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Self-Mastery and Development through Trading


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Self-Mastery and Development through Trading

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  #11 (permalink)
 WayneA 
Seattle, WA
 
Experience: Beginner
Platform: NinjaTrader
Trading: Ones that move
 
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Posts: 61 since Aug 2009
Thanks: 53 given, 58 received


Quoting 
“Endurance is not just the ability to bear a hard thing, but to turn it into glory.” - William Barclay

Part of building trading endurance is to consistently identify and act upon setups for the duration of my trading hours. I can take trades for at least 3 hours between 0200 and 0600 HST. The other hour will be used for review, reflection, and posting on futures.io (formerly BMT).

I don't have a trading method. For now, I just want to stay engaged and active bar by bar. To keep things simple, here are my rules:
Proposed DAP
  • If I'm not in a trade, and the bar closes, then enter in the direction of the bar.
  • If I'm in a trade, and the bar closes in the opposite direction, then I have to close and reverse.
  • Continue this process for 3 hours.

The entry rules are just to keep me engaged and present in the market. I don't want to have any other rules. There aren't any profit targets or stop losses. I'll be jumping out of a trade whenever I feel the movement is against that particular trade. The goal for the next 10 days is not any sort of profitability. In fact, I'll just reset the sim account at the end of each day.

One the one hand, I want to take notes on my observations. On the other hand, because I feel I'm in the phase when I don't even know what I don't know, I don't want to set an structured learning goal. So, I'm just going takes trades, have some fun with it, log some much needed seat time, and see what questions I start asking.

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  #12 (permalink)
 WayneA 
Seattle, WA
 
Experience: Beginner
Platform: NinjaTrader
Trading: Ones that move
 
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Posts: 61 since Aug 2009
Thanks: 53 given, 58 received


Quoting 
"Many of the great achievements of the world were accomplished by tired and discouraged men who kept on working.” - Unknown

I'm about an hour behind schedule . I should be fine tomorrow morning; today wasn't a work day and I took an afternoon nap =

Here are the DAPs for next week:
DAP 1
  • Check in & Check out to the futures.io (formerly BMT) community.
  • Post that I'm ready to start trading activities.
  • Post that I'm done.
DAP 2
  • If I'm not in a trade, and the bar closes, then enter in the direction of the bar.
  • If I'm in a trade, and the bar closes in the opposite direction, then I have to close and reverse.
  • Continue this process for 3 hours

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  #13 (permalink)
 WayneA 
Seattle, WA
 
Experience: Beginner
Platform: NinjaTrader
Trading: Ones that move
 
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Posts: 61 since Aug 2009
Thanks: 53 given, 58 received


Checking in for the day. I'm a little late checking in.

I missed DAP1 check in time @ 0200.

I've been placing trades per DAP2 for the past 15 minutes.

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  #14 (permalink)
 Lornz 
Oslo, Norway
 
Experience: Advanced
Platform: CQG, Excel
Trading: CL
 
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Posts: 1,198 since Apr 2010


WayneA View Post
  • If I'm not in a trade, and the bar closes, then enter in the direction of the bar.
  • If I'm in a trade, and the bar closes in the opposite direction, then I have to close and reverse.

Another approach would be to take random entries and try to manage them as best you can...

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  #15 (permalink)
 WayneA 
Seattle, WA
 
Experience: Beginner
Platform: NinjaTrader
Trading: Ones that move
 
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Posts: 61 since Aug 2009
Thanks: 53 given, 58 received

So far, so good. I'm pretty tired. I don't think I ate enough yesterday. Let's see how I do at work and tomorrow.

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  #16 (permalink)
 WayneA 
Seattle, WA
 
Experience: Beginner
Platform: NinjaTrader
Trading: Ones that move
 
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Posts: 61 since Aug 2009
Thanks: 53 given, 58 received

What a rough day. I was tired from the get go this morning @ 0100. I didn't work out. I didn't check in to futures.io (formerly BMT) properly; I was late by 15 minutes. Even though I was trading at the right time, I didn't follow the process. I did trade alright. But I was getting really winded by 0400, only two hours in.

I tried to take power nap from 0515-0545. That turned into a serious dream session until 0630. That made me rush when I started to get ready for work. So, I didn't shave properly and ran out while munching on a left over 6 inch sub from Subway. It's fiscal year time so I can't really dilly dally getting there. Also because it's that time of year, I spent the whole day manipulating spreadsheet after spreadsheet. Around 1430, I was hitting a brick wall. A procedure that took 10 min in the morning was taking 25-30 min in the afternoon. I just couldn't concentrate. I downed a Gatorade, got a second wind, and finished on an up tick.

Now I'm home, gonna munch on some dinner before I hit the sack. I'm back on schedule. Things should run smoother tomorrow. Today, I ate more balanced meals than I did over the weekend, and, tonight, I'm set up to get my usual amount of sleep.

So, not a magnificent start to endurance building. But, I'm still on track. I think if I didn't have this journal, I would have gotten more discouraged than I did and ended up changing my plan. +1 for futures.io (formerly BMT).

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  #17 (permalink)
 aquarian1 
Point Roberts, WA, USA
 
Experience: Advanced
Platform: IB and free NT
Broker: IB
Trading: ES
 
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WayneA View Post
A for-profit business works completely opposite. Brevity, conciseness, and clarity are highly valued. Clear and positive thinking towards a definite and public goal is the name the game. Once again, this journal is about becoming clear and focused in my pursuit of becoming an independent, successful trader.

Wow great post!

Welcome and I know I'll enjoy reading your journal.

..........
peace, love and joy to you
.........
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  #18 (permalink)
 WayneA 
Seattle, WA
 
Experience: Beginner
Platform: NinjaTrader
Trading: Ones that move
 
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Posts: 61 since Aug 2009
Thanks: 53 given, 58 received

Up and ready to rumble. Did some yoga/ stretching today. I'll do full workout tomorrow.

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  #19 (permalink)
 WayneA 
Seattle, WA
 
Experience: Beginner
Platform: NinjaTrader
Trading: Ones that move
 
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Posts: 61 since Aug 2009
Thanks: 53 given, 58 received

What a difference one's state of mind makes. I've understood the concept intellectually, but this is the first time I've documented it myself. Just getting enough sleep and eating better made me feel at least 50% more alert today than yesterday. I'm actually sitting here with smile on my face, instead of looking at my bed wishing for the session to end.

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  #20 (permalink)
 aquarian1 
Point Roberts, WA, USA
 
Experience: Advanced
Platform: IB and free NT
Broker: IB
Trading: ES
 
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Posts: 4,035 since Dec 2010
Thanks: 1,507 given, 2,590 received


Hi Wayne,

When i read your schedule, I thought ... not enough sleep.
I know I work too many hours, but I know why and I would rather not. If I can get my system simpler to maintain I will cut back and get more exercise and more sleep and more relaxation -balance. You have income so trading can be without pressure.

You're young and building habits - a healthy body and a relaxed mind could be two of them.
Since your simply trading up bar down bar perhaps pick something that trades at 5am or at 18:00 Hawaii time - trade for an hour and stop .

Just an idea - but life is a marathon - not a 100 yard dash. One day at a time my friend.

..........
peace, love and joy to you
.........
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