I hide in my basement office every weekend with my wife while my toddler takes her nap; I use this time to go over charts and trading results for the prior week. I was very down this Saturday and my wife (whom is VERY supportive of what I do) asked me what was troubling me. I was looking at last Thursday in particular and saw where I had turned a +26 cent day into a -10 cent day not including commissions. I told her it was due to counter trend trading which she knows what it is. She said it was only one bad day (one that she knows of) and said "you're good at it, so keep doing it". This is not the first time this has happened. The most disturbing part about my CT trades are when at the end of my trading day I feel lucky, I get "lucky" at the slot machines at the local casinos. I saw myself traveling down the wrong road and needed a tool to correct my problem so I am starting this journal.
Hi, my name is Ray and I am a counter trend tradeaholic. I tell others to always trade with the trend and then what do I do? I fight the freight train almost every time. Most of my trades are taken with the trend, but I feel compelled to try to grab every red cent the CL will offer. It is not uncommon for me to be up and then give it all back and then some due to my bad behavior. I am posting this journal to be more accountable to myself and others as well, I really hope this helps cure me of my bad habit that is a breakeven proposition at best. It is time to knuckle down and really follow my own rules: NO COUNTER TREND TRADES!
The real problem is not with CT trades, some people are very successful at it. MY problem is when I lose or am losing in a CT trade I will do REALLY dumb stuff like moving my stop. And when I lose, my head gets so jacked up I will have to stop for the day. I don't mind losing on my trending set ups, it just means I was wrong and this will happen. When I do CT trades I have this obsessive urge to be right and we all know what can happen then.
Today was my first day on this new, what shall we call it? Hmmmmmm? Program to recovery. I have put myself on SIM probation for the next 2 weeks to clean up my act and finally get some REAL discipline. I have come to the realization that I have been lucky for quite some time, it is now the time to actually adhere to my written rules which I shall post later along with a chart defining my definition of what I feel a trend is. I have posted my results and some of my charts for what I did today.
I would like to send a special thanks to Bob M. (Bobarian) for encouraging me to do this.
The following 8 users say Thank You to Rayzor for this post:
Glad to see your journal here, looking forward to it.
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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The following user says Thank You to Big Mike for this post:
I was living in Boulder, CO for a while last year. Nice place.
Good luck on your journey. I think the key is to accept that was your past, today you are a new person and that issue no longer exists. But, with a journal identified like that, kind of hard to get away from it.
I chose "TF Day Trading" to be as nuetral as possible in that I am not forcing expectations or goals and that I am just day trading. Probably not the most inspiring, but my point is to not bring up the negative as much.
The following user says Thank You to bluemele for this post:
good job ray, i like the charts! i think starting a journal is huge step for you to get to the next level.just remember, this is your journal, and what you get out of it, is really what you put into it.i look forward to following your posts
The following user says Thank You to bobarian for this post:
Thanks Bluemele, This one is about adhering to discipline and my rules; that's why I chose a direction. Sometimes I need to really take a stand with myself in order to stop bad habits that have. I just figured that my big problem is the compulsion to take trades that deep down inside I am conflicted with need to stop. You are right, I am a new person and that issue no longer exists; I will hold myself accountable with this journal. And as far as "Probably not the most inspiring" goes, a journal about what goes on with anybody and their trading is inspiring enough. We all hit our mark in our own way. Thanks for the kind words.
The following user says Thank You to Rayzor for this post:
Thanks Bob, like I was telling you on the phone there was a lot going on behind the scenes that I was not telling you or anyone about for that matter. I need to be accountable to myself as well as my peers. I am still in the green and doing good, but did you ever notice how I skirted the losing days? After doing the math and looking over my tracking spreadsheet I knew something had to change. I hope to improve on my discipline as well as my patience in waiting for the good opportunities. Thanks again for nudging me to do this.