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Started:November 23rd, 2014 (09:08 PM) by Tap In Views / Replies:34,282 / 839
Last Reply:October 13th, 2016 (09:57 AM) Attachments:1,597

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Tap In's Corner

Old December 1st, 2014, 05:21 PM   #21 (permalink)
Market Wizard
Birmingham UK
 
Futures Experience: Intermediate
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One takeaway from today is that I nitpick my trades. It seems Iíll find any way I can to talk myself out of it. I donít want to get burned again like I have a thousand times in the past. This is the natural result of a home educated trader getting beat up for too long. One gets a little gun shy. I am sure many can relate.

Yep, fight it nearly every day of the month. Apart from the 3 when I overtrade.

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Old December 1st, 2014, 05:25 PM   #22 (permalink)
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Yep, fight it nearly every day of the month. Apart from the 3 when I overtrade.

Only 3? I want to know your secret....

Bob.

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Old December 1st, 2014, 05:42 PM   #23 (permalink)
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bobwest View Post
Only 3? I want to know your secret....

Bob.

Well, when I overtrade I really overtrade and the red mist descends and leaves big ugly marks. Last month was great apart from 3 truly awful days. Only one thing has helped me get the number down - paying for the lessons. I still got complacent on the back of a good run when the skies looked clear, you know, like they do over the Sierra Nevada...

I would have to say that the gun-shy thing is a pain but always preferable.

[sorry @Tap In for intruding.]

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Old December 1st, 2014, 07:30 PM   #24 (permalink)
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I also notice that I have a tendency to get the courage to take my first trade as the day gets older, primarily after the morning rush, after around 8am pst, after the best moves, when things have settled down. Not sure what this is all about. I do not think it is because of being overwhelmed by the activity since I am easily able to keep up with what is going on.

Maybe is has to do with having more time to contemplate the trade, to really think about it, that I need that extra time to be certain. I do this when I make other big decision in my life, whether it's a big purchase, or a project I want to turn out well. I'll do research, weight the pros and cons, take my time, contemplate until I think I've got things figured out. My wife on the other hand is a shoot first ask questions later decision maker. She'd be a great scalper!

Or, maybe I am subconsciously saving my losses for later so I don't have to call it a day too early. There are few things worse than getting in the hole right out of the gate and either being forced to stop or risking the huge losing day.

Not sure what's causing it, but I will be monitoring this in the journaling.

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Old December 2nd, 2014, 04:38 PM   #25 (permalink)
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Futures Edge on FIO

Are you a NinjaTrader user?

 
Trades Taken: 1, -8t
Should have taken: 11, potential +140t
Efficiency: 1/12 = 8%

NQ, GC and NG were stuck in ranges for a good part of the morning. Oil was the mover today but I was never comfortable with the direction. Because of this I found myself complacent today. This tends to happen when I donít like the look and price action of the markets early on. Rather than be on the alert for a market to wake up, I kind of check out and lose interest.

When a market like oil does come to life, and I miss or pass on the first couple successful set-ups, the complacency compounds and my interest in trading is even less. I feel that I have missed the best trades and now will be risking on the scraps, and that there will not be opportunities left to make up for any losses.

Anyway, rookie mistakes for sure, and something I need to work on. As a professional trader I need to be ready and willing for all opportunity.

Note: the one trade taken was after 9:30. Again, waiting until later to take first trade.

Regarding my plan, because of my lack of interest in trading I only kept a few notes. Need to do better.

Tomorrow: Continue to monitor thoughts and feelings at moment of truth. Stay engaged no matter what the market is doing. Take a trade or two early that look good.

Attached Thumbnails
Tap In's Corner-2014-12-02_cl_summary.png   Tap In's Corner-2014-12-02_gc_summary.png   Tap In's Corner-2014-12-02_ng_summary.png   Tap In's Corner-2014-12-02_nq_summary.png  
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Old December 3rd, 2014, 11:16 AM   #26 (permalink)
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Update:

Most instruments stuck in ranges and chop. Stay patient. Inventory coming up should break things loose

tried one trade, no fill. Four marked trades, little potential.

NQ on the move. Looking for opp to downside.

Focus!

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Old December 3rd, 2014, 11:26 AM   #27 (permalink)
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Trade 1: NQ short. 6
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Old December 3rd, 2014, 11:46 AM   #28 (permalink)
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Trade 2 GC: -10t

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Old December 3rd, 2014, 12:35 PM   #29 (permalink)
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In reviewing past charts I noticed that the majority of "should have taken" trades happen before 8:30am. So I am going to start paying attention to how I trade during that time:

So far today: 2 trades taken
5 trades should have taken.

2/7 = 28% efficiency

Not much yield on the trade areas since the markets aren't seeing much follow through, at least from the entries I identify

There were a couple nice trades I missed and a couple that I have to learn how to see in the future.

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Old December 3rd, 2014, 05:03 PM   #30 (permalink)
Elite Member
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Trades Taken: 2, +3t
Should have taken: 6, potential +30
Efficiency: 2/8= 25%

Good patience today. Markets not doing a lot, at least for how I trade. No big runners. I am finding my patience is very good these days. This is in part due to the fact that I know on any given day I can have an opportunity to get 200 ticks, so I can afford to wait. Now that Iíve said it I hope this doesnít jinx me!

Took a couple trades early which is progress. Didnít wait until later

Stayed focus throughout day, just didnít see much that I was confident in. Did miss a great CL trade because of brief distraction. It happened fast and I almost hit the button.

Did some useful journaling.

Tomorrow: continue working on sustained focus throughout day, early trading (pre 8:30), and journaling during moment of truth. Be ready for one or more instruments to run, and if so, hit the button!

Attached Thumbnails
Tap In's Corner-2014-12-03_cl_summary.png   Tap In's Corner-2014-12-03_gc_summary.png   Tap In's Corner-2014-12-03_ng_summary.png   Tap In's Corner-2014-12-03_nq_summary.png  
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