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The Daily Trading Coach by Brett Steenbarger
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The Daily Trading Coach by Brett Steenbarger

  #11 (permalink)
 R.I.P. 1960-2010 
 
Futures Experience: Advanced
Platform: NinjaTrader7
Broker/Data: Mirus RCG/Zen-Fire
Favorite Futures: CL & 6e, looking at ES, ZB and AU again.
 
ZTR's Avatar
 
Posts: 2,099 since Nov 2009
Thanks: 1,104 given, 1,390 received

Defining Rules is easier than I thought

Rules:

Buy when all 3 MA are crossed
Sell when all 3 MA are crossed
Buy on Bounce off CMA
Sell on Bounce off CMA
Buy on Failed Al Brooks 1 pip break down failure
Sell on Failed Al Brooks 1 pip break up failure
Buy on Trendline Bounce
Sell on Trendline Break
& Vice Versa for TL's

Attached Thumbnails
The Daily Trading Coach by Brett Steenbarger-es-03-10-8192-volume-2_2_2010_1044_rules.jpg  

Last edited by ZTR; February 2nd, 2010 at 04:08 PM. Reason: Forgot & Vice Versa
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  #12 (permalink)
Elite Member
Near the BEuTiFULL Horse Shoe
 
Futures Experience: Beginner
Platform: NinjaTrader
Broker/Data: MBTrading Dukascopy ZenFire
Favorite Futures: $EURUSD when it is trending
 
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ZTrade101 View Post
Defining Rules is easier than I thought

It is following and executing rules that is damn difficult!

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  #13 (permalink)
 R.I.P. 1960-2010 
 
Futures Experience: Advanced
Platform: NinjaTrader7
Broker/Data: Mirus RCG/Zen-Fire
Favorite Futures: CL & 6e, looking at ES, ZB and AU again.
 
ZTR's Avatar
 
Posts: 2,099 since Nov 2009
Thanks: 1,104 given, 1,390 received

I got rules now: can I actually follow them



Trader.Jon View Post
It is following and executing rules that is damn difficult!

I'm going to find out Monday if I can make myself follow the rules - that is the internal battle that must be won to be a consistent trader. Too many things happened this week to keep me from being able to dedicate much quality time to trading.

& Today I dealt with a hard crash of 7b8. Revo an uninstaller - Thanks Zondor - can be necessary to remove stuff 7 (&6.5) leave behind when doing an uninstall. Also, 6.5 wouldn't work after 7 crashed. Really? Seriously?

So, tomorrow morning I have to rebuild my workspace, then having a SuperBowl Party. So, decided to cut myself some slack (Brett says be nice to yourself) and act on last week's goals:

  • Follow the rules
  • use more limit orders.

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  #14 (permalink)
 R.I.P. 1960-2010 
 
Futures Experience: Advanced
Platform: NinjaTrader7
Broker/Data: Mirus RCG/Zen-Fire
Favorite Futures: CL & 6e, looking at ES, ZB and AU again.
 
ZTR's Avatar
 
Posts: 2,099 since Nov 2009
Thanks: 1,104 given, 1,390 received

How is this for following the rules?

2 Trades 18 pips.

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  #15 (permalink)
Trade with the flow
Paris, France
 
Futures Experience: Advanced
Platform: Market Delta & Ninjatrader
Favorite Futures: ES
 
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ZTrade101 View Post
2 Trades 18 pips.

Pretty sweet. Keep it up.

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  #16 (permalink)
 R.I.P. 1960-2010 
 
Futures Experience: Advanced
Platform: NinjaTrader7
Broker/Data: Mirus RCG/Zen-Fire
Favorite Futures: CL & 6e, looking at ES, ZB and AU again.
 
ZTR's Avatar
 
Posts: 2,099 since Nov 2009
Thanks: 1,104 given, 1,390 received

Reached the Half Way point

Did my reading this morning and reached the half way point in the Daily Trading Coach.

Struggling with Lesson #37 - Building Consistency By Becoming Rule Governed. While last week was difficult, I was able to made a few trades that followed the rules, & 2 that did not. This week I've identified setups that will be the focus of my entries - 3 MA convergence & Ladder Patterns I've identified at major turning points: Double tops & bottoms, Failed Failures and Churn Zones.

Lesson # 40: Worked on imagery. Visualized seeing the setup, determining the risk and using limit orders for entry with a Stop in place to catch the move if limit is not filled & feel that the risk is well defined.

Lesson 46: Began to participate in the ES Skye Room to foster positive trading relationships. Helping others and them helping you is very positive motivation & works both ways.

Lesson 47: Plan to get a massage this week.

Lesson 49&50: Will continue to identify my mistakes in my Journal - No hiding there. Connect with the costs of those mistakes and work hard to catch myself before making them again. So, work hard to define the risk and select a setup that naturally has the lowest risk. .

Have configured my computer to make NT7b9 preform well (Ran 5 continuous Replay days in one go, loaded with custom indicators). Will spend use workspace for 2 weeks without change.


Goals For this Week:
  • Concentrate on my main setups.
  • Enter with limit orders.
  • Continue participating in the ES Skype Room
  • Keep my journal up to date.
  • Get a Massage.
Sounds like a plan I can accomplish.

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  #17 (permalink)
Elite Member
Toronto
 
Futures Experience: Intermediate
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Broker/Data: Zen-Fire
Favorite Futures: CL , 6E
 
Posts: 197 since Jun 2009
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Sounds awesome Ztrade !! you are inspiring me to stick better to my rules !! keep posting ,
Cheers
soumi

"Risk more than others think safe.
Dream more than others think practical.
Expect more than others think possible.
Care more than others think wise"
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  #18 (permalink)
 R.I.P. 1960-2010 
 
Futures Experience: Advanced
Platform: NinjaTrader7
Broker/Data: Mirus RCG/Zen-Fire
Favorite Futures: CL & 6e, looking at ES, ZB and AU again.
 
ZTR's Avatar
 
Posts: 2,099 since Nov 2009
Thanks: 1,104 given, 1,390 received

Violated the rules and it costs

Said I had to do this - be accountable.

Went back and looked at my biggest mistake lately. Saw your posting Soumi71 and wanted share what happens when you violate your own rules.

Been saying I wanted to use limit orders and be patient. ES had a Double Bottom at 1079.50, I waited, I should have anticipated.

Entering at 2 pips above the bottom, with a 4 pip stop loss had the lowest risk, by waiting I took a 4 pip loss and missed the rally of the day.

When you follow your rules and plan trades accordingly success comes.

The ES is really lively tonight. Lots of small traders are pushing the ES. Retracements are amazing. I should have bought @ the Churn Bar, another Rule But you can't Trade 24/7.

Attached Thumbnails
The Daily Trading Coach by Brett Steenbarger-es-03-10-8192-volume-2_16_2010_laddrer.jpg   The Daily Trading Coach by Brett Steenbarger-es-03-10-8192-volume-2_16_2010_rally.jpg   The Daily Trading Coach by Brett Steenbarger-es-03-10-8192-volume-2_17_2010_1207.jpg  
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  #19 (permalink)
 R.I.P. 1960-2010 
 
Futures Experience: Advanced
Platform: NinjaTrader7
Broker/Data: Mirus RCG/Zen-Fire
Favorite Futures: CL & 6e, looking at ES, ZB and AU again.
 
ZTR's Avatar
 
Posts: 2,099 since Nov 2009
Thanks: 1,104 given, 1,390 received

Taking some time to implement...

Need some time to implement the lessons learned in the first half of this book.
Will be Sim trading NT7 and posting in the Pushing NT7 beta to its breaking point thread.

Plan on using Chart Trader and Advanced Trade Management to see if NT7 can do the same things I relied on when using NT6.5.

Additionally, I will be reading Ord's The Secret Science of Price and Volume
Hope to develop/&or tweak some indicators based on what I learn and from discussions with other traders interested in Price and Volume.

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  #20 (permalink)
Membership Revoked
wny
 
Futures Experience: Intermediate
Platform: ninja, excel
Favorite Futures: YM, equities
 
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Posts: 86 since Jan 2010
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ZTrade101 View Post
Struggling with Lesson #37 - Building Consistency By Becoming Rule Governed.

I think part of the issue with this is there is kind of a paradox with discretionary trading...
You have to trade the plan, the plan needs to be exact...but how not exact can the plan/strategy be that you don't just trade algorithmically instead?

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