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Self-Mastery and Development through Trading
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Self-Mastery and Development through Trading

  #31 (permalink)
Arbitrageur
Seattle, WA
 
Futures Experience: Beginner
Platform: Python
Favorite Futures: EURUSD
 
WayneA's Avatar
 
Posts: 56 since Aug 2009
Thanks: 23 given, 54 received

Checking In

I'm so late. Just woke up about 10min ago. I fell prey to the snooze button.

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  #32 (permalink)
Arbitrageur
Seattle, WA
 
Futures Experience: Beginner
Platform: Python
Favorite Futures: EURUSD
 
WayneA's Avatar
 
Posts: 56 since Aug 2009
Thanks: 23 given, 54 received

Checking Out early...

... I got bored.

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  #33 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
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Enjoy your weekend

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
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6)
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  #34 (permalink)
Arbitrageur
Seattle, WA
 
Futures Experience: Beginner
Platform: Python
Favorite Futures: EURUSD
 
WayneA's Avatar
 
Posts: 56 since Aug 2009
Thanks: 23 given, 54 received

Ideas from Last Week

Trade Mechanics/ Management


WayneA View Post
... I got bored.

There's more in that simple expression. By the end of the week, I was feeling a bit like a machine. While I learned that I can execute a plan, albeit, as simple one, there wasn't any thought in my actions. At one level, I see that as a positive. We should be able to enter and exit our trades without hesitation and second guessing. But, I wasn't really learning or observing the market. There wasn't any feedback to my actions. So next week, I'm going to start reaching for profit. By the end of the week, I hope to have a stop loss and profit target DAP proposed for the week starting July 31st. This DAP will be a baseline for me to build my trade management. I have the feeling that trade management (stops, targets, scaling in and out of a move, etc) is more important to get down than entry criteria.

Here are some of my ideas about trade management:
  • I want to trade with at least a 1:1 reward to risk ratio.
  • I want to have a high win rate (>70%).
  • But, I don't worry about getting a high win rate the fist couple of stages. All I want is to get 1 winner with x ticks. Log that winner, learn what it feels like. Rinse and repeat.
  • I will only scalp for 5 ticks in the first stage. Then, for the next stage, I'll scalp for 10 ticks. This is to progressively move my target as I gain knowledge and experience.

Time Management

While I made it through this week without burning myself out, I did cut out a lot of my personal time. This, and aquarian1's suggestion, got me looking into changing my schedule around. I checked the volume and tick charts for the 6E for the time period 1900-2400 HST. While there is a noticeable decrease in the trading activity, I don't think it's a game stopper. After I finish up with DAP1, I'll change my check in and check in procedure and test it out for 10 days. I'll then compare the two experiences. For now the differences are these:

1900/2000 Start Advantages:
  • I can meet up with friends after work. (Specifically, I met a girl over the 4th of July weekend and really wanted to hang out some more. But, I chose to do this instead...)
  • I can go to sleep when it's dark outside, which is healthier.
  • If I work out after work, instead of when I've been waking up at 0100, then 1) I wont have such a hurdle to get the workout session started, and 2) I'll sleep better at night having just worked out.
  • I won't fell as tired during my regular job. On some days, I was pretty worn out come 1400. But, this might just be because of the work we were doing.

0100/0200 Start Advantages:
  • Better liquidity for both 6E tick based charts and EURUSD on MBT.
  • More trading opportunities and larger ranges during the trading hours.

I really don't know which way I'm leaning right now. I've got to test it out.

Well it's time to hit the sack. I'll post the DAPs for next week and see you at the open.

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  #35 (permalink)
Arbitrageur
Seattle, WA
 
Futures Experience: Beginner
Platform: Python
Favorite Futures: EURUSD
 
WayneA's Avatar
 
Posts: 56 since Aug 2009
Thanks: 23 given, 54 received

Accepted & Ongoing DAPs

These DAPs are continuing this 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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  #36 (permalink)
Arbitrageur
Seattle, WA
 
Futures Experience: Beginner
Platform: Python
Favorite Futures: EURUSD
 
WayneA's Avatar
 
Posts: 56 since Aug 2009
Thanks: 23 given, 54 received

Checking IN

Had a much better sleep than last Sunday night. The week is off on the right foot!

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  #37 (permalink)
Arbitrageur
Seattle, WA
 
Futures Experience: Beginner
Platform: Python
Favorite Futures: EURUSD
 
WayneA's Avatar
 
Posts: 56 since Aug 2009
Thanks: 23 given, 54 received

Checking Out

I've attached a picture of the chart and order entry setup I'm using. The large chart across the top is the 6E. The chart below is the EURUSD data that I'll be actually trading off of. MBT allows placing inside limit orders. So, I've got to get used to entering on the Depth of Market Ladder. However, in NT, price quotes aren't supported on the DOM. (This feature is listed as #123 on their to-do list.) So, I've added the Level II display to get market depth information. It doesn't add to my trading decisions now, but it'll be good practice going forward.

Attached Thumbnails
Self-Mastery and Development through Trading-20110721-0509_-mbt-zen-fire-setup.png  
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  #38 (permalink)
Arbitrageur
Seattle, WA
 
Futures Experience: Beginner
Platform: Python
Favorite Futures: EURUSD
 
WayneA's Avatar
 
Posts: 56 since Aug 2009
Thanks: 23 given, 54 received

Checking In

Up and ready.

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  #39 (permalink)
Arbitrageur
Seattle, WA
 
Futures Experience: Beginner
Platform: Python
Favorite Futures: EURUSD
 
WayneA's Avatar
 
Posts: 56 since Aug 2009
Thanks: 23 given, 54 received

Checking Out

Held out till the finish.

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  #40 (permalink)
Arbitrageur
Seattle, WA
 
Futures Experience: Beginner
Platform: Python
Favorite Futures: EURUSD
 
WayneA's Avatar
 
Posts: 56 since Aug 2009
Thanks: 23 given, 54 received

Checking In & DAP Proposal



Quoting 
“Failure is simply the opportunity to begin again, this time more intelligently.” - Henry Ford

Time Management Development

Over the past week and a half, I've found that waking up early to trade is very difficult. It's not impossible, but I'll need everything else in my life to line up perfectly to keep it sustained. So, I've jumped the gun in trying out different trading hours. I'll start my trading activities @ 1900 and finish up @ 2300. I'll get an extra hour of sleep this way =>

Trade Management Development

As for developing a trade management baseline, things are going slowly. But, it's okay. I I don't have that feeling that I "have" to be successful at trading right away. I'm going to take my time and let things come. For now, I'll stick to being content with one winner of 2 ticks. Once I get that, I'll reset the account and go again. I'm not going for net profit. Instead, I'm just going to work up to being engaged in the market in meaningful way.

Proposed DAP:
  1. Using the entry strategy from DAP 2, take profit at 2 ticks. (Expect to fail many times before I get that 2 tick trade.)
  2. Once that trade is complete, reset the sim account. (I'm not looking to make the account positive for the day and I don't want to trick myself into wishful thinking.)
  3. Go back to step 1 and repeat the process for 3 hours.

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