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BigKahunaDogs Journal
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BigKahunaDogs Journal

  #11 (permalink)
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From an email I received today.


The ReThink Group presents Psychological Capital Tricks & Tips


"In almost 10 years of coaching traders, I have yet to hear a pro say "I need to do more trades". I have heard a few say "I would like to get a bit more aggressive in size" but I don't think I have ever heard, "I need to do more trades" outside of some context such as being on a bank desk and being too busy with other duties to get the trades in. In fact, I consistently hear, "The less I trade, the more I make".

On the other hand, something I hear all the time - from the pros to the amateurs is "I made good money but then for some reason, I went back in and gave it all back". The reasons for this run the gamut -

Basic decision fatigue - the brain gets tired and its risk decision prowess deteriorates as a trading day wears on. (This is just a neurological fact and should be worked into every market and trading plan).

The "That tasted good, I think I will have another" syndrome - this is where the joy of making money (or eating a hot fudge sundae) gets acted out in the ordering of a second sundae or trade or ... .

Some kind of unconscious discomfort with the money itself or the process of making it. This is where our brain's unconscious operation in perception and feeling patterns that appear to be fractal - repetitions of earlier experiences - comes into play.

Clearly, the habit of trading less and the pattern of giving back money have a relationship. Regardless of how self-aware you have become, if either appear to damaging your P&L, you can work with the first two reasons rather easily.

#1 requires getting comfortable with the idea that the brain tires just as muscles do and then accepting that trading is like training and NOT like running a marathon. Breaks are key to muscle development.

#2 can be solved by constantly putting into words whatever feelings are popping up. Research shows that when we put feelings into words, we are MUCH LESS likely to act those feelings out.

#3 is admittedly tough to figure out on your own but there is a guide in MARKET MIND GAMES and in our courses "Access" and "Fractal". In short, you ask yourself when in your earlier life did you feel like you are feeling now? That opens the door to dis-empowering seemingly overwhelming needs to repeat.

Trading is not a 9-5, hourly paid job. Given that, how can you reconcile its nature with yours? "


- The ReThink Group

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  #12 (permalink)
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Gary is there something you read daily or frequently to help optimize your performances? Some people use creeds and the like. Something to help remind and to establish deeply convictions, parameters and no go's.


GaryD View Post
From an email I received today.


The ReThink Group presents Psychological Capital Tricks & Tips


"In almost 10 years of coaching traders, I have yet to hear a pro say "I need to do more trades". I have heard a few say "I would like to get a bit more aggressive in size" but I don't think I have ever heard, "I need to do more trades" outside of some context such as being on a bank desk and being too busy with other duties to get the trades in. In fact, I consistently hear, "The less I trade, the more I make".

On the other hand, something I hear all the time - from the pros to the amateurs is "I made good money but then for some reason, I went back in and gave it all back". The reasons for this run the gamut -

Basic decision fatigue - the brain gets tired and its risk decision prowess deteriorates as a trading day wears on. (This is just a neurological fact and should be worked into every market and trading plan).

The "That tasted good, I think I will have another" syndrome - this is where the joy of making money (or eating a hot fudge sundae) gets acted out in the ordering of a second sundae or trade or ... .

Some kind of unconscious discomfort with the money itself or the process of making it. This is where our brain's unconscious operation in perception and feeling patterns that appear to be fractal - repetitions of earlier experiences - comes into play.

Clearly, the habit of trading less and the pattern of giving back money have a relationship. Regardless of how self-aware you have become, if either appear to damaging your P&L, you can work with the first two reasons rather easily.

#1 requires getting comfortable with the idea that the brain tires just as muscles do and then accepting that trading is like training and NOT like running a marathon. Breaks are key to muscle development.

#2 can be solved by constantly putting into words whatever feelings are popping up. Research shows that when we put feelings into words, we are MUCH LESS likely to act those feelings out.

#3 is admittedly tough to figure out on your own but there is a guide in MARKET MIND GAMES and in our courses "Access" and "Fractal". In short, you ask yourself when in your earlier life did you feel like you are feeling now? That opens the door to dis-empowering seemingly overwhelming needs to repeat.

Trading is not a 9-5, hourly paid job. Given that, how can you reconcile its nature with yours? "


- The ReThink Group

Good read. Thanks for this.
Relating and introspect of self
#1 accepting some days are trend days and others Z days. 60-90% are z days... this leads me be biased to base hits(20-30ticks for some of my markets, 30-40ticks in other markets, 4hr ATR in other markets) I use 4hr ATR for reference to look at an optimal SPOT(partial session trade).
also recognizing the need to take days and sessions off from aor fatigue, non tradeable conditions projected(relative)

#2 "that taste good, i'll take another" Great analogy... In life I will leave part of my deserts to exhibit self control. In trading I will continue to use my pre marked zones to trade from, banning all trades outside of zones. I will use a daily MAX. This is contrary to play while there is sun, but too many times we give ticks/pips back. I will go SIM if I feel this urge aor even turn the CPU off and force myself to do something else not related to trading...like read, exercise, clean.

#3... hm.

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  #13 (permalink)
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KahunaDog View Post
Gary is there something you read daily or frequently to help optimize your performances? Some people use creeds and the like. Something to help remind and to establish deeply convictions, parameters and no go's.

No, not really. I receive several emails like the one from ReThink, usually read those before the open. All of my trading books are packed away or loaned out, except for one. I am currently re-reading Mind Over Markets. The first time through it was too much detail for my knowledge at the time.

I look at charts a few hours before the open usually, think them through from weekly to 1m volume, read the news and the calendar, then try to walk outside for awhile, stretch, Yerba Mate.

I do check my thoughts, think about what my environment is like for the day. If there is something not right in my world I will often not trade, or trade one QM.

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"Fill your bowl to the brim
and it will spill.
Keep sharpening your knife
and it will blunt.
Chase after money and security
and your heart will never unclench.
Care about people's approval
and you will be their prisoner.

Do your work, then step back.
The only path to serenity."

Tao Te Ching

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KahunaDog View Post

#3... hm.

Yes, it's that damned #3 that requires some digging.

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  #16 (permalink)
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GaryD View Post
"Fill your bowl to the brim
and it will spill.
Keep sharpening your knife
and it will blunt.
Chase after money and security
and your heart will never unclench.
Care about people's approval
and you will be their prisoner.

Do your work, then step back.
The only path to serenity."

Tao Te Ching

Nice quote.
I like parts of the I-Ching, but haven't explored it in it's entirety.

Stoicism appeals as my personal philosophy. Though some stoics abhorred wealth, as a trader and person, I feel it is the coveting of wealth above virtue is what bothered them. Marcus Aurelius and Epictetus are some of my favorites. One a ruling emperor the other a crippled slave.

I am not an avid StarWars fan but I appreciate this Jedi code as an aspiration for stoics, the acceptance of the primal emotions present in all of us, yet for those who are strive to
Emotion, yet peace
Ignorance, yet knowledge
Passion, yet serenity
Chaos, yet harmony
Death, yet the force

I feel this code is befitting for myself as a trader.

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  #17 (permalink)
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7/22/2013 Monday
Didn't get a lot of screen time so was nimble, monday and timeofday.
CL Trend day
Trend trade (in direction of intrady price) After London close/ny lunch...price broke double bottom, Edit took the retrace using former support and 00 as resistance, 38-50fib on 5min of last 'swing fib'
Took the reshort after double bottom break a little into fractal retracement and 00 psyche number.
+25 5/10/25

Getting late, time of day took afternoon trade baSed on time of day and monday ... Took a scalp looking for movment of traders lightening or zeroing out their positions of day.
Counter trend of intraday
+5
Minimal indicators today. Just price, volume & Fibs.
+30 on day


Last edited by KahunaDog; July 23rd, 2013 at 12:34 PM.
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  #18 (permalink)
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Tuesday
imo tues are usually the best days of the week for trend...so far it has moved a lot
CL
+5 scalp

-10 this trade was actually a TL touch of the next trade as well near NY open, but I got whipped due to my tight SL, got to move my SL where SL has to go. Used ATM on this one and stuck with -10 SL, when it needed -12 which it moved then went my way

BE. First TL touch on 5min, with intraday(4hr trend) this went +19 from TL touch and +12 from my entry, I was looking for 50% fib retracement, but it hit 00 then failed to make LL

+21 got the NY move(London pushed her down then BLSH). Immediately after this the 10am move pulled back and would've got me Breakeven, then would've went my way for 105 ticks or so. I got to stick around for the 10am move. I noted it worked as retouch of opening range trade as well for those players.


overall
+11 on day...not great considering moves and Tuesday, but positive. I don't have a lot of screen time today as well, just a little in NY Open.

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What is your typical target and stop loss in CL?

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  #20 (permalink)
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GaryD View Post
What is your typical target and stop loss in CL?

generally
breakout1
5/10/25
t1/t2/t3
initial SL 10-15, SL then moved immediately w discretion closer to BE when in profit. targets are also moved +- a few ticks.

breakout2
25/50
t1/t2
initial SL 10-25

swing1
25/50
t1/t2
initial SL 10-25

e/u and g/u
25/40
t1/t2
initial SL 10-25

What is yours?

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