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Psych Journal of an ES Trader
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Psych Journal of an ES Trader

  #21 (permalink)
Trading for Fun
Sydney/Australia
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES
 
Posts: 137 since Aug 2009
Thanks: 2 given, 64 received

Not happy with today's trading. Exceeded daily risk, and was too eager to jump back in after a loss. Moved stop on first trade, just in the wrong mindset today.

Need to refocus to executing correctly, not on daily PnL results. Being stopped out is always a possibility with each trade, and thinking otherwise becomes gambling. Because I think I know where the market will go, and I will stick to my expectations of the markets.

Remember about building good trading habits that support myself for the long term, and not after immediate gratification. It only takes that 1 time where I break my rule and I get away with it, to let it become a ticking time bomb waiting to blow up in my face.

Be process focused and enjoy trading for the sake of executing the trades correctly, not in what the end result will bring. Have a curiosity frame about how each trade will unfold, rather than having a set expectation of what must happen in order to make me happy.

Need to move stop to BE of the whole position after scale. That is 2pts away. Even scratch the damn trade if it doesn't go.

Remember my 10min break after losses, it adds to my bottom line.

Should have seen the low volume area above the opening range

I'm not happy about yesterday's trading performance, but it gives me an opportunity to refocus on what is important - getting back to fundamentals. That is risk control, psychological management, and executing the system as it should be allowing the probabilities to take care of themselves.

Today, just take a couple of trades and execute them to perfection. Be aware of how my own emotions and expectations how they are invested in each trade.


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  #22 (permalink)
Trading for Fun
Sydney/Australia
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES
 
Posts: 137 since Aug 2009
Thanks: 2 given, 64 received

Lol!! This is one of those days I got stopped out pretty much immediately. Probably should have waited abit after the open to get in. Damn trend day!

Looking back at it, I'm not too fussed. Because days like these are rare.

Keep focused on the sample size, we are only 3 trades into the month, still early days. Keep risk in check, because things can turn my way pretty quick.


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  #23 (permalink)
Trading for Fun
Sydney/Australia
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES
 
Posts: 137 since Aug 2009
Thanks: 2 given, 64 received


Couple of good trades today, but I must stay focused on what the market is telling me to get out or scale out.

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  #24 (permalink)
Trading for Fun
Sydney/Australia
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES
 
Posts: 137 since Aug 2009
Thanks: 2 given, 64 received

Not my best of days. I have a bad habit of being biased and sticking to my bias and discarding all market information telling me otherwise. This tend to happen with levels I'm watching, and I can't look at them as some sort of magic level but as a place to watch price action and how it reacts.

Best thing to do is to move my stop to places where if violated I would be wrong. If I just eyeball levels and think I'm going to get out, then it's not going to work. My behavior will second guess it, and the market will be moving away from me by the time I decide to get out, and then I'll hope for some sort of retrace to better prices.

So NEED a stop to keep me disciplined.

The same can be said about my scales, I'm determined to get the market to hit that level, so I move my scale out to it, and it is further than it should be.

All of this stems from my belief that I know what's going to happen in the market and I'm sticking with it.

Lets face it, last month's trading was 50% winners, which means 1 in 2 trades are losers. I can't be thinking each trade is a winner. Must expect each trade to be a loser until proven otherwise.


It must go in the direction I want
It's just retracing, and it will keep going
I want to get better prices to get out
It has to hit THAT price
I don't want to take the small loss


Improvements:
- Never move 2pt scale
- Cyclical turn takes precedence over levels
- Remember you have to see how the market reacts to levels
- Don't take the trades at the levels willy nilly.
- Scale 2pts, 4pt, discretionary
- Move the stop closer where you know price action will violate and you don't want to be in the market

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  #25 (permalink)
Trading for Fun
Sydney/Australia
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES
 
Posts: 137 since Aug 2009
Thanks: 2 given, 64 received

Not exactly a challenging day. It was a pretty easy read, market went south. Was more vigilant with my scales and not trying to guess how much further the market can go, but just take my scales. Also, observing levels and not seeing them as some sort of magical number that the market must turn at. Proactively moving my stop closer and cutting my risk as I see the market develop.

Yesterday was a long day, today I'm going to take it easy and just take 1-2 trades and not force things.



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  #26 (permalink)
Trading for Fun
Sydney/Australia
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES
 
Posts: 137 since Aug 2009
Thanks: 2 given, 64 received

Took one trade. Pretty straight forward day.

Need to remain vigilant with my trading, and not lose sight of how important execution and having a neutral frame is.
- Remember that half of my trades will not work out, so don't be biased towards it working out.
- Tuck in stops where it makes sense and you don't want to be the market if market goes particular level.
- I rather scratch out and reassess the market later, then hope it's just taking some heat
- Remember 10min break after each loss. You want to come back stalking the market for good trades, not thinking you are missing out on the move.
- Let the market settle in the first 5-10min of open.
- Acknowledge mental habits of what your mind is doing when you are in a position. Especially, that the market should do something you want it. It doesn't have to do anything, it's up to me to get out if it doesn't.



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  #27 (permalink)
Trading for Fun
Sydney/Australia
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES
 
Posts: 137 since Aug 2009
Thanks: 2 given, 64 received

Monday I took 1 trade, just a quick scalp, wasn't expecting much for veterans day. But the market seem to have made quite a move.

Tuesday, took 4 trades. Probably should have quit after 2nd trade.

Chased the market a little and didn't take 10min break after the loss. Need to keep an eye on this, and make sure it doesn't become a habit.





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  #28 (permalink)
Trading for Fun
Sydney/Australia
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES
 
Posts: 137 since Aug 2009
Thanks: 2 given, 64 received

One trade today, was happy to be in and out within the first hour since Tuesday was 4 trades.

Today I need to focus on finishing the week strong. Don't think that just because I've had a good week, I can relax. Be vigilant with trades and cut them if they don't perform, don't fall in love. And of course, risk control is paramount. Focus hard on my risk control.

Be patient with my trades, let them come to me, wait for the market to show me.



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  #29 (permalink)
Trading for Fun
Sydney/Australia
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES
 
Posts: 137 since Aug 2009
Thanks: 2 given, 64 received

Couple of trades on Thursday. Overall my trading week has been pretty good. I feel like I've made major progress in terms of my psychology of trading, especially in overtrading which looking back was a big leak in my account.

I'm in a good headspace where I don't really feel like overtrading, mainly because I see how the whole picture (ie. sample size) fits together and how each day is not such a big deal as I use to think it was.

Having said that, I must stay on my toes with my trading. I haven't cracked the holy grail, and I'm always a misstep away from blowing out. Focus and concentration on how I'm thinking when I'm in a trade, not falling in love with a trade, not thinking the market MUST do anything. And most importantly a healthy respect for risk management and the market.

Going to be a shortened week this week, so lets keep it up.


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  #30 (permalink)
Trading for Fun
Sydney/Australia
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES
 
Posts: 137 since Aug 2009
Thanks: 2 given, 64 received


Took only 2 trades yesterday, which was what I planned for, so that was a positive.

Starting to get a little complacent with my execution. Moved a BE stop yesterday, looking back it was a lack of concentration. Wanting to make more profits, rather than just executing the trades as I should.

Last trading of the week on Wednesday before Thanksgiving holidays. Stay focused and finish the week strong.

Remember the next trade can be a loser, or the day can be a nothing day, so don't be biased and have a God complex.



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