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The PandaWarrior Chronicles
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The PandaWarrior Chronicles

  #951 (permalink)
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PandaWarrior View Post
4 lots. 20 tick stop, scale out at 1XR with two lots, 1 lot at 2XR and 1 lot at 4XR. Total risk is $800.00

1X *2 = $400
2X *1 = $400
4X *1 = $800

Total $1600

R:R is 2:1

That sure looks like it would work.

In Marks book, he would move his stop tighter after the first target, then the runner to BE after the second contract, and manage the runner after there.

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  #952 (permalink)
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PandaWarrior View Post
Another thought occurs to me.....

Trade 1. I get scale one and two filled. No risk trade at this point. Strong trend appears to be in motion. Price pulls back. I get a continuation entry.....ADD another 3 lots, scale out as normal.

Multiplication of existing trade. Dollar cost averaging for the series 7 types.

I wonder if I can do it?

Maybe not all 3, but maybe another portion. How good are you calculating the risk in your head while in the trade?

Pressing the trade? Say you have a runner working, you are ahead 60 ticks, pullback 20, signal is valid, in another 2 lots, stop loss +20 on the single lot. If it comes back another 20, you are only down 20 ticks on the 3 lots.

If it retraces to the previous position, your risk is 1:3. But if it goes another 20, it 1:6...sweet.

I think I just talked myself into it.

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  #953 (permalink)
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PandaWarrior View Post
Another thought occurs to me.....

Trade 1. I get scale one and two filled. No risk trade at this point. Strong trend appears to be in motion. Price pulls back. I get a continuation entry.....ADD another 3 lots, scale out as normal.

Multiplication of existing trade. Dollar cost averaging for the series 7 types.

I wonder if I can do it?

Panda there are times scaling and using BE's work. But your stats need show they work. I say that because can cause you to lose over time. In other words don't do just because makes you feel better emotionally unless your stats tell you to do it. I can understand using BE's for emotional reasons and may be worth giving up some profit to do so in some cases. But test extensively because to many can make a system unprofitable.

"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."
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  #954 (permalink)
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Much better but still 50%.

Today I got up to late for the longs. Price traded straight into my higher time frame resistance and after looking at the daily chart, I decided it would either be a break up long day or it would fail and sell off.

After it failed at the high, I started looking for shorts. I got a support break and then a smaller risk bar to enter on.

I entered, put my targets and stops and sat back. 1st and 2nd targets filled. The price got to 3rd target near 4XR and paused with out filling. I exited 3XR.

After that, I waited until the support that had been put in was broken but there was a large buying candle off the LOD. So that made me a bit nervous and so on the next short, I put on half a position and elected to exit a tick or two before the LOD. As it turns out, that was also the supreme court's misguided decision regarding health care and the market got killed. All target zones were destroyed had I went in with full position and multiple targets. However, I am glad I traded as I did, It could have gone the other way just as fast. That being said, I made decision not based on upcoming news but fear of what I thought the large buying candle was telling me.

My new mantra is this: I am a trend follower, find a trend, get in, sit down, shut up and hold on.

Last night I spent some time thinking about my mental state and emotional state the last couple of days. What I found was this.

I was trading with a fear mindset. Specifically fear of missing out. Some might call this greed but to me, greed is trying to take to much out of a move, or over sizing because you think you're invincible. So I was jumping in to soon because I felt I might miss something, then getting out because I knew I had screwed up the entry. This caused more mental chaos which leads to more irrational behavior. The key to avoiding all this is to recognize the mental state as its happening and acknowledge it and then let it pass over you like water off a ducks back. Asking myself this question, is this the most efficient thing I can do right now in my best interest? Can I justify this trade on any basis? Can I wait a bit longer and see the set up better? What do I need right now to make a good decision?

The answer is always easy. Its following the answer that's hard. The last two days, I've felt the emotions but not let them pass through and over me. Instead, I've internalized them and allowed them to compromise my performance. Today I was determined to experience the fear, allow it to pass and then trade. And sure enough, it worked. The second trade was less successful to be sure but I did the same exercise to even allow myself the option of taking it. I compromised with my fear by exiting early in exchange for taking it in the first place. Was this a win? In part it was. Did I experience regret after seeing it nose dive after I exited? Yes of course. Overall though, it was a win.

One day down, rest of my trading career to go.

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Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #955 (permalink)
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PandaWarrior View Post
...My new mantra is this: I am a trend follower, find a trend, get in, sit down, shut up and hold on.

How are you 'finding' the trend?

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  #956 (permalink)
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Gary View Post
How are you 'finding' the trend?

The million dollar question. Until recently, it was based 100% on the indicator, but introducing the HTF as well as insisting that logical support/resistance areas be compromised first is helping filter out some noise.

But I am certainly using the indie heavily. It does a reasonable job of showing an established trend. I recognize and accept the fact that by the time the indie is showing an established trend, I have missed some of it. I am fully ok with that.

Take a look at today's chart. It's pretty darn clear today and we don't always get such nice follow through but the levels I marked at the top were not breached in any meaningful way, price pulled back to support....I don't buy at thos levels so no trade, then it broke that level and then I got an entry bar to short. At that point, a long trend was over and a new short trend attempt underway.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #957 (permalink)
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The Gratitude Project Day X

Missed quite a few days on this. Haven't felt like it much. I used to feel guilty about not doing stuff like this every single day. I don't have this guilt complex any longer.

Its really hot here. 115+ yesterday. And its unusually humid for this area of the state. If you're out in it much, you can get worn down real fast. Especially if you've ever had heat exhaustion, heat stroke or other heat related issues. I have had a severe heat related incident a year or so right after I moved here back in the 80's. This means I need to be real careful in the heat. Consequently I stay out of it as much as possible.

There are times of course I must be out in the heat for an extended period of time. I tend to be real grumpy during those periods. Yesterday, I was putting gas in the paid for vehichle....which incidently, I am grateful for, but while filling up the tank, I noticed a couple of cars parked at the far side of the parking lot. One of the cars had the hood up and a man was working under the car. Another car was sitting next to it and a young lady was sitting there waiting. This was going on in the direct sunlight at the hottest part of the day.

Right there I felt a degree of compassion for those people. I offered to help and they said they had it under control and so I left. But the episode triggered something to be grateful for. its a simple one. I am grateful for a vehicle that runs and has great AC. Stupid I know but its very real. About 20 years ago, I spent a summer without AC in the car I was driving and living here in the summer, AC is something to be really grateful for.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris

Last edited by PandaWarrior; June 29th, 2012 at 03:10 PM.
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  #958 (permalink)
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I fat fingered my first entry of the day. Got in to late and started to freak out about the risk....So I took some profit early to take the pressure off and then exited the rest a bit later.

Second trade was just looking for a break of the level that kept shrinking over the course of a couple of hours. Basically I set an entry with targets and stops and just walked away. Came back an hour later with profit targets taken care of.

A very boring morning. Very little work on my part. Just waiting around mostly. Anyway, thats it for the week. I am satisfied with the progress I've made the last two days in terms of my mental and emotional development.

Time to take the kiddo to the movies in a bit.
Cheers

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Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris

Last edited by PandaWarrior; June 29th, 2012 at 03:26 PM. Reason: grammer
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  #959 (permalink)
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PandaWarrior View Post
I fat fingered my first entry of the day. Got in to late and started to freak out about the risk....So I took some profit early to take the pressure off and then exited the rest a bit later.

Second trade was just looking for a break of the level that kept shrinking over the course of a couple of hours. Basically I set an entry with targets and stops and just walked away. Came back an hour later with profit targets taken care of.

A very boring morning. Very little work on my part. Just waiting around mostly. Anyway, thats it for the week. I am satisfied with the progress I've made the last two days in terms of my mental and emotional development.

Time to take the kiddo to the movies in a bit.
Cheers

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PB,

First, have fun out there with your daughter and good weekend too.

After you come back answer to this question when you can.

I think lots of guys, including me of course, will have really hard time waiting for your 2nd signal.
My case, I'd tried long and in & out at least a couple times losing some or BE at best during the 2 hour period from 8-10 (your chart).
To the point,,,what made you wait till 10. You must have something to look forward to,,,,to wait that long I guess.
Just trying to go inside your mind...
Thanks.

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  #960 (permalink)
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PandaWarrior View Post

Its really hot here. 115+ yesterday. And its unusually humid for this area of the state. If you're out in it much, you can get worn down real fast. Especially if you've ever had heat exhaustion, heat stroke or other heat related issues. I have had a severe heat related incident a year or so right after I moved here back in the 80's. This means I need to be real careful in the heat. Consequently I stay out of it as much as possible.

.

Heat exhaustion ...not pleasant but if you know what to look for, you deal with it ASAP.

Heat stroke...thats real bad.

My son was playing roller hockey on a real hot day when he was 9 years old in an enclosed arena, with no air. Well, there were only 5 skaters, and it was hot on that cement. Coach tell him to get back on the rink only 1 spare (4 skaters a side). I see my son shaking his head not. Coach is pointing at him and talking...I can see it from across the rink. So i go down there to chesck it out.

Well, my son is a little disoriented, he is flushed, but hes dry...not sweating... early signs of heat stroke!

Man I freaked a little. Took him out side into the shade, stripped him down to his underwear, got some water in him and on him, under his arms back of his neck, soaked his hair.

Took about 25 minutes, but he started to come around. I wasnt sure how close he was to passing out, but it seemed pretty close.

Just fortunate I went down there when i did, and I knew what to do. ( I have advanced first aid training)

Last time he ever played summer roller hockey. Coach didnt have a clue.


Last edited by VinceVirgil; June 29th, 2012 at 07:49 PM.
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