Yukoner's Psychological Trading Journal

[Yukoner]

Good job today taking something out of CL. Even though there was not much action today, it seemed like you stayed in control, which is key. Sometimes you miss the moves, I guess that is just part of the business. Look at it like your theory was right and that you are getting better at predicting moves, you just missed one. The funny thing is, the better you get, the more your theories will be confirmed, and it will seem like you are missing more moves. Don't get frustrated about it, use it to build your confidence.

I was wanting to probe for a long near the open of the session if price would have went a little lower, but it never happened. Instead, price took off without me and I stayed on the CL sidelines all day because I was not expecting much today and had some things I needed to get done. .

If you don't mind me asking.... What is your initial stop and profit target? Are they fixed, or depend on the situation? Maybe you mentioned this before and I missed it. Just curious...

Happy to answer, but I don't really want to turn this thread into a trading strategy thread as this defeats the purpose of what I am trying to accomplish.

My default stop loss is 14 ticks and my take profit is 30 ticks. However, the stop loss and take profit are usually placed based on market structure and my working assumptions... "If this, then that" I will rarely take a trade that I don't expect to gain at least double my risk.
I trade auction market profile as taught to me years ago by Tom Alexander.

Love trading CL, so much movement, and you never know what it is going to do.

Good Trades,
Yukoner

 

[Fortissimus]

Happy to answer, but I don't really want to turn this thread into a trading strategy thread as this defeats the purpose of what I am trying to accomplish.

My default stop loss is 14 ticks and my take profit is 30 ticks. However, the stop loss and take profit are usually placed based on market structure and my working assumptions... "If this, then that" I will rarely take a trade that I don't expect to gain at least double my risk.
I trade auction market profile as taught to me years ago by Tom Alexander.

Love trading CL, so much movement, and you never know what it is going to do.

Good Trades,
Yukoner

I completely understand not wanting to turn this into that type of journal. I did not mean to get off track. I think what you are doing here is great. I was just curious about how the BE scenario mixed in with your risk/target.

I think CL is a great market to trade too. Best bang for your buck and most efficient to trade if you are limited on time during the day.

 

[Yukoner]

Thanksgiving Day: So topsteptrader has asked all combine and live traders to not trade over the thanksgiving holiday and the Friday (even for us Canadians). Like any oil trader, I have been paying attention to the OPEC talks, and had a plan what I wanted to do if OPEC didn't cut production. This morning when OPEC news came out, I went short in my own live account as per my news trade strategy. Felt more focused about doing the right thing... and the important thing was I believed 70 could easily get broken. So trading felt very easy at that point... actually felt like I was just making widgets.

I then added to the position even though it felt uncomfortable to do so. Mainly because I knew it was the right thing to do. I actually thought this second entry would go against me and I would average out with a smaller win, but that isn't what happened. I just sat there and watched it continue to sell off. Unbelievable move.

I then had to fight with the idea of holding this into next week, which crossed my mind. Realized I was being greedy, and seeing how I was significantly up I covered. As soon as I did that, I felt like I had done the wrong thing. I should have held longer, should have adjusted stops, etc. Crazy, because I had just pulled off one heck of a trade in my live account, and rather than congratulating myself I am actually being hard on myself again. That whole "being wrong" thing that I have struggled with this whole combine.

Then I immediately wanted to get back in again... fought that fear of missing out... then told myself to smarten up, and wait for a retrace.... and that it would be good to take a break. Which I did.

Learning so much about how to become a better trader... really feels like I am on the fast track.

 

[Redneck]

Learning so much about how to become a better trader... really feels like I am on the fast track.

Not to be a buzz kill


Learning the right things - on a conscious level - is pretty easy - and straightforward (what rational thinking mind couldn't derive the logical..., the beneficial)


Assimilating these right things - into the subconscious - so they become our default way of acting (without thinking)

So they become our way of acting - under stress / when shit is hitting the fan / when life is throwing curve balls - during the good times..., bad times..., all the time (the human condition)

That takes time..., and a hellofa lot of concerted effort

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

Beliefs / default (subconscious) way of being / acting - can be changed (I have)


But again - there will be times when you take 3 steps forward..., then almost immediately 14 steps back

It is frustrating as hell (and this admittedly a gross understatement)

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

Maybe your Psych Coach can help reduce / mitigated these back steps..., or traversing the hurtles (I did not have a coach at the time).... so I don't know


But at least be aware of the challenges..., and speak to your coach so he / she on the lookout as well

Anything that can help reduce / possibly even eliminate the unnecessary bullshit - is all good

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



Aside


In reworking my beliefs - I literally went full circle - and ended up where I started

But the shit I initially thought important / clung to

Doesn't even factor in now

Granted the non beneficial stuff still inside me..., but now...

It just doesn't matter



Don't know..., maybe this aside sounds stupid..., even crazy

But it true

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


just my dumbass opinion mind you

RN

 

[jsmacksem]

Not to be a buzz kill


Learning the right things - on a conscious level - is pretty easy - and straightforward (what rational thinking mind couldn't derive the logical..., the beneficial)


Assimilating these right things - into the subconscious - so they become our default way of acting (without thinking)

So they become our way of acting - under stress / when shit is hitting the fan / when life is throwing curve balls - during the good times..., bad times..., all the time (the human condition)

That takes time..., and a hellofa lot of concerted effort

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

Beliefs / default (subconscious) way of being / acting - can be changed (I have)


But again - there will be times when you take 3 steps forward..., then almost immediately 14 steps back

It is frustrating as hell (and this admittedly a gross understatement)

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

Maybe your Psych Coach can help reduce / mitigated these back steps..., or traversing the hurtles (I did not have a coach at the time).... so I don't know


But at least be aware of the challenges..., and speak to your coach so he / she on the lookout as well

Anything that can help reduce / possibly even eliminate the unnecessary bullshit - is all good

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



Aside


In reworking my beliefs - I literally went full circle - and ended up where I started

But the shit I initially thought important / clung to

Doesn't even factor in now

Granted the non beneficial stuff still inside me..., but now...

It just doesn't matter



Don't know..., maybe this aside sounds stupid..., even crazy

But it true

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


just my dumbass opinion mind you

RN

Great words. Resonated with a lot that I'm learning in Douglas book. Beliefs are very powerful.

But the ones with negative energy can be de activated. Not forgotten, but power lost.

We think, say, do, according to what we believe.

Boy do I have a lot of work.

Never thought trading could turn one into a psychologist.

I'm new but wanted to contribute.

I wish you the best yukoner.

 

[Redneck]

Beliefs are very powerful.


But the ones with negative energy can be de activated.

Beliefs are powerful - people / nations / entire civilizations - have fought..., and died for beliefs

Kin have killed each other for beliefs

Entire religions built on beliefs

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


Yes beliefs can certainly be de-energized - and that is exactly what must happen


De-energize the bad / unnecessary beliefs - then replace them with constructive / supportive beliefs

Bitch is - don't be surprised if you find beliefs - that on the surface appear to have nothing to do with trading - but must be de-energized / changed - so successful trading can happen


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

The human mind is such a powerful..., wondrous..., and mysterious place

Unlimited potential..., yet completely debilitating..., and totally destructive constraint

Built right - the bitch is a ceaseless - unstoppable.., workhorse - for success

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

btw

Build a belief wrong - it'll take 4X the effort to eliminate and rebuild correctly - I know this


And...,here is the real pisser

If beliefs are simply energy that can..., with effort..., be de-energized

Then what..., and why - the hell do we believe in anything - in the first place

Trading will change a person



So now...., how deep down the wormhole shall we travel today


Just a little sumthin..., sumthin - to ponder


RN

 

[Fortissimus]

Thanksgiving Day: So topsteptrader has asked all combine and live traders to not trade over the thanksgiving holiday and the Friday (even for us Canadians). Like any oil trader, I have been paying attention to the OPEC talks, and had a plan what I wanted to do if OPEC didn't cut production. This morning when OPEC news came out, I went short in my own live account as per my news trade strategy. Felt more focused about doing the right thing... and the important thing was I believed 70 could easily get broken. So trading felt very easy at that point... actually felt like I was just making widgets.

I then added to the position even though it felt uncomfortable to do so. Mainly because I knew it was the right thing to do. I actually thought this second entry would go against me and I would average out with a smaller win, but that isn't what happened. I just sat there and watched it continue to sell off. Unbelievable move.

I then had to fight with the idea of holding this into next week, which crossed my mind. Realized I was being greedy, and seeing how I was significantly up I covered. As soon as I did that, I felt like I had done the wrong thing. I should have held longer, should have adjusted stops, etc. Crazy, because I had just pulled off one heck of a trade in my live account, and rather than congratulating myself I am actually being hard on myself again. That whole "being wrong" thing that I have struggled with this whole combine.

Then I immediately wanted to get back in again... fought that fear of missing out... then told myself to smarten up, and wait for a retrace.... and that it would be good to take a break. Which I did.

Learning so much about how to become a better trader... really feels like I am on the fast track.

That's awesome you caught that short. It dropped like a stone today. Incredible....

Don't get down on yourself, you had a plan, you followed it, and it worked out well. I can assure you that some of the top CL traders in the business that shorted today's bloodbath did not catch the entire move and it probably didn't even phase them. You seem like you are real tough on yourself. Is that the case? I have that problem myself, big time. Or maybe you are a perfectionist?

It always seems like the most uncomfortable trades to take turn out to be the best ones. I hate adding to trades because it makes me feel very uncomfortable at times. Actually, that's why I only do it now when I have already booked profits for the day because I cannot psychologically handle it right now. But when I do and it works, holy shit is it powerful. Holding winners and adding when warranted can put you in another league if you can master it IMHO.

Once again, great job today and keep up the good work.

Fortissimus

 

[jsmacksem]

Beliefs are powerful - people / nations / entire civilizations - have fought..., and died for beliefs

Kin have killed each other for beliefs

Entire religions built on beliefs

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


Yes beliefs can certainly be de-energized - and that is exactly what must happen


De-energize the bad / unnecessary beliefs - then replace them with constructive / supportive beliefs

Bitch is - don't be surprised if you find beliefs - that on the surface appear to have nothing to do with trading - but must be de-energized / changed - so successful trading can happen


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

The human mind is such a powerful..., wondrous..., and mysterious place

Unlimited potential..., yet completely debilitating..., and totally destructive constraint

Built right - the bitch is a ceaseless - unstoppable.., workhorse - for success

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

btw

Build a belief wrong - it'll take 4X the effort to eliminate and rebuild correctly - I know this


And...,here is the real pisser

If beliefs are simply energy that can..., with effort..., be de-energized

Then what..., and why - the hell do we believe in anything - in the first place

Trading will change a person



So now...., how deep down the wormhole shall we travel today


Just a little sumthin..., sumthin - to ponder


RN

If trading doesn't change a person, I'd imagine at this point they're in for hard/unsuccessful journey.

That wormhole is pretty deep. Call me Alice.

-JS

 

[Redneck]

Human nature..., by default - resists change

That too must change

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

Wormhole depth - is another bassackward phenomena

It only need be as deep - as is necessary to facilitate change



Come full circle - all of it still exists - but none of it matters



Wheels on the bus go round and round..., round and round..., round and round

or..., am I simply a hamster on a hamster wheel



RN

 

[Yukoner]

Day after Thanksgiving: Once again trading my own account, and doing very well. Low stress and now significantly up for the day (short the swing high), and debating whether I should hold through the weekend. My teacher would have kept the position on but cut part of it (and as I type this, I realize that is what I should do... so I take half off and adjust stop). Now holding it through the weekend.

Today, and perhaps yesterday, I came to a realization about myself. The separation from my wife had significantly damaged my confidence. I'm only starting to now feel like I am getting that confidence back. I am sure it is normal, but when you are in the midst of turmoil you have no idea how damaged you become. Which obviously affects your confidence, because how can you stay positive in trading probabilities if you are surrounded by negative. (Yes, I know @Redneck has been telling me this... and it is sinking through). Starting to feel stable now though, and that is a healthy thing.

I told my psych coach today, it isn't "If I pass a combine", but it is "When I pass a combine"... it is just a matter of time and trading. I need to just trade at TST like I know how to trade, and let my winners work and the probabilities sort themselves out.

Over the weekend I'm going to figure out my plan for next week. Should I keep static stops and take profit (the experiment), or if I go back to the regular way of trading. I am working on a couple of ideas, and will post which one I choose. I don't want to deviate from my trading plan, yet I was consistently doing that by cutting my winners short so my desire is form rules that will help me to stick with my methodology.