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Beth's Journey to Make Her Millions


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Beth's Journey to Make Her Millions

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  #381 (permalink)
 wgreenie 
Cambridge, Ontario
 
Experience: Intermediate
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Thanks to Aslan, I now have the following on my Trading Bulletin:

5 Fundamental Truths

1. Anything can happen
2. You don't need to know what is going to happen next in order to make money
3. There is a random distribution between wins and losses for any given set of variables that define an edge
4. An edge is nothing more than an indication of a higher probability of one thing happening over another
5. Every moment in the market is unique

To be a consistent winner, I must integrate these 7 principles/beliefs of consistency into my mental system at a functional level:

1. I objectively identify my edges
2. I predefine the risk of every trade
3. I completely accept risk or I am willing to let go of the trade
4. I act on my edges without reservation or hesitation
5. I pay myself as the market makes money available to me
6. I continually monitor my susceptibility for making errors
7. I understand the absolute necessity of these principles of consistent success and, therefore, I never violate them

All these "I" remind me of owning the trades and be the only one responsible for the outcome!

Beth

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  #382 (permalink)
 Big Mike 
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I would suggest creating a new thread to discuss X Trader and Bracket Trader.

Mike

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  #383 (permalink)
 Big Mike 
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wgreenie View Post
Thanks to Aslan, I now have the following on my Trading Bulletin:

5 Fundamental Truths

1. Anything can happen
2. You don't need to know what is going to happen next in order to make money
3. There is a random distribution between wins and losses for any given set of variables that define an edge
4. An edge is nothing more than an indication of a higher probability of one thing happening over another
5. Every moment in the market is unique

To be a consistent winner, I must integrate these 7 principles/beliefs of consistency into my mental system at a functional level:

1. I objectively identify my edges
2. I predefine the risk of every trade
3. I completely accept risk or I am willing to let go of the trade
4. I act on my edges without reservation or hesitation
5. I pay myself as the market makes money available to me
6. I continually monitor my susceptibility for making errors
7. I understand the absolute necessity of these princples of consistent success and, therefore, I never violate them

All these "I" remind me of owning the trades and be the only one responsible for the outcome!

Beth

Good list, worth repeating

Mike

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  #384 (permalink)
 wgreenie 
Cambridge, Ontario
 
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Big Mike View Post
I would suggest creating a new thread to discuss X Trader and Bracket Trader.

Mike

Thanks Mike for your suggestion. I am fine with BT now. Will create a new thread IF I need to explore its advanced features at a later date.

Beth

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  #385 (permalink)
 wgreenie 
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Back to focussing on Fade the Extremes set-up when price gets close to the following areas:

VPOCs: Bottom 1123.75 Top 1153.00 (currently trades around 1143 area = gap up of 8 points or so and it's outside yesterday's Value Area 1121.25-1135.25)

Good Luck to You and Me!

Beth

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  #386 (permalink)
 wgreenie 
Cambridge, Ontario
 
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Goals Accomplished:

1. Took one A- trade. It's high chance that it's not a 1-2-3 reversal trade that I thought I was taking.

2. Price Action an A LOL! Upon completion of the A- trade, my eyes were solely on the price bars for 30+ minutes. Given time, I am very confident that I will develop a very good relationship with the bars.

Emotion - Quite calm. I worried a little about my mislabelling and was prepared to close the trade early with more warnings. The 4-Range set-up helped me staying in the trade.

Note on the enclosed Trade Log:

I adjusted an 8-tick PT (the usual PT for the second contract) to 4 and that's why Target2 was hit before Target1.

Beth

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  #387 (permalink)
 wgreenie 
Cambridge, Ontario
 
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Today's Initial Balance: 1140.25 - 1147.50 (7.25 points)
Today's Value Area as at 10:51 am: 1146 - 1144 - 1141 (5 points)
ES opened at 1144.00

At the time of writing, price is trading around 1135.00 area and has moved back to previous day's Value Area (1121.25-1135.25). Not sure if it wants to touch the bottom VPOC @1123.75.

Will it repeat what has been happening, ie rotating up or down to extend the daily range to a 2-digit one? Let's always trade with the TREND!

Happy & Successful Trading.

Beth

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  #388 (permalink)
 Big Mike 
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Beth,

Here are some basic PA markers for your chart, as I saw them.



Mike

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  #389 (permalink)
 wgreenie 
Cambridge, Ontario
 
Experience: Intermediate
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Broker: Zen-Fire
Trading: 6E
 
Posts: 1,773 since Dec 2009
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Price has dropped more than 8 points (from today's Close @1118.25). If it continues trading below 1110.75 (current Bottom VPOC) when the market opens tomorrow, I will not have a Bottom VPOC for reference. Instead, 1110.75 may become the Top VPOC.

I will consider the following and see if it may find support there:

6 May: Low 1056
7 May: Low 1090.75 Close 1107.50

Have a Nice evening.

Beth

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  #390 (permalink)
 wgreenie 
Cambridge, Ontario
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Zen-Fire
Trading: 6E
 
Posts: 1,773 since Dec 2009
Thanks: 1,258 given, 1,203 received


Goals Accomplished:

1. Finally an A+ trade this morning. I believe I followed my plan 1,000,000,...% haha .. I was looking for a Short opportunity because of the overnight fall (down to 1104.75 - wow) + its open was substantially below yesterday's Close. I was patiently waiting for its climb to yesterday's VAL 1121.00 and more. Noticed rejection and grasped a Short trade.

2. Price Action a B. I paid attention to the formation of the price bars esp if they have a buying or selling tail and how each related to the former and latter ones. Noticed there're simple Up and Down patterns (= great great signals) and more balanced or undecided ones. It will require more practice and watching. I will continue sharpening my "visual" skill.

Note: B is Great because it will remind me to work harder!! In reality, one needs lots of practice to develop the PA talent.

Beth

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