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The PandaWarrior Chronicles
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The PandaWarrior Chronicles

  #711 (permalink)
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Mostly sick today

I've been struggling with a major allergy attack the last week.....got better yesterday morning and by the evening was in major pain...Massive headache, couldn't breath...all the wonderful symptoms....

Anyway, felt a bit better today but just couldn't really focus....kept coughing and in general just didnt feel like trading today...

But I gave it a go....

2 small losers before the number and then the spike after news...which by the way, the price action after news did not seem to fit with the actual news itself, which often happens in CL....

Anyway, I took a break for an hour or so, came back to just watch it...no way was I gonna trade anymore in my condition.

It was a nice trend day after the fireworks.....but I just let it go....

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  #712 (permalink)
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PandaWarrior View Post
I've been struggling with a major allergy attack the last week.....got better yesterday morning and by the evening was in major pain...Massive headache, couldn't breath...all the wonderful symptoms....


It was a nice trend day after the fireworks.....but I just let it go....

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Good self control... you know how important it is to "feel" like trading.

Get better.



AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #713 (permalink)
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still under the weather


I am feeling a bit better but still coughing to much. I hate allergy season.

Anyway, got a small stop on first entry, then basically stopped and reversed, got my loser back and then started thinking we were in for a nice long day....

So I got in, held it for about 30 minutes and it started to stall....here is where I am weak. Not holding to a full target.

I took 20 ticks after it went 25 in my favor, and then saw it run straight to my original target of 103.60 in the next ten minutes.

30 Minutes is a long time for me in a trade. I'm an instant gratification junkie trying desperately to kick the habit.

No more real entries for me until much later. There was a break out I could have taken but didn't...it was a slow grind up as well.

Then I just waited and listened to Norah Jones for a while. She makes me feel good all over!

I noticed a short setting up and was chatting away in the chat box and missed it....thats what I get for not paying attention but the conversation with @liquidcci was worth it. Thanks liquidcci.

Net of 23 ticks today...I did get a few on a premature short but not counting those....

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Last edited by PandaWarrior; April 12th, 2012 at 07:45 PM. Reason: grammer and spelling
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  #714 (permalink)
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Ooooo..... Norah


Aj

Sent from my iPhone using Tapatalk


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #715 (permalink)
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I didn't see the market well this morning...well actually it was not a case of seeing the market well, it was a case of improper sizing for the amount of risk I was taking....

Trade one I bought the support level and was just taken out. Not a problem, this one was a legit stop out.

Trade two. went short with larger size than I should have for this size of entry bar...the stop would have been 45 ticks away. I could have handled that with one lot but I traded to big and freaked out.

Trade three. Same issue. and I knew we were going straight into support but I figured it would break....market was short. it didn't break...and I got out...again to large of size......although this one was better than the last one.

Today was a lesson in proper size management....something I need to work on....but I feel I have been doing it ok for a while, its the occasional stupidity that draws down your account....and why a daily stop limit is important...

I didn't hit my stop but I decided to stop myself out since I was not behaving well.


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Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #716 (permalink)
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Hi PW,

When I trade my 'core methods' I trade size.

I am curious how you treat Friday overall?

When I traded small size, Friday was more like a 'normal' day to me.

For a long time I have traded 'size' in the markets I trade intraday (size as it is defined to me).

My Friday is about

a) trading a bit more conservatively (I wait like a perverted stalker for a high reward:risk setup)
b) '1 & done' (1 win & done) in each market I follow (if it happens).
c) No trading 1.5 hours after any market (pit) has opened.

Just wondering how you feel about Fridays?

If price action is a bit slow for the 1st 90 minutes (conservatively speaking); would you consider trading CL up to 11:30 or 12 noon? Just wondering.

My trading partner believes Fridays should be like the corporate world. 90 minutes of 'office time' and then you are 'out of the zone.'

I like to hear from others about their Friday trading philosophy.

Mine is 'do no harm to a good week' but take a high-quality setup (1) in each market you follow. If you b.e. on your 1st trade in that market--wait for up to 1 more high-quality setup and take it and be done.

I have done this for 26 years now. If I make 1-1.5% net profit on margin for a Friday I am always pleased.

peace

Hedvig

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  #717 (permalink)
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researcher247 View Post

I like to hear from others about their Friday trading philosophy.

On Fridays, after my first sizable winner (typically in the first hour), I quit for the day/week, do review of my trading that week, and then work on my soft skills (reading, meditation, experimentation...etc.).

"...the degree to which you think you know, assume you know, or in any way need to know what is going to happen next, is equal to the degree to which you will fail as a trader." - Mark Douglas
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  #718 (permalink)
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researcher247 View Post
Hi PW,

When I trade my 'core methods' I trade size.

I am curious how you treat Friday overall?

When I traded small size, Friday was more like a 'normal' day to me.

For a long time I have traded 'size' in the markets I trade intraday (size as it is defined to me).

My Friday is about

a) trading a bit more conservatively (I wait like a perverted stalker for a high reward:risk setup)
b) '1 & done' (1 win & done) in each market I follow (if it happens).
c) No trading 1.5 hours after any market (pit) has opened.

Just wondering how you feel about Fridays?

If price action is a bit slow for the 1st 90 minutes (conservatively speaking); would you consider trading CL up to 11:30 or 12 noon? Just wondering.

My trading partner believes Fridays should be like the corporate world. 90 minutes of 'office time' and then you are 'out of the zone.'

I like to hear from others about their Friday trading philosophy.

Mine is 'do no harm to a good week' but take a high-quality setup (1) in each market you follow. If you b.e. on your 1st trade in that market--wait for up to 1 more high-quality setup and take it and be done.

I have done this for 26 years now. If I make 1-1.5% net profit on margin for a Friday I am always pleased.

peace

Hedvig

I've not really thought about the days of the week beyond inventory day for CL. Since I only trade CL, I dont worry to much about other news...FOMC, Housing, Jobs, PMI, thats about it.....As to certain days being better than others for trading, I just don't know. I have not tracked that aspect of my trading.

To be quite frank and transparent, I do not feel my trading has progressed to the point where I can say I ONLY take A set ups, I always follow my plan and the only real thing I need to work on is the finer details....I trade occasionally in a manner that is not in my own best interest, I get impatient and get in early or I am fearful and get in late....both of which lead to poor judgement in my trade management.

I am figuring this thing out as I go....which is a very piss poor way of doing it. I've talked to other more advanced traders over the last couple of years, they have given me good advice, I have taken it in and I can see where I violate their advice but that does not mean its any easier to take it during a live trade.

Basically, at this point, I still feel like there is a level of confidence missing in how I view the market states....long/short/sideways. Like I need one additional piece of knowledge or experience to really drive it home for me.....its frustrating.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #719 (permalink)
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Thanks for the response.

I have a weekly journal I publish on another website that deals with the psychology of being a risk-management specialist. I write a review every Friday.

I mention several trading psychologists and personal exercises I use and have used throughout the years--as well as my 'interests' outside trading.

Personally, I think if someone can use iron-will discipline for 500 setups (legitimate trade setups) consecutively--then, that is something to build on.

I believe you have sufficient TA skills/trendlines/pullbacks/trendline breaks/S&R reversal zones that IF you were able to eliminate (@1st maybe 50% of your impulse/breaking-the-rules/bullshit trades) for a month and then up to 75% of those trades in the following 12 weeks you would feel much more satisfied with the work you do each day {my opinion only}.

I am with the trend (1st and 2nd pullback) and a momentum-breakout with a higher(s) timeframe intraday trader.

A quote that I read every morning is

"I focus entirely on remaining out of the market. I trade by exception only."
----------------------
You are a sharp guy and I respect your work on your 'minds' aspect of trading.

Rule-based setups that are nearly 100% mechanical (a checklist if you will) with ultra-maniacal discipline each and every second by second and minute by minute early in my career killed my 'fear of missing out' and 'need for speed.'

That, and every weekend doing a mathematical 'compare & contrast' paper on "legit entries" vs ALL my entries.

The $100.00 bill I had to light a match to in front of my mentor for every 'impulse/fear of missing out/revenge' trade about 1-2 X's a week for 6 months probably assisted me also.

Trade with discipline.

peace

Hedvig


Last edited by researcher247; April 13th, 2012 at 03:31 PM. Reason: spelling
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  #720 (permalink)
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researcher247 View Post
Thanks for the response.

I have a weekly journal I publish on another website that deals with the psychology of being a risk-management specialist. I write a review every Friday.

I mention several trading psychologists and personal exercises I use and have used throughout the years--as well as my 'interests' outside trading.

Personally, I think if someone can use iron-will discipline for 500 setups (legitimate trade setups) consecutively--then, that is something to build on.

I believe you have sufficient TA skills/trendlines/pullbacks/trendline breaks/S&R reversal zones that IF you were able to eliminate (@1st maybe 50% of your impulse/breaking-the-rules/bullshit trades) for a month and then up to 75% of those trades in the following 12 weeks you would feel much more satisfied with the work you do each day {my opinion only}.

I am with the trend (1st and 2nd pullback) and a momentum-breakout with a higher(s) timeframe intraday trader.

A quote that I read every morning is

"I focus entirely on remaining out of the market. I trade by exception only."
----------------------
You are a sharp guy and I respect your work on your 'minds' aspect of trading.

Rule-based setups that are nearly 100% mechanical (a checklist if you will) with ultra-manical discipline each and every second by second and minute by minute early in my career killed my 'fear of missing out' and 'need for speed.'

That, and every weekend doing a mathematical 'compare & contrast' paper on "legit entries" vs ALL my entries.

The $100.00 bill I had to light a match to in front of my mentor for every 'impulse/fear of missing out/revenge' trade about 1-2 X's a week for 6 months probably assisted me also.

Trade with discipline.

peace

Hedvig

Thanks for the compliments. Much needed today for some reason.

I don't know about 500 set ups...thats a lot but something smaller is doable...say 50....then 100 then 150...etc....I get about 3-5 set ups a day on the 5M chart. Thats 10-20 days of trading....essentially a month. I am going to start a log, only legit setups and cross them off as I go. The goal is to get to 50.

The trouble is this, my set ups are somewhat discretionary although I can see my bullshit trade with extreme clarity....I do however, have at least one set up that's pretty straight forward in terms of how it looks on the chart. I'll start with that one. I'm working on another one but it requires an entry that makes me uncomfortable....basically a blind entry with NO confirmation....these usually turn out well but I have a very hard time taking them. I'll log these separately both the ones I take and the ones I don't for an overall count.....

Thanks again.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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