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The PandaWarrior Chronicles
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The PandaWarrior Chronicles

  #1021 (permalink)
Elite Member
Toronto
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Zen-Fire
Favorite Futures: CL , 6E
 
Posts: 197 since Jun 2009
Thanks: 752 given, 252 received


PandaWarrior View Post
2nd best day in a while. I didnt hold like I should have but to be fair, all the buying tails on the short side really freaked me out. I started taking what I thought I could get in a reasonable amount of time. I should have just held. My targets eventually got hit but in around 2-3 times the amount of time I normally will see targets hit.

Anyway, a good day that could have been great.

I only took signal trades today. I know I have an edge there and am getting more and more comfortable with them. I am also seeing counter trend trades fairly well although not taking those. I had 40 potential ticks on CT trades today. No regrets not taking them as they are currently NOT in my trade plan.

Yesterday was my kid's 10th birthday. She had her special breakfast she likes on holidays and birthdays, her favorite sunday lunch, then dinner at her favorite buffet last night. This place has a chocolate fountain she's in love with but it was out of order last night....she was disappointed but got over it like a trooper and indulged in chocolate covered strawberries instead. Oddly enough, she did not want a party but instead wanted to spend it with just my wife and I. Odd......we'll be throwing her a party in a few weeks after school starts and all her friends are back from vacation.

Cheers

Hey Brian , always a pleasure reading your thread , Hapy Birthday to your baby , Wishing you all a joyful life ,
Funny how kids love that chocolate fountain Lol , my kids do too
Cheers
Soumi

"Risk more than others think safe.
Dream more than others think practical.
Expect more than others think possible.
Care more than others think wise"
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  #1022 (permalink)
Elite Member
In the heat
 
Futures Experience: None
Platform: NT
Favorite Futures: Energy
 
PandaWarrior's Avatar
 
Posts: 3,155 since Mar 2010
Thanks: 6,306 given, 13,250 received

I took yesterday off. I was exhausted for some reason and just could not work. I planned on working today as well and totally overslept. I guess somethings going on. Not sure what it is but I'm not working again until at least Monday. It feels like my body needs rest.

Could be all the back issues, the being sick, the heat, the pressure from trading,etc....but just feels like a soft crash.....

Til next week then.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #1023 (permalink)
Elite Member
Nashville, Tennessee
 
Futures Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker/Data: AMP / CQG
Favorite Futures: NQ, YM and ES
 
tderrick's Avatar
 
Posts: 1,589 since Sep 2010
Thanks: 4,260 given, 2,527 received



PandaWarrior View Post
I took yesterday off. I was exhausted for some reason and just could not work. I planned on working today as well and totally overslept. I guess somethings going on. Not sure what it is but I'm not working again until at least Monday. It feels like my body needs rest.

Could be all the back issues, the being sick, the heat, the pressure from trading,etc....but just feels like a soft crash.....

Til next week then.


This summer is hitting me hard also, brother.... Everyday seems like a struggle. Must be the heat...

...and.... we ain't getting any younger

You'll come around... take it easy for a while.


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #1024 (permalink)
Elite Member
In the heat
 
Futures Experience: None
Platform: NT
Favorite Futures: Energy
 
PandaWarrior's Avatar
 
Posts: 3,155 since Mar 2010
Thanks: 6,306 given, 13,250 received

Been watching the Olympics quite a bit. I've never really thought about it but these guys train for years to become good enough to enter a race that might last all of 9 seconds. Once they qualify for the final, there is the waiting around for the race day and then the entrance to the arena, more waiting and then finally there is the actual race.

They are deathly still for a second or two and then bam.....they explode with all the energy and strength they have. If a competitor seems to be gaining on them, they can attempt to increase the pace they run or swim at, in other words, they can try harder.

I was thinking about this in terms of trading. There is a lot of time learning the craft, which basically consists of learning how to wait, then there is the part where you click the button which lasts about 1 second, then there's more waiting.

We require the same level of discipline an Olympic athlete requires to become successful yet when our waiting is over, there is no explosion of physical activity to release the pent up adrenaline. Instead, we click and then we wait some more. No wonder so many traders fail. Once the waiting for a set up is over, its just more waiting. No release. Its more like a marathon than the 100 meter sprint, we wait and wait, the race starts and then we have to wait a long time to determine the outcome.

As a trader, we need to prepare for the long term. On a daily basis, I think this means a trader must have something that occupies the time between set ups. And then have something that allows for physical exertion to expel the tension build up.

Something to think about.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #1025 (permalink)
Elite Member
Argentina
 
Futures Experience: Intermediate
Platform: Ninja
Broker/Data: Zen Fire / IB
Favorite Futures: ES, TF, 6E, CL
 
gtichauer's Avatar
 
Posts: 379 since Jul 2009
Thanks: 807 given, 296 received


PandaWarrior View Post
Been watching the Olympics quite a bit. I've never really thought about it but these guys train for years to become good enough to enter a race that might last all of 9 seconds. Once they qualify for the final, there is the waiting around for the race day and then the entrance to the arena, more waiting and then finally there is the actual race.

They are deathly still for a second or two and then bam.....they explode with all the energy and strength they have. If a competitor seems to be gaining on them, they can attempt to increase the pace they run or swim at, in other words, they can try harder.

I was thinking about this in terms of trading. There is a lot of time learning the craft, which basically consists of learning how to wait, then there is the part where you click the button which lasts about 1 second, then there's more waiting.

We require the same level of discipline an Olympic athlete requires to become successful yet when our waiting is over, there is no explosion of physical activity to release the pent up adrenaline. Instead, we click and then we wait some more. No wonder so many traders fail. Once the waiting for a set up is over, its just more waiting. No release. Its more like a marathon than the 100 meter sprint, we wait and wait, the race starts and then we have to wait a long time to determine the outcome.

As a trader, we need to prepare for the long term. On a daily basis, I think this means a trader must have something that occupies the time between set ups. And then have something that allows for physical exertion to expel the tension build up.

Something to think about.

Great analogy !!! Totally agree....ideal would be to have a gym in your office....so you enter a trade and go to let some energy go to work the anxiaty.....or if no room for a gym enter a trade and do let say some crouches, fix bycicle, weights, abs, etc....

GT
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  #1026 (permalink)
Elite Member
Nashville, Tennessee
 
Futures Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker/Data: AMP / CQG
Favorite Futures: NQ, YM and ES
 
tderrick's Avatar
 
Posts: 1,589 since Sep 2010
Thanks: 4,260 given, 2,527 received


PandaWarrior View Post
Been watching the Olympics quite a bit. I've never really thought about it but these guys train for years to become good enough to enter a race that might last all of 9 seconds. Once they qualify for the final, there is the waiting around for the race day and then the entrance to the arena, more waiting and then finally there is the actual race.

They are deathly still for a second or two and then bam.....they explode with all the energy and strength they have. If a competitor seems to be gaining on them, they can attempt to increase the pace they run or swim at, in other words, they can try harder.

I was thinking about this in terms of trading. There is a lot of time learning the craft, which basically consists of learning how to wait, then there is the part where you click the button which lasts about 1 second, then there's more waiting.

We require the same level of discipline an Olympic athlete requires to become successful yet when our waiting is over, there is no explosion of physical activity to release the pent up adrenaline. Instead, we click and then we wait some more. No wonder so many traders fail. Once the waiting for a set up is over, its just more waiting. No release. Its more like a marathon than the 100 meter sprint, we wait and wait, the race starts and then we have to wait a long time to determine the outcome.

As a trader, we need to prepare for the long term. On a daily basis, I think this means a trader must have something that occupies the time between set ups. And then have something that allows for physical exertion to expel the tension build up.

Something to think about.

Yes... I remember a while back, something that @Private Banker said. "This really is a marathon"

It stuck.

We had better all invest in a very comfortable chair, Because we are about to spend a great part of
the rest of our lives in it


AJ
Nashville, Tennessee


"Life On The Edge of SR"

Last edited by tderrick; August 5th, 2012 at 07:00 AM.
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  #1027 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,238 since Jun 2009
Thanks: 29,350 given, 83,220 received


tderrick View Post
Yes... I remember a while back, something that @Privatebanker said. "This really is a marathon"

It stuck.

We had better all invest in a very comfortable chair, Because we are about to spend a great part of
the rest of our lives in it

There is a space in Ben's username. @Private Banker is the correct username

Mike

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.

If you want
to support our community, become an Elite Member.

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  #1028 (permalink)
Elite Member
In the heat
 
Futures Experience: None
Platform: NT
Favorite Futures: Energy
 
PandaWarrior's Avatar
 
Posts: 3,155 since Mar 2010
Thanks: 6,306 given, 13,250 received


PandaWarrior View Post
I was driving along today thinking about a few things and it dawned on me that I have a mental block about a certain profit level. When I start getting close to it, I start looking for reasons to stay out of the market instead of looking for valid trades. I've even noticed I either intentionally or subconsciously make up reasons to be away from the computer or invent some other distractions....today, a perfectly good signal came, I was already within a few dollars of this magic number and I saw it happening in front of me. One of my trading buddies that knows my signals asked me if I had taken it. I replied no because I was typing something. I was typing but certainly could have stopped for the two seconds it took to place the order. Sure enough, that trade was a winner as was the next one I saw a bit later. Neither of which I took.

So gonna take this weekend and think about why I freak out at this profit number. I know I had a mental block about a certain income threshold in the mortgage business. It took me two years to break it. The first year I got within $700 of it and I remember electing to NOT close a piece of business in the calendar month because I was afraid I couldn't actually get it closed in time to qualify but I used the Christmas holiday as an excuse to not even attempt it. I certainly could have gotten it done, of that I am sure, but was afraid to try. The following year, I broke the level by about $5000 and then after that, it was double then triple that figure. Four years later I was quadruple the so called income ceiling.

I am hoping by following some of the same mental exercises I went through back then will help me break this level I didn't even know I had.

Cheers....

Well last week I think I broke this income level thing. I've been averaging a few dollars more than this mental threshold block I had for a few days now but last tuesday I had a break out day. I hit more than 7 times this so called threshold. It happened because I got to a place where I as already above the threshold by a couple of hundred dollars and I almost quit right there. But I decided to keep trading and see if i could smash the mental block.

So next trade I went max size for my risk tolerance, entered the trade and off it went. I got lucky in that it was a winner right away but it just kept running. I took the target off, took 1/2 the position off and let the rest run a bit more. Right about that time, I lost focus and went into what I call the emotional fog of war. I couldn't think or function rationally. I just closed the remaining position at that point. It ran another 50 ticks or so from that point but that was by far my largest trade ever.

I stopped trading at that point, walked away from the charts and didn't come back to them until Thursday. Even then I didn't trade. I just watched. Actually I slept in on Thursday because I couldn't seem to wake up early like normal. When I finally got up, the trading day was half over already. Same on Friday. I think the emotion of having a huge winning day was the straw that broke the camels back on the long road I have been on.

I've slept more the last few days than I have in probably two years. I feel better now than I have in a long time and ready to go back to work for real on Monday.

Tuesday was an outlier. I won't be trying to duplicate it anytime soon. But somewhere between the old mental threshold and that outlier is a reasonable spread to look for every day. But more importantly, I now know to stop looking for a specific number every day and instead just look for the setups, take them and if I get 1 set up or 10, I just take them and whatever I get out of it is what I get.

No expectations, just trade.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #1029 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,238 since Jun 2009
Thanks: 29,350 given, 83,220 received


PandaWarrior View Post
I've slept more the last few days than I have in probably two years. I feel better now than I have in a long time and ready to go back to work for real on Monday.

Two things the body needs more than anything else. High quality interrupted rest, and high quality fuel (food/water).

Mike

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.

If you want
to support our community, become an Elite Member.

The following 6 users say Thank You to Big Mike for this post:
 
  #1030 (permalink)
Elite Member
In the heat
 
Futures Experience: None
Platform: NT
Favorite Futures: Energy
 
PandaWarrior's Avatar
 
Posts: 3,155 since Mar 2010
Thanks: 6,306 given, 13,250 received


Didn't trade yesterday. Instead I just watched and marked. There were only a couple of signals anyway although it would have been a nice trading day from a profit standpoint. Can't really explain why I didn't trade. To be totally honest, I just didn't feel like it. I was rested and alert but mentally I wasn't ready to trade.

Today I traded. I got exactly two signals. Both of which I took. One was a winner I bailed out of early for a small profit, the second I took a loss on even though the trade premise was not over. I then took the exact same trade again, made most of my money back and then watched as price just climbed and climbed with no signals for me. I finally got short at the end, made enough money to be positive on the day and called it a day.

The mechanics of my trading are pretty well set now. Signals are clear, entries are easy most of the time, being disciplined on the exits will probably always be an area of improvement the rest of my career. I am ok with that.

Cheers.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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