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The Beast Slayer, Lance's NQ Trading Journal


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The Beast Slayer, Lance's NQ Trading Journal

  #1311 (permalink)
 
Daytrader999's Avatar
 Daytrader999 
Ilsede, Germany
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lancelottrader View Post
Market is most likely waiting on Fed guy Powell to speak at 12 pm. When there is lack of trader commitment, most moves will have no follow through. You just get a little push here and there and then..nothing but a short change in direction. I'm staying out for now.

I agree....and for me it looks like that the market is waiting every day for a while now. Yesterday FOMC Minutes (more or less it came out as a non-event), or rising / falling bond yields, rising corporate taxes, today it's JP again, and tomorrow another Fed member....just name any 'justification' to do absolutely nothing.

"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn
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  #1312 (permalink)
 lancelottrader 
west palm beach florida usa
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redbarntrades View Post
Trading is just a personal endeavor heh?

For me, I love day's like today.

I have a very hard time with a trending market.

In regards to today, when price hit the 13750 level, there was bearish divergence and then a strong move down.

Then numerous hits on the 13700 level for moves to the upside.

These provide me with my edge.

I divide my chart into 50 levels as I found this often is a target for the market.

Signing out to go to the dentist.

Thanks for all of your posts!

Thank you. I appreciate your explanation and it makes sense. It's a bit different than what I do, but if it works..great.

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  #1313 (permalink)
 sunshnpeg 
Greenville SC
 
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redbarntrades View Post
Trading is just a personal endeavor heh?

For me, I love day's like today.

I have a very hard time with a trending market.

In regards to today, when price hit the 13750 level, there was bearish divergence and then a strong move down.

Then numerous hits on the 13700 level for moves to the upside.

These provide me with my edge.

I divide my chart into 50 levels as I found this often is a target for the market.

Signing out to go to the dentist.

Thanks for all of your posts!

I love days like this too!! Nice range bouncing around. I agree, trending days are harder for me.

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  #1314 (permalink)
 
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 nosast 
Karlsruhe, Germany
 
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Same for me with NQ. Not much opps last couple of days. Shoot up overnight and than balance. Only trades I take are fading edges for small scalps.

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  #1315 (permalink)
redbarntrades
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lancelottrader View Post
Thank you. I appreciate your explanation and it makes sense. It's a bit different than what I do, but if it works..great.

Back from my outing to find the NQ just futzing in that range.

I highly respect how you and a few others trade. Take a trade with your SL and TP set. I have tried your 3 range bar but found it to fast for me. I have spent countless hours with Renko/UniRenko only to find that a 2 minute chart seems to provide me with the info I need to create my own edge.

I can't get more than 20 minutes of 3 range data on my chart (43 in screen), so I can't seem to be able to study it properly. Obviously, Range charts are superior for interpreting structure, but make it difficult for me to find the "out of bounds" trades.

My basic premise is: High volatility, looking for price where it "should not be". Far from the mean. Indecision of dominant players. Whipsawing.

In the example below, price flies back and forth through the 20ema/20sma with the 200ma mostly flat.

If price is far from the 20 and the 200, I don't mind taking a counter trend trade as in the double top at the 50 level as it is not a trend.

Then price shot down through the 20 then through the 200, yet the 20 was still above the 200. So to me, price does not belong there and there is a high probability that it will spring back. Plus there was a price rejection at that level. On the 2 minute there were about 10 rejections between 10:13 and 11:21 EST on the ETH chart near the 13700 level.

I know this sounds crazy to probably a large number of traders, but I somehow just love the huge swings that occur at the open (when they happen).

Patience and boldness definitely play a large part in this type of environment.

I have included the chart from this morning for your amusement.

Always enjoying your posts!




chart

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  #1316 (permalink)
 
Sandpaddict's Avatar
 Sandpaddict 
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lancelottrader View Post
Two emotions that have plagued me for years and often made my trading experience very unpleasant and unhealthy were Fear and Anger. Due to the psychological “damage” that resulted from years of failure and lost money, there has often been an inner fear that has gripped me not only when I put on a trade, but even was I about to place one. This would manifest in a large surge of adrenaline and I could literally feel my heart start to pound. My shirts would be soaked in the underarm area. I would see some perfect setups and simply could not pull the trigger. Then as I saw that these setups would have been easy winners, I felt frustration along with anger that I was missing the moves. Then finally, when price was no longer in that high probability area, I would go in..way late. Then, when the trade would lose, I would get upset. This would then trigger a wave of negative thoughts such as, “Here we go again”..”Why do I keep doing this stupid trading”..”I’m never going to really make it.”

Even when I started to be mostly profitable, I couldn’t shake the fear and anger. It finally dawned on me that when I’m on SIM, none of these things occur. I just take the trade and see what happens..No fear or anger flooding through me. Why? Because I don’t care that much if the SIM wins or loses and I know I generally will win more than I lose. Then it dawned on me…How much better would I be and how much more pleasant an experience would it be if I just divorced myself from the outcome of these trades while live? Of course, follow my drawdown rules etc..but just trade with no fear and if the trades lose..or if I lose the day..so what? If I don’t care that much, why will I get angry or fearful? I know I’m good enough to come out ahead in the long run. I know when conditions are lousy and when they are good. I know when to stay out and when to take several trades in a session.

So every morning I read a little essay I wrote about how I will have no fear of losing and no anger when losing..just acceptance. If it’s a losing day, no more being depressed for several hours afterwards. I’m not there yet 100%, but I am way better. Slowly the fear and anger is getting less and less. I treat it like a game, and I am getting better at it.


lancelottrader View Post
Two emotions that have plagued me for years and often made my trading experience very unpleasant and unhealthy were Fear and Anger. Due to the psychological “damage” that resulted from years of failure and lost money, there has often been an inner fear that has gripped me not only when I put on a trade, but even was I about to place one. This would manifest in a large surge of adrenaline and I could literally feel my heart start to pound. My shirts would be soaked in the underarm area. I would see some perfect setups and simply could not pull the trigger. Then as I saw that these setups would have been easy winners, I felt frustration along with anger that I was missing the moves. Then finally, when price was no longer in that high probability area, I would go in..way late. Then, when the trade would lose, I would get upset. This would then trigger a wave of negative thoughts such as, “Here we go again”..”Why do I keep doing this stupid trading”..”I’m never going to really make it.”

Even when I started to be mostly profitable, I couldn’t shake the fear and anger. It finally dawned on me that when I’m on SIM, none of these things occur. I just take the trade and see what happens..No fear or anger flooding through me. Why? Because I don’t care that much if the SIM wins or loses and I know I generally will win more than I lose. Then it dawned on me…How much better would I be and how much more pleasant an experience would it be if I just divorced myself from the outcome of these trades while live? Of course, follow my drawdown rules etc..but just trade with no fear and if the trades lose..or if I lose the day..so what? If I don’t care that much, why will I get angry or fearful? I know I’m good enough to come out ahead in the long run. I know when conditions are lousy and when they are good. I know when to stay out and when to take several trades in a session.

So every morning I read a little essay I wrote about how I will have no fear of losing and no anger when losing..just acceptance. If it’s a losing day, no more being depressed for several hours afterwards. I’m not there yet 100%, but I am way better. Slowly the fear and anger is getting less and less. I treat it like a game, and I am getting better at it.

Oh man this is frigging GOLD!...

I read it and read it and read it. Everytime I read it I come out with something new!

This MUST be a universal trading truth that no one advertises. We are almost all guaranteed to have to go through all that. And your still experiencing after 10 years!

Im in my 6th year. Its kinda crazy to say im just finally breaking even. I have along way to go. And alot of hardship before I get where you are but thats is the truth about day trading. At least I notice now that it WAS ME ALL ALONG. I'd wait and wait then go in... it would turn... I would panic and reverse... then it turn... then I'd say F-this I'm holding... !!@^#*$... you get the idea. Very REACTIVE.

I'm learning so much from sir Lancelottrader. Even though it's not the way I trade. Your honestly and clarity and ability to articulate the emotional side really sheds a light for me. (Move over Mark Douglas and Brett Steenbarger)

To me its ALL emotional. System rules yes but no emotions?

Trade like a robot they say. I think thats impossible. Mitigated for sure with a time tested system, confidence ect but none? Good luck.

Trade an algorithmic system? If you think that'll get rid of the emotions... you've never done it.

Al Brooks likes to say when people ask him this question is "trade the "I don't care size". Meaning take trades where the stop is where it should be and yet the loss would still be so small to not affect your overall account or "emotional account".

One last thing. I listened to Lancelottrader's webinar with futures.io a few times (it was that good!) One thing that blew me away was he something to the effect of (Im paraphrasing here)

"After years of trading and losing and looking back through my records I knew I had a good system and if I had an EMOTIONALLY STABLE PERSON to trade my system I'd be PROFITABLE!"

That was a revelation for me. A twist on the old "if you just get rid of your mistakes you'd be profitable". Which doesn't really mean anything. If I knew HOW I'd be profitable already.

But I do...

Take a beating. Learn something. Get up tomorrow a bit better and take a beating. Learn something. Get up the next day a bit better and take a beating. Learn something.

Thank you sir Lancelottrader!

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  #1317 (permalink)
 lancelottrader 
west palm beach florida usa
Market Wizard
 
Experience: Advanced
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Trading: NQ
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Sandpaddict View Post
Oh man this is frigging GOLD!...

I read it and read it and read it. Everytime I read it I come out with something new!

This MUST be a universal trading truth that no one advertises. We are almost all guaranteed to have to go through all that. And your still experiencing after 10 years!

Im in my 6th year. Its kinda crazy to say im just finally breaking even. I have along way to go. And alot of hardship before I get where you are but thats is the truth about day trading. At least I notice now that it WAS ME ALL ALONG. I'd wait and wait then go in... it would turn... I would panic and reverse... then it turn... then I'd say F-this I'm holding... !!@^#*$... you get the idea. Very REACTIVE.

I'm learning so much from sir Lancelottrader. Even though it's not the way I trade. Your honestly and clarity and ability to articulate the emotional side really sheds a light for me. (Move over Mark Douglas and Brett Steenbarger)

To me its ALL emotional. System rules yes but no emotions?

Trade like a robot they say. I think thats impossible. Mitigated for sure with a time tested system, confidence ect but none? Good luck.

Trade an algorithmic system? If you think that'll get rid of the emotions... you've never done it.

Al Brooks likes to say when people ask him this question is "trade the "I don't care size". Meaning take trades where the stop is where it should be and yet the loss would still be so small to not affect your overall account or "emotional account".

One last thing. I listened to Lancelottrader's webinar with futures.io a few times (it was that good!) One thing that blew me away was he something to the effect of (Im paraphrasing here)

"After years of trading and losing and looking back through my records I knew I had a good system and if I had an EMOTIONALLY STABLE PERSON to trade my system I'd be PROFITABLE!"

That was a revelation for me. A twist on the old "if you just get rid of your mistakes you'd be profitable". Which doesn't really mean anything. If I knew HOW I'd be profitable already.

But I do...

Take a beating. Learn something. Get up tomorrow a bit better and take a beating. Learn something. Get up the next day a bit better and take a beating. Learn something.

Thank you sir Lancelottrader!

Sent using the NexusFi mobile app

Thank you. I'm glad to see that my experience is something you understand and can relate to. I appreciate it.

Failure is not an option
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  #1318 (permalink)
 lancelottrader 
west palm beach florida usa
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redbarntrades View Post
Back from my outing to find the NQ just futzing in that range.

I highly respect how you and a few others trade. Take a trade with your SL and TP set. I have tried your 3 range bar but found it to fast for me. I have spent countless hours with Renko/UniRenko only to find that a 2 minute chart seems to provide me with the info I need to create my own edge.

I can't get more than 20 minutes of 3 range data on my chart (43 in screen), so I can't seem to be able to study it properly. Obviously, Range charts are superior for interpreting structure, but make it difficult for me to find the "out of bounds" trades.

My basic premise is: High volatility, looking for price where it "should not be". Far from the mean. Indecision of dominant players. Whipsawing.

In the example below, price flies back and forth through the 20ema/20sma with the 200ma mostly flat.

If price is far from the 20 and the 200, I don't mind taking a counter trend trade as in the double top at the 50 level as it is not a trend.

Then price shot down through the 20 then through the 200, yet the 20 was still above the 200. So to me, price does not belong there and there is a high probability that it will spring back. Plus there was a price rejection at that level. On the 2 minute there were about 10 rejections between 10:13 and 11:21 EST on the ETH chart near the 13700 level.

I know this sounds crazy to probably a large number of traders, but I somehow just love the huge swings that occur at the open (when they happen).

Patience and boldness definitely play a large part in this type of environment.

I have included the chart from this morning for your amusement.

Always enjoying your posts!




chart

Thank you for that. I say whatever works for you is the right way. I am always watching my 2 minute chart and I use the 5 range (not 3 range) to time in the moves in order to have the lowest risk possible and keep my stop generally behind an area that's a swing or support/resistance. I try to predict as little as possible and never trade just because price is at a level. I will however closely watch the price action at certain levels and the way the 5 range bars print at those levels to me is a form of "tape reading". But..certain days require different strategies and the key is to figure out what type of day you are dealing with before too many losses occur.

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  #1319 (permalink)
redbarntrades
Kalispell=Mt./USA
 
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lancelottrader View Post
Thank you for that. I say whatever works for you is the right way. I am always watching my 2 minute chart and I use the 5 range (not 3 range) to time in the moves in order to have the lowest risk possible and keep my stop generally behind an area that's a swing or support/resistance. I try to predict as little as possible and never trade just because price is at a level. I will however closely watch the price action at certain levels and the way the 5 range bars print at those levels to me is a form of "tape reading". But..certain days require different strategies and the key is to figure out what type of day you are dealing with before too many losses occur.

Thank you for your reply! Sorry, I did adjust to the 5 R-Bar and created a new chart and even tried the 10 R-Bar. I understand why and how you use it. It's obvious you have a good system.

That big question of "what kind of chart can I interpret so I can glean some movement that I believe will go in my direction".

Since I am a little on the ADD side, I have to look at as little as possible. The moving averages force me to see if they are sloping or flat. The 20/20 ema/sma are colored to remind me of the latest direction. The diverging of the same can (if I happen to notice) show me the strength of the move accompanied by how far/fast price is moving from said Ma's. I'm sure one single colored SMA would suffice.

Anyway, every chart tells a story huh?

I concur not to just buy or sell at an area. I look at the velocity of the move. Possible reversal points. Then just sit on my hands til I believe that exhaustion has taken place. Since I put on a feeler trade, I give the first contract enough breathing room. Then if price moves my direction, I can add. Sometimes it means hitting the buy/sell button as fast as my finger with go. Of course this is with the MNQ. Commissions are higher, but it gives me more options and suits my strategy. Most trades are just minutes in duration.

Enjoy that Florida warmth. We still have the woodstove going as we had a little snow shower this afternoon.

Always enjoy reading your posts!

Ps. I forgot to mention that I also employ Bookmap.

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  #1320 (permalink)
 lancelottrader 
west palm beach florida usa
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redbarntrades View Post
Thank you for your reply! Sorry, I did adjust to the 5 R-Bar and created a new chart and even tried the 10 R-Bar. I understand why and how you use it. It's obvious you have a good system.

That big question of "what kind of chart can I interpret so I can glean some movement that I believe will go in my direction".

Since I am a little on the ADD side, I have to look at as little as possible. The moving averages force me to see if they are sloping or flat. The 20/20 ema/sma are colored to remind me of the latest direction. The diverging of the same can (if I happen to notice) show me the strength of the move accompanied by how far/fast price is moving from said Ma's. I'm sure one single colored SMA would suffice.

Anyway, every chart tells a story huh?

I concur not to just buy or sell at an area. I look at the velocity of the move. Possible reversal points. Then just sit on my hands til I believe that exhaustion has taken place. Since I put on a feeler trade, I give the first contract enough breathing room. Then if price moves my direction, I can add. Sometimes it means hitting the buy/sell button as fast as my finger with go. Of course this is with the MNQ. Commissions are higher, but it gives me more options and suits my strategy. Most trades are just minutes in duration.

Enjoy that Florida warmth. We still have the woodstove going as we had a little snow shower this afternoon.

Always enjoy reading your posts!

Ps. I forgot to mention that I also employ Bookmap.

Thank you for explaining more. It sounds good to me. I like your colored ema/sma too.

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