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The PandaWarrior Chronicles
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The PandaWarrior Chronicles

  #201 (permalink)
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I traded hit and miss this week. We had an unexpected house guest this week that slept in my office so that put a bit of a crimp in my trading day. I traded some market replay as well as took the psychology course I mentioned earlier.

The psychology course was pretty good. I got a couple of things out of it that will stick with me for a long time. The first is this: Recognize all three market states: Trending, transitional, and consolidating. And then have a trading strategy for each. I had a plan for only one of these states. Therefore I traded the same way in all three states which led to losses that could have been avoided.

So one night last week, I sat down and wrote a detailed plan for what each of these states looked like to me and how to trade them. This made a huge difference in how I perceived what the market was doing at anyone time. I finally traded it properly on Friday. The prior days, I was getting used to seeing the market with these new lenses.

The second thing I learned was to abandon daily goals. To be honest, this seems counter productive to me. However, the instructor said to instead position yourself to take advantage of opportunity. I am processing this statement.

Next, I really began to get what it meant to wait for the market structure to match what my market strategy. On Friday, I really waited it out. There were basically just a few set ups that were worth trading. In between there was lots of consolidation and transitional zones. No real trends to take advantage of at least while I was trading but I was able to sit most of it out, identify areas of opportunity and then take advantage of those limited opportunities and end the day with a nice profit. Essentially I got the only real moves during my trading hours without getting chopped to pieces like I normally would have.

Lastly, he really advised us to journal by hand, keep a chart by hand and review that handwritten chart frequently. Well, I wont chart by hand since I can barely draw a stick figure but I will journal by hand and since I already do occasionally, I will step this aspect of my trading up a bit.

I'll post with some more regularity this week.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #202 (permalink)
Market Wizard
virginia
 
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PandaWarrior View Post
...
Lastly, he really advised us to journal by hand, keep a chart by hand and review that handwritten chart frequently. Well, I wont chart by hand since I can barely draw a stick figure but I will journal by hand and since I already do occasionally, I will step this aspect of my trading up a bit.

I'll post with some more regularity this week.

at end of day right click on chart, print then add your notes manually, the idea behind it to commit your setup/analysis into yours mind by using many senses as possible, smelling some scene helps to.

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  #203 (permalink)
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cory View Post
at end of day right click on chart, print then add your notes manually, the idea behind it to commit your setup/analysis into yours mind by using many senses as possible, smelling some scene helps to.

Currently I am taking screen shots and marking them up. I am trying to go paperless over the next few months. I've reduced my paper out put by about 90% and working on the remaining 10%. Next thing I am working on is the mail.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #204 (permalink)
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focused discipline to day

Today was very disciplined in waiting for the market structure to match my market strategy.

I did a good job of identifying each market state as it went through its cycles. I made two mistakes today for total loss of 15 ticks on those trades.

I finished with 40 ticks on 7 trades and closed down my platform before 9:30 AM.

The hardest part was the waiting. I passed on a nice trade as the risk was to large for my taste. But waiting through that trade caused me a bit of angst and I made my second mistake right after that. I was slightly pissed about not taking that trades so I entered in an area for which I had no trade plan. -9 ticks for that one.

After seeing how waiting pays off in ticks and not waiting punishes with losers, I am becoming more comfortable waiting.

Glad I took that class last week. It sure helped me become more comfortable with waiting. At least at this point, I don't really feel the urge to be in the market like I did a couple of weeks ago. I like the feeling and will work on making it a part of who I am as a trader and as a person.

Cheers.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #205 (permalink)
Market Wizard
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hello PandaWarrior, i decided to check out your journal, after hearing from you in mine.I read through some in the beginning, and briefly the end, and enjoyed it very much.It seems alot of us are working on the mental stuff, which imo, is the hardest part, but, the really necessary part.I look forward to hearing more about your journey.Also, some great comments from some of the other members
funny thing, i have 3 year old twin boys, and they really help me to take a break, because they demand my time!
cheers

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  #206 (permalink)
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Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
 
  #207 (permalink)
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You mentioned Denise Schull, was it one of her courses that you took?

 
  #208 (permalink)
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futuretrader View Post
You mentioned Denise Schull, was it one of her courses that you took?

No although I have sat through some of her stuff. Most of it goes right over my head. I hear the english words she is speaking but the order in which she uses them creates a large amount of confusion for me. I think she's great but I can't really follow her at this point. Her stuff is pricey as well so I haven't purchased anything from her either.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
 
  #209 (permalink)
Elite Member
In the heat
 
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Posts: 3,155 since Mar 2010
Thanks: 6,306 given, 13,250 received

Wait, then wait some more, finally just when you think you cant stand it,wait a little longer. Only then do you trade. Today I waited. Then i waited some more. And some more....

Finished with no losers, 6 trades and 41 ticks.

I made two mistakes. Both ended BE+1. Both would have been nice winners but price was moving slowly at the time, I got impatient and bailed early. Otherwise, it would have been an 80 tick day.

I waited until the market structure matched my trading strategy on all trades and placed myself in the best possible place to take advantage of opportunity today. It felt like I knew what I was doing.

Cheers.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #210 (permalink)
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More waiting. Well right out of the gate, I took a trade that did not meet my rules 100%, as soon as I figured it out, I closed it for a small loss, waited for the setup and took that trade. That was a winner. The next 8 trades were small losers or break even +1. Managed to work myself down to -7 at one point and then a decent winner to be positive again for the day.

Net +6 ticks after ten trades and three hours.

Mistakes: I made one error in execution. The first trade. After that, I made several errors in trade management. I normally BE at +10 ticks, today I went BE on several trades at +5,+6,+7. These trades all went out at BE+1. However, they would have been winners. The trouble was, these trades were shorts on a one min chart and i was really nervous about them after the really strong rally. I got the direction right, the entry right and still managed to not make money on them. Shorting into the rally was nerve racking. Especially since the first trade of the day I got 21 ticks on and from my entry, price ran with no pull backs I could enter on for another 200+ ticks. To be truthful I almost didnt trade the rest of the day. I expected an extended period of consolidation before any further trends could be exploited.

So i waited quite a bit today and as it wore on, I grew more and more short biased. So biased in fact that I missed the only real long that set up for me. That kinda upset me but i did a good job of keeping my emotions in check. I waited some more, took the next couple of longs, went out at BE+1 after price went ten ticks and in general, really did a good job of waiting today.

After today, I will look for a way to re-enter on a strong trend day. In all honesty, I got in almost near the bottom of the run and thats ok to just get some of it, on a one min chart, you expect some deeper pull backs most days. Just not today. I think Al Brooks has a way to enter on spiking prices. I'll need to research that. I am a one trick pony in terms of what my set up looks like and I think I could use a method to re-enter on days like today.

Overall, I am pleased the way the day turned out. Even with only making $60, most days like this would have been a complete and utter disaster for me as I would have been manufacturing trades. But the psychology class I went to really helped me become more patient waiting for the market structure to match my trading strategy.

Well here's to a better day tomorrow at least in terms of net profit.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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