Thank you so much Lance for sharing your journey to becoming consistently profitable in this thread. Feels like I've read your (trading) life's story on here and I realise how often I've found myself in similar situations you've been in already 4-5 years ago.
I've studied your way of trading for about two weeks now and taken lots of notes, still feel there are so many mistakes to be learned from your journey that I'll give it a couple more weeks before I've soaked up all the wisdom shared in this thread.
The way you get rid of impulse trading is most fascinating to me and I'm printing out a paper of the questions you use as you're about to enter a trade that I'll have with me for next weeks trading sessions. If I still get into impulse trades after that I'll have to ask for more advice on how you handle the fear of missing out.
Can you please share the "ADD-questions" you talk about before entering? I'd love to have a complete list as to calm my nerves and enter trades with huge orderflow in a state where I have full use of my brain.
Also thank you for the videos as they've been an inspiration for me in my trading that I started using immediately as a way of taking more responsible trades because "someone may be watching". I have over 8 hours recorded from this week's trading and most of it is just sitting and waiting for an entry. Definitively helped with taking less trades (except yesterday when we had FED day and I got excited lol.. it's on video if you wanna see it)
Thank you for your comments! It always makes me happy when one finds something of value in this thread.Glad that recording your sessions is helping. It has helped me tremendously.
As far as the ADHD issues, I think it was mainly this trading endeavor that made me suspect I had an attention/impulse control problem. After taking several online questionnaires and considering my high school and grade school behavior, I am fairly certain I have many of the symptoms. So(since I am adverse to most pharmaceutical interventions unless absolutely necessary) I have been experimenting with certain nutrients that boost key neurotransmitters that help alleviate this condition. I am finding that to be very helpful, but I have had to take certain steps in modifying my behavior where it relates to my trading.
As I mentioned in previous posts, I found taking two to three losses in a row would often trigger my impulse control issues. I would also start to perceive the market in a non objective manner. Now, many traders experience some form of "revenge trading", but with me it was ridiculous.
Also, since I am attracted to momentum based moves..with a lot of volatility, a sudden burst of order flow ( and since I have audible alerts, watch small timeframes)would often cause me to enter a trade on impulse..even under less than favorable conditions. Something about all the Bells and Whistles would cause me to hit the mouse button.
So..to prevent these problems, I have conditioned myself to take certain steps. To many people, it probably seems silly but I only care that it remedies the situation. I do a continuous commentary and constantly consider what if scenarios in both long and short directions. The scenarios must fit into one of my designated setups. I am always thinking of the potential target and where the stop loss will go. Before I take an entry, I verbally announce the setup. Then I do a checklist. The main things I am considering are: What type of obstacles (such as support and resistance..or price congestion) are in the way? What is the overall trend? What time of the day is it? Is there news coming up? Has price action been chaotic or moving nicely. What kind of real time order flow am I seeing?
This method of questioning prevents me from impulsively jumping into a trade. It helps focus my mind since I am speaking out loud as opposed to having a multitude of silent thoughts..which could be hazy and unclear.
My objective is to only trade, what I believe to be.. the highest probability setups as possible. I am not interested in taking "fairly good "setups. I only want ones that replicate the conditions I have come to know as extremely favorable. Anything else to me is analogous to Gambling.
And hopefully I am better with the paragraphs now..
Failure is not an option
The following 14 users say Thank You to lancelottrader for this post:
We do not CARE that it seems silly to others, and neither should you. If it works for YOU, then use/do/make it so. That (and if) it remedies your situation is the paramount issue. The rest of the folks can bugger off if they do not like it.
But good on you Sir Lancelot! Happy to see you are doing better!
(Your paragraphs still need work though, sorry. :-( )
The following user says Thank You to HoopyTrading for this post:
Hi there. I actually only experimented with the renko bar for a brief period of time. There is nothing wrong with it, but I realized that one of the main reasons I have had some consistency in my trading was due to the fact that I watched price move on basically the same chart setups for about 6 years in a row. I am able to process immediate changes in market conditions..etc.. because of the enormous amount of screentime I have put in. I have a strong "feel" for price action on my 2 range chart along with always watching higher timeframe candlecharts as well.
So I have resumed my original style and it is going well.
Failure is not an option
The following 8 users say Thank You to lancelottrader for this post:
Do you guys have an opinion on the range/rate of this rally in energy futures since last week? I know that one shouldn't trade off of 'news,' but all the notions going around at the moment (record production, doublespeak from OPEC, purported short covering from hedgies) has me wondering how much to 'trust' this rally.
Just curious in-general what others who've been watching this move since last week are thinking...