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Ready Aim Fire Bullseye
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Ready Aim Fire Bullseye

  #141 (permalink)
Elite Member
Honolulu, Hawaii
 
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"Pro Trader" means someone who is a professional?

Someone who trades with your background, your experience, your 'enlightenment'?

I don't want to argue with someone who is more experienced and/or more profitable, but if you look at the top traders of the world and you were to do a questionnaire and say, "Do you trade the week between xmas and new year" they would probably resoundingly say, "Hell no, I am on vacation!"....

Indicators show the past. The way you interpret indicators is based on a certain trajectory or velocity of the market. If that market condition changes to what you are 'used to' then you will get 'mixed up' and just confuse yourself. Market conditions change.

Does one trade 'their indicators' no matter what if conditions go from trending/volatile to ranging/non-volatile? If your trading buddy says yes, then I don't believe him or he is the greatest trader in the world.

Remember that you have a different background and experience level. If you get to the point of consistent with certain market conditions and then you choose to trade in the off-season than so be it. Your choice really, but think about this...

Do these conditions seem like it is ETH instead of RTH? If so, then why not trade ETH all day and all night? The indicators line up? See my point.......

Be careful of advice you take from people (including my own of course). One thing I believe that Henry imparted on us at the last bootcamp was to be patient, wait for the setups. If it takes a week to grab 3 points than so be it, but challenge yourself to stick with some of the guidelines with holding the trades longer and waiting for those High Prob setups.

That is my new years resolution......

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  #142 (permalink)
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+ .6 TF Dec 28 2011


bluemele View Post
"Pro Trader" means someone who is a professional?

Thanks for your comments! I would like to describe this pro. He's been at it 6+ years, trades ES only, and uses Fibs and $TICK as primary tools. Uses 4 to 4 1/2 point stops (that's 16 to 18 ticks in ES) to go for 5 or more points. He says he started studying from the psychological angle, not the technique angle. He developed his style and is VERY reluctant to consider anyone else's style. Otherwise he says he will get "bugs in his head." I feel very privileged that he shares information with me. At the same time I know I must do the same; develop my own style. I am confident I am doing that. The pro says don't pay too much attention to rules about which days and times to trade, and pay more attention to spotting setups. (Part of the setup is sufficient volumes.)

So along those lines I saw a setup today. It predicted a one point move and I got 6 ticks. Not much, but a high prob trade and it worked.

Thanks again for your input. I look forward to a successful year of trading and continued support of each other in achieving that goal.

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Last edited by HighRise1202; December 28th, 2011 at 12:54 PM.
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  #143 (permalink)
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No Trades TF Jan 3 2012


No trades. Many interruptions; electrical inspector, Uncle Rod, cat, car accident call, storage unit break in call. Will turn off phone tomorrow first hour of market. Kept cool, calm, and collected, a feat to be recognized. Frustration level from interruptions and no trades: 3 out of 10. H said “I just noticed it’s Fed minutes” (day). “That’s why (TF) is acting crazy.” H+S, divergence, and 987 helped identify early short op at 8:40 Central Time.
This is the first day of my new 2012 Trading Plan. Goal: 8 ticks per day, 30 per week, for a month. A futures.io (formerly BMT) pro trader recommended this to heighten the emotional component when sim trading. Making the goal means going cash.

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  #144 (permalink)
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No Trades TF Jan 4 2012

No trades. No interruptions today; I turned my phone off. Volumes were low. I got sleepy 30 minutes into trading. Didn’t see suitable setups. I’m pleased that I didn’t force a trade.

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  #145 (permalink)
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+ .9 TF Jan 5, 2012

Three trades, 9 ticks. I saw a tempting pre-market short and entered. The slow grind was hard on a guy trying to keep a low stress level. I was nervous and had some hand shaking going on. After an MAE of 5, price went my way and I moved my stop to BE +1. I got stopped out on a pullback, then price continued sideways, then down to what would have been 2.5 points. Jumped right back in with another short, big charts still showing down. Managed the trade same way as first trade, moved stop up to protect profits thus limiting profits which could have been over 4 points. Got 6 ticks. On final trade my scalping ways prevented a gift. The pullback equalled my stop. The 9 ticks met my daily goal. The nervousness is a concern and I feel I am improving on that front.


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  #146 (permalink)
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What I started doing was this:

1. Count up the trades where you moved your stop to BE+1 and figure out how much it cost you.

2. Count up the trades where you didn't move your stop and it cost you.

What I found out after doing this for a couple weeks (got lazy again) is that it was the difference between being slightly above breakeven (where I am today) to being consistent and profitable. After 2 weeks, it would have made the difference of about 14 points. And I think this is even low because one week it was one of those up up up never ending weeks where I was smart for closing them early.

I think if you did this, you will slowly convince your mind that it makes complete sense to not move your stop or TP. I couldn't convince myself otherwise before because I didn't have any 'facts'.

Good job today.

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  #147 (permalink)
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As far as the shaking, may I suggest two things:

1. When you make the trade, get up and walk away. Or, just minimize the 144 chart. Don't do this permanently, but letting go is part of the works.

2. Do EFT's. Emotional Freedom Technique's. They work! You will be like a zombie after you do them in that they will calm you down big time.

People don't realize how putting up a video and showing your dirty laundry can be powerful. Losing on SIM but showing it to others to be possibly criticized creates a similar feeling.

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  #148 (permalink)
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Thanks for the advice!

Thanks for the advice on not moving stops and the case of nerves. I know intuitively that they will work.


bluemele View Post
As far as the shaking, may I suggest two things:

1. When you make the trade, get up and walk away. Or, just minimize the 144 chart. Don't do this permanently, but letting go is part of the works.

2. Do EFT's. Emotional Freedom Technique's. They work! You will be like a zombie after you do them in that they will calm you down big time.

People don't realize how putting up a video and showing your dirty laundry can be powerful. Losing on SIM but showing it to others to be possibly criticized creates a similar feeling.


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  #149 (permalink)
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houston
 
Futures Experience: Intermediate
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Posts: 407 since Sep 2010
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+ 1.2 net TF Jan 6 2012

Following Bluemele's advice, used EFT on “even though trading futures makes me nervous...” Had much more even nerves today, not just for trading. Had thoughts “don’t trade Fridays,” and “big news day, watch out!” Took a long for 1.2 points. Got hand shaking after the trade, not before or during. Feels like progress.


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  #150 (permalink)
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Futures Experience: Intermediate
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Posts: 2,547 since Jun 2010
Thanks: 3,806 given, 2,826 received



HighRise1202 View Post
Following Bluemele's advice, used EFT on “even though trading futures makes me nervous...” Had much more even nerves today, not just for trading. Had thoughts “don’t trade Fridays,” and “big news day, watch out!” Took a long for 1.2 points. Got hand shaking after the trade, not before or during. Feels like progress.

The key with EFT's is that you have to figure out why you are shaking. So, drill down and figure out what it is that you are suffering from.

Is it:

I fear....

Losing Money
Embarrasing myself
Having a losing trade
blah blah blah

Then, tap to each one that you identify with the first being the one that hurts the worst. Then scale it from a 0 to 10 and do it until you are at a 0....

I used to shake too... haha...

However, what I found is if you do it the wrong way then when you will be trading live you will be too 'calm' and 'confident' and it will cost you. So, the key is to be very square on exactly what the bad things are and what the 'good' things are and make sure you free yourself from the proper emotions.

For me, this year it was:

"Even though I lack confidence in my ability to trade successfully, I deeply and completely accept myself"
"Even though I lack the patience to wait for the proper setups, I deeply....."
"Even though I continue to move my stops and take profits, I deeply and completely accept myself...."

etc..

etc..

Let's see how they work for me. You did good today! Too bad you had to go to the airport! haha...

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