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A Cowboy's Trading Journal
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A Cowboy's Trading Journal

  #231 (permalink)
Market Wizard
Dallas, TX, USA
 
Futures Experience: Advanced
Platform: TOS
Broker/Data: IB
Favorite Futures: ES, YM, TF, CL, GC and ETF's
 
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Narcissus View Post
I don't have enough experience to suggest what you should do to improve your trading.

However, I will say this. (which I said few weeks ago)

You are very emotional. That often means your position size is too big and out of your comfort zone.

Cut down to a size where you feel 'almost' don't care about the outcome. For me it's 100 SPY. Find out your number. Good luck.

Thanks for your suggestion, yrs you might be right also like you I am struggling between swing and day trading.

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  #232 (permalink)
Elite Member
London/UK
 
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bmtrading9 View Post
But I am going to do whatever it takes to get this thing right because I am capable of doing it If not I wouldn't be in this position in my life.

Hello,

You seem to be getting an incorrect impression about what is required to succeed in trading. It has nothing to do with your past achievements or abilities.

I may be wrong to assume you are trading live, in which case you obviously should switch to sim trading. There is not enough quality or consistency in what you are doing. You think about markets as simply something going up and down, which isn't useful if you want to make money. How long have you been working on your trading? Do you understand why what you do should generate positive results? Do you actually have a consistent methodology?

Some people hide behind emotional problems, when in fact they simply haven't done the necessary work. It doesn't matter how many years you've been following the markets. You need to KNOW what makes money by testing your ideas first.

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  #233 (permalink)
Market Wizard
Dallas, TX, USA
 
Futures Experience: Advanced
Platform: TOS
Broker/Data: IB
Favorite Futures: ES, YM, TF, CL, GC and ETF's
 
Posts: 1,677 since Mar 2013
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isla View Post
Hello,

You seem to be getting an incorrect impression about what is required to succeed in trading. It has nothing to do with your past achievements or abilities.

I may be wrong to assume you are trading live, in which case you obviously should switch to sim trading. There is not enough quality or consistency in what you are doing. You think about markets as simply something going up and down, which isn't useful if you want to make money. How long have you been working on your trading? Do you understand why what you do should generate positive results? Do you actually have a consistent methodology?

Some people hide behind emotional problems, when in fact they simply haven't done the necessary work. It doesn't matter how many years you've been following the markets. You need to KNOW what makes money by testing your ideas first.

Thanks for your comments, as mentioned earlier I witnessed 2008 crash then rise then flash crash all these so long enough, I did very well buying low and holding until flash crash day, of course didn't used leverage. Regarding method, simple buy low sell high...and follow value using Volume profile, internals etc...regarding method I feel there is no right or wrong method only the process and how good you are sticking to it and how fast you are reacting when you are wrong and taking positions opposite to your initial bias...regarding method I always wonder what method @tigertrader and @bigmike follow? Do you know? It is not the method it is you, you are responsible for your own making or destruction..

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  #234 (permalink)
Elite Member
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bmtrading9 View Post
Thanks for your comments, as mentioned earlier I witnessed 2008 crash then rise then flash crash all these so long enough, I did very well buying low and holding until flash crash day, of course didn't used leverage. Regarding method, simple buy low sell high...and follow value using Volume profile, internals etc...regarding method I feel there is no right or wrong method only the process and how good you are sticking to it and how fast you are reacting when you are wrong and taking positions opposite to your initial bias...regarding method I always wonder what method @tigertrader and @bigmike follow? Do you know? It is not the method it is you, you are responsible for your own making or destruction..

I am not saying that methodology is everything. But you definitely need one. You only mentioned a list of tools, but you need a consistent way of using them - your own style. You are talking about process and using intuition, but you need to learn to walk before you can run.

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  #235 (permalink)
Market Wizard
Dallas, TX, USA
 
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Futures Edge on FIO

What value do you place on the webinars on FIO?

 
Entered long on Russell, looks like a low volume pull back but I will try to get before BOJ or close below 10 DSMA.

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  #236 (permalink)
Market Wizard
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bmtrading9 View Post
Entered long on Russell, looks like a low volume pull back but I will try to get before BOJ or close below 10 DSMA.

Trying put a stop and accidentally sold it.

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  #237 (permalink)
Market Wizard
Dallas, TX, USA
 
Futures Experience: Advanced
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bmtrading9 View Post
Trying put a stop and accidentally sold it.

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EOD rally participation is not there in Russell, I might miss it another time but let me sit out till BOJ.

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  #238 (permalink)
Site Administrator
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bmtrading9 View Post
I am a successful software architect

That should be beneficial to trading.

What have you architected in the way of a trading plan?

What about in the way of a daily analysis of the market?

And finally, what about in the way of measuring yourself and identifying strengths and weaknesses?

I'm asking what you've designed to help these three areas, a flow chart of sorts. Post it, lets start there.

Mike

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  #239 (permalink)
Market Wizard
Dallas, TX, USA
 
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Big Mike View Post
That should be beneficial to trading.

What have you architected in the way of a trading plan?

What about in the way of a daily analysis of the market?

And finally, what about in the way of measuring yourself and identifying strengths and weaknesses?

I'm asking what you've designed to help these three areas, a flow chart of sorts. Post it, lets start there.

Mike

Thanks for taking your time to help me, I really appreciate it, after becoming active on BMT I wish I can meet you up personally in Dallas but I know you are at a beach in Ecuador :-).

Anyway I will explain my process not in the form of flow chart because mind will not follow a concrete flow chart/plan (Maybe it should...)

Short term Swing trading using ES (One/two contracts)

1. Once weekly I examine monthly chart and weekly charts of ES, GC (But trade mini Gold YG) and CL (But trade mini oil QM) to see oversold/overbought levels and to find divergences.

2. Look at daily (some moving averages) and on 2 hour chart examine previous week VPOC, High, Low, HVN and LVN to get an idea of entry (either short of long).

3. Look at breadth such as One month/week NYSE high's and lows on 2 hour chart, look for any divergences in ZN, USDJPY, Oil.

Entry

Previously I entered when price touched or near my entry but these day I am waiting for confirmation to enter any swing trades--thanks to this face ripping rally.

Scaling - I would like to scale in at next level of resistance/support...what I noticed is supports holds all the time but not resistance thanks to our central bankers.

Exit

This is my main problem, once I enter I do have a price target in my mind but I exit before hitting it because of fear of loosing, I will be watching tick by tick get messed up by plethora of information available on twitter etc. Sometimes I do good but sometimes misses it.

Two issues - 1. Not able to exit quick enough in case of wrong and flip sides, 2. Exit quickly even when I am right.

Stop- Once price move very far my entry, I go into defensive mode i.e I will say ok, let me scale in at next level then again scale in at next level then go into obsession mode because by that time I will be looking at huge loss and look for confirmation bias from almost everything (twitter, news etc.) .

I think I do good in volatile market because I know price eventually will come back to my levels but I am very very bad when volatile market becomes trendy because price would moved away from me and I would be holding bag on swing trades because I am no good in reacting fast enough and see what's going on.

Fix (I think...)

1. Since support works all the time, just don't look for shorts only look for longs.

2. Put a stop doesn't matter because I am not ready to read this market and evaluate dynamics on the go.

Day trading

1. Intraday (Strictly for daytrading) look at CTICK (thanks to BMT), TICK, VOLSPD, ADSPD, VIX,USDJPY and volume and other indices NQ, YM and TF.

2. Look for low volume pullback at support levels and divergences but if for some reason If I miss my entry and price moved away from me a lot I always looks for trades in reverse direction and if it is a trend day, I am screwed and sometimes I feel like ok I will wait for scale in at my next level on higher time frame -- VERY BAD.

3. I really don't like to watch tick by tick even though I do it every day so really don't want to be doing day trading because big money is not in day trading unless you are trading with more number of contracts and stick to your rules very very strictly.

By reading all this one can say YOU DON'T HAVE A PLAN, but what is the plan? is it like as simple as entry on moving average crossover and exit on moving avergae crossover but I don't see that kind of trading from other successful traders

IMPORTANT ISSUES

1. Not able to cut losses quickly, forget about flipping - Improving on this
2. If price moves away from me then looking for reversal - Again not doing this these days.
3. Not having physical stop because I am not at the level of where I can get my context right.

I had good success last year - I converted 8K account to 18K in Nov, Dec time frame but lost quickly in Feb. So it's not that I never had any success but I need success consistently.

Thanks for reading and for all the support.

@tigertrader @bigmike @rahulgopi please help me formulating a plan or whatever it is to fix my mind (I think that's my biggest enemy in trading).

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  #240 (permalink)
Elite Member
milpitas, ca, usa
 
Futures Experience: Intermediate
Platform: Tradestation
Broker/Data: Tradestation, Ameritrade
Favorite Futures: ES, Gold, 10 Yr
 
rahulgopi's Avatar
 
Posts: 1,450 since Feb 2014
Thanks: 1,053 given, 3,239 received


I saw you wrote "regret" in the other thread. This is something you want to watch out for. Mind is a chatterbox and 99% of the thoughts are automatic and doesn't have much value, most of the time are not the truth. Mind, if consciously used is a powerful instrument. Most of the time it controls us as we get attached to the stream of every little thought. I practice ZEN / mindfulness meditation every day. Eventhou it is just as simple as sitting and observing your thoughts, it is very powerful with daily practice. You dont need any bells and whistles for meditation, I was initiated to Kriya yoga , BUT just simply sitting watching the thoughts is more beneficial than anything else.

Here is the simple exercise I use

1) Sit comfortably with feet flat on the ground, take few deep breaths and release slowly.
2) Relax your eyelids while exhaling, and carry the relaxation to rest of the body
3) open your eyes and passively look at something, wall or anything, do not focus on anything.
4) now observe the thoughts / feelings that arise, DO NOT judge, no mental commentary, just observe and let them fade.
5) It is important to not look for any experience, like tingling in your tail bone or light in the 3rd eye or what ever. Looking for any experience is an attachment and it will create mental illusions and fall into the trap of mind. Enlightenment, if it happens is beyond mind , so let go of all experiences while meditating and dont look for any .

Commitment and dedication is the key. The reality is, if you are emotional and impulsive in trading, you are the same in other life situations too. Trading just amplifies everything . So having such a practice will elevate overall well-being, true to my experience. Few years back , after having kids , my stress level was over the roof. Few other financial situations / investments elevated this. As I mentioned elsewhere, trading has pushed me to adapt and change my lifestyle. It amplified and projected all my issues and I choose to face them head on. More work is required but I am very happy with the progress thus far.

EDIT : I posted this before I saw your last post .


Last edited by rahulgopi; October 30th, 2015 at 08:37 PM.
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