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

  #241 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
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bmtrading9 View Post
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).

I'm sorry, but this is a disaster!

I expected to be impressed since you are a software architect. Can you imagine if you delivered the above to a customer as directions on how to run their platform successfully? Wouldn't you be fired on the spot?

You should be very familiar with flow charts in your profession, I highly suggest you hire yourself to come up with a clear representation of what you are trying to do. Only then with very clear, very specific, logic/ideas can you try to troubleshoot where you are currently failing or struggling in the process.

I'm not an architect but I imagine you know of many more tools to chart a process, not just flow charts, so I suggest you employ them -- hire yourself to do architect your trading, and let's take a look at what you come up with.

Mike

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  #242 (permalink)
Market Wizard
Dallas, TX, USA
 
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rahulgopi View Post
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 legs 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 .

Very useful, let me try, I was toying with the idea of meditation for so long, my brother is deep into meditation every day he spends around 2 hours. I see a lot of difference in him but I will not get that much time because of obvious reasons like kids etc. but I will give it a try.

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  #243 (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: 1,742 since Mar 2013
Thanks: 2,823 given, 1,958 received
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Big Mike View Post
I'm sorry, but this is a disaster!

I expected to be impressed since you are a software architect. Can you imagine if you delivered the above to a customer as directions on how to run their platform successfully? Wouldn't you be fired on the spot?

You should be very familiar with flow charts in your profession, I highly suggest you hire yourself to come up with a clear representation of what you are trying to do. Only then with very clear, very specific, logic/ideas can you try to troubleshoot where you are currently failing or struggling in the process.

I'm not an architect but I imagine you know of many more tools to chart a process, not just flow charts, so I suggest you employ them -- hire yourself to do architect your trading, and let's take a look at what you come up with.

Mike

Thanks once again for taking your time. You don't have to be sorry because you are trying to help me, I am sorry for not living up to your expectation. What I found is architecting a rigid structure or designing a solution to an issue is way much easier because in those scenario's problem is fixed and outcome is fixed but here in trading analyzing the information coming in from various sources where problem is not fixed and outcome is varies from time frame to time frame. I am not trying to defend myself, I will try to find decent way express (chart or some other graphical way) what goes through my mind when entering, while in the trade and exiting the trade if that is what you are looking for. I will take today's example.

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  #244 (permalink)
Zen
milpitas, ca, usa
 
Futures Experience: Intermediate
Platform: Tradestation
Broker/Data: Tradestation, Ameritrade
Favorite Futures: ES, Gold, 10 Yr
 
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bmtrading9 View Post
Very useful, let me try, I was toying with the idea of meditation for so long, my brother is deep into meditation every day he spends around 2 hours. I see a lot of difference in him but I will not get that much time because of obvious reasons like kids etc. but I will give it a try.

There is no will or try , you must Intent to do it starting today (Read Power of Intention by Dr Dyer) . If you feel impatient to grasp the secret of the market, overwhelm by the amount of information, it is the sign of an overactive mind. It is not just your problem, it is universal to all, until one slowdown and look at what one created. Your identity is your creation, you created the belief systems, consciously or unconsciously that defines who you are. Your current personality is just one arrangement of infinite possibilities. You are soo identified with the creation, you forgot the fact that you are the creator and have the power to change it. Possibilities are endless, go meditate

Have a nice weekend.


Last edited by rahulgopi; October 31st, 2015 at 01:51 AM.
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  #245 (permalink)
Market Wizard
Dallas, TX, USA
 
Futures Experience: Advanced
Platform: TOS
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Favorite Futures: ES, YM, TF, CL, GC and ETF's
 
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What I did today...

Overnight I was flat knowing that BOJ decision is pending but my thought process they won't fulfill it but market will not sell off...

1. I saw price ripping higher and went to 2090 area, I was awake because my kid wakes in the middle combined with my insomnia. I wanted to short but after so many fake breakdowns, I wanted price to prove me that it will close below my short level. Also, everyone under the sun is bullish and no one is talking none less than ATH, that's also messing my mind.

2. When I saw price getting support around 2075 I wanted to enter long two times in the morning but missed it, again I saw the price coming back so entered long with little hesitation but said myself to stop out of long if price closes below last weeks high. This long was supposed to be short term swing because I don't want to miss another leg up.

3. My stop hit with last min volume surge and price closed below my short entry.

4. What should I do as per my rules I have to enter short right, I entered but closed it because again I cannot short in the hole, price didn't re-trace, and this volume surge might just be end of month re-positioning so all these thought races in my mind all the time once I enter a position.

So today is perfect example of how I screw up, I wait, hesitate, hesitate to enter any position and once I pull the trigger price moves in my direction but immediately turns the other way and I exit for a loss and price turns back. Not big loss but still...this is in a nutshell what is happening with me. If I have to put this in the form of flow chart or diagram I am not how I can do it but will give it a shot.

Thanks everyone for all the suggestions, help and comments.

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  #246 (permalink)
Elite Member
SF Bay Area + CA/US
 
Futures Experience: None
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Agree with @rahulgopi on the benefits of meditation. It definetly clams one down.

There was a time I used to 20mins twice a day. But what I saw was needed only 3.5hrs or 4 of sleep. That's just a immediate thing I saw.

Will also restart on that...since its been a while...and I think it helps with clarity too

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  #247 (permalink)
Market Wizard
Dallas, TX, USA
 
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Favorite Futures: ES, YM, TF, CL, GC and ETF's
 
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GC

Monthly

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Got rejected at VPOC level or it's just a some random line I don't know...RSI is flattening, I am going to use just RSI as my momentum indicator even-though it has some lag seems like good in identifying divergences which are key for swing trading and mean reversal methods.

Weekly

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Will this really reach 900 level i.e LVN? I really want that price so that I can buy physical gold but I am not sure about if it happens or not. Ideal swing entry would be test of recent lows quickly so that we will divergence in RSI.

Daily (or 2 hr)

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Oversold on 2 hour chart with 50 and 100 SMA acting as support so there might be some bounce here but by seeing Monthly and Weekly I would like to wait and see...

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  #248 (permalink)
Market Wizard
Dallas, TX, USA
 
Futures Experience: Advanced
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Broker/Data: IB
Favorite Futures: ES, YM, TF, CL, GC and ETF's
 
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CL

Monthly

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CL got rejected at 10 month SMA again another random line. RSI is very flat, seasonality is not supporting but looks like oil is correlated with ES when going up so don't know if seasonality matters here or not...I want it to test the 2008 lows at 33 (am I crazy or what? But if we get a selloff in ES that might be possible).

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Back in summer when seasonality is favoring oil and at the same time got good divergence I really thought oil will move to 60 but swiftly rejected and churning between 43 and 50 from then...anyway this oil is too volatile but but maybe that's what I need...I don't like to trade when support or resistance levels are too far in this case they are too far so I just want to watch...

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  #249 (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: 1,742 since Mar 2013
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My issue - MEAN REVERSION and LOSS AVERSION

I think I found my issue, If I want to put it in simple terms

MEAN REVERSION and LOSS AVERSION

these both are killing me, I have to find a solution to rewire my brain to fight that urge to always find a mean reversion trades and sticking to my STOPS.

I don't think anyone can help me in this regard, I just need to control that urge...I saw few swing traders using a very wide stops of 40 points on ES maybe that will also help....anyway if anyone thinks they went thru similar issue and got over it plz help....My trading would be SWING trading only, NO day trading, I will simply make more and more mistakes by watching intraday action but recently I noticed I am able to read intraday action properly with internals etc. thanks to @rahulgopi and others for teaching me in this regard. When I went back and look at what is my edge, it seems to be dip buying except for two failures....(Flash crash and recent May dip)

1. I was buying and holding in 2008 fin crisis, of course I was scared but able to pull some 300% to 400% gains on stocks but flash crash screwed my mind and introduced me to shorting...

2. Shorting is not my edge

3. I tend to enter the trade early (impulsive trading)

4. Mean reversion on dip buying always work not on shorting side

5. Should not be loss averse...just honor MY STOPS

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  #250 (permalink)
Market Wizard
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Posts: 1,742 since Mar 2013
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Context

http://traderfeed.blogspot.com/2009/12/trading-process-context.html?m=1

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