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The Beast Slayer, Lance's NQ Trading Journal


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The Beast Slayer, Lance's NQ Trading Journal

  #1161 (permalink)
 Rcap 
Frankfurt Germany
 
Experience: Intermediate
Platform: Sierra Chart
Trading: MES, MNQ
Frequency: Several times daily
Duration: Minutes
Posts: 478 since Oct 2019
Thanks Given: 10
Thanks Received: 643

I already thought about this and i agree with you. If i decide to post regularly i will start a new journal.



Question to all:

Are there other good journals of intraday CL Traders which can be recommendend ???

THX

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  #1162 (permalink)
 
eferggbd's Avatar
 eferggbd 
Phoenix, AZ
 
Experience: Intermediate
Platform: Ninja, TradeStation
Broker: Ninja
Trading: ES, CL
Posts: 30 since Jan 2018
Thanks Given: 13
Thanks Received: 29


Rcap View Post
I already thought about this and i agree with you. If i decide to post regularly i will start a new journal.



Question to all:

Are there other good journals of intraday CL Traders which can be recommendend ???

THX


Hey Rcap, I just started a journal about trading CL. If you start one too, maybe we can follow each other's and follow each other's growth.

Lance, dude I really appreciate you posting all this stuff here. I read the whole novel and am really inspired. It's such a breath of fresh air to see your authentic updates about your progress and strategy. I appreciate you and appreciate this forum.

Visit my NexusFi Trade Journal Reply With Quote
  #1163 (permalink)
 lancelottrader 
west palm beach florida usa
Market Wizard
 
Experience: Advanced
Platform: ninja trader
Broker: Optimus Futures/ Rithmic
Trading: NQ
Posts: 1,112 since Oct 2011
Thanks Given: 1,113
Thanks Received: 5,386



eferggbd View Post
Hey Rcap, I just started a journal about trading CL. If you start one too, maybe we can follow each other's and follow each other's growth.

Lance, dude I really appreciate you posting all this stuff here. I read the whole novel and am really inspired. It's such a breath of fresh air to see your authentic updates about your progress and strategy. I appreciate you and appreciate this forum.

Thank you very much. Comments like yours help me feel that doing this thread wasn't a collosal waste of time, afterall.

Failure is not an option
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  #1164 (permalink)
 
josh's Avatar
 josh 
Georgia, US
Legendary Market Wizard
 
Experience: None
Platform: SC
Broker: Denali+Rithmic
Trading: ES, NQ, YM
Posts: 6,216 since Jan 2011
Thanks Given: 6,752
Thanks Received: 18,136


lancelottrader View Post
Thank you very much. Comments like yours help me feel that doing this thread wasn't a collosal waste of time, afterall.

I could be wrong, but I'll bet that you yourself have grown in some part because of doing this thread. The makeup of who you are today was shaped, even in some tiny part perhaps, by your making these videos, talking things out, etc. ... in a way you might never realize. So, you are who you are this moment because of this thread, in some way (and every other experience in your life!). So, I'm sure that it was not just a waste of time! I have enjoyed reading parts of it, so a big thanks from me as well!

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  #1165 (permalink)
 
bobwest's Avatar
 bobwest 
Western Florida
Site Moderator
 
Experience: Advanced
Platform: Sierra Chart
Trading: ES, YM
Frequency: Several times daily
Duration: Minutes
Posts: 8,162 since Jan 2013
Thanks Given: 57,341
Thanks Received: 26,267


josh View Post
So, I'm sure that it was not just a waste of time! I have enjoyed reading parts of it, so a big thanks from me as well!

And from me.

Bob.

When one door closes, another opens.
-- Cervantes, Don Quixote
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  #1166 (permalink)
 lancelottrader 
west palm beach florida usa
Market Wizard
 
Experience: Advanced
Platform: ninja trader
Broker: Optimus Futures/ Rithmic
Trading: NQ
Posts: 1,112 since Oct 2011
Thanks Given: 1,113
Thanks Received: 5,386


josh View Post
I could be wrong, but I'll bet that you yourself have grown in some part because of doing this thread. The makeup of who you are today was shaped, even in some tiny part perhaps, by your making these videos, talking things out, etc. ... in a way you might never realize. So, you are who you are this moment because of this thread, in some way (and every other experience in your life!). So, I'm sure that it was not just a waste of time! I have enjoyed reading parts of it, so a big thanks from me as well!

Actually, I think you are right. Thank you very much.

Failure is not an option
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  #1167 (permalink)
 lancelottrader 
west palm beach florida usa
Market Wizard
 
Experience: Advanced
Platform: ninja trader
Broker: Optimus Futures/ Rithmic
Trading: NQ
Posts: 1,112 since Oct 2011
Thanks Given: 1,113
Thanks Received: 5,386


bobwest View Post
And from me.

Bob.

Thank you, Bob.

Failure is not an option
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  #1168 (permalink)
 MitchellMc 
Auckland, New Zealand
 
Experience: Intermediate
Platform: Sierra Chart
Trading: Currencies, ES
Posts: 6 since Feb 2019
Thanks Given: 27
Thanks Received: 7

Hi Lance,

I'd like to echo the other guys sentiments and say thank you for your journal. It takes balls to post in the way you have.

I was wondering if you could give us a state of play on where you're currently at with your trading? Most of us understand there are plenty of ups and downs with this stuff, but it would be cool to get a download of your current progress, and your thoughts about trading in this particular moment. Especially since you started sizing up.

Again, thanks for your efforts, and I really look forward to learning from you going forward.


Cheers,
Mitch

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  #1169 (permalink)
 lancelottrader 
west palm beach florida usa
Market Wizard
 
Experience: Advanced
Platform: ninja trader
Broker: Optimus Futures/ Rithmic
Trading: NQ
Posts: 1,112 since Oct 2011
Thanks Given: 1,113
Thanks Received: 5,386


MitchellMc View Post
Hi Lance,

I'd like to echo the other guys sentiments and say thank you for your journal. It takes balls to post in the way you have.

I was wondering if you could give us a state of play on where you're currently at with your trading? Most of us understand there are plenty of ups and downs with this stuff, but it would be cool to get a download of your current progress, and your thoughts about trading in this particular moment. Especially since you started sizing up.

Again, thanks for your efforts, and I really look forward to learning from you going forward.


Cheers,
Mitch

Thank you so much for your nice comments. As I mentioned a while back, I did make some changes to my charting..but beyond that.. the changes have been mainly in psychology. As you start to trade more contracts..and risk more, it becomes imperative not to make any foolish errors or lose emotional control at any time. One thing I noticed happening was I was starting interfere in my trades excessively. Sometimes a trade would be heading to a target..then start pulling back..so I would close it out or move my stop to breakeven. Many of these trades would have gone on to win. Since I am fairly adept at good stop placement, there were several times a trade would come within a few ticks of hitting my stop and my adrenaline would rise. So, there's this sense of dread that you are going to lose the trade...and then as the trade would start to move up closer to my target,, all I could think about was getting out at breakeven. When the trade would get back to even, I'd close it out ..with this big sense of relief..You can guess what happened next...The trade would go on to hit my target..had I not gotten out..

I started to realize the extra size was causing me extra fear..and I was acting like a real amateur. So, one thing I am doing now..is holding trades until the target or stop is hit, for the most part. A trade can do so many things on it's way to the target and until I am taken out, the trade is still valid. My targeting is good because I map out areas where price is most likely to go and where obstacles can cause it to bounce. So even though the majority are about 30 ticks..if I have to move the target below a congestion area and it's only 25 ticks, I will. The stoploss is usally behind a previous swing high or low...not just a random amount of ticks.

And also, I no longer worry about hitting a certain goal for the week. When you take a few bad trades, you start instantly thinking, "How will I hit my goal..I have to now make up all these losses..et?." Having a goal for the day is even worse. What if there isn't really a great setup? Are you going to force a trade..just to hit some goal? Usually I find something to trade most everyday, but I am always prepared to not take any.

I have had to train my mind to accept and believe certain premises 100%. These are: If I take all great setups within my given daily timeslot and allow the trade to reach it's target or stop, the distribution of wins and losses will reveal that my edge works. There is no need to be afraid or anxious. There is no reason to skip a setup..just because I am up on the day. And if I lose back my winnings for the day, it's ok. No big deal. I trust my judgement that my wins will overcome my losses in the long run and the probabilities are in my favor.

So, no more sadness or frustration at losses anymore. No real elation at wins either (although that's hard.)

I am feeling better about my trading now, than at any other time. I am pleased with my improvements in mindset, since that is what held me back for many years.

Failure is not an option
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  #1170 (permalink)
MitchMacca
Auckland
 
Posts: 1 since Mar 2018
Thanks Given: 2
Thanks Received: 1


Awesome, thanks for taking the time to share your thoughts! Much appreciated... it's definitely helpful to hear you express your issues / frustrations, and see how you are dealing with them. I will be taking a page from your book in terms of not messing with trades prematurely. If it isn't part of your known/predetermined edge, you probably shouldn't be clicking the mouse, right?

Size creates all kinds of issues, and reveals any weak links in my game plan and psychology. My weakest link is chilling out on size and not pushing for the home-run all the time, especially when the market is quiet. The whole game changes when you know you are too big. Watching your videos and seeing you succeed with many small trades is good for my mindset.

Keep it coming... and thanks again.


Cheers,
Mitch

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Last Updated on April 11, 2023


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