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TST ScottishBry Trading Journal

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TST ScottishBry Trading Journal

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  #1 (permalink)
Posts: 5 since Dec 2012
Thanks: 0 given, 7 received

deliberate practice
When most musicians sit down to practice, they play the parts of pieces that theyíre good at. Of course they do: Itís fun to succeed. But expert musicians tend to focus on the parts that are hard, the parts they havenít yet mastered.

I have been thinking for a while about starting a journal but have been putting it off for many excuses (not enough time, I might look stupid ect) but finally when I was reading a passage in a book called ďthe goldmine effectĒ by Rasmus Ankersen I decided enough is enough and I needed to get started:

(Page 163)
Think back to Carol Dweck's study, where students lied about their results to sustain their perceived image of themselves as successful in the outside world. It was more important for them to look good than to improve themselves. That is the way it is with complacent people. They live in their own highly selective reality and often deny the facts. They would rather lie about their results than risk exposure as being devoid of innate talent. But as Carol Dweck writes 'Why waste time proving over and over how great you are, when you could be getting better? Why hide deficiencies instead of overcoming them? And why avoid challenges, instead of looking at them as experiences that will stretch you?'
Any business executive, athlete, musician, singer or student gets confronted with situations in which they have to make the choice: do I want to look good, or do I want to get better?

The whole book is very interesting but this part really spoke to me.

So I'm a struggling discretionary trader, trading CL, who is working towards getting really good, without worrying about looking stupid, rubbish at trading, inconsistent, lacking emotional control, this is a work in progress, and I'm sure its going to look a bit of a mess.

As I get good I'm looking at passing a TST combine, going live and staying live.

I use pivot points a couple of moving averages and like to draw trend lines keeping it fairly simple.

I'm waiting to get signed up for my combine at the moment so until its up and running I'm going to use my practice account as if its my combine.

I can put together some good winning days but then have had big losing day that blow my combine, or my week, I really need to keep a good check on my down side, and this will be my focus.

I think that putting this up for everyone to see will increase the pressure on me greatly, and that will help me to learn to deal with it, which can only be a help in both my trading and in my life in general.

OK first day coming up:

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  #3 (permalink)
Posts: 5 since Dec 2012
Thanks: 0 given, 7 received

Scrappy trading, scalped long then short then bought above the open twice the second time was 93.45 and I got out at .54 but was looking for .64 and thought higher, it popped into .80's I felt annoyed and pissed off the I had not held standard fear response, followed by fear of reentering, and then losing some of what I have got now adding to the imagined loss of getting out too early.

Turned on sierra charts sim,

( I could also be twitchy because a strong cup of coffee is kicking in and also a bunch of Pringle's, need to eat better and more balanced before trading)

Took a short scalp as we broke into the gap fill and stalled but didnít have confidence and one again covered too early, and later took another short but scratched it almost immediately, feeling jumpy again and trying to force trades, time for a break.

Market died no real movement at all, great chance to test my patience, and learn to wait for good set-ups, and be happy to not need to be doing something all the time, but this is easier by the fact that I am up on the day.

Big problem lost Internet and the whole system was running really slow, when it started to move into the close I couldnít work out if it was laggy or not was looking to get short but weary of the up move, big size at 94.50 and I was looking for that to get tagged and see if it had a blow off top from there to sell, it didnít and I missed selling it, on the chart .60-.70 looked like resistance so I'm OK with not getting in earlier.

Trading day Summery:

Things to work on:
System crash/computer running slow, need to fix to avoid distractions.
Need to give trades more time to work maby some kind of minimum time in trades to let them workout
Took heat on the 94.16 short but got out basically flat need to hold trades longer.
Countertrend trading picking bottoms and tops, need to watch my entries

Things to do more of:
Not getting tempted into the midday chop waiting for the move I thought would come.
Got frustrated a few times, but left the screen and calmed down before continuing.

Mixed slow day, the holidays are starting so not great action excluding the first and last 30min.

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  #4 (permalink)
Posts: 5 since Dec 2012
Thanks: 0 given, 7 received

Market opened tried a couple of shorts before I realized it was not doing anything on no volume, then tried buying a new low when it broke the low by a little but got flat.
Really really slow, then sierra charts issue, so had to go update and fix it.

Range tiny, volume tiny, nothing to see or do, I can't trade well when its going no where really slowly.

Will now wait and see if we get something if we can get some range extension.

Horrible day few crappy trades -100 then scalping near the close but it felt Really really thin and twitchy no momentum at all, should have stayed out.
I will not be trading tomorrow as its clearly a total waste of time, good lesson I guess, just don't trade holiday dead markets

Looking at the chart most of my trades were bad ones, the long's I took at 10.56 10.58 were in the right direction at least, the trade at the end was bad I got in short way too late but the market was so slow I had no conviction at all.

Trading day Summery:

Things to work on:

avoiding very thin volume markets, really I knew after the first 2 trades that I should not trade any more

Things to do more of:
I did avoid some of the midday chop and waited for the move I thought would come at the end, normal volume may have given a better chance to short into the close.

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  #5 (permalink)
Posts: 5 since Dec 2012
Thanks: 0 given, 7 received

Premarket thoughts :
On Mondays and Fridays I miss the first hour of the market as I am at my rent/bill paying job, so I rushed back from it and didnít take any time to get settled.

market thoughts :
Crappy scrappy trading all day,

jumped in and started scalping, flip flopped at the start really not good, also failed to have a word doc open to record my journal as I went, so these notes were after the close.

I Missed a .20Cent pullback trade after it made a new high, mainly because I was short, I'm still having problems taking them, they always feel unsafe.

Big crazy stop run pop at 10.54 got short and held but didnít really get much of a sell off, and later CL took out the high by a few ticks, which I was thinking may happen, but I didnít sell the new highs as I was looking for higher .20-.40 move to get short.

bad ending trade I was waiting for new highs above 94.08 to look for a short, but we dropped off leaving the high of .08 intact, then I got short .30cent below the high which is really a bad trade location to try short, and very low probability, scratched it.

Basically today is a good example of where my trading is at the moment, I was simply lucky to not come out of today with a loss, my trading whilst I may have had some OK ideas were badly actioned and my trade management and location was poor, luck 10 skill 0, one of the positives I can take out is that I watched the market and did feel that new highs were coming, also I saw 2 OK setupís, I didnít take them but the more I see them and work with them eventually they will become second nature, today was a messy scratch, after commissions.

Trading day Summery:

Things to work on:
didnít fill in my journal during the trading day, need to do that.

Missed a .20Cent setup they still feel unsafe

I jumped into the action at the start without looking where we were on the daily chart (pit trade was still an inside day at that point)

over traded without any real plan at the start of the day, first day since before thanks giving, and I obviously had an itchy finger.

Things to do more of:

Biggest winning trade bigger than biggest losing trade.

I held some trades for bigger profits abut took scratches on them, looking for bigger move, this can be the wrong thing to do, but I need to work on holding trades and getting the occasional runner.

I didnít get locked into a direction bias, and was aware that this could be the case, I asked myself am I seeing things clearly ( I wasnít but at least I was wondering if I was)

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  #6 (permalink)
Posts: 5 since Dec 2012
Thanks: 0 given, 7 received

jumped the gun long at the start scratched -4tick and just over 20tick range @20min into the day
going to sit on my hands.

CL Jumped 40cent straight up and made a new high by 3T, (at this point I totally failed to look at the big picture, breaking out of a .20 cent range this looked huge, but in CL daily terms it was nothing and this was my problem from now on)
I got short.........fighting the trend as ever going to watch yesterdays high @ .09

normal shit for me selling strong up moves is like crack to a crack addict, going to wait for a topping pattern on my 500voll chart before I sell again,
I'll look if I can try a buy, I need to practice doing that even if I lose on the trade at least I'm going in the right direction, do I want to win? Or get better? (here I knew what I should do but totally failed to do it)

Short .59 looking to get long on a .20 pullback @ 94.45 for new highs

OK so because it was too strong it didnít sell off to .45 for me to get long, I lost on that short trade and was locked into a short selling red mist I then went off tilt and blew it totally (because it was too strong it didn't let me get short, really backwards thinking here, like I'm locking myself into failure)

Not sure what the hell is wrong with me, but as can be seen, I blew out doing a lot of very stupid stuff, I think my brain is wired wrong or certainly wired backwards, anyway this has always been my problem, and if its not fixed its totally irrelevant how much I can make on range days if I do this crap on trend days, 10 out of 11 trades short on a huge up day................just pathetic,

if my combine had been running it would have been blown.

Trading day Summery:
I thought putting this in a public forum would help me control making shitty trades, and going off tilt like this, I guess not, I think the only thing I can take for starting this journal is that I realize truly, just how little method/rules/ I actually have, throw in an inability to actually trade with a strong trend and basically I got nothing working for me at all. Bit of a reality check which is good, I think real improvement can only come when you know where your starting from, which is unfortunately here
Things to work on:
trading with the trend, trading with the trend, trading with the trend.

Things to do more of:
same as above.

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Last Updated on December 4, 2013

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