 minutes later it had finally started moving, and I closed it out with a 33 tick profit.

I watched a bit more, then my time was up as I wouldn't be able to focus... so I called it quits for the day, and left it alone. Felt good to be getting back into the swing of it...

+548

As RN points out there are "A piss poor trader (psychology speaking)...," well Yukoner, I am very much a Piss Poor trader, I have known this about me and day trading from day one, BUT I have one incredible Trading Plan after all these years, once learned all the rules, an elephant could make money(elephants supposed to be able to remember?), so as soon as I put on a trade and after taking 100,000 trades in my lifetime, I still get brief uptight nerve tightness in body, but I have trained myself to let go, root for myself, hell even the neighbor has asked what I was screaming about when they hear "Go Go GOOOOOOOO you son of a b.tch..", I detest losing and if profitable by so much, the bastards not going to screw me, am going to get at least a tick. No way I can sit there like you do and wait so long, I figure on taking out a tick then getting in lower.

You not going to get rid of most of your feeling, but you will learn to live with them and best when you can handle them not to take over you life and trading.

 

[monoid]

A sound trader (psychology speaking)..., can take a piss poor plan - and make money consistently

@Redneck:
If by "piss poor plan" you mean a trading plan which does not show positive expectancy, then I will have to respectively disagree with your statement -- No amount of 'sound' psychology can overcome deficiency in one's trading methodology.
If that is not your definition of "piss poor plan" can you please elaborate further?

Regards,
Monoid.

 

[Redneck]

You not going to get rid of most of your feeling, but you will learn to live with them and best when you can handle them not to take over you life and trading.

3 different people are assigned the same task

This task requires minimal physical effort..., and only 2 actions (hit a mouse key) that will result in one of two outcomes (enter / exit)..., or stand pat

However..., this task does require clear thinking so as to result in consistent..., repetitive..., and correct - action


Person 1 - has a lot of internal noise -> not able to think clearly / nor act consistently correct



Person 2 - has the same internal noise - but is able to set it aside enough -> to think clearly / act consistently correct

Person 3 - minimal internal noise -> is able to think clearly -> act consistently correct


YK is person 1

I'm trying to drive it into him - he needs to become person 2..., even 3



He's being influenced by external stimuli (the mkt / PA action) that has absolutely nothing to do with him (he can't control it..., he can't influence it..., he can't predict it)

Yet he is unable to separate from it and maintain emotional control throughout a session - for that matter even 1 trade

RN

 

[Redneck]

@Redneck:
If by "piss poor plan" you mean a trading plan which does not show positive expectancy, then I will have to respectively disagree with your statement -- No amount of 'sound' psychology can overcome deficiency in one's trading methodology.
If that is not your definition of "piss poor plan" can you please elaborate further?

Regards,
Monoid.

Hey MO

There a few ways I could go about answering this

I'll stick to the one that addresses YK..., and the point I'm trying to drill into him

But first - the whole notion of positive expectancy, for a manual trader - is false hope - imo of course

It (the term positive expectancy) has also been proselytized by shills to take advantage of manual traders

I will completely agree "positive expectancy" is useful to automated traders, where, what they do is turn on a computer and allow their program to trade (completely objectively)



Manual traders - it has as much to do with what they do (their plan)..., as it does with - when..., and how they go about doing it

Now one might respond; but the plan is supposed to detail the what.., along with the when and how- is it not???

Which is where I could go off in a few ways, instead I'll stick to the intent of this journal

============

YK is not implementing his plan objectively - and because he is not - all consistency is out the window

He..., imo..., needs to get over / past / beyond all the internal noise (bullshit) - and get to the business of trading

In my vernacular - get over / past / beyond - could mean resolve it..., and/or - it could mean get to a point where he able to set it aside while he trades

Either way.., works just as well

==========

In the meantime MO - a little something to chew on

I'm a manual trader..., and my plan has a "positive expectancy"

Well..., this trade is losing..., yeah..., but my plan has a positive expectancy..., well crap..., this trade is losing more..., yeah..., but my plan has a positive expectancy..., damn it!!!!..., this trade just broke my account - to hell with that positive expectancy

I get "positive expectancy" is over a series of trades...., but then I also get the above

The trading death slope becomes quite slippery after that initial step- best we never take that step

Never underestimate a person's ability to screw up an anvil - even if that anvil titanium

RN

 

[Yukoner]

Day #3 - Took my time this morning to get into trading. Was rested, relaxed, and felt great after a really solid weekend.

Went into trading asking myself "What market state are we in?" and reminding myself to keep asking that throughout the day. Overall I was identifying the trade setups quite well, yet still had a bit of fear holding me back. Reminded myself that I just needed to stick with the plan.

At one point I could feel some angst, or frustration build... and I realized what was happening, and thought... "Ok, just trade through it". But then I realized, that is exactly the wrong thing to do and what I would have tried to do in the past. So I got up, I moved around, I got away from the computer and I didn't come back until I could feel that calm state again.

I also, found myself not really caring about the last trade. Just wanting to trade correctly the next one.

A bit later in the day as we were getting near the pit close, I again started feeling myself worrying about giving back profit... so I asked myself... "Why keep trading?" There really wasn't any reason... so I stopped... and I just watched.
I am trying really hard to only trade from a calm place.

+309

 

[Redneck]

I realized, that is exactly the wrong thing to do and what I would have tried to do in the past. So I got up, I moved around, I got away from the computer and I didn't come back until I could feel that calm state again.

Good Job YK

I am trying really hard to only trade from a calm place.

It's a bitch at times..., but it's also the only way we can perform consistently

Make this your #1 priority above all else - and whenever you're not - cease trading till you get there

RN

 

[Handle123]

Day #3 - Took my time this morning to get into trading. Was rested, relaxed, and felt great after a really solid weekend.

Went into trading asking myself "What market state are we in?" and reminding myself to keep asking that throughout the day. Overall I was identifying the trade setups quite well, yet still had a bit of fear holding me back. Reminded myself that I just needed to stick with the plan.

At one point I could feel some angst, or frustration build... and I realized what was happening, and thought... "Ok, just trade through it". But then I realized, that is exactly the wrong thing to do and what I would have tried to do in the past. So I got up, I moved around, I got away from the computer and I didn't come back until I could feel that calm state again.

I also, found myself not really caring about the last trade. Just wanting to trade correctly the next one.

A bit later in the day as we were getting near the pit close, I again started feeling myself worrying about giving back profit... so I asked myself... "Why keep trading?" There really wasn't any reason... so I stopped... and I just watched.
I am trying really hard to only trade from a calm place.

+309

At a boy, don't need to get every last signal, make some dough and leave, big thing is being consistent. You know what you need to do to make all your dreams come true, just do it.