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Beth's Journey to Make Her Millions
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Beth's Journey to Make Her Millions

  #1331 (permalink)
Elite Member
Lubbock TX
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Stage 5 Trading
Favorite Futures: CL
 
MWinfrey's Avatar
 
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you seem to be averse to taking any heat. just an observation but you might want to take a look at that if my comment rings true.

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  #1332 (permalink)
 Vendor: www.ezcolortrading.com 
Cambridge, Ontario
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Zen-Fire
Favorite Futures: 6E
 
Posts: 1,773 since Dec 2009
Thanks: 1,258 given, 1,196 received

Report Time

1. 10-live trade assignment

4 losers (-20) | 1 BE | 5 winners (+15)
Net -5 pips | -$115.80 (-5 x $12.5 + $5.33 x 10 commission)

2. 11-live trade assignment IF I add the late comer

4 losers (-20) | 1 BE | 6 winners (+20)
Net 0 pips | - $58.63 ($5.33 x 11 commission)

Breakthrough upon completion of this assignment:

1. Started removing 1-2 indicators from some of my charts

2. Plan to remove the divergence indicator from all charts as I've started plotting them manually

3. Maintained a calmer head (better than before) when a trade was not working

4. My heart is growing haha ..

5. I stayed with the same set-up (without a second thought) for over a month - a big accomplishment haha ..

I will map out my daily game later in the afternoon and revert.

Beth

Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
 
  #1333 (permalink)
 Vendor: www.ezcolortrading.com 
Cambridge, Ontario
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Zen-Fire
Favorite Futures: 6E
 
Posts: 1,773 since Dec 2009
Thanks: 1,258 given, 1,196 received



MWinfrey View Post
you seem to be averse to taking any heat. just an observation but you might want to take a look at that if my comment rings true.

Yes Mike your observation is right. Thanks for your kind reminder that a 100% profitable system never exists. It's part of the trading business and I will tame myself to accept it, ie love it anyway when it's good and bad!!

Beth

Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
 
  #1334 (permalink)
Elite Member
Lubbock TX
 
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Platform: NinjaTrader
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wgreenie View Post
Yes Mike your observation is right. Thanks for your kind reminder that a 100% profitable system never exists. It's part of the trading business and I will tame myself to accept it, ie love it anyway when it's good and bad!!

Beth

It occurs to me that I went through that as well as I'm sure everyone has. I wasn't able to collect any data on my plan because I was continually messing with the stops and targets after I entered the trade. I didn't know what worked and what didn't. That caused havoc on my psyche and confidence in my plan. Once I decided to rely on my entry rules and leave the stop, trailing stop, and target alone after entry, I started to have some success. I could then actually measure my plan's performance and gain confidence in it's capabilities. That also gave me data that I could analyze and get some sense for what I might do to improve.

May or may not apply to you but just some thoughts...

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  #1335 (permalink)
 Vendor: www.ezcolortrading.com 
Cambridge, Ontario
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Zen-Fire
Favorite Futures: 6E
 
Posts: 1,773 since Dec 2009
Thanks: 1,258 given, 1,196 received

I am mapping out the weekly results to see if I may detect any improvement:

1st week -12 (2 losers with full SL got hit)
2nd week +1 (1 winner and 1 loser)
3rd week +4 (2 winners and 1 BE)
4th week +2 (+7) (2 (3) winners and 1 loser)

Note: This morning was really choppy. I'm glad that I survived.

My realization:

1. The first 3 losing trades were due to human operation error (me).

2. The fourth losing trade was a legitimate signal and simply not working out. I'm glad that my full stop was not hit.

Sooo, what's the reward for completing the assignment (even not with flying colors)?

I bought a publishing package (50% discount + a complimentary promo package) and am going to write a book with a tentative title "My Roller Coaster Ride". It's always my dream to write a book on what I went through (my father passed away when I was 6 and it's not easy to get to who I am). Maybe someone will be inspired/motivated .. smile .. It may take me months or years to complete and ends up to be my biography .. will see.

Beth

Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
 
  #1336 (permalink)
 Vendor: www.ezcolortrading.com 
Cambridge, Ontario
 
Futures Experience: Intermediate
Platform: NinjaTrader
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Favorite Futures: 6E
 
Posts: 1,773 since Dec 2009
Thanks: 1,258 given, 1,196 received


MWinfrey View Post
It occurs to me that I went through that as well as I'm sure everyone has. I wasn't able to collect any data on my plan because I was continually messing with the stops and targets after I entered the trade. I didn't know what worked and what didn't. That caused havoc on my psyche and confidence in my plan. Once I decided to rely on my entry rules and leave the stop, trailing stop, and target alone after entry, I started to have some success. I could then actually measure my plan's performance and gain confidence in it's capabilities. That also gave me data that I could analyze and get some sense for what I might do to improve.

May or may not apply to you but just some thoughts...

Hi Mike

My heartfelt thanks for sharing your experience and strategy with me. Yes, panic/fear has been the number 1 emotion that surfaced when a trade did not work for me immediately. I messed up many many times before. Now that my system has a small SL cushion (often starts @6 and to be moved to BE when it's 4 pips in my favor), I have the leisure to look at different check points (incl a quick glance on the DX chart) to decide my next move, ie stay on or bail. Certainly, there're occasions that it worked out after my exit or I made a good decision.

Trading is all about making the most sensible move on the spot .. no regret .. no look back .. and no IF. When I am uncertain on a trade anymore, I prefer an early exit than staying in. It's my goal not to have the full SL got hit. Guess it's also my scalper personality. I often comfort myself that there will be high probability signals waiting for me. Having said that, review/reflection helps moulding me .. still in progress.

Beth (grateful)

Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
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  #1337 (permalink)
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wgreenie View Post
Hi Mike

My heartfelt thanks for sharing your experience and strategy with me. Yes, panic/fear has been the number 1 emotion that surfaced when a trade did not work for me immediately. I messed up many many times before. Now that my system has a small SL cushion (often starts @6 and to be moved to BE when it's 4 pips in my favor), I have the leisure to look at different check points (incl a quick glance on the DX chart) to decide my next move, ie stay on or bail. Certainly, there're occasions that it worked out after my exit or I made a good decision.

Trading is all about making the most sensible move on the spot .. no regret .. no look back .. and no IF. When I am uncertain on a trade anymore, I prefer an early exit than staying in. It's my goal not to have the full SL got hit. Guess it's also my scalper personality. I often comfort myself that there will be high probability signals waiting for me. Having said that, review/reflection helps moulding me .. still in progress.

Beth (grateful)

Outstanding. It sounds like you're past where I described. Onward and upward. Maybe one day I'll catch up with you.

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  #1338 (permalink)
 Vendor: www.ezcolortrading.com 
Cambridge, Ontario
 
Futures Experience: Intermediate
Platform: NinjaTrader
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Favorite Futures: 6E
 
Posts: 1,773 since Dec 2009
Thanks: 1,258 given, 1,196 received

Let me map out my daily game plan as follows:

1. Trading Instrument: 6E

2. Chart Timeframe: 3-Range + DX to validate a signal most of the time

3. No of Trades/Day: Minimum 1 "ideally" and Maximum 5 (very likely to be 3)

4. Trading Hours: 8:00 am to 11:30 am EST excl at least 5 minutes before/after high-priority news and US market open

5. PT/SL @6 for the first contract (Plan to do occasional 2-contract ones starting mid Jan. If yes, PT/SL @10/6 for the second contract.)

6. Recap/Review to be performed on a weekly basis. That way I won't be too focussed on my daily performance though I continue striving for 8-10 pips/day.

Beth

Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
The following user says Thank You to wgreenie for this post:
 
  #1339 (permalink)
 Vendor: www.ezcolortrading.com 
Cambridge, Ontario
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Zen-Fire
Favorite Futures: 6E
 
Posts: 1,773 since Dec 2009
Thanks: 1,258 given, 1,196 received

Big Big Thank You!

I would like to thank all of you for your on-going constructive ideas so that my Trading business has started to look brighter these days/nights. I have not been dreaming about too many indicators/charts/systems for some weeks as I finally get more settled with the current set-up.

Thanks to Cory for sharing your Courage lion with me. You maybe aware that it's on my Vision Board .. smile .. I love the trade recording experience which helped releasing my tension + visualizing the signals. The checklist really helps me to validate a signal before diving in. I will continue using it for post-trade logging and the items are now ingrained in my petite head.

Thanks to Jungian for preparing some charts/trade record (+ more) to motivate me that smaller winners/losers are acceptable in this business. Persistence is the key!

Thanks to Big Mike for the occasional reminders so that I continue learning on the right track.

Thanks to Mike W for sharing your trading experience/strategies with me whenever I tripped over some obstacles.

Sorry that it's impossible for me to name all of you (from A to Z) while I know you always have my best interest in your heart. Thank You .. Thank You .. I'm very lucky to have all of you accompany me in developing my Trading business!

Beth (grateful)

Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
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  #1340 (permalink)
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Wodonga Australia
 
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Congratulations Beth. So on the basis of your 10 trade experiment you've decided to continue with live trading and have mapped out a plan to do so. If you can now reduce execution errors and develop your trade management you will take things to a higher level. What kind of win percentage do you expect with your method over the first 50 trades?
Lindsay

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