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The Beast Slayer, Lance's NQ Trading Journal


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The Beast Slayer, Lance's NQ Trading Journal

  #1031 (permalink)
 lancelottrader 
west palm beach florida usa
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Still trying to figure out how I took a great day that was profitable and turned it into a losing session. Totally failed to read some bad market conditions that happened after 10 am est in NQ .



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  #1032 (permalink)
 
xplorer's Avatar
 xplorer 
London UK
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lancelottrader View Post
Still trying to figure out how I took a great day that was profitable and turned it into a losing session. Totally failed to read some bad market conditions that happened after 10 am est in NQ .

Lance,

Thank you for your continued posting of these videos. I think only people who don't take trading seriously would say this session was embarassing.

Most of us struggle with keeping emotions and objectivity in check when in front of the trading screen. Some even do so when SIM trading.

As far as I can tell you appear to have an enviable track record, by most accounts. Enviable does not equal flawless in my view, in fact I strongly believe that mastery comes from many many iterations of highs and lows.

"The master has failed more times than the beginner has even tried" probably sounds like a platitude but in my view there's a fundamental truth in that, which is, as long as one keeps going, improvement - at any level - is always possible.

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  #1033 (permalink)
 lancelottrader 
west palm beach florida usa
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xplorer View Post
Lance,

Thank you for your continued posting of these videos. I think only people who don't take trading seriously would say this session was embarassing.

Most of us struggle with keeping emotions and objectivity in check when in front of the trading screen. Some even do so when SIM trading.

As far as I can tell you appear to have an enviable track record, by most accounts. Enviable does not equal flawless in my view, in fact I strongly believe that mastery comes from many many iterations of highs and lows.

"The master has failed more times than the beginner has even tried" probably sounds like a platitude but in my view there's a fundamental truth in that, which is, as long as one keeps going, improvement - at any level - is always possible.

Thank you, I appreciate your comment. I guess what bothers me the most is that I have a procedure in place after a few losses in a row, and I failed to do it. The procedure calls for me to leave the room and do a few minutes of slow breathing (which calms down the pulse rate and adrenaline). Then I am supposed to return and objectively evaluate my emotional and cognitive state...Then, try to determine what prevailing market conditions I am seeing. Only after that is done, should I resume trading. I kind of skipped that today.

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  #1034 (permalink)
 
CannonTrading's Avatar
 CannonTrading   is a Vendor
 
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Hi,

Any crude oil investors who are looking for at least 6 months or longer with live account results algo trading system, I'd recommend one of the iSystem called CIRUS RZ CRUDE OIL DRAKE and LAG_CRUDEOIL_12

https://cannon.isystems.com/System/PerformanceSheet?Id=21210

https://cannon.isystems.com/System/PerformanceSheet?Id=11082

PM with any questions about Cannon Trading (800) 454-9572 (310) 859-9572. Trading commodity futures, forex and options involves substantial risk of loss. The recommendations contained in this post are of opinion only and do not guarantee any profits. These are risky markets and only risk capital should be used. Past performance is not necessarily indicative of future results.
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  #1035 (permalink)
 
xplorer's Avatar
 xplorer 
London UK
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lancelottrader View Post
I guess what bothers me the most is that I have a procedure in place after a few losses in a row, and I failed to do it. The procedure calls for me to leave the room and do a few minutes of slow breathing (which calms down the pulse rate and adrenaline). Then I am supposed to return and objectively evaluate my emotional and cognitive state...Then, try to determine what prevailing market conditions I am seeing. Only after that is done, should I resume trading. I kind of skipped that today.

Yep, I get it.

I think it has all to do with mental state. When in "cold and calculating" mental state, we plan and set up the procedures: we know we are supposed to have an 'emergency switch' to hit in case of issues.

Trouble is, when we are in "panic mode", whatever rule we had planned risks to be either forgotten or blatantly ignored. It's like there's a different person behind the wheel. I tend to equate this dichotomy to me being either outside or inside of a box. When outside, I can see all the labels and instructions stuck to the box (I am in the objective state of mind). But if I am in the heat of the moment, it means I am inside the box, so all the instructions are kind of invisible to me.

Not sure whether the allegory makes sense. There's a few posts illustrating this here and here.

Of course I don't mean to teach my grandmother to suck eggs, meaning, I am aware of your expertise level as well as your helpful videos about managing stress and emotions.

If anything, it's just more literature around the same thorny subject of trading psychology.

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  #1036 (permalink)
 lancelottrader 
west palm beach florida usa
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xplorer View Post
Yep, I get it.

I think it has all to do with mental state. When in "cold and calculating" mental state, we plan and set up the procedures: we know we are supposed to have an 'emergency switch' to hit in case of issues.

Trouble is, when we are in "panic mode", whatever rule we had planned risks to be either forgotten or blatantly ignored. It's like there's a different person behind the wheel. I tend to equate this dichotomy to me being either outside or inside of a box. When outside, I can see all the labels and instructions stuck to the box (I am in the objective state of mind). But if I am in the heat of the moment, it means I am inside the box, so all the instructions are kind of invisible to me.

Not sure whether the allegory makes sense. There's a few posts illustrating this here and here.

Of course I don't mean to teach my grandmother to suck eggs, meaning, I am aware of your expertise level as well as your helpful videos about managing stress and emotions.

If anything, it's just more literature around the same thorny subject of trading psychology.

Thank you. Some very good points in your message. I appreciate them.

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  #1037 (permalink)
 lancelottrader 
west palm beach florida usa
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Experience: Advanced
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After the automated Trading catastrophe, I went back to manual trading and decided to seek out something beyond the Wizetrade system I had been using. I started reading threads on a forum called Forex factory. I found that most of the posts had a similar pattern. Some forum memeber would announce his new "system"..complete with elaborate rules, bar types, charting and indicators. Usually several followers would make approving remarks and a few would sometimes be disparaging. Usually after a few weeks, the new posted "system" would undergo a series of changes. This would continue until the evolved system bore very little resemblance to the original. The one thing that remained constant was the lack of consistent results.

Then I found a thread that caught my eye..literally. I saw a series of Chart screenshots that were unlike anything I had ever seen. They were on a 1 second timeframe and were comprised of a multitude of bright colored moving averages of some sort, resembling a psychedelic kaleidescope. All the screenshots were of winning trades followed by cryptic comments like, "Charge on..the Universe awaits." When asked any question about his charts or methods, the person would write things like, "It's just like the noble Crane..who watches all the little fishes swim by..and waits for his perfect moment." Then usually some responses would be made by his very enthusiastic accolytes..like, "It works every time!" Follow the method and you can not fail!" If anyone dared question the Trading Sensei, the followers would rip into that person with venemous remarks. Naturally, I wasn't really buying into this whole Trading Master and his loyal disciples gimmick, at first...but I was intrigued.

I started experimenting with very small time frames and trying to duplicate some of the entries I saw on these multicolored charts. I saw some results but they were fairly uneven. Then, the Trade Master came out with this signal you could subscribe to. It would produce this red dot on the price line along with some sort of red and green bands on the bottom of the chart. When the dot, setup, and banding were in alignment, you would take an entry. To my complete surprise, the signal actually worked pretty well. I became a subscriber and traded the signal live and on Sim for two months. I was fairly pleased with my results. Then , one day, the signal was no longer available. I became rather upset and messaged the Guru and asked what happened to his excellent indicators ? He explained that the signal had been hacked and not to worry, he had come up with an even better indicator. Unfortunately, I failed to get the same results with the new one. I felt it was far inferior to his original. When I told him that, he said it was only because I didn't know how to use it properly. But..he informed me he was giving a seminar in Orlando in a few weeks at the low cost of only $2000.00. At that seminar, I would receive the proper training to use his new signal, learn about a new method as well, and there would be a guest presenter. I decided to pay the money, drive the 2 1/2 hours to Orlando and attend the seminar. In the next part, I will describe what happened there.

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  #1038 (permalink)
 lancelottrader 
west palm beach florida usa
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Experience: Advanced
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Very happy with today's session. I was very focused and tuned into the price movement. Took some trades on CL after the Inventory report.


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  #1039 (permalink)
 lamden 
San Francisco
 
Experience: Intermediate
Platform: TradeStation
Trading: ES
Posts: 7 since Nov 2018


Lornz View Post
Trading that way is absolutely possible, that is my main source of income. Add in a little statistical analysis, and you've got my main trading method. I use no on-chart indicators, though.

The problem is that the reading the "pace" is not something everyone can do, it seems. I think this is a genetic trait, or maybe I am just a bad teacher.

It would be interesting if you could describe your entry and exits on a Renko chart as the bars are always lagging... That is one of the problems I have with Renko strategies. If that could be quantified, you could use it in an algorithm without getting false positives on your backtests.

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  #1040 (permalink)
 
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 cory 
virginia
 
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lamden View Post
...

he can't answer you

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