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David_R's Trading Journey Journal (Pls comment)


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David_R's Trading Journey Journal (Pls comment)

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  #21 (permalink)
 emini_Holy_Grail 
Dallas,TX
 
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David

We all face this situation in trading at least more than once. But we loose only when we quit!!!
when ever I have drawdowns/frustrations, I read this phrase below and I was able to recover, so am sure you will do as well.

"Failure is the Opportunity to begin again more intelligently" - By Henry Ford

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  #22 (permalink)
 Big Mike 
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David_R View Post
Mike, thanks! I know you are right.

Today was worse then yesterday. If there were a grade below F I would give it to myself. I've been trying to create new habits such as following rules and my plan and today was just the opposite. Today is the kind of day that makes me think I'm not cut out for this business.

David,

Without knowing what/how it was worse, it sounds like you need to take some steps here right away to make sure the pattern is broken.

1) Cut position size in half.
2) Identify one or two CRITICAL goals to make sure you get an "A" on for the next several days (preferably, 2 weeks). Such as "I will NOT take more than 3 trades", or "I will NOT trade countertrend.", etc.

Only you know what #2 should be. But you've got to make sure steps are taken so that the next day is not worse than the prior two. And you must accept you cannot and will not make back all those losses in one day, probably not even in one week, and if they are really bad, then even one month.

Several things to learn and acknowledge: a few "worst days ever" can blow an entire account. They must be prevented at all costs. Patience is key. A really bad day can take just minutes and hours to unfold, but take days and weeks to recover from.

Mike

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  #23 (permalink)
 David_R 
Market Wizard
San Jose, Ca
 
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I skipped posting yesterday even though the day was profitable. That really isn't the goal which is something I'm sure we learn the hard way. When i told a friend of mine that the goal of trading is to trade well and not to make money, they responded, "really?" I always thought the goal was to make money and to make a lot of it. Of course I think we all know that if that is our goal we are bound to fail. So, making the goal to trade well which means following the rules each and every time will bring the financial rewards.

I have a number of charts today. First thing is the day gets a C over all because at Mikes suggestion, and a good one at that I need to cut back on my trades especially if the day does not work out. I think 3 is a good number and i took 4 trades. I also give myself an F for the first 2 trades because the were counter trend. One was a loss and the other one was a winner enough to cover the loss. This is something that has come about because of a course I took. I don't want to roast anyone on this forum, and as far as I know the person does not belong to the forum, but the method is basically a no indicator method based on support and resistance and volume. It is kind of a VSA methodology. I tend to believe in VSA, but I think VSA does take into account the trend of some kind, but I'm not sure. Anyway, the first two trades of my day were counter trend on CL. The reason for the trade is indicated on the chart showing volume declining in the down move. This is taught as volume divergence and with an absence of sellers price should rise. The first trade i got stopped out. The second one was the same type of setup only the Red bar #2 has a very narrow spread on higher volume. This is taught as buying coming in or prof. money coming in. I made money on the trade, enough to cover the first loss. I am showing these because they are counter trend, risky, and the probability of the trade working is lower. The one that taught the course does not believe in indicators and said they lag. That is true, but I've come to realize we need to put as much ammo in our favor as possible. So, if the CCI, which I believe is momentum based says take shorts then I need to take shorts. Not in the shorts. I don't want to ramble on about this so ask question if you want to know something about it. Point is, I need to drop this method today and forever.

On a happier note I took 2 TF trades both for winners, but grade myself C+ on management. First target is 1 point hit on both trades, but the management on the first could have been better. The second trade first target hit for one point and 1.5 on the second and 2.0 on the third. A better job of management, but do much fiddling round with stops and targets. I need to decide my targets and trailing methodology and stick with it.

Even with trades with the trend and in favor of the indicators and even with profit and stop at even it is still nerve racking with all the price oscillation.

Thanks for all the comments and support.

David

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  #24 (permalink)
 emini_Holy_Grail 
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David
what time zone is your chart is in?

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  #25 (permalink)
 David_R 
Market Wizard
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emini_Holy_Grail View Post
David
what time zone is your chart is in?


West coast time zone. I am in California.

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  #26 (permalink)
 rassi 
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David, that es trade sure was a great trade, great setup and well executed, one of those a day is all that's needed! .

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  #27 (permalink)
 David_R 
Market Wizard
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I'm trying to start over and in so doing I've created a Trade Plan. I've attached it for review.

David

Attached Files
Register to download File Type: docx Futures Trade Plan_01.docx (1.34 MB, 83 views)
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  #28 (permalink)
 benbrooke 
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Very detailed Trading plan

Good Luck!!!

Keep on sowing your seed, for you never know which will grow -- perhaps it all will.

-- Albert Einstein
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  #29 (permalink)
 David_R 
Market Wizard
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benbrooke View Post
Very detailed Trading plan

Good Luck!!!

Ben,

Please comment if you like. I asked Mike if he would and he said to post it on my Journal.

I was trying to be detailed. That way I can't have any excuses.

David

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  #30 (permalink)
 benbrooke 
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maybe i miss that are you going to trade both CL and YM at the same time?

Keep on sowing your seed, for you never know which will grow -- perhaps it all will.

-- Albert Einstein
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