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A TopStepTrader's Real Money Combine


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Updated February 26th 2017 by aquarian1
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A TopStepTrader's Real Money Combine

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  #91 (permalink)
Mumbai, India
 
Experience: Advanced
Platform: ChartNexus
Trading: Stocks, Commodities, Futures
 
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Day 2: Journal


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  #92 (permalink)
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Day 3: Trade 1: First Break + Advanced Range Break




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  #93 (permalink)
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An unmindful moment is costly


This picture speaks a thousand words:



Need to be careful moving on.

I am stopping for today.

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  #94 (permalink)
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Day 3: Trades 0, 1, 2: Inside Range Break, First Break + Advanced Range Break, Gamble

Trade 0 (which didn't happen) was an Inside Range Break at the top of the huge range. Missed it solely due to internet connection AND backup internet both going down! Positives: Resisted urge to enter short - proud that I did not chase the market.

Trade 1 was a first break short. Entry Reasoning: Downtrend, absolutely diagonal pullback to 20EMA, signal bar was also a first break as well as signaled an Advanced Range Break (test of range barrier).
Learning: Hesitation during entry affected exit psychology where I covered for a 6-tick profit on basis that it would have been target if had entered correctly (REMINDER: not the correct thing - loss of discipline).

Trade 2 is a Learning Opportunity! It was a 10-tick loser - the worst outcome!
Entry Reasoning: Was thinking "Block Break" but this was fascinated gambling. Saw price hesitating and almost covered at absolute break-even once I reasoned that this was not trading but betting. However was a 'dick for a tick' and did not cover and took full 10-tick loss instead of 1-tick. Reminder to not let this happen again.

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  #95 (permalink)
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You took your 3rd trade against prevailing trend. Is it part of your strategy?

Trade to live. Not live to trade.
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  #96 (permalink)
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Gamble


xelaar View Post
You took your 3rd trade against prevailing trend. Is it part of your strategy?

No, that definitely was NOT a part of my strategy.

Hence I have marked it as a GAMBLE.

It was the absolute worst thing I did and I am diligently going to watch out mindfully from repeating this behavior.

Solemn promise.


Also, I saw it coming and could have taken a 1-tick loser but the cocktail of overconfidence, freezing and self delusion did me in - I am going to fight all three rather simply - by not fighting the trend anymore!

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  #97 (permalink)
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Trading and Stress

I wanted to put this on record that this combine is different from all the previous three combines as to the stress factor.

The first three were roller coasters - this is like a calm walk in the park with lots of opportunities for sight-seeing called trades.

I have evolved. I myself am surprised at how calmly I handle the market, the losses and do not let frustration get better of me! Cheerios!


<MILESTONE>

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  #98 (permalink)
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xelaar View Post
You took your 3rd trade against prevailing trend. Is it part of your strategy?

And thanks for the timely reminder!

To myself: Reversal trading is generally a losing proposition! Follow the plan you have so carefully crafted and tested! Please!

P.S.:" @xelaar - Saw your trader interview on youtube. Had logged into squawk radio yesterday , but was late (as wifey needed my PC to skype with friends!) but could catch only your "Thank you to Big Mike Trading!" That itself was worth it, IMHO, though rest of interview was fantastic too as I saw today - John was impressed! Keep it up!

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  #99 (permalink)
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iqgod View Post
I wanted to put this on record that this combine is different from all the previous three combines as to the stress factor.

The first three were roller coasters - this is like a calm walk in the park with lots of opportunities for sight-seeing called trades.

I have evolved. I myself am surprised at how calmly I handle the market, the losses and do not let frustration get better of me! Cheerios!


<MILESTONE>

This is indeed a great Milestone. I'm waiting for Ninja to start my free trial and Combine. I have been able to feel a similar "turn" in my trading emotions. I really want to Keep emotions out of my trading. Decisively evaluate and take entries, follow all rules, and let the outcomes work out for themselves.

Wishing you continued good trading.

Trade Wise, Trade Well

John
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  #100 (permalink)
Mumbai, India
 
Experience: Advanced
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Posts: 1,692 since Feb 2012
Thanks: 3,473 given, 2,835 received

My Psychological Journal: A Deeper Analysis: Part I


Considering my one-trade (10-tick loser) foray into negative territory I thought I would share something.

Apart from marking up my charts and journaling the technical aspects of trading I am keeping a parallel psychological journal some of which is too deep to share here, but I will touch upon some points briefly.

This combination of two journals has helped me as follows:

- noting down one-liners helping me in recognizing my patterns as a trader i.e. how I behave and the specific ways I act in certain specific situations (this was remarkable - when a situation repeats the pattern repeats)

- recording my emotions, state of mind and my mood swings as specific events unfold

- checkpoints where I am slipping automatically into semi-conscious patterns when face up against some trading related event or general life event.

I end this entry with a note that had I not developed the habit of journaling here on Big Mike Trading I would never have bottled my demons so adeptly or even ever at all.

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