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David_R's Trading Journey Journal (Pls comment)

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  #151 (permalink)
 cory 
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David_R View Post


The streak of success came to an abrupt halt. I was contacted by another member on futures.io (formerly BMT) about trading together via skype and that lasted about 2 days or so. Lets just say it didn't work. I'm not going to say that was the cause of the derailment, but it didn't help.

any streak will have to end, streak is created by you are in sync with market, it ends when you are out of sync. There are many reasons why the out of sync, maybe you change, maybe market changes who know, just step back, relax, wait your turn then merge into the flow one again. As far as the skype thing now you know one more thing that doesnt work for you.


Quoting 
This time is more of a permanent event. The money is gone. I may not have the right make up for this business. I don't know. I'm sort of at a loss for words. A lot of frustration in all areas.

This is an ironic industry. Its really meant for people with wealth, but if I had wealth I would have no need to trade.

David

isn't that feel great there is no more the weight of 'got to make money' pressing on your eyeball ever time you turn on the chart. take your frustration out on the chart get rid of the hanger on, the good-to-have be ruthless limit yourself to 3 or less indi, keep the one that whispers you the market secret. Just remember 'when one door shuts another one opens'.

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  #152 (permalink)
rfharris
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Consistency in DISCIPLINE is the key i know its hard but try and stick to what works for you and not what someone else thinks works for you. Trade on Trader...

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  #153 (permalink)
 cory 
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how Darvas recovered from his fall

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  #154 (permalink)
 David_R 
Market Wizard
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Big Mike View Post
David, very sorry to hear that. I feel your pain.

It may be of little value to you now, but for others reading I will say it anyway -- IT IS NOT THE METHOD, IT IS THE EXECUTION. Stop focusing on the method, the entries, the indicators, etc, and start focusing on yourself, consistency, execution, accountability, a plan to address shortcomings as you uncover them, etc. So to that end, I think most anyone could be made a good trader if their heart is in it and they can overcome their nature. Not an easy task by any means, most of us are programmed to be terrible traders and we have to deprogram ourselves little by little. Sure, it takes enormous time, and money, but what it really takes is the realization that the reason your trading has failed is within yourself, not the market, the method, indicators, etc. Most people never fully understand or admit to themselves this, and they just spin their wheels never making any real progress.

David, once again I am very sorry. I know how hard you've worked at this. Your heart is clearly in it. If you've read a lot of trading books you've probably noticed many of the guys say stuff like "I failed many times before I succeeded". It is true. The difference between a winner and a loser: a winner doesn't give up. So, I hope that one day, you'll be back to trading. Hopefully when the rest of your life is in as much order as is possible, as trading is already so stressful and demanding. Then maybe all the pieces will fall in place for you next time.

Thanks for sharing. You'll be missed around here

Mike

Mike,

You've said these things before and I agreed with you then and I agree with you now. I've never put the responsibility of success or failure on the market or the the method. Well, maybe in the past, but after coming to futures.io (formerly BMT) and spending some time here, that is when I realized that it is all about me. Not in the egotistical sense, but the psychological sense. I agree with you 1000% that it's the individual with all of the crap programmed in our heads. The deprogramming and reprogramming may be the most difficult thing to achieve. I don't think its enough to say "this time I will follow the plan." or, "this time I won't over trade" or whatever the thing is that we do that screws things up. I'm not sure what is needed to achieve the changes that are needed. What works for some may not work for all. I will do as you suggest and focus on myself, but some times i say F you to myself and then do the wrong thing.

I like this site and I like trading and talking about trading, so even if I don't trade I may stick around and give my 1 cent.

I appreciate your support and your feed back.

D

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  #155 (permalink)
 David_R 
Market Wizard
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cory View Post
any streak will have to end, streak is created by you are in sync with market, it ends when you are out of sync. There are many reasons why the out of sync, maybe you change, maybe market changes who know, just step back, relax, wait your turn then merge into the flow one again. As far as the skype thing now you know one more thing that doesnt work for you.


isn't that feel great there is no more the weight of 'got to make money' pressing on your eyeball ever time you turn on the chart. take your frustration out on the chart get rid of the hanger on, the good-to-have be ruthless limit yourself to 3 or less indi, keep the one that whispers you the market secret. Just remember 'when one door shuts another one opens'.


Cory,

thank you for the comments. i appreciate it.

David

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  #156 (permalink)
 David_R 
Market Wizard
San Jose, Ca
 
Experience: Beginner
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Trading: Something moving
 
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rfharris View Post
Consistency in DISCIPLINE is the key i know its hard but try and stick to what works for you and not what someone else thinks works for you. Trade on Trader...

RFH,

I couldn't agree more. It is DISCIPLINE day in and day out. Can't be less disciplined one day because we can't let our guard down or we take one in the chin. I also agree about doing what works for me.

Thanks

David

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  #157 (permalink)
 David_R 
Market Wizard
San Jose, Ca
 
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Hello All,

It's a strange thing to come back and look at a journal that was started some four years ago. Especially when you see all the changes that have been made along the way. I guess it's typical novice behavior. I don't think I can call myself a novice because I've been at this for some time, so I guess another term is in order. How about Senior Novice?

Anyway, I'm back because I am in another Topsteptrader.com Combine. I will be completely honest and say that this is not my second, or my third, or even my fourth combine. I have not kept a journal for a number of them, but felt it was time to do so again. I had actually started one a few weeks back, but there was some issue with using Ninja, so they have comped me another combine. I'm in a 10 day combine with a 50K account and a $3000 target. Today was day one and I ended that day down $12.50.

How am I trading? Well, I will say it is a combination of methodologies that I have learned along the way with an added boost. I think the Wyckoff concepts are valuable and try to utilize them with and without the Weis Wave. There is also a component of Market Profile in the mix and good old support and resistance. The boost is that I am using the Daytradethemarkets.com software. I am not affiliated with them except as a member. There is a thread on the forum reviewing their software if others are interested.

My disclaimer: Not a sales pitch.
I do feel it is fair to give some reasons as to why I am using their software. There are a number of reasons. One is that concept of order flow is integrated into the software that is visual via paint bars. I had tried the Market Delta type of concept, but found it difficult read it real time. In conjunction with that we know that the market doesn't move because of more buyers or sellers, but because of how aggressive one side is. That aggression is shown in the software and is given a degree of aggression. Any of the indicators shown on the chart are real time and are not lagging. Additionally, the software is not red light/green light. You still need to think and make decisions based on the CONTEXT. I also like the developers of the software. They provide a support and resistance of several markets based of of market profile.

I've attached a few screen shots just to show what the chart looks like. If you want to discuss the software I am willing to do so in the day trade the markets theread (DTTM). I don't think it is appropriate to do it here.

Picture one is of a trade called a confluence trade. This means many things coming together.
Picture two is a retracement trade.
Picture three is a reversal or rejection trade.

David



David

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  #158 (permalink)
 David_R 
Market Wizard
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Old habits die hard. I traded the ES today. One trade +$400. Also traded CL for -$20. I was down $700 at one point. I was getting anxious, frustrated, mad and started putting on bad trades. The bias for CL is up, but that does not mean it can't have a down day. Need to trade what I see on the chart and not what I think. Positives, kept composure for the most part and was able to recover most of the loss at the end of the day.

Less trades, trade what i see.



David

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  #159 (permalink)
 David_R 
Market Wizard
San Jose, Ca
 
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Today was a good day. I did have one loser for 8 tics on a 2 lot for -$160. I was trying to sneak in early on CL. I waited till after inventory and then entered 3 lots to end with+ $870. Pix below. Working hard to be patient.

D


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  #160 (permalink)
 David_R 
Market Wizard
San Jose, Ca
 
Experience: Beginner
Platform: Ninja
Broker: AMP/CQG
Trading: Something moving
 
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Posts: 1,559 since Nov 2009
Thanks: 2,306 given, 2,484 received


Due to the long weekend TST wanted traders flat by 10:00am central (8:00am my time). The choice trade came just before 8:00 am, so I could not take it. It was probably forced, but I took a long in CL for +10 ticks and then watched the short trade play out on the sidelines. It's tough to just sit and watch, but probably good practice.

David

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