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What do you do once you’ve entered your trade?


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What do you do once youíve entered your trade?

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  #1 (permalink)
 TraderDoc007 
Detroit MI/USA
 
Experience: Advanced
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Posts: 65 since Sep 2017
Thanks: 41 given, 193 received

Entering a trade seems to be one of the easiest parts of trading - you analyze, assess, define your entry point, hit the entry button and you are in. Hopefully you immediately place your stop once you are filled on your entry.
Now what? I would think the vast majority of time, within a very short space of time, your trade goes into some type of drawdown, the result of normal market movement. If you arenít totally sure of your entry or maybe your actual methodology, which the vast majority of newer traders usually arenít, your heart rate might tick up a few beats. Sound familiar? The market slips a little further against your position and you then start questioning? Hmm maybe I should have done this, or maybe that? Your heart rate might increase a little further and from this point, everything else is insignificant.
If you find you are agreeing with any or all of the scenario described above, you might want to consider the most common possible causes and some possible solutions.

Causes:

1) you are not really sure that you have the right methodology. You havenít analyzed your technique/entry over enough previous data to convince yourself you actually have an edge.
2) you have misinterpreted the current market structure or setup
3) you have been beaten up iní the market previously due to a multitude of possible reasons
4) you are over leveraged and/or under capitalized
5) you are revenge trading
6) you have unrecognized significant psychological damage from previous exploits in the market (ties in with number 3).

Solutions:

1) ensure you have an edge. Spend the time analyzing your technique/methodology and convince yourself, that over time, it is profitable.
2) before entering the trade remind yourself that this is just one trade in isolation. Based on your edge and known metrics of your system, this trade is insignificant as it is one of many and you know, that over time, you do actually have an edge.
3) if you are over leveraged/undercapitalized - just STOP now. I believe this is THE biggest contributor to all the psychological damage that scars every single trader that trades the markets. Do not go and trade on the sim, that is pointless. Use the new micro contracts that are an absolute game changer, in my opinion, for new and struggling traders. They allow you some actual skin in the trade but they wonít break you financially if youíre wrong. They should help with allaying some of the stress and fear that occur when you have too much money at stake on any 1 trade.
4) consider entering your trade, entering your stop and possibly profit target and then getting up from your computer for the first 5 or 10 minutes of the trade and do anything but watch the screen. The noise of the market screws with psychologically damaged trading minds more than one gives it credit for and propagates the damage even further.
5) if your last trade was a loss, and you are feeling some type of emotional reaction because of it, get up and get away from the computer so you donít place a rash trade in order to make up for your recent loss. Time away from the screen during the trading day can help reset your thought processes and allow you to analyze the market in an unbiased manner rather than through a confirmational bias lens that constant staring at a screen all day might do.

Interesting to hear from both experienced and newer traders whether they stare at the screen once they are in a trade.

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  #2 (permalink)
 DavidHP 
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TraderDoc007 View Post
Entering a trade seems to be one of the easiest parts of trading - you analyze, assess, define your entry point, hit the entry button and you are in. Hopefully you immediately place your stop once you are filled on your entry.
Now what? I would think the vast majority of time, within a very short space of time, your trade goes into some type of drawdown, the result of normal market movement. If you arenít totally sure of your entry or maybe your actual methodology, which the vast majority of newer traders usually arenít, your heart rate might tick up a few beats. Sound familiar? The market slips a little further against your position and you then start questioning? Hmm maybe I should have done this, or maybe that? Your heart rate might increase a little further and from this point, everything else is insignificant.
If you find you are agreeing with any or all of the scenario described above, you might want to consider the most common possible causes and some possible solutions.

Causes:

1) you are not really sure that you have the right methodology. You havenít analyzed your technique/entry over enough previous data to convince yourself you actually have an edge.
2) you have misinterpreted the current market structure or setup
3) you have been beaten up iní the market previously due to a multitude of possible reasons
4) you are over leveraged and/or under capitalized
5) you are revenge trading
6) you have unrecognized significant psychological damage from previous exploits in the market (ties in with number 3).

Solutions:

1) ensure you have an edge. Spend the time analyzing your technique/methodology and convince yourself, that over time, it is profitable.
2) before entering the trade remind yourself that this is just one trade in isolation. Based on your edge and known metrics of your system, this trade is insignificant as it is one of many and you know, that over time, you do actually have an edge.
3) if you are over leveraged/undercapitalized - just STOP now. I believe this is THE biggest contributor to all the psychological damage that scars every single trader that trades the markets. Do not go and trade on the sim, that is pointless. Use the new micro contracts that are an absolute game changer, in my opinion, for new and struggling traders. They allow you some actual skin in the trade but they wonít break you financially if youíre wrong. They should help with allaying some of the stress and fear that occur when you have too much money at stake on any 1 trade.
4) consider entering your trade, entering your stop and possibly profit target and then getting up from your computer for the first 5 or 10 minutes of the trade and do anything but watch the screen. The noise of the market screws with psychologically damaged trading minds more than one gives it credit for and propagates the damage even further.
5) if your last trade was a loss, and you are feeling some type of emotional reaction because of it, get up and get away from the computer so you donít place a rash trade in order to make up for your recent loss. Time away from the screen during the trading day can help reset your thought processes and allow you to analyze the market in an unbiased manner rather than through a confirmational bias lens that constant staring at a screen all day might do.

Interesting to hear from both experienced and newer traders whether they stare at the screen once they are in a trade.

After I take a trade, I normally just wait for the trade to play out and the profit target is hit.
Unlike most traders, my entry and stop are all executed at the same time.
(ENTRY, STOP, TARGET)
Yes, I can take a trade without a target but mostly I don't.
If there is no target, my stop is moved to BE when I can and then manually exit.
My risk is considered before the trade and I don't move the stop away from price.

When I take a trade, I have decided that the risk (stop) is worth taking the trade.
This single trade is just one of many that exploit my edge.
If my stop is hit, then I'm out and look for the next trade.
No emotion, no regret, that happens.

Rejoice in the Thunderstorms of Life . . .
Knowing it's not about Clouds or Wind. . .
But Learning to Dance in the Rain ! ! !
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  #3 (permalink)
zManiac17
Seattle, United States
 
 
Posts: 5 since Feb 2020
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Once I take the trade I try not to mess with it. And I should be able to say emphatically that I don't mess with it, but I do sometimes and I've learned over time that it's usually not helpful. So I try to stick to the plan I made and then when I've exited the trade I take a break to plan the next one so I don't fomo in short after closing my long. That usually ends badly.

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  #4 (permalink)
raining
london, UK
 
 
Posts: 5 since Apr 2020
Thanks: 7 given, 1 received

measure my heart pulse

i will TRY not to tinkle with the trade and let it play out.


TraderDoc007 View Post
Entering a trade seems to be one of the easiest parts of trading - you analyze, assess, define your entry point, hit the entry button and you are in. Hopefully you immediately place your stop once you are filled on your entry.
Now what? I would think the vast majority of time, within a very short space of time, your trade goes into some type of drawdown, the result of normal market movement. If you arenít totally sure of your entry or maybe your actual methodology, which the vast majority of newer traders usually arenít, your heart rate might tick up a few beats. Sound familiar? The market slips a little further against your position and you then start questioning? Hmm maybe I should have done this, or maybe that? Your heart rate might increase a little further and from this point, everything else is insignificant.
If you find you are agreeing with any or all of the scenario described above, you might want to consider the most common possible causes and some possible solutions.

Causes:

1) you are not really sure that you have the right methodology. You havenít analyzed your technique/entry over enough previous data to convince yourself you actually have an edge.
2) you have misinterpreted the current market structure or setup
3) you have been beaten up iní the market previously due to a multitude of possible reasons
4) you are over leveraged and/or under capitalized
5) you are revenge trading
6) you have unrecognized significant psychological damage from previous exploits in the market (ties in with number 3).

Solutions:

1) ensure you have an edge. Spend the time analyzing your technique/methodology and convince yourself, that over time, it is profitable.
2) before entering the trade remind yourself that this is just one trade in isolation. Based on your edge and known metrics of your system, this trade is insignificant as it is one of many and you know, that over time, you do actually have an edge.
3) if you are over leveraged/undercapitalized - just STOP now. I believe this is THE biggest contributor to all the psychological damage that scars every single trader that trades the markets. Do not go and trade on the sim, that is pointless. Use the new micro contracts that are an absolute game changer, in my opinion, for new and struggling traders. They allow you some actual skin in the trade but they wonít break you financially if youíre wrong. They should help with allaying some of the stress and fear that occur when you have too much money at stake on any 1 trade.
4) consider entering your trade, entering your stop and possibly profit target and then getting up from your computer for the first 5 or 10 minutes of the trade and do anything but watch the screen. The noise of the market screws with psychologically damaged trading minds more than one gives it credit for and propagates the damage even further.
5) if your last trade was a loss, and you are feeling some type of emotional reaction because of it, get up and get away from the computer so you donít place a rash trade in order to make up for your recent loss. Time away from the screen during the trading day can help reset your thought processes and allow you to analyze the market in an unbiased manner rather than through a confirmational bias lens that constant staring at a screen all day might do.

Interesting to hear from both experienced and newer traders whether they stare at the screen once they are in a trade.


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  #5 (permalink)
 TraderDoc007 
Detroit MI/USA
 
Experience: Advanced
Platform: Multicharts, Custom own
Trading: All Futures
 
Posts: 65 since Sep 2017
Thanks: 41 given, 193 received


Sandpaddict View Post
Lol Raining. Traderdoc007 your this guy? Your the one attacking MY system? After reading a couple of your posts Ive come to realize your a fake traderdoc007! A fake. You can regurgitate info like an idiot savant. Ever seen Good Will Hunting? Well how do you like them apples?

Wheres your post of your trades?

How do YOU trade?

How many points do you make a day great master?

Wheres your live journal?

You must trade massive size in the full s&p contract the way you talk to people. 10? 20? 50? Contracts at a time?

I closed my journal because of you and you know what... IM GOING TO DO JUST FINE! But now no one can see my trades and screens learn from my MANY... BUT HONEST mistakes.

Once again traderdoc007... YOU ARE A FAKE!

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By the mere manner in which you attack for no real good reason shows you do not have control of your emotions. This is a fatal personality trait in trading. You need to hone and train your mind to perform at your best when doing battle in the markets. I did not attack your ďsystemĒ, I merely pointed out that based on the charts you illustrated, your methodology(not system as you donít have any rules to your trading) would fail under normal trading.

In answer to some of your direct sarcastic questions here are the answers:
1) I donít have posts of trades, I trade a methodological system that tells me exactly when to enter and exit. If this site had been around when I was struggling to get profitable I would surely have utilized all the tools at my disposal. I see my success( or occasional failures) on a daily basis on my live brokerage account. Thatís how I measure my success.
2) How do I trade - I will do a separate post later today here and Iíll show you exactly how I trade. Iím sure it will open your eyes to potential methodologies in the market.
3) I donít aim for any amount of points, I take what the market gives me for the day. Some days it is so bountiful, beyond imagination, others not so much and then others, small losing days. I donít trade 1 market, I trade anything that moves.
4) I havenít done a journal for years - donít need it now. My trading is so boring now because it has rules that are followed and never broken. My stop is always in place and never gets moved unless it is simply to decrease my risk, not the other way around.
5) I donít trade anything like that size - my size is determined by the equity in my account and the amount of risk I am placing in that particular market at that particular time. If Iím trading a number of markets at once, then less equity will be allocated to that particular market compared to if I was trading that market exclusively.

Hope that answers some of your questions. Look for my brief post on how I trade later today or latest tomorrow.

Thanks.

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 Sandpaddict 
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Ok great. Id like to see. It all sounds great on paper. I still don't believe you but who I'm I? Nobody. And neither are you.

Sounds like you've got it all figured out anyway. Great purposeful rule based entries with perfect exits and of course you ride all the winners all the way. And your so good you trade anything that moves... Oh and of course you got money management down pat with the whole size of account divided by the volatility of the market divided by the size of the contract. Wow your amazing.

Lets see the pudding. I dont care how you trade. Im here to learn and Ive said in almost every post Im no master but if someone can learn something from me Im not going to just attack them.

So sure lets see what you have thats so special.

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 Sandpaddict 
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Ok great. Id like to see. It all sounds great on paper. I still don't believe you but who I'm I? Nobody. And neither are you.

Sounds like you've got it all figured out anyway. Great purposeful rule based entries with perfect exits and of course you ride all the winners all the way. And your so good you trade anything that moves... Oh and of course you got money management down pat with the whole size of account divided by the volatility of the market divided by the size of the contract. Wow your amazing.

Lets see the pudding. I dont care how you trade. Im here to learn and Ive said in almost every post Im no master but if someone can learn something from me Im not going to just attack them.

So sure lets see what you have thats so special.

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Even better pal why don't you post your reasoning BEFORE entering the trade so everyone can see what YOUR system is?

If you say you got the secret sauce and you don't want to give it away that to me is a clear sign YOUR a complete amateur.

You have alot of general overarching "advise" that never actually says anything useful.

But hey its out there for everyone to see and I'll eat my words as they are posted so go ahead and prove ne wrong!

I want to learn and help. Not be attacked by someone who knows the price of everything and the value of nothing!

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  #8 (permalink)
 TraderDoc007 
Detroit MI/USA
 
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Sandpaddict View Post
Even better pal why don't you post your reasoning BEFORE entering the trade so everyone can see what YOUR system is?

If you say you got the secret sauce and you don't want to give it away that to me is a clear sign YOUR a complete amateur.

You have alot of general overarching "advise" that never actually says anything useful.

But hey its out there for everyone to see and I'll eat my words as they are posted so go ahead and prove ne wrong!

I want to learn and help. Not be attacked by someone who knows the price of everything and the value of nothing!

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Sir, see this post I give you what you so desperately want and asked for. Maybe you should eat a little humble pie now.

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 Sandpaddict 
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TraderDoc007 View Post
Sir, see this post I give you what you so desperately want and asked for. Maybe you should eat a little humble pie now.

Thank you TraderDoc007.

Your post just goes to prove my point. Im not going to get into your indicators because like you said you mastered them and thats ALL THAT MATTERS. I could not trade that for the life of me. I wouldn't trust them. So what. You NEED to trust your system otherwise you wouldn't follow it.

Below is a screenshot of MY FULL SCREEN. I have posted this very chart in my journal. I only posted my charts but I use time and sales and volatility as a guage of your "power" and a higher timeframe line chart of closes for a bit of a bigger picture for perspective.

And I guess in this example, if you were to trade it, you'd have bought all those pullbacks in the raging bull?

You still have not proven anything but I am dropping this. I wish to play no more. This is not why Im here.





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 bobwest 
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 Sandpaddict 
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bobwest View Post
Moderator Notice
Moderator Notice


Yes bobwest.

My sincere apologies!

This is not at all why I'm here. From day one I noticed the honest discussions vs flashy $$$ which is so refreshing. I'm here to learn and, if possible help.

I will refrain from tit-tat as thats exactly what it was.

Again. My apologies.

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 bobwest 
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Sandpaddict View Post
Yes bobwest.

My sincere apologies!

This is not at all why I'm here. From day one I noticed the honest discussions vs flashy $$$ which is so refreshing. I'm here to learn and, if possible help.

I will refrain from tit-tat as thats exactly what it was.

Again. My apologies.

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No problem. Everyone makes a mistake. Let's just let this go now.

I did modify my notice above, and I have deleted two posts where things became overly personal.

I'm sure we can go on now, productively.

Bob.

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 bobwest 
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Let me add that my original Moderator Notice was also directed at @TraderDoc007 in addition to @Sandpaddict, and that a further examination of the threads involved showed me that his comments, while critical, were not in violation of the rules, and I want to state that here and apologize publicly to him.

I have edited my original Notice to reflect the change.

Bob.

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 Sandpaddict 
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bobwest View Post
Let me add that my original Moderator Notice was also directed at @TraderDoc007 in addition to @Sandpaddict, and that a further examination of the threads involved showed me that his comments, while critical, were not in violation of the rules, and I want to state that here and apologize publicly to him.

I have edited my original Notice to reflect the change.

Bob.

And I apologize to TraderDoc007 as well!

That was his opinion he's absolutely entitled to it.

And in reflection I found he did not attack me, but as he said, was being brutally honest. As he should be if he so chooses.

There is a difference and I've noted this.

We have to be able to disagree and discuss otherwise we'll never learn.

I just wish good trading to all.

My sincere apologies to @TraderDoc007

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