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Catching Big Waves - a trader's journal of surfing the the markets


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Catching Big Waves - a trader's journal of surfing the the markets

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  #2021 (permalink)
 GaryD 
Orlando, Florida
 
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Finally. I have been living straddling two houses with nearly everything in boxes. I just got my new trading desk setup, prepared it as though it were some sacred area; balanced, structured, uncluttered, focused. Cords organized and tucked away where they are safe, two dedicated sound sources for NT only and everthing else, chart analysis moved to center focus, other work moved to another desk entirely, files moved out of this area, printer and fax in another room, pig front and center...

I previously faced out with a desk in the center of the room, but decided to face the wall this time to eliminate distractions and make it easier to step back and watch, share charts with friends, allow my wife to see what I am doing.


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  #2022 (permalink)
 GaryD 
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Surly View Post
I'll try to circle back around after my market closes but for now just wanted jot down a thought on this.

Perhaps rather than looking at each trade individually you can look at each day individually or each week. In other words - rather than altering positions size based on your confidence in a given trade, you can alter position size during a particular day or particular week and then watch how your confidence levels change and how your confidence level impinges on your comfort level with the larger size. Once you can see more clearly how your level of confidence in yourself, your ability to have a positive expectancy, etc influences the comfort level with the larger size you can begin to isolate this factor (confidence) and work on it directly (perhaps by altering the ratio between how much charting and analysis you do vs. time you spend actively stalking trades). The idea would be to take the idea of confidence to the "next level up" - above individual trades to "you as a trader".

I do think that to become very successful you will need to recognize trades in which you have higher confidence vs lower confidence and "lever up" (as deucalion says) when you recognize a very good trade. But I also think this requires a high level of ability, confidence, and discipline to do properly.



Yes, that is almost exactly what I have been doing, back and forth on various sizes, feeling the difference. And taking breaks, digesting, talking to myself about it, walking around, then come back. I have noticed it has made my 1-2 contract trading much calmer, so something is shifting. I put a lot of energy into my trading area tonight to improve comfort, focus and confidence. Moved my chart analysis to center to be the main attraction.


Re-written trading plan in the works, currently at 9 pages. A lot of it is diagrams and spreadsheets. One for risk, one for equity tracking, one for goal tracking, a basic outline that I will read each day before I trade, one just to run some calculations in the background without having to look at them. I feel like I am preparing for some major competition, or Atlantic crossing, or survival show.

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  #2023 (permalink)
 GaryD 
Orlando, Florida
 
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Posts: 6,462 since May 2011



Surly View Post
Deucalion posted some Steenbarger docs about performance under uncertainty recently - here's a quote from one that is relevant (emphasis mine):

 Self-Efficacy – The athlete’s beliefs about his or her own capacity to perform is significantly related to actual performance. The belief in one’s own capacity to succeed is the single most important personality factor associated with athletic success. Studies find that interventions that improve self-efficacy tend to improve athletic performance, even when they involve mental practice (imagery) rather than actual athletic performance.


Thanks Surly.

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  #2024 (permalink)
 GaryD 
Orlando, Florida
 
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 GaryD 
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  #2026 (permalink)
 GaryD 
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area of interest

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  #2027 (permalink)
 GaryD 
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Took a quick scalp for 20 ticks. Now going to just watch this area and see how volume reacts.

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 GaryD 
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  #2029 (permalink)
 GaryD 
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Momentum took a major step back at the red zone.

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 GaryD 
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short ready if stops blow with stopping volume

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