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I saved it again and reposted it. If you want though I'll tell you the indicators and the settings. This one might work better I loaded it differently.
I'm a recovered alcoholic. I dont mind saying that, and I say it to make this point. I feel like I'm still doing that, when I do what I did today. I continued to do the same thing over and over again today expecting different results. I know not to do this, I know that! I do!! I do......! " Whats wrong with me" I ask myself. These are the same exact questions I'd ask myself when I kept drinking long past when it was obvious it was time to quit, stop...ENOUGH!
Getting to the point, where I did the right thing " not drink " regardless of the situation, took a long time. More relapses than I care to own up to. But I finally got it, now a long time ago. But doing what I did today feels exactly like that, and it is that! It's insane, it is......
I know I'll get their, just like I knew I'd finally quit drinking, and smoking for that matter. It was killing me, so I knew I'd have to quit at some point. Just like I know I have to quit doing this same "stupid #@##" over and over again. I think I might be trying to "out thinking" the market. Thinking three steps ahead. But I cant see, what I cant see, and I definetly cant "guess" at it. Which is what everyone of these trades are. A guess!
I'm only paper trading, and I've been doing that for a very long time. So here soon I'm going to trade live, real money. Find out where I'm at, what will I really do! Because I dont think sitting here paper trading anymore is going to tell me. I have great days, and then maybe I just "think" I got this, so let's try this....who knows...
Panda...man...that is the same exact question I'm asking myself. Yah, your absolutely right, so obvious....was down all day. I dont know why......I keep asking myself that.
Well this morning I had the below trendline drawn in on my 5 minute chart. Ya know I guess it's because "I thought" that it should bounce. It's been selling off for a while now, and I thought it should bounce, to a considerable degree. So I guess the error is in that I "think"? I "think" ...."thinking"...is the problem....for me. Thinking it's going to do "something" that is the problem for me...maybe.
...I got posted notes, three of them taped to my computer, "read your directions, dont take trades against the white MA at all costs!" So here was todays chart, only 1 trade did I do as I was supposed to do....<shaking head> huh....that's just no good....
Ok, I am no expert and by no means am I telling you how to trade, but the counter trend stuff is deadly unless you're really good at it....and if you cant see the trend trades, I made some notations on your chart....just ideas really...
One other idea, not sure if you watch the five min chart primarily and then go to the 150tick to trade or if you watch the tick chart primarily but it seems to me it might be really easy to get sucked into the tick chart vortex since that's where the action is but the trend is really on the 5M.....
Ok, I'm done preaching now.....lord knows I don't always practice what I preach.....
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
Take what I am saying as constructive criticism in an effort to help you focus on certain aspects.
I read your posts and I can say to you that most traders that struggle are doing exactly what you are doing.
You have changed your rules often and then you don't follow them. You inject your thoughts into the market, when you should be letting the market point you in the direction that price is moving.
Your thinking is monetary and not execution based. Judge your trading days on the exact execution of your rules. The money will follow the traders who execute their system with precision and discipline. My wife knows I have one cardinal rule for her and that is not to ask me how much I have made while I am trading. She knows I will tell her after I have completed my last trade for that day. And frankly she hardly ever asks any more, she just trusts that I will take care of things and if I have a record day for myself I will tell her.
You need to get a "DIRECTIONAL BIAS" and never trade against it for no reason. The fear of price reversing and leaving you behind is why people are afraid to only trade a market in one direction. This will also help you NOT OVER TRADE.
Another reason people can't trade with a bias is that they are trying to inject their thoughts into the market ie. "I think" that it's about to bounce here or one of my all time favorite "it looks top heavy". This comes from people not having a defined entry point and then them jumping into a market after it has moved up significantly just before the market turns for a correction or pullback. After this happening to them many times they get so afraid to trade a market moving up or down and constantly trying to pick the reversal level. To get slaughtered on a strong trend day when veteran traders are making big profits that help secure their week.
Got to get in bed now. I will continue this later when I get time.
Thanks to ITrade2golf and Panda. Yall are talking about things I've been thinking about this weekend, in trying to figure out my malfunction. And I agree with everything you both said. Your right I do sometimes get lost between the 5 minute and the 150 chart. But I agree that the main trend is on the the 5 minute, so I will on Monday keep that in my mind with a renewed focus. As well as the break downs, for entry points.
So thanks for the posts, these two have been very in sightful. It's nice to know how a person who is succeeding at trading "thinks". So alot of my "thinking" is not of the mark, and I shouldn't have anymore conffusion on what I need to do.
8 trades plus 463 dollars. I did good. I didn't do anything different...well..thats not true. I did what I was supposed to do, not what I wasn't. I credit that to comments made by other members. Notable the last couple of posts by tradetogolf, and panda. That helped me center myself again "mentally". I'll write more later tonight, but for today I'm done.
