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TheTradeSlinger's Journey


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TheTradeSlinger's Journey

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  #1 (permalink)
 TheTradeSlinger 
Huntington WV
 
Experience: Advanced
Platform: TradeStation
Trading: ES, CL
 
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Posts: 430 since Jun 2015
Thanks: 714 given, 589 received

Welcome to TheTradeSlinger's journey.

Background and purpose:

The purpose of this journal is to work on finding and eliminating psychological issues holding me back from successful trading and document my development as a trader.

My foremost problem is that I have been exiting winning trades far too soon (Ha! Have you ever heard that one before?).

Throughout this journal I will seek to increase the duration and magnitude of winning trades and develop my trading psychology into a winning mindset.

Inspirations

The main inspirations and influencing forces in my trading have come from three main sources:

1. TradeItDontDateIt
Lak's performance has been a great inspiration for me for many years. I model my ideal trading after his work.

2. @DbPhoenix and his work with the SLA/AMT
I've read and followed his work on futures.io (formerly BMT) and other sites for years now. Discovering AMT has helped my trading tremendously.

3. YTC Trading Series of books and weekly emails
When starting out in trading I found the YTC series to be fantastic in putting price action trading into an understandable framework along with discussions of psychological issues relating to trading.

The Journal
I will be fully transparent in this journal and open to any discussions/questions/comments. I believe that participation by other traders can only help to advance everyone's development. I look forward to kicking this journal off!

Long days and pleasant nights to you

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  #3 (permalink)
 TheTradeSlinger 
Huntington WV
 
Experience: Advanced
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Posts: 430 since Jun 2015
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KEWLTECH

I've found this website to be great for price action trading concepts.

Kewltech approaches price action trading from a S/R, legs, and accum/distr patterns framework.

Still working my way through reading and working on the concepts within.

Anyone else read kewltech?




I plan to start trading in this journal tomorrow morning.

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  #4 (permalink)
 TheTradeSlinger 
Huntington WV
 
Experience: Advanced
Platform: TradeStation
Trading: ES, CL
 
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Posts: 430 since Jun 2015
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No trades today. In the meantime...

Here's a video of my trading from June 26th.

Poor performance overall, though I made a little money.

Weak implementation (to outright ignoring) of some SLA/AMT concepts.

I hope you'll find the video interesting, I will try to keep them fun for future videos.

(The last trade sequence is by far my best trade management of that day).


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  #5 (permalink)
 TheTradeSlinger 
Huntington WV
 
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I've been exploring Kewltech a lot this week and a common theme of the kewltech methodology is advancing or declining momentum combined with accumulation and distribution.

ES has steadily declining momentum over this past week:



Declining momentum, approaching resistance, combined with failure to take out the day's highs.. Great combination for a short.

Shorted NQ at 4600:



Declining momentum and a sideways market = distribution.



Still holding short and will hold into the weekend as long as levels above aren't taken out.

Shorted ES at 2101.50 and covered at 2098.50 and 2099.25.

$304 closed on the day and $375 open pnl.

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  #6 (permalink)
 TheTradeSlinger 
Huntington WV
 
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Posts: 430 since Jun 2015
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@DbPhoenix

SLA keeping me in the trade. (red line is 50%)

The SLA line is drawn in hindsight. I am getting comfortable with not even needing the lines. Thanks Db!

This weekend I will continue my studies of SLA/AMT combined with Levels/Accum/Distr/Momentum.


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 TheTradeSlinger 
Huntington WV
 
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Perfect illustration of the fear of holding winning trades just now.

First two trades were what I was looking for, the third is the example I want to journal about now.

I put the trade on thinking the market would go down to at least 90 and then some (and it has as of this post), but almost immediately fear crept in and I closed it for a small (ONE TICK!) gain.

I think closing this trade early was fear of not wanting to be proven "wrong" on my assumption that the market would go down.

As soon as the fear creeps in I seem to "freeze up" and forget everything I know about trading.

Any suggestions on how to work on this?



Up $140.60 so far today.

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  #8 (permalink)
 DbPhoenix 
Phoenix AZ
 
 
Posts: 470 since Dec 2012


TheTradeSlinger View Post

I put the trade on thinking the market would go down

my assumption that the market would go down.


Any suggestions on how to work on this?

Why were you (1) thinking that the market would go down and (2) assuming that it would?

Work on these first.

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  #9 (permalink)
 TheTradeSlinger 
Huntington WV
 
Experience: Advanced
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Trading: ES, CL
 
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Posts: 430 since Jun 2015
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DbPhoenix View Post
Why were you (1) thinking that the market would go down and (2) assuming that it would?

Work on these first.

I was shorting the retest of the wedge, expecting at least the base as a target.



Taking a deep breath and letting the market do its thing along with SLA (as with my NQ trade last week) might have looked something like this:

With maybe an exit at 89.75 or 90.


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  #10 (permalink)
 TheTradeSlinger 
Huntington WV
 
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DbPhoenix View Post
Why were you (1) thinking that the market would go down and (2) assuming that it would?

Work on these first.


I am trying to wrap my head around this @DbPhoenix.

I'm thinking doesn't every trade (directional trading) have to start with a "choice" of thinking up or down for some reason or another?

Or maybe it's more subtle, it is simply an entry condition has been met one way or the other without assumptions as to the outcome before hand?

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  #11 (permalink)
 DbPhoenix 
Phoenix AZ
 
 
Posts: 470 since Dec 2012


TheTradeSlinger View Post
I am trying to wrap my head around this @DbPhoenix.

I'm thinking doesn't every trade (directional trading) have to start with a "choice" of thinking up or down for some reason or another?

Or maybe it's more subtle, it is simply an entry condition has been met one way or the other without assumptions as to the outcome before hand?

Depends on your trading plan. Your plan should tell you exactly what to look for and exactly what to do if and when whatever you're looking for presents itself. What you think about it at the time is irrelevant.

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  #12 (permalink)
 DbPhoenix 
Phoenix AZ
 
 
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I was shorting the retest of the wedge, expecting at least the base as a target.

What evidence do you have that the base of however you're defining a "wedge" is a probable target?

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  #13 (permalink)
 TheTradeSlinger 
Huntington WV
 
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DbPhoenix View Post
What evidence do you have that the base of however you're defining a "wedge" is a probable target?

I have none.

This is eye opening.

I should say though, no evidence other than experience in watching/trading price action set ups for quite some time.

But I feel this still isn't good enough.

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  #14 (permalink)
 DbPhoenix 
Phoenix AZ
 
 
Posts: 470 since Dec 2012

If it were good enough, you'd be consistently profitable. I don't mean to sound harsh, but you need to put together a trading plan that lends itself to the collection of metrics that you can analyze in order to find those "setups" that enable you to implement the tactics -- also determined by your analysis -- which will enable you to enter those trades with the highest probability of success.

I know you've read a lot of books. Books aren't going to do it. Your own research and testing will. More likely than not, the books will send you off into the weeds.

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 rahulgopi 
Market Wizard
milpitas, ca, usa
 
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TheTradeSlinger View Post
Perfect illustration of the fear of holding winning trades just now.

First two trades were what I was looking for, the third is the example I want to journal about now.

I put the trade on thinking the market would go down to at least 90 and then some (and it has as of this post), but almost immediately fear crept in and I closed it for a small (ONE TICK!) gain.

I think closing this trade early was fear of not wanting to be proven "wrong" on my assumption that the market would go down.

As soon as the fear creeps in I seem to "freeze up" and forget everything I know about trading.

Any suggestions on how to work on this?

Up $140.60 so far today.

What is fear ? Human beings are programmed to fear the unknown and uncertain, it is part of our survival brain to keep us safe from what is perceived as a threat. Our brain doesnt distinguish between a physical threat and psychological discomfort, all will trigger the same emotional response. Emotions are part of us and it is the ebb and flow of our life, so dont try to kill emotions and trade better, it is not going to happen unless you scoop out part of your brain.. What is the other option to contain fear ? IF you have watched the interview with Captain Sully , who landed the Airplane in Hudson River, mentioned that he felt fear of death and fear of all the lives depending on him BUT his focus was to maneuver that plane with exact precision. Emotions did not overwhelm him because he was trained to handle such situations.

When you know the truth behind something, fear vanishes. It is called knowing.. Having confidence in your trading system is an important part of trading psychology. There is no substitute for this. How do you gain confidence ? Know your system well, the statistics - win loss ratio , expectancy and probability. You can learn to think in probabilities only if you know the statistics for your system. IF you jump around trades, that is because you dont trust your method enough to have full faith in it. When you enter a trade, there are only two possibilities, hit the stop or the target. If you execute your trading plan well, it is a winner either way. If your trading system have a positive expectancy, you are one trade closer to a big runner - law of probability and big numbers .

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  #16 (permalink)
 TheTradeSlinger 
Huntington WV
 
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Posts: 430 since Jun 2015
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Quoting 
I don't mean to sound harsh, but you need to put together a trading plan that lends itself to the collection of metrics that you can analyze in order to find those "setups" that enable you to implement the tactics -- also determined by your analysis -- which will enable you to enter those trades with the highest probability of success.

@DbPhoenix


Quoting 
When you know the truth behind something, fear vanishes. It is called knowing.. Having confidence in your trading system is an important part of trading psychology. There is no substitute for this. How do you gain confidence ? Know your system well, the statistics - win loss ratio , expectancy and probability. You can learn to think in probabilities only if you know the statistics for your system. IF you jump around trades, that is because you dont trust your method enough to have full faith in it. When you enter a trade, there are only two possibilities, hit the stop or the target. If you execute your trading plan well, it is a winner either way.

@rahulgopi

Thank you both for your insights.

I am seeing a lot of similarities to The Nature of Risk and the crossing the road analogy to my current situation regarding my trading psychology.


Quoting 
Having confidence in your trading system is an important part of trading psychology. There is no substitute for this.

My trading is discretionary, but discretion honed by years of experience in trading. I have been trading for quite a while at a loss, and lately (past year or two) my trading has seemed to even out at break-even with positive tendencies. My methodology is solid, my trading psychology is not quite there yet.

Everyday I feel more confident about my trading, and over the course of this journal I will put all of the pieces together.

Thank you both again, @DbPhoenix and @rahulgopi, for your time and posts.

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 TheTradeSlinger 
Huntington WV
 
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Studying Kewltech more this week waiting for the money from my options experiment to be wired back into my futures account.

Today was a great example of price action trading and kewltech's price action discussions.

To understand today:

1. KEWLTECH: Issue 002 - Accumulation

2. KEWLTECH: Issue 011 - Divergence

Bullish momentum building since 11am EST or so, and the resultant pop. They'll say it's the news or the leak or whatever, but it's all in the charts and price action.




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  #18 (permalink)
 TheTradeSlinger 
Huntington WV
 
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Late start to the day, bullish momo building all session similar to yesterday.




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  #19 (permalink)
 TheTradeSlinger 
Huntington WV
 
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First trade since Thursday, staying out while the market is going crazy.

Just a little one tick wonder while watching and waiting.

(Really shouldn't have even put on a trade, still in waiting mode for the market to calm a bit.)


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  #20 (permalink)
 TheTradeSlinger 
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Little warm up trade for starting out this week:

Took a small long off W pattern support.

This week I am focusing on increasing winning trade duration.




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  #21 (permalink)
 TheTradeSlinger 
Huntington WV
 
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A legend. I can't believe he is retiring now. Learned a lot following him and talking with him over the years.

Best wishes Lak.


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  #22 (permalink)
 TheTradeSlinger 
Huntington WV
 
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Added another tick. This one is for Lak:

"Going home with more money than I started with".


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  #23 (permalink)
 TheTradeSlinger 
Huntington WV
 
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Let's go.


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  #24 (permalink)
 TheTradeSlinger 
Huntington WV
 
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Tops and bottoms no good if I can't hold my winning trades....


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  #25 (permalink)
 TheTradeSlinger 
Huntington WV
 
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Keep losses small.

2 point winner after a small loser. It's small, but it's a start. Working on increasing winning trade duration.




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  #26 (permalink)
 TheTradeSlinger 
Huntington WV
 
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Late start to the day, caught a little pop off the W support.

Let it run a bit, still just a little over a point, but I'm slowly getting there.


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  #27 (permalink)
 TheTradeSlinger 
Huntington WV
 
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Late start again today, no trades so far.

I am stuck trying to find a direction between 39 and 57-60 (ES), so sitting out.

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  #28 (permalink)
 TheTradeSlinger 
Huntington WV
 
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No trades so far today, late start and focusing on poker for this weekend.


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  #29 (permalink)
 TheTradeSlinger 
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Why not lol.


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  #30 (permalink)
 TheTradeSlinger 
Huntington WV
 
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If anyone would like to read how to actually trade the markets this weekend, read this:

KEWLTECH

Start at Issue 1 and work your way up.

Forget the news, forget fundamentals, forget indicators. Trade the market.

I would love to discuss kewltech with anyone who reads it.

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  #31 (permalink)
me7062a
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TheTradeSlinger View Post
No trades so far today, late start and focusing on poker for this weekend.

You're a poker player, too? I came to trading from a somewhat successful poker hobby online that got killed by "Black Friday" just as I had turnd the profitability corner (had a good time taking $300 to ~$6000 after playing 300k hands). Some of the psychology principles are definitely applicable to trading.

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  #32 (permalink)
 TheTradeSlinger 
Huntington WV
 
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me7062a View Post
Some of the psychology principles are definitely applicable to trading.

I'm purely recreational/hobby.

I agree with the above quote @me7062a.

I believe many abuse the poker/trading analogy, but from a psychology standpoint they share quite a few similaritities.

The number one takeaway from poker for me is confidence in my game plan or strategy. Understand the game, play the game, build confidence, continually refine and work on fixing leaks.

(PS: Actually just returned home from losing 2 buy-ins at a local casino. Trip jacks loses to a runner-runner flush every time lol)

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 TheTradeSlinger 
Huntington WV
 
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Waiting on ES to make a move, traded crude oil and found out my OCO Orders were not properly set up for CL.

Exited 1 tick profit, when that should have been a 10 tick profit. Orders now fixed and saved on CL.


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  #34 (permalink)
 TheTradeSlinger 
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Late start, took girlfriend to job interview. Tomorrow I will be trading the full session. Should be fun!



(just a trade to get something on today, be in the market)

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  #35 (permalink)
 TheTradeSlinger 
Huntington WV
 
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Another late start to the day, just wanted to get something in before the close.

Next week I will begin trading the whole session.


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  #36 (permalink)
 TheTradeSlinger 
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TheTradeSlinger View Post
Next week I will begin trading the whole session.

No trades today, woke up feeling really sick after feeling off over the weekend.

Feeling better now, should be trading tomorrow.

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  #37 (permalink)
 Okina 
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Thank you for sharing your journal.

If I may, something has catched my eyes in one of your previous post :


My trading is discretionary, but discretion honed by years of experience in trading. I have been trading for quite a while at a loss, and lately (past year or two) my trading has seemed to even out at break-even with positive tendencies. My methodology is solid, my trading psychology is not quite there yet.

Discretionary and confidence are 2 opposite in trading especially if as you say you are only at a break-even point. Thas is maybe the reason why your trading psychology is not where you want it to be ?

R.I.P. Olivier Terrier (aka "Okina"), 1969-2016.
Please visit this thread for more information.
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  #38 (permalink)
 TheTradeSlinger 
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TheTradeSlinger View Post
No trades today, woke up feeling really sick after feeling off over the weekend.

Feeling better now, should be trading tomorrow.

Still feeling under the weather, no trades today.

Not sure it's a blessing or a curse given that it's FOMC week.

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 TheTradeSlinger 
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Okina View Post
Thank you for sharing your journal.

If I may, something has catched my eyes in one of your previous post :


My trading is discretionary, but discretion honed by years of experience in trading. I have been trading for quite a while at a loss, and lately (past year or two) my trading has seemed to even out at break-even with positive tendencies. My methodology is solid, my trading psychology is not quite there yet.

Discretionary and confidence are 2 opposite in trading especially if as you say you are only at a break-even point. Thas is maybe the reason why your trading psychology is not where you want it to be ?

Thank you for posting here in my journal!

I see you are from Quebec, what a beautiful part of Canada. I visited Old Quebec City last summer and had an incredible time.

Can you explain some more your thoughts on discretion and confidence? I am all ears and appreciative of any thoughts or suggestions you may have @Okina.

I think that part of the reason I am failing to hold winning trades to my targets is the confidence issue.

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 Okina 
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For the small story Iím from Paris but now I live in Montreal.

Discretionary trading is a word that most people use in the following sense: I do not have a very very clear system so I will rely on my feeling to take a trade.

If you rely on your feeling to take a trade 2 things will happen: you will fell like genius when it works or like a shit when it fails. Your mood will always be up and down (as your wallet). At the end you will leave this game emotionally exhausted and sometime financially exhausted as well.

My suggestion is: translate all your decisions in very clear language (like a programming language). Example if A happens I do B. At least you need 5 rules long entry, long exit, short entry, short exit and a money management one. If you are not able to translate the way you trade in 5 simple explicit and inflexible rules it means that you are relying on your feelings to trade and bad things will happens. With rules markets will test them of course but they will not test you (I use to think the following: it is my rules but they are not me and if they are not good enough nothing prevent me from designing new ones). You have to protect yourself from that kind of personal test if you want to survive both emotionally and economically.

(PS Iíve been a Pro for 10 years and trading is a very special kind of job, in a regular job if youíre not doing good the worst think that could happens is that you will be fire (and in most cases you wonít be fire but you wonít have any promotions). But in trading not only you are going to be fire but you will pay for that and on the top of that people will think that you are an idiot.)

Read or read again Market Wizards you may find interesting points of view.

R.I.P. Olivier Terrier (aka "Okina"), 1969-2016.
Please visit this thread for more information.
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 TheTradeSlinger 
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Little trade from late last night just to be in the market.

Head still feeling like it's about to explode, but staying positive for some trading tomorrow and Friday.


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  #42 (permalink)
 TheTradeSlinger 
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Okina View Post
For the small story Iím from Paris but now I live in Montreal.

Discretionary trading is a word that most people use in the following sense: I do not have a very very clear system so I will rely on my feeling to take a trade.

If you rely on your feeling to take a trade 2 things will happen: you will fell like genius when it works or like a shit when it fails. Your mood will always be up and down (as your wallet). At the end you will leave this game emotionally exhausted and sometime financially exhausted as well.

My suggestion is: translate all your decisions in very clear language (like a programming language). Example if A happens I do B. At least you need 5 rules long entry, long exit, short entry, short exit and a money management one. If you are not able to translate the way you trade in 5 simple explicit and inflexible rules it means that you are relying on your feelings to trade and bad things will happens. With rules markets will test them of course but they will not test you (I use to think the following: it is my rules but they are not me and if they are not good enough nothing prevent me from designing new ones). You have to protect yourself from that kind of personal test if you want to survive both emotionally and economically.

(PS Iíve been a Pro for 10 years and trading is a very special kind of job, in a regular job if youíre not doing good the worst think that could happens is that you will be fire (and in most cases you wonít be fire but you wonít have any promotions). But in trading not only you are going to be fire but you will pay for that and on the top of that people will think that you are an idiot.)

Read or read again Market Wizards you may find interesting points of view.

Thank you for taking the time to share your thoughts with me @Okina.


Quoting 
"If you rely on your feeling to take a trade 2 things will happen: you will fell like genius when it works or like a shit when it fails. Your mood will always be up and down (as your wallet). At the end you will leave this game emotionally exhausted and sometime financially exhausted as well."

Gosh, I've been there and done that before! Each session feeling amazing or awful depending on how I did. I'm thankful for being past that stage of my trading now.


Quoting 
My suggestion is: translate all your decisions in very clear language (like a programming language). Example if A happens I do B. At least you need 5 rules long entry, long exit, short entry, short exit and a money management one. If you are not able to translate the way you trade in 5 simple explicit and inflexible rules it means that you are relying on your feelings to trade and bad things will happens. With rules markets will test them of course but they will not test you (I use to think the following: it is my rules but they are not me and if they are not good enough nothing prevent me from designing new ones). You have to protect yourself from that kind of personal test if you want to survive both emotionally and economically.

I will address this point in future posts here in the journal. I do have a pretty clear cut methodology, but I am sometimes failing to trust it. I will work on this and share it here in the journal.


Thank you again for posting here @Okina, please feel free to share anything and everything that comes to mind in future posts.

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 TheTradeSlinger 
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Little by little, making it happen.


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 TheTradeSlinger 
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Little late night warm up for trading tomorrow.

No trades yesterday, will be trading the day session tomorrow.


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 TheTradeSlinger 
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Picked up a tiny CL trade before bed.

Can't keep trading for ticks though if I want to be successful.

Next few sessions I really will try and focus on increasing winning trade duration and size.




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 TheTradeSlinger 
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Too tired to stay up any longer. I really need to fix my sleep schedule.




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 TheTradeSlinger 
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Late, late start.


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  #48 (permalink)
 TheTradeSlinger 
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Extracting a little value out of the tight range over the past 20-30 mins.


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 TheTradeSlinger 
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Grinding it out.

I need to be trading for points though instead of ticks.


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  #50 (permalink)
 TheTradeSlinger 
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Some late night black liquid gold trading.

Feels like CL (CLX15) should test the leg start around 40.00, but it almost seems "too obvious".


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  #51 (permalink)
 TheTradeSlinger 
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From this moment forward I will not accept closing trades without a purpose for small gains.

I will not accept little 1 or 2 tick winners, that's not part of my strategy and that's surely not a recipe for successful trading in the long run.

I will only exit winners at targets or market conditions warranting an early close (trade premise invalidated, etc).

I will hold myself accountable to these rules. I welcome any trader reading this journal to grill me/point out when I fail to follow these rules.

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  #52 (permalink)
 TheTradeSlinger 
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Went to long CL, clicked nothing happened, clicked again, nothing happened...

Then it entered long 2 CL contracts after a delay.

Did not want to be long 2 CL cars so I closed the trade immediately and it happened to close up 1 tick.


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  #53 (permalink)
 TheTradeSlinger 
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Went long CL right at the top, exited for 2 ticks.

Probably should have reversed and gone short back to .30ish or so.


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  #54 (permalink)
 TheTradeSlinger 
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Step 1 of Operation Hold winners longer. Keep making progress every day.

I am going to start keeping a running tally or "high-score" list of longest winners from this point forward.

CL: 5 ticks
ES: ?


(1 from overnight, 5 from last trade)

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 TheTradeSlinger 
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Lak showing how it's done:

121 point on ES on 250 contracts lol. Needed 6 more points for his record...



And he got it!


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 TheTradeSlinger 
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Little CL trade and an ES tick while waiting for a set up.

Not happy with the size of these winners, but I'm satisfied with my patience and reads so far today.





High Score:
CL: 5 ticks
ES: 1 tick

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  #57 (permalink)
kalatta
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Hello Trade Slinger, good trade journal. what brought me here is kewltech. I went through the blog pretty informative, but at the same time confusing for a newbie like me. Let me know if you have time to discuss abt the questions i have. I'm new to the entire art of trading and i'm learning basics

Thanks

kalatta

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 TheTradeSlinger 
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kalatta View Post
Hello Trade Slinger, good trade journal. what brought me here is kewltech. I went through the blog pretty informative, but at the same time confusing for a newbie like me. Let me know if you have time to discuss abt the questions i have. I'm new to the entire art of trading and i'm learning basics

Thanks

kalatta

Yes! Anything you would like to talk about, let's do it!

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 TheTradeSlinger 
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Watching this video, combined with thinking on the topic this weekend has got me realizing it's not that I can't hold winners, it's that I don't have a PLAN or STRATEGY on how to exit winning trades.

I have a plan for my entries and that's why my entries are usually spot on, it's once I'm in the trade I lock up because of no PLAN for exiting.

Going to work on this idea this coming week and see how my trading improves.

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 TheTradeSlinger 
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No trades so far this week.

Going to start uploading the recording of my trading after every session.

I'll make it into something interesting with music and whatnot like my first one and upload it probably late at night after each session.

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kalatta
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TheTradeSlinger View Post
Yes! Anything you would like to talk about, let's do it!

Here is what i wanted to ask you? can you show me an live exmaple of how to put the time frames together or atleast explain the concept by taking the current chart of ES?

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 TheTradeSlinger 
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kalatta View Post
Here is what i wanted to ask you? can you show me an live exmaple of how to put the time frames together or atleast explain the concept by taking the current chart of ES?

Ok, let's do this. I'm going to shotgun blast the material out there and try to explain as I go along. Please ask ANY and ALL questions that come to you.

First things first, the market is logical and is always set up to do what it is about to do. It has to be technically.

How does the market move? Accum/distr, momentum progression, legs, levels, 1st and 2nd touches.

Chart 1: The current @ES chart


Chart 2: The previous leg we are retracing NOW


Chart 2 explanation:
Always identify the CURRENT leg that we are retracing. The blue line indicates the leg we are retracing back up. No guessing involved, nothing, just identify the leg we are retracing.

Chart 3: Identify levels from previous LEG (the one we are retracing)


Chart 3 explanation:
Identify some key levels within the leg we are retracing, as those levels will be important again on the current leg. Notice how on the current leg, we are popping and dropping off of the levels from the previous leg?

Chart 4: THE CURRENT LEG


Chart 4 explanation:
The current leg, the leg we are on right now.

Chart 5: Why did the leg stop and a new one start there? Why did price reverse?


Chart 5 explanation:
Why did price reverse there and create a new leg?
Answer- always look left, there WILL be a key level from a higher timeframe.

Chart 6: Oh look, a leg start from the higher timeframe


Chart 6 explanation:
Price reversed because it 1st touched a key level from a higher timeframe. And it just happened to be a doji! And bullish momentum had been building for this 1st test since late August!
Doji: KEWLTECH: Issue 044 - Doji Magic

Chart 7: Why did we sell off anyways?


Chart 7 explanation:
Sideways on building bearish momentum? Ha and you thought the market wasn't always set up to do what it will do next. Where did we stop on the recent sell off? A leg start/level.

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 TheTradeSlinger 
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Do levels, 1st touches 2nd touches, accum/distr enough and you'll realize just how methodical the market is and that news is just a waste of time.

Spending time and energy figuring out WHY (news, etc) the market did something is a gigantic waste of time, it literally doesn't matter because it's already baked into the chart.

Trust the techs.

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 TheTradeSlinger 
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Leg start, price action pattern, building bearish momentum.

Over and over and over.

NEW CL HIGH SCORE!

CL: 8 ticks
ES: 1 tick

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  #65 (permalink)
 TheTradeSlinger 
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News at 8:30? Who cares.

It's in the charts.

Level 1st touch + building bearish momentum.

Market always set up to do what it's going to do.

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  #66 (permalink)
kalatta
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TTS awesome explanation. I always get confused in that what constitutes a first touch. I always think a level is a first touch but it always blow past that.If u can elaborate on that that will be cool. I'll try to bring some knowldge from myside too

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 TheTradeSlinger 
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kalatta View Post
TTS awesome explanation. I always get confused in that what constitutes a first touch. I always think a level is a first touch but it always blow past that.If u can elaborate on that that will be cool. I'll try to bring some knowldge from myside too

A first touch is simply the first time a level has been tested.

The gereral rule is that first touches fail, second touches on supporting momentum go through.

Example: Key level (leg start for instance) at 50. The market fell to 30. Now we are retracing, or in other words, going back up the leg (50 down to 30 leg). As price action approaches 50 for the first time from below, price will first touch fail there nearly every single time on all timeframes.

KEWLTECH: Issue 081 - Legs Untangled

The above link explains it about 1000x better than I could possibly hope to.

(I'm posting this from an ipad, please remind me to post some first touch examples from charts if you would like).

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  #68 (permalink)
 TheTradeSlinger 
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Getting more and more comfortable and confident with my methodology and trusting myself.

(I know this sounds stupid for just a point, but I'm getting there.)

Going home each day with more than I started with.



NEW HIGH SCORE!

CL: 8 ticks
ES: 1 point

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 TheTradeSlinger 
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I believe I'm approaching each trading day from the wrong perspective.

I've been wanting to "win" each day and no matter what end with more money than I had.

This has led to stopping trading after being up basically any amount on the day.

What I should do is apply my edge while the opportunity presents itself. I am going to work on trading more of the session and applying my edge and using each session as the unlimited opportunity for growth that each session truly is.

I forget the exact amount, but one morning Lak from TradeItDontDateIt was up like 200k and I asked him if he was going to keep trading the rest of the day, wasn't he worried about losing some? He replied "I ain't losing shit" and made it the title of one of his videos lol. He went on to explain that being up on the day is great, use those profits to really get in there and push your edge and take full advantage of the opportunity.

Looking back on that day now, I can see that my mindset has been rooted in fear of loss and not being right. I will work from here on out at truly applying my edge in the markets and seeing what opportunities I can create.

No trading tomorrow, but Monday I look forward to getting down to business.

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 TheTradeSlinger 
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No trades yesterday, today I will push it.

Warm up in the bag.


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 TheTradeSlinger 
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1 tick doesn't look like much, but I said I was going to not stop after being up on the day early, and I did just that.

Really finding success with working on my mindset.


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 TheTradeSlinger 
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I am so happy with how I executed today. My plan was to not stop after being up, and that's exactly what I've done.

Slowly working on being able to execute my edge all day long.


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  #73 (permalink)
 druM3 
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sup mate - nice thread. The lak / KT way is the best way i have found. Stick with it its worth it :-)

"Just A Dollar And A Dream"
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kalatta
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druM3 View Post
sup mate - nice thread. The lak / KT way is the best way i have found. Stick with it its worth it :-)

druM3 another KT style trader. good to see lot of ppl follow it.

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 TheTradeSlinger 
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I love the smell of profits in the morning.

Slowly increasing average winning trade duration.

Working my plan.


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 TheTradeSlinger 
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Poor, poor performance on this ES trade.

Been holding this one for about two hours. Finally starts moving in my favor and I close it.

Fear? Frustration with the hold? Not sure

Have to work on that.

(Definitely a poor entry)



High score on CL and ES still 8 ticks and 1 pt respectively (since starting tracking this in journal).

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 TheTradeSlinger 
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Ha, I'd give this ES sequence a grade of "D".

59/60 was the level, I shorted air at 55 and held through it as my premise was still valid.

Exited for no reason other than wanted to get out, uncomfort. Have to face these emotions and challenges to grow as a trader.


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 TheTradeSlinger 
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Feeling good about this one, not so much the size or magnitude of the trade, but the willingness to keep trading after being up on the day. It's something I've been working on and I'm happy to see it's paying off with reduced anxiety/fear.


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 TheTradeSlinger 
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rahulgopi View Post
What is fear ? Human beings are programmed to fear the unknown and uncertain, it is part of our survival brain to keep us safe from what is perceived as a threat. Our brain doesnt distinguish between a physical threat and psychological discomfort, all will trigger the same emotional response. Emotions are part of us and it is the ebb and flow of our life, so dont try to kill emotions and trade better, it is not going to happen unless you scoop out part of your brain.. What is the other option to contain fear ? IF you have watched the interview with Captain Sully , who landed the Airplane in Hudson River, mentioned that he felt fear of death and fear of all the lives depending on him BUT his focus was to maneuver that plane with exact precision. Emotions did not overwhelm him because he was trained to handle such situations.

When you know the truth behind something, fear vanishes. It is called knowing.. Having confidence in your trading system is an important part of trading psychology. There is no substitute for this. How do you gain confidence ? Know your system well, the statistics - win loss ratio , expectancy and probability. You can learn to think in probabilities only if you know the statistics for your system. IF you jump around trades, that is because you dont trust your method enough to have full faith in it. When you enter a trade, there are only two possibilities, hit the stop or the target. If you execute your trading plan well, it is a winner either way. If your trading system have a positive expectancy, you are one trade closer to a big runner - law of probability and big numbers .

@rahulgopi,

Thank you for this, I keep coming back to it and finding new things to think about.

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 TheTradeSlinger 
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$30 yesterday too, not really trading yesterday though, had a few other things to focus on.

No real read on direction for today yet.


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 TheTradeSlinger 
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Leaning on the short side so far today.


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 TheTradeSlinger 
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Distribution. Failure at highs, then tested, now lower.

Bigger picture (on this chart, this timeframe) is distribution on building bearish momentum.




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 TheTradeSlinger 
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TheTradeSlinger View Post
Distribution. Failure at highs, then tested, now lower.

Bigger picture (on this chart, this timeframe) is distribution on building bearish momentum.


It's all technical.

Flags on increasing bearish or bullish momo are some of the best signals.

The market is always set up to technically do what it's going to do next.

If you didn't see this coming today, ask yourself, "Am I guessing, or do I truly understand technicals and market context?".

Lak nailed it this morning: "yeah mid 70s on this distribution". Is he guessing? Nope. It's levels, context, and execution.

My levels and context are there, I need to work on execution (namely, holding to my targets).

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 TheTradeSlinger 
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Steadily grinding day by day.

ES should pop the highs if it hasn't by the time I get this posted.


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 TheTradeSlinger 
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Recorded a video of today's session, but I have to now focus on non-trading related things the rest of the day (rendering video takes FOREVER, I know hardware plays a role, but I think I may be using the wrong settings, will try to figure this out soon).

I will record tomorrow's session and make a video (hopefully its a profitable day ha!).



Levels, levels, levels.

S/R levels, accum/distr, patterns, momentum progression.

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 TheTradeSlinger 
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Ahh no video today, yesterday's secondary focus took much longer than I expected.

Looking to record each session next week.

Should be fun!

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 TheTradeSlinger 
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Recorded and making video of scalping the open.

Video dropping soon.




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 TheTradeSlinger 
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Scalping the Open

A few quick scalps on @ES.

Been a while since making a video, going to make more and get better at editing!


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 TheTradeSlinger 
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From Don Miller:


Quoting 
The most taught trade management strategy is: "What if I'm wrong?"
Yet from a trade optimizing perspective: I choose "What if I'm right?"
Think about it.

Very enlightening to look at it from that perspective.

Play to win, don't play to not lose.

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 TheTradeSlinger 
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Danger Zone Scalping

Missed the early morning move, and had to leave soon after these few quick scalps.

Bigger profits, more fun coming soon.


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 TheTradeSlinger 
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Late start to the day, will be making a video of tomorrow's trading.

My goal for tomorrow's video is no more trading for ticks.




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 TheTradeSlinger 
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Still doing a poor job of holding winning trades, but I'm doing a touch better.

Reading the market well today.

(+$25 yesterday, had a few other obligations and couldn't trade as long as I would have liked to)




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 TheTradeSlinger 
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Little extra on ES.



Still watching and waiting for CL to do something:


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 TheTradeSlinger 
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Wow, went short and then placed my OCO orders and didn't have time to move the target lower.


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 TheTradeSlinger 
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Busy getting ready for Thanksgiving travels, wanted to just get a little something on today.




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 TheTradeSlinger 
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Really surprised ES didn't hit 2100 this morning.




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 TheTradeSlinger 
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Not really feeling like trading today, got up late and missed the open, need to refocus.

Reading the market well, but putting on the trades was tough today for some reason, just not in a risk on mode personally today I suppose.




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 TheTradeSlinger 
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Consistency, yes, but this is not winning trading.

Need to trade to win, not trade to not lose.




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 TheTradeSlinger 
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I just wanted to post two resources I found very helpful and inspiring tonight as I was reviewing my trades and thinking about next week.

1st is an episode of the "Weekend Trader" and 2nd is a podcast from Michael Covel with Charles Faulkner on goals.





Ep. 402: Charles Faulkner on Goals; Special Episode

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 TheTradeSlinger 
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Not looking at PNL or DOM, just watching chart after trade entry really helps, like surprisingly so.

Can't wait for Lak's new vid this afternoon (he is live today)!


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