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Self-Mastery and Development through Trading
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Created: by WayneA Attachments:1

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Self-Mastery and Development through Trading

  #41 (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 don't want to get ahead of myself, but I think this new schedule is going to work better. Let's keep up with DAP 2 and, from this Sunday, DAP 3 for another week or so, and then I'll see if this is really more sustainable.

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  #42 (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

No trading

I've got a day of meetings tomorrow. So, I'm going to take the evening to prepare.

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  #43 (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 was pretty busy this weekend and didn't think a lot about trading.

My main take away from the past couple of weeks is that I need to start thinking more about each trade. I'm not really learning anything by mechanically entering and exiting. I'm going to look for a simple process that keeps my mind, in addition to my fingers, engaged. This will probably be some sort of trade logging/ evaluation. After a couple weeks of that, then I might be able to come up with some trade management goals.

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  #44 (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 completely forgot to check out last night. I was so tired that I just shut down and crawled into bed. This is a better situation than my previous schedule. If I was tired after trading, then I would have to keep going and get ready for a work day.

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  #45 (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

Fell off the Wagon

I fell off the wagon last week. I've got some ideas about why.

The main reason was that I caught a bit of analysis paralysis when thinking of a more engaging way to be in the market. Two factors added to the paralysis. I was rethinking my use of 3 Line Break (3LB) charts and my focus on FX markets.

When I started reaching for profit, I also began to glance over at the spot FX charts when I was in a trade. Because I'm using the 6E for it's orderliness on tick based charts, this often gave me conflicting information. I tried switching back to momentum/range charts for a day. I rationalized it because 1) the EURUSD & 6E charts look more similar on price based charts, and 2) I can better define my stop losses and profit targets with price based charts.

But, I went over this before already. I chose to use 3LB charts because they hold a direction better than price based charts and they get you in a move at a better price. And so, I'm back using 3LB charts.

As I mentioned earlier in my trading history, I am actually drawn to interest rate futures. Over the past couple of weeks, the Bund has had intraday ranges comparable to the EURUSD. So, I was flirting with the idea of starting to learn that market first. Then came a whole host of questions such as higher margin requirements, brokers choices, whether or not to look at volume delta analysis again, etc.

But, after comparing ATRs for the two instruments, I found that the EURUSD still has more intraday volatility. So, I'm sticking with FX trading.

In addition to analysis paralysis, I had some non- trading issues taking up my mental energy.

First, I'm in the process of buying a car. It's a used car. And, the guy I'm buying it from was still making finance payments. So, it took some back and forth between his bank and my bank to get things in order. I really wanted to get some driving in, and was disappointed when things started to get drawn out longer than expected.

Second, I was looking forward to get more responsibility/ a promotion at work in the next month or so. But, it looks like they're going to bring someone else on board for that role. I was disappointed about that for a couple of days. Afterwards, I was busy looking at other job opportunities and making life plans.

---

Going forward, I don't think I should make changes to my trading procedures while I'm making changes in other parts of my life. I should have some, meaningful, part of my day that is stable and under my control. I should start to journal about my non-trading activities as well. It wont be here, but it's probably a good idea to make sure I have (or at least feel like I have) a handle on everything that's going on around me.


Last edited by WayneA; August 8th, 2011 at 04:57 AM. Reason: spelling
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  #46 (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

Done for the night. I wonder how the US market is going to open up w/ the downgrade. +1 for volatility.

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  #47 (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've set my hot keys for order entry. This makes trading much more tactile and like a video game. As an avid gamer, it's a good move.

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  #48 (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 + DAP Proposal

Done for the night.

After trying out hot keys during this session, I am going to put them into my daily action procedures. They help with my concentration and force me to stay focused on the market. Recently, I've found myself doing random searches while I'm trading. I sometimes miss a turn around in price and am entering late. Using hot keys requires that I keep the Ninjatrader window selected. This way, I can't let my focus meander.

Over the week, I'll refine which keys work best for which orders. By the start of trading next week, I'll have it all mapped out.

Proposed DAP:
  • For all orders, only use hot keys.

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  #49 (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

Sickly, no trading

I've got a bit of a cold. So no trading tonight. I'll probably be better tomorrow. But tonight, my head is killing me.

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