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One year later into my trading career...........seeking guidance and direction
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One year later into my trading career...........seeking guidance and direction

  #31 (permalink)
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budfox View Post
I am focussed on the ES anyway, and ZT is forex, so it would really be an investment so to speak.

Spending anything on any vendor would be a waste of money.

From this comment I do not think you fully understand what the word investment means.

And to be honest bouncing with your post about TST to Automated trading and back, I am starting to think this is all a joke. You chose the handle Budfox from Wall Street, and your post previous and now make it seem so.

Multiple people have tried to give you constructive advice and you haven't engaged them. This makes it seem as if you have blown them off, then you ask for Kevin's advice on automated trading?

Now @josh as kind as he is has offered to review some of your trades. This is great and he is a saint to step in at this moment, but he will not be able to help you. (Not saying that he won't provide advice, I just don't think you will heed it.) And even at that a quick review of 5 days of trades isn't going to help you correct what is your core issue.

I suggest you go back to your old post and the advice you were given, then look at the advice given in this thread, and start to work on determining your core issue and creating a plan on how to correct it, or making the determination that you can't fix it and from there how that affects you and trading.

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  #32 (permalink)
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budfox View Post
I trail stop and try to get out trades as quick as I can.

You do not seem to be overtrading. You generally seem to be in sync with the market (i.e. you're not buying highs). In fact, a few of those trades were really very nice in terms of their potential. They are all buys, which is probably not a bad thing given the market as it was then and still is now.

I think much of what you could improve is what many of us need to improve with: letting the market pay us. You said you "get out of trades as quick as you can" -- you are uncomfortable being in the trade. Most people are, and especially if you are undercapitalized it makes this hard to do. But you need to ask the same question when you exit for a profit or a loss: why am I exiting? My guess is that it's about 90% discomfort. It needs to be because of some reason that has nothing to do with how much you will make or lose, or how much you made or lost earlier in the day or the week. Learn to be uncomfortable, while you watch your profit oscillate back and forth. You'll see that while it's very difficult at first, that ultimately you have nothing to fear. The market can't do anything to hurt you. So don't fear a loss, and don't fear losing paper profits.

Dr. Brett Steenbarger wrote something I was reading the other day and trying to improve on--allowing discomfort. We do numerous things to avoid the discomfort of just sitting there and watching our P/L oscillate back and forth. It's hard as hell to do, but if we are ever to let the market pay us, realize it doesn't usually happen in a straight line.. there's give, and take.

Just be aware that you are asking questions and seem to be like most of us, seeking some kind of validation for what you're doing. Think independently, observe markets so that you can develop a framework in which to trade them, and trust yourself. Knowing that you know very little (as do I), learn from people who know what they are talking about -- but work their ideas into your own, independent mental framework.

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  #33 (permalink)
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Bud Fox...I'm honestly speechless.
Josh gives you some great insight and all you have to say is "so you reviewed all the trades already?"
I can't tell if you are trolling or just rude. I guess they're one in the same.
I would save your time and money and find another hobby.

Psychology > Strategy ≥ Money
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  #34 (permalink)
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Massive l View Post
Bud Fox...I'm honestly speechless.
Josh gives you some great insight and all you have to say is "so you reviewed all the trades already?"
I can't tell if you are trolling or just rude. I guess they're one in the same.
I would save your time and money and find another hobby.

you can be assured that I appreciate the favour that Josh provided. Just dont have time right now to give a more elaborate response (will do so tommorrow night)

if you read the previous posts you would of seen that I did thank Josh

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  #35 (permalink)
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Massive l View Post
Bud Fox...I'm honestly speechless.
Josh gives you some great insight and all you have to say is "so you reviewed all the trades already?"
I can't tell if you are trolling or just rude. I guess they're one in the same.
I would save your time and money and find another hobby.

Would you like to also provide some insight?

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  #36 (permalink)
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budfox View Post
you can be assured that I appreciate the favour that Josh provided. Just dont have time right now to give a more elaborate response (will do so tommorrow night)

if you read the previous posts you would of seen that I did thank Josh

Okay, well then no worries!

I can tell you, that you need to follow what your mind tells you about the market, strategy, risk, etc.
There's some awesome insight in this thread and all over the forum but for the most part, you have
to go your own way (thanks Fleetwood haha).

Learn from your mistakes and let the journey take you places. Don't resist..follow what your mind
tells you.

Psychology > Strategy ≥ Money
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  #37 (permalink)
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Do you have a proven strategy but you're having a hard time with the psychology?
Is strategy development still confusing to you?
You really didn't mention what issues you're having.
You listed things you've learned so far...okay. What's the problem?

Psychology > Strategy ≥ Money
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  #38 (permalink)
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I just thought of a recommendation I should have made that should be #1 on your list: read Dr. Brett Steenbarger's blog every day, and start reading from Jan 1 until today as "catch up" reading. He addresses psychology, markets, and life.

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  #39 (permalink)
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josh View Post
You do not seem to be overtrading. You generally seem to be in sync with the market (i.e. you're not buying highs). In fact, a few of those trades were really very nice in terms of their potential. They are all buys, which is probably not a bad thing given the market as it was then and still is now.

I think much of what you could improve is what many of us need to improve with: letting the market pay us. You said you "get out of trades as quick as you can" -- you are uncomfortable being in the trade. Most people are, and especially if you are undercapitalized it makes this hard to do. But you need to ask the same question when you exit for a profit or a loss: why am I exiting? My guess is that it's about 90% discomfort. It needs to be because of some reason that has nothing to do with how much you will make or lose, or how much you made or lost earlier in the day or the week. Learn to be uncomfortable, while you watch your profit oscillate back and forth. You'll see that while it's very difficult at first, that ultimately you have nothing to fear. The market can't do anything to hurt you. So don't fear a loss, and don't fear losing paper profits.

Dr. Brett Steenbarger wrote something I was reading the other day and trying to improve on--allowing discomfort. We do numerous things to avoid the discomfort of just sitting there and watching our P/L oscillate back and forth. It's hard as hell to do, but if we are ever to let the market pay us, realize it doesn't usually happen in a straight line.. there's give, and take.

Just be aware that you are asking questions and seem to be like most of us, seeking some kind of validation for what you're doing. Think independently, observe markets so that you can develop a framework in which to trade them, and trust yourself. Knowing that you know very little (as do I), learn from people who know what they are talking about -- but work their ideas into your own, independent mental framework.

Hi Josh,

Once again, thank you @josh for review of my trades.

I do short if my setup suggests so. But just coincidentally the last five trading days I happened to go long.

I exit when price hits its specified target (which is predetermined by ATR calculations). The reason I get out so quick is not b/c I am uncomfortable ( I think?), but b/c I think that shortest amount of time I am in a trade the least risk (am I wrong/right?).

No I do not fear losing (especially now that I am adopting a mechanical trading approach), I keep my stop at the appropriate level and raise it as price rises (assuming a long bias); whats the worst that can happen? I get stopped out and lose 2 ticks...I think that is one of my strengths. I see geting stopped out as a positive event → I am protecting my capital.



It seems you are a discretionary trader?

BTW, I have read some of Steenbarger's articles , he is quite knowledgeable.

Right now I think I will have a similiar approach as @kevinkdog, design a model, backtest, incubate , trade etc.

so far my market replay has been fairly decent. no I have demo traded this new model for three months which I plan on doing. I rather make no money, than lose money.

Have a great day Josh and stay in touch,

BF


Last edited by budfox; August 19th, 2014 at 08:56 PM.
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  #40 (permalink)
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Trying to develop a trading identity



Massive l View Post
Do you have a proven strategy but you're having a hard time with the psychology?
Is strategy development still confusing to you?
You really didn't mention what issues you're having.
You listed things you've learned so far...okay. What's the problem?

As I said in post #1, I am just taking a macro view and wondering if I am on the right track. I still haven't developed a trading identity:

For some reason, I have been too attached to trading ES , and it may not necessarily be the best instrument for me (or it may).

Also I am uncertain as to which approach to use.....market profile, acd, patterns , ie. which one suits my trading personality.

Obviously what I am aiming for is a model with low risk and high probability, that is what I do know.

So I was just looking for guidance, and have received some, but as you know everyone has their own opinions and motives.

I wonder how many of the posters on this thread was consistently profitable after one year


Thank You @Massive I

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