NexusFi: Find Your Edge


Home Menu

 





Five A Day


Discussion in Trading Journals

Updated
      Top Posters
    1. looks_one ratfink with 265 posts (281 thanks)
    2. looks_two GFIs1 with 30 posts (42 thanks)
    3. looks_3 podski with 14 posts (16 thanks)
    4. looks_4 CPRICE76 with 7 posts (5 thanks)
      Best Posters
    1. looks_one Daytrader999 with 1.6 thanks per post
    2. looks_two GFIs1 with 1.4 thanks per post
    3. looks_3 ratfink with 1.1 thanks per post
    4. looks_4 podski with 1.1 thanks per post
    1. trending_up 48,787 views
    2. thumb_up 388 thanks given
    3. group 18 followers
    1. forum 352 posts
    2. attach_file 98 attachments




Closed Thread
 
Search this Thread

Five A Day

  #341 (permalink)
 
bobwest's Avatar
 bobwest 
Western Florida
Site Moderator
 
Experience: Advanced
Platform: Sierra Chart
Trading: ES, YM
Frequency: Several times daily
Duration: Minutes
Posts: 8,157 since Jan 2013
Thanks Given: 57,282
Thanks Received: 26,253

Here's something on the subject of "Care."

I understand that you were referring to being careful, which I assume also means things like, being attentive and doing things right -- all very good ideas (!).

But in a different meaning, Al Brooks, the price action guy, writes of having the attitude of "I Don't Care". He means it in at least 2 ways:

1. Using a small enough position that you aren't worried about whether you lose or not: the possible loss amount isn't enough to kill you.

2. Taking a trade just because it is a good trade by your rules -- you've got the setup, it fits the current market context, you have a good stop and target, the risk/reward looks right, and here's the signal -- so at that point you don't care about the outcome; you've done your job, and you won't be perfect in every trade, and not every trade works out, but you don't care, this is a trade you should take now.

He also warns not to be careless and just say "What the heck" and take just anything. It's got to be a good trade by your lights. But if it is, you take it and don't worry about it. Get out if you have to and do it again. If the probabilities are right, your trading will work out in the long run.

The point is, that if you're worried about the trade, it's going to eat you up, and mess you up too.

This is just something I remembered when you wrote about care, and it has helped me be handle emotions and be more objective, and keep some perspective.

For whatever it may be worth....

Bob.

When one door closes, another opens.
-- Cervantes, Don Quixote
The following 2 users say Thank You to bobwest for this post:

Can you help answer these questions
from other members on NexusFi?
Ninja Trader 8 Drawing Tools Wanted
NinjaTrader
ZombieSqueeze
Platforms and Indicators
NexusFi Journal Challenge - May 2024
Feedback and Announcements
Request for MACD with option to use different MAs for fa …
NinjaTrader
Looking for an MQL4 MetaTrader programmer/coder
The Elite Circle
 

  #342 (permalink)
 
ratfink's Avatar
 ratfink 
Birmingham UK
Market Wizard
 
Experience: Intermediate
Platform: NinjaTrader
Broker: TST/Rithmic
Trading: YM/Gold
Posts: 3,633 since Dec 2012
Thanks Given: 17,423
Thanks Received: 8,425


bobwest View Post

For whatever it may be worth....

Bob.

A lot, thanks for good input Bob.

Travel Well
Visit my NexusFi Trade Journal Started this thread
  #343 (permalink)
 
Adamus's Avatar
 Adamus 
London, UK
 
Experience: Beginner
Platform: NinjaTrader, home-grown Java
Broker: IB/IQFeed
Trading: EUR/USD
Posts: 1,085 since Dec 2010
Thanks Given: 471
Thanks Received: 789


From reading up on psychology and neuroscience what I learnt is that the conscious brain where you make decisions can only hold a small number of different thoughts, between 6 and 8. (No idea whether 6, 7 or 8 is fixed or fluctuates though).

So in the heat of trading, I would sometimes overload my puny prefrontal cortex and something new would push out something crucial from my conscious stream of thought and I'd mess up the trade.

I used to think it was carelessness too, but it's just normal for a human brain. Obviously I haven't discovered a great way to fix the issue, but one way is to assimilate more trading decision-making into your subconscious by continual practice so that you free up your conscious hotspots. I see it a bit like a kitchen gas hob, one of those big fancy ones from Smeg, with eight burners on it. If your hob is full while you're cooking (i.e. trading) and something comes along and demands your attention, you aren't going to fit it on the hob unless you take another pot off.

If your cooking skills are already gourmet then maybe that's not it, but it seems like a credible explanation to me. Care and carelessness as a concept generally involves a conscious decision one way or the other to give a monkey's about something, but I think at least as far as I am concerned it's simply my brain needing more training.

You can discover what your enemy fears most by observing the means he uses to frighten you.
Follow me on Twitter Visit my NexusFi Trade Journal
The following 3 users say Thank You to Adamus for this post:
  #344 (permalink)
 
ratfink's Avatar
 ratfink 
Birmingham UK
Market Wizard
 
Experience: Intermediate
Platform: NinjaTrader
Broker: TST/Rithmic
Trading: YM/Gold
Posts: 3,633 since Dec 2012
Thanks Given: 17,423
Thanks Received: 8,425


Adamus View Post
... it's just normal for a human brain ... one way is to assimilate more trading decision-making into your subconscious by continual practice .... it's simply my brain needing more training.

Sums it up nicely I think. I've been system building for a good while now and really need to spend the next couple of months just being a user, not a developer. Actually rest of year/trading career I guess, duh.

Managed to put some care back on the stove with a decent trade to get back back half the morning's goofs, so I'm happier and do think you are right - I just need to practice my system inside out, instead of remembering tiles and beating up the damn penguin. @CPRICE76 has also suggested I put the stops in and walk, which of course I 'know' I must do so I can get past the hold'em barrier.

Thanks for the words, and if all else fails at least George has now said I can blow my pension on coke and hookers.

Cheers.

Travel Well
Visit my NexusFi Trade Journal Started this thread
The following user says Thank You to ratfink for this post:
  #345 (permalink)
 
ratfink's Avatar
 ratfink 
Birmingham UK
Market Wizard
 
Experience: Intermediate
Platform: NinjaTrader
Broker: TST/Rithmic
Trading: YM/Gold
Posts: 3,633 since Dec 2012
Thanks Given: 17,423
Thanks Received: 8,425

Finished the full session off just -20T, so nobody died.

Bit of a learning and dumb revelation day, as by the evening I realised a huge part of the problem was the focus I put into ultra-short term setups over the last month had completely removed any macro timescale visibility from the immediate desktop, even as I was talking to others about it. Still layered in the background workspaces - but we don't look there when it's hot do we?

So, I will be working much harder for the rest of the season to trade in interesting places and not just get caught taking setups in noise. Find a problem, fix it, sorted. Next.

Travel Well
Visit my NexusFi Trade Journal Started this thread
The following user says Thank You to ratfink for this post:
  #346 (permalink)
 
ratfink's Avatar
 ratfink 
Birmingham UK
Market Wizard
 
Experience: Intermediate
Platform: NinjaTrader
Broker: TST/Rithmic
Trading: YM/Gold
Posts: 3,633 since Dec 2012
Thanks Given: 17,423
Thanks Received: 8,425

I'm no fan of typical Friday plus witch action and had a couple of data and platform issues so an hour will do for me today, two trades only, 1 each way, +18, +10 for a net +28T, covers yesterday's tosh to make it a decent week.

It could well fly out of this area but they can keep the herky jerky stuff. I'll get on with rolling charts over, cheers.

Travel Well
Visit my NexusFi Trade Journal Started this thread
  #347 (permalink)
 
ratfink's Avatar
 ratfink 
Birmingham UK
Market Wizard
 
Experience: Intermediate
Platform: NinjaTrader
Broker: TST/Rithmic
Trading: YM/Gold
Posts: 3,633 since Dec 2012
Thanks Given: 17,423
Thanks Received: 8,425

Woke up with bleary man-flu, did the sensible thing and passed on the trading for the morning session. Finished off some development, did some testing and left it for lunch and a nap.

Came back feeling a lot better (i.e. complacent,) told myself a bunch of things and promptly ignored all of them, went down 5-3 in a bleary pink mist for a net -36T. Dumbest day for a long time.

Spent the last hour removing all the tosh that I built this morning and then some, for the simple reason that it's not needed and it really is time I stopped looking at anybody else's methods and just got on with the job of head-sorting and making simple, sensible trades when I'm in the right condition to.

Travel Well
Visit my NexusFi Trade Journal Started this thread
  #348 (permalink)
 
Adamus's Avatar
 Adamus 
London, UK
 
Experience: Beginner
Platform: NinjaTrader, home-grown Java
Broker: IB/IQFeed
Trading: EUR/USD
Posts: 1,085 since Dec 2010
Thanks Given: 471
Thanks Received: 789


ratfink View Post
Came back feeling a lot better (i.e. complacent,) told myself a bunch of things and promptly ignored all of them, went down 5-3 in a bleary pink mist for a net -36T.

I think one thing everyone constantly forgets, a bit like the ancient Greek sailors listening to the Sirens, is that a real time chart of the market is not in fact a warm, cuddly object of familiarity, it is actually a control panel for genital mutilation.

You can discover what your enemy fears most by observing the means he uses to frighten you.
Follow me on Twitter Visit my NexusFi Trade Journal
  #349 (permalink)
 
ratfink's Avatar
 ratfink 
Birmingham UK
Market Wizard
 
Experience: Intermediate
Platform: NinjaTrader
Broker: TST/Rithmic
Trading: YM/Gold
Posts: 3,633 since Dec 2012
Thanks Given: 17,423
Thanks Received: 8,425


Adamus View Post
I think one thing everyone constantly forgets, a bit like the ancient Greek sailors listening to the Sirens, is that a real time chart of the market is not in fact a warm, cuddly object of familiarity, it is actually a control panel for genital mutilation.

Yup, one of 'them' daft days. Tomorrow beckons.

Travel Well
Visit my NexusFi Trade Journal Started this thread
  #350 (permalink)
 
ratfink's Avatar
 ratfink 
Birmingham UK
Market Wizard
 
Experience: Intermediate
Platform: NinjaTrader
Broker: TST/Rithmic
Trading: YM/Gold
Posts: 3,633 since Dec 2012
Thanks Given: 17,423
Thanks Received: 8,425


Having man-flu was the excuse, but marrying a single idea was the reason that killed the day. Understood now.

That said, daily action is compromised by some important weekly and monthly levels at the moment, hence big scrapolas.

Dax doing it's typical Tuesday thing so far, taken one pullback trade for +19T. Sense and Sensibility, Strewth.

Crashed out with full sinuses and a stonking headache, reflecting on the importance of position sizing, as in 'sinuses and headaches are helped enormously by a lot of whisky and a little aspirin.'

Also smiled when I remembered an old personal motto, 'ad lib ab init, op cit per se, ceteris paribus, fuck it'. We used to think we'd manufactured 'From the beginning to the extent desired, in the text by the very nature of it, all other things being equal, fuck it.' Which greatly amused both myself and my only friend at the first crap uni I went to. Of course, thanks to WikiKnowItAllia it turns out some of the first bit is poetic licence at best.

However, it has made me realise that is exactly what a trend is - 'From the beginning, to the extent desired', where the extent desired is always further than participants believe and, as PQ knew so well, going too far is precisely what sows the seeds for the next trend in the opposite direction.

Travel Well
Visit my NexusFi Trade Journal Started this thread

Closed Thread




Last Updated on March 28, 2014


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts