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The PandaWarrior Chronicles
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The PandaWarrior Chronicles

  #1151 (permalink)
 Vendor: www.indicatorx.com 
Bridgwater, UK
 
Futures Experience: Beginner
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mokodo's Avatar
 
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PandaWarrior View Post
Its better to wait than to be confused

I'm adding that to my words of wisdom page in my trading plan. Oh so true!

know thyself
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  #1152 (permalink)
Elite Member
In the heat
 
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Charts exactly the way I like to see them, all perfectly synced up.

One and done today. 6X daily average goal. I like these kind of days!!!

After yesterday's bout with confusion and impatience, I realized my only job as a trader is to stay out of the market as much as possible and ONLY trade when I 100% recognize what is happening and what could potentially happen in the future. After that, I need only execute and wait. What will be will be. I have no control over what actually happens, I can only manage the trade within the context of what is happening against my construct of what I think will happen. The results are up to the market.

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Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris

Last edited by PandaWarrior; October 3rd, 2012 at 10:15 AM.
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  #1153 (permalink)
Elite Member
Nashville, Tennessee
 
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Panda !!, Panda !!, Panda !!, Panda !!, Panda !!, Panda !!, Panda !!, Pan.............................


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #1154 (permalink)
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PandaWarrior View Post
I realized my only job as a trader is to stay out of the market as much as possible and ONLY trade when I 100% recognize what is happening and what could potentially happen in the future. After that, I need only execute and wait. What will be will be. I have no control over what actually happens, I can only manage the trade within the context of what is happening against my construct of what I think will happen. The results are up to the market.

Words to trade by!

nosce te ipsum

You make your own opportunities in life.
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  #1155 (permalink)
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PandaWarrior View Post
After yesterday's bout with confusion and impatience, I realized my only job as a trader is to stay out of the market as much as possible and ONLY trade when I 100% recognize what is happening and what could potentially happen in the future. After that, I need only execute and wait. What will be will be. I have no control over what actually happens, I can only manage the trade within the context of what is happening against my construct of what I think will happen. The results are up to the market.

Nice job Panda -- I am not a regular on this thread but I clicked over here today and wanted to you -- max DD less than 4%, beautiful equity curve. This week I am going through what you went through yesterday, a bit of confusion and uncertainty, and as a result have taken only one scratch trade--but as you said, it's better to be missing out, than to be in and regretting it. Keep up the good trading man!

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  #1156 (permalink)
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Small loss day today. I had opportunity to scratch out a BE on the day, last trade was up enough to punch out and call it a day at BE, instead, I held the trade, trailed out at the swing breaks and ended down about 4 ticks minus commissions on the other BE trades.

Yesterday was a day for holding trades and today was a day for controlling losses. I think I did that reasonably well today and am satisfied with the results. Could I have exited a couple of profitable trades sooner and made more money? Of course but you can never know this before hand so just like leaving money on the table by exiting a runner to soon, so do you leave money on the table by not exiting soon enough. The uncertainty of this is what drives traders to smoke the chill out weed.....or worse....

Anyway, each day that goes by, I am becoming more and more comfortable with uncertainty. Not knowing what will happen in the next one second let alone what will happen an hour from now. The edge is all that matters. Trade the probabilities and let the results be what they will be.

I am trading my plan well for the most part, executing the entries, moving the stop to BE when my plan says to and not before although I am tempted on every trade to do so, wait for the target to be filled instead of punching out early and moving my targets out if it feels like momentum is on my side.

Overall I am very encouraged.

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Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #1157 (permalink)
Elite Member
Wake Forest, NC
 
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Panda
You are trading exceptionally well....it is certainly great to see that and I wish you continued success.

My only comment is I see you take trades frequently that are against the 50 sma on your largest chart....many of those, if not most, seem to be the break even trades....when trade with that moving average, you have your 2-6x daily norm days....I know I have to fight my desire to get in early, make money and walk away, but I find that waiting for the right setup means fewer trades that go against me....just a thought. I really do applaud your success

Papa15

My focus is on:
1. Avoid the opening chop.
2. Honor stops
3. Ensure reward > risk on all trades
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  #1158 (permalink)
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papa15 View Post
Panda
You are trading exceptionally well....it is certainly great to see that and I wish you continued success.

My only comment is I see you take trades frequently that are against the 50 sma on your largest chart....many of those, if not most, seem to be the break even trades....when trade with that moving average, you have your 2-6x daily norm days....I know I have to fight my desire to get in early, make money and walk away, but I find that waiting for the right setup means fewer trades that go against me....just a thought. I really do applaud your success

Papa15


Hi Buddy,

I recognize those as less profitable. The only reason I will do them is if there is enough room between the entry price and the level represented by the 50SMA on the 9M chart to get a decent target. I try to get to BE real fast on those as well. I'm willing to take a BE in exchange for the possibility it might run a bit. Once in a while it does.

Price has recently hit my original target from my last trade. However it would have stopped me at BE as well not once but twice although the original stop was never in real danger. Today is a day where moving to BE on the MTF trade resulted in less than optimum exits. But I dont trade that way. My main thought is to prevent capital loss un-necessarily and letting winners turn into potential losers does not fit with my way of thinking currently.

So yes, trades taken with the larger time frame trend are better by far, I do recognize that and perhaps it is best to ignore everything else.

Cheers.....

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #1159 (permalink)
Elite Member
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Posts: 1,589 since Sep 2010
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Where are you on your BE rules these days, buddy?

One of the hardest subjects for sure... I have difficulty moving a stop to BE if it enters the killing zone, if
you know what I mean... I would rather stay at least 1 tick above the current swing, no matter the scale.

I know that means different things for us, as I tend to be a bit more aggressive in my swing entries, as you
know.

So , do you have a tick count, or is it just PA feel?

your brotha,
Aj


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #1160 (permalink)
Elite Member
In the heat
 
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PandaWarrior's Avatar
 
Posts: 3,155 since Mar 2010
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tderrick View Post
Where are you on your BE rules these days, buddy?

One of the hardest subjects for sure... I have difficulty moving a stop to BE if it enters the killing zone, if
you know what I mean... I would rather stay at least 1 tick above the current swing, no matter the scale.

I know that means different things for us, as I tend to be a bit more aggressive in my swing entries, as you
know.

So , do you have a tick count, or is it just PA feel?

your brotha,
Aj

I have a rule, exit BE once price has gone 1XR. If I was scaling out, this is where I would take the first position off and where the entire trade would then be BE without moving the stop up on a scale out scenario. Since I am not scaling out at this time, I want to avoid turning winners into losers. I back tested this and while its not ideal, (you do lose out on some moves occasionally) it keeps me out of a reasonable number of ultimate losers as well. So I am taking the good with the bad at this stage.

Today, had I not moved to BE on the last trade and simply held it, today would have ended nicely green. However, I would have had to hold past my trading cut off time, price was not moving agressively and I needed to leave the office. So I ended negative on the day. Those are the breaks I suppose.

All that being said, I think I wish I could just go loser or winner. No BEs. BE kinda throws off the numbers a bit but at this stage, I'm comfortable with it.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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