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self coach trading
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self coach trading

  #141 (permalink)
Elite Member
madrid spain
 
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what i have learn from black friday 7 march?

the line from "i am trading comfortable" to" i am trading in the dark zone" is very thin.
the bads things can happen quickly
the lost of control can happen quickly
i need to avoid yes or yes go in the dark zone:
that is why is so important to limit and respect the loss limit, max dd, max daily, stop loss.to keep me out of the danger of the dark zone
respect the open trades, the same, i justify myself in many ways, but the open trade, mostly open the door to disaster.
i have several doubts, but if i do not stay trading comfortable out of a danger zone, it will be impossible to overcome
on top of that, to recover the account from big dd could be more and more difficult
i was wondering if this is the last time i visit that zone?well, that is my main goal.
and for that purpose i must not take more risk than planned.

why i do not accept a favorable settlement in the losing territory, because my mind work in that way.
the hope to not lose, make choose the wrong option.

but deeply, why i do not want to accept ,i am wrong, i failed? because i want to be wright, but i need to understand, comparing ,my illusion with this result, that to be right is not, go to double the max dd, is not lost opportunities, is not break my head.

is accept the loss.

also i need to keep away from, now to recover this i need to risk more, double down, no stop, out stop, mopve stop, and so on

as i failed the combi100k and push it down to 94650

i will take a new test, more conservative:
combi25k
where
initial equity 25k
max size 2
daily loss limt 500
max DD 1000
profit target 1750

here the main goal is take care of risk, week after week, while practicing my trading
i review all the trades, but i think i choose,
very conservative entries:
trends trades
b/o momentum
pullbacks

and see what happen, little by little
to gain confidence and learn without go in the deep hole again
i will focus to not have any big loss, nor big loss possibility
and score the trades 6/8

if it is sucesfull repeat it 3 times, no more size, no more risk

La lucha es de igual a igual contra uno mismo
The fight is fair against oneself
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  #142 (permalink)
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Hong Kong
 
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Hi Alejo,

Hope your journal writing is helping you. Certainly a valuable read for others to help in our trading game.

I would humbly suggest you spend a month or more following Al Brooks in his daily webinar room. You already have the courage to take big trades, and to let them go against you, so all you need is better management knowing when to allow such trades to stay open - and when to cut them earlier. Normally, as Al would suggest, if you are long you get out on a second entry short signal. If short, you get out on a second entry long signal. Easier said than done of course, as we need to fight the emotional 'hopium' urge to hang on to losers thinking (hoping) they will recover when the odds are actually against such an event.

Some time with Al, perhaps not trading for a while, may help organize your thinking. Or buy Al's past webinar videos at half price and review specific days at your leisure. If you join his room you get same videos each day. Or buy his price action trading video course which only costs a mere 5 ES points. Al Brooks Price Action Site Al trades the ES with a 5 minute chart and has a valuable daily update report on his site that you can study. I use the 2000 tick chart for trading but have 5 minute open too for support - and am always thinking what Al would be saying as each 5 minute bar closes!

Wishing you good luck and a healthy turnaround soon.

Richard
Hong Kong
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  #143 (permalink)
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thanks richard



RichardHK View Post
Hi Alejo,

Hope your journal writing is helping you. Certainly a valuable read for others to help in our trading game.

I would humbly suggest you spend a month or more following Al Brooks in his daily webinar room. You already have the courage to take big trades, and to let them go against you, so all you need is better management knowing when to allow such trades to stay open - and when to cut them earlier. Normally, as Al would suggest, if you are long you get out on a second entry short signal. If short, you get out on a second entry long signal. Easier said than done of course, as we need to fight the emotional 'hopium' urge to hang on to losers thinking (hoping) they will recover when the odds are actually against such an event.

Some time with Al, perhaps not trading for a while, may help organize your thinking. Or buy Al's past webinar videos at half price and review specific days at your leisure. If you join his room you get same videos each day. Or buy his price action trading video course which only costs a mere 5 ES points. Al Brooks Price Action Site Al trades the ES with a 5 minute chart and has a valuable daily update report on his site that you can study. I use the 2000 tick chart for trading but have 5 minute open too for support - and am always thinking what Al would be saying as each 5 minute bar closes!

Wishing you good luck and a healthy turnaround soon.

thank you richard for your support and advice!
i do not know about if it is convenient to open another source of new info, (i think could be very interesting Al, of course ,not missunderstood)

i see more and more the key problem of myself, and i want to exercise , extreme focus on risk control, to see if can be able to do it.
I need to do it, i must do it if i want to pass the stage.
once i can do it, i can test differents things, and later improve it.
if i can do it but the results are not good , when all the things i already have, then i open a new door.
If i can not do it, i think in stop this endeavor.

thank you very much again

alejo

La lucha es de igual a igual contra uno mismo
The fight is fair against oneself
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  #144 (permalink)
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alejo View Post
i see more and more the key problem of myself, and i want to exercise , extreme focus on risk control, to see if can be able to do it.
I need to do it, i must do it if i want to pass the stage.
once i can do it, i can test differents things, and later improve it.
if i can do it but the results are not good , when all the things i already have, then i open a new door.
If i can not do it, i think in stop this endeavor.

To stop this emotional roller coaster you still need to build confidence in your edge(s) until you really know they are valid. For some time I have believed that risk management alone was key - it is necessary for profitable trading, but only real edges will take out the uncontrolled emotions and impulses.

On the other hand, real emotions and feelings should never be stopped, without them we cannot make any decision.

Thanks for sharing you heart, it does help many of us.

Travel Well
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  #145 (permalink)
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thank you for your support and feedback


ratfink View Post
To stop this emotional roller coaster you still need to build confidence in your edge(s) until you really know they are valid. For some time I have believed that risk management alone was key - it is necessary for profitable trading, but only real edges will take out the uncontrolled emotions and impulses.

On the other hand, real emotions and feelings should never be stopped, without them we cannot make any decision.

Thanks for sharing you heart, it does help many of us.

thanks for your time and your feedback
i am depurating all the data base i have of my trades to extract some conclusions and see where come from the winners and where the loser, for example, counter trades are hurting a lot, the same with open trades, and open in news, trend trades and b/o look good, big winners come from scale in, but if i do not survive i could not learn, that is the main problem is the risky behaviors with holding losers and want to be righjt are killing me , and i need to manage that, or i will dead soon.
i realize that is very important to wait.
i believe that i know enough to watch, read and trade relatively not so bad, but it is difficult execute it, managing, change ideas live, exit soon, holding losers, and i made all that decisions, i want to minimize big losses first, and see how can book the opportunities when i am in

also i did not find it yet, what instrument fit with me(i try a lot of them in the firsts steps, 22 month ago, that is why add to zn, ES (also for the suppor t that ft71 bring me) , and i am doing some testings in others.
if you have some recomendation to test ,it will be welcome if it is not very outside of my working scope.

thanks again

alejo

La lucha es de igual a igual contra uno mismo
The fight is fair against oneself
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  #146 (permalink)
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reviewing journal deeply and trading rules14march14

i found interesting things , but specially about the intentions not follow by me.
i have analysed the entire trades in ES, i have detected what i have done bad, what i have done well, what can i do to improve, the main issue is to follow the plan, executed as a plan said.

the improving trading rules that i have to follow are:

trading rules since march10 2014

Trading rules 10/march/14
acccount s5
ZN
Time Frame to Trade: dom/ range2/5 min5 Vol 1000
Higher time frame range15 min15/30/60/d/w
Indi DOM/ T&S/Cum Vol /Vol
Levels PA/Cum Vol/Vwap/MP/Pivots/O/H/L/YH/YL
SL=5 (goal less 3, quick close)/T>=3

Trade between 820 till 10.30 and then Stop

If reach the Goal Stop
Daily Goal for 1 lots +9
Weekly Goal for 1 lots +45
Monthly Goal for 1 lots +180
Max Trades per DAY……………5
Max Losing Trades per Day…..3 and STOP
Max Losing Trades in a ROW…2 and STOP
Max Daily Lose Ticks……………………..-15 (1 Lots)
Max Losing Daily in a week……3 and Stop 1 week
Max Losing Daily in a row………2 and Stop 1 week
Minimum time after a losing trade: 15min&cool
Max DD…………………………………-64tick and Stop 1 month


ES
Time Frame to Trade: dom/ 5 min/ Vol 2000
Higher time frame range15 min15/30/60/d/w
Indi DOM/ T&S/Cum Vol /Vol
Levels PA/Cum Vol/Vwap/MP/Pivots/O/H/L/YH/YL
SL=8 (goal less 5, quick close)/T>=7SBE >=8trail 30%retracement

Trade between 930 till 11.30
and 1515 till 1615 only

If I reach the Goal Stop
Daily Goal for 1 lots +18
Weekly Goal for 1 lots +90
Monthly Goal for 1 lots +360
Max Trades per DAY……………5
Max Losing Trades per Day…..3 and STOP
Max Losing Trades in a ROW…2 and STOP
Max Daily Lose Ticks……………………..-24 (1 Lots)
Max Losing Daily in a week……3 and Stop 1 week
Max Losing Daily in a row………2 and Stop 1 week
Minimum time after a losing trade: 15min&cool
Max DD…………………………………-80tick and Stop 1 month


If I feel revenge or recovery stop immediately
Not anti-Trend
Wait low risk entries with pukeout action
triggers: icebergs, absortion, spoofs,big mkt orders
Enter in ranges, fading the borders.
Enter in trends, fading the pullbacks
or Break Out.
Always use stops & not move it&set it for the market conditions
I can move the target if I have room and momentum for that, but never let become in a looser “Take that the market give”, but not cut the profit quick because afraid to lose
Never let a trade open
Never let a trade open in news specially fomc&nfp
If I do not the right preparation for that day I do not trade"mental preparation, relaxing, visualization"
Live the now-Focus-Anything can happen-Trade what i see-Do not trade imagination-the result of one trade does not take care-goal exp>0long term-consistency
Review the journal weekly the last 2 weeks &Set goals
Do not trade withot the journal day before and know the max dist to DD
Use the risk control sheet
Use the thermomethers frustration/overconfidence
Use the bacon matrix(i need to write down the A trades not taken for this)
rate each trade according the scale, bo,pb,fr,tt,ct,mt,lt,p,qc,bl,bbl,rr,ll,lw

next goal:
accomplish the plan between 6/8
all trades with risk respect Y,
0 trades big losses
0 trades posible big losers
0 trades open

Override limits rules with the rules for 25k combi
to limit the overall results:

max daily limit -500
max dd -1000
profit target +1750
max size 2
win day >55%

La lucha es de igual a igual contra uno mismo
The fight is fair against oneself
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  #147 (permalink)
Elite Member
Melbourne, Victoria, Australia
 
Futures Experience: None
Platform: TWS, NinjaTrader
Broker/Data: numerous
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alejo View Post
Daily Goal for 1 lots +9
Weekly Goal for 1 lots +45
Monthly Goal for 1 lots +180

Dude!! I couldn't stick to a list of daily goals a tenth of all this stuff!!!
Also, above are money orientated goals... they pretty much don't work at this point in your development.

can I suggest picking what you did well "yesterday" and just try to repeat it, and just build on that approach. It helps your confidence and perseverance when you focus on what you can do well. These are not my words, these are from guys like Andrew Menacker and Brett Steenbarger

I'd dump the win rate goals as well. Its an arbitrary figure. Once you have a few things you are doing well regularly, then see what those numbers are and use them as a yardstick to see if future performance is falling behind etc.

If you journal as you trade including thoughts on technical and emotional, then you'll pick up patterns whenever you review your journal. I recommend Evernote because it auto date stamps each entry, and you can use the windows snipping tool to take a quick clip of the relative price action and then just hit paste into Evernote. Those pictures are worth more than wordsYour journal will "teach" you what works so you can ignore all the stuff that doesn't

good luck!

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  #148 (permalink)
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madrid spain
 
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alejo's Avatar
 
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thanks


kickmic View Post
Dude!! I couldn't stick to a list of daily goals a tenth of all this stuff!!!
Also, above are money orientated goals... they pretty much don't work at this point in your development.

can I suggest picking what you did well "yesterday" and just try to repeat it, and just build on that approach. It helps your confidence and perseverance when you focus on what you can do well. These are not my words, these are from guys like Andrew Menacker and Brett Steenbarger

I'd dump the win rate goals as well. Its an arbitrary figure. Once you have a few things you are doing well regularly, then see what those numbers are and use them as a yardstick to see if future performance is falling behind etc.

If you journal as you trade including thoughts on technical and emotional, then you'll pick up patterns whenever you review your journal. I recommend Evernote because it auto date stamps each entry, and you can use the windows snipping tool to take a quick clip of the relative price action and then just hit paste into Evernote. Those pictures are worth more than wordsYour journal will "teach" you what works so you can ignore all the stuff that doesn't

good luck!

i appreciate your comments and your suggestions.!!

thanks

alejo

La lucha es de igual a igual contra uno mismo
The fight is fair against oneself
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  #149 (permalink)
Elite Member
madrid spain
 
Futures Experience: Beginner
Platform: nt
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alejo's Avatar
 
Posts: 1,311 since Apr 2013
Thanks: 16,557 given, 643 received

new combi and focus on risk 10 march

well, today i was tempted to do some trades out of schedule but stop.
also it was good only trade 2 hs and stop, and come back 1h to the close, i enjoy more my time.
respect to the trades, i had to thinking to constrain me to not trade if not accomplish the rules.
i use the trail table in 3 trades, was a little mess to count the ticks, but was interesting, applying it.
all trades were out with stop loss!, i rate them 3 "8" and 1 "6"
i considere the day excellent experiences.
i struggle with the losers, to avoid done bad things, i was tempted to let open, and extend the stop,, but not,i close it,
well done
combi 25k
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La lucha es de igual a igual contra uno mismo
The fight is fair against oneself
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  #150 (permalink)
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2nd day of combi and I broke the rules


i started the day, thinking in make trades in zn, counter trend , then not
2 times thinking in trades in Es ,counter trend then not,
but i need to think in that
i see the initial sell off and a bounce, i was biased for a pullback, i enter , but i was stop out and the move continue withou me and was feeling bad, i wait 15 min of coolong period, to avoid to amke a revenge trade, but i miss the continuation to upside,
then, if pass 81,50 maybe it reach higuer.
i was feel b/o, and fail but i did not act it, first because if i loss 2 in a row i have to stop, and then i start for things that confirm the or fail the trade, i see 3 lh , and i say, mmmmh
i stay
it reach 8 tick stop loss, and i say, mmmmhh this is to close, i move 1 tick under the hl 77
then the question is, if i move and change the opinion 1 why not change 2? move76
my IQ go down while i am on a trade
i do not become smarter while
i do not want to fade the up move because i said, not counter trend
but the trend have changed, and then again on the wrong side, holding
i know 66 is line in a sand, stop loss 64
but i think why is not possible to reach 60?
i wathc the p/l around-500 it is time to exit at limit
come a sell off, and exit and close it but it is late
-825
it was better to accept that something worse
but i broke several rules
the schedule of 2hs for example, i am in a ttrade , what i have to do, close it at that time?
the consecuences are, i spend more time stairing at screen,fell bad, , my head was overload, i miss the 2 entire moves, specially the downside.
the confidence go down quick
i think i am not recovery from the big loss ffrom the other day

La lucha es de igual a igual contra uno mismo
The fight is fair against oneself
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