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

  #361 (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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http://www.forbes.com/sites/brettsteenbarger/2016/01/31/how-to-stop-making-idiot-trading-decisions/#75f68dd51d21

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  #362 (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
 
Posts: 1,789 since Mar 2013
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Yesterday night I was able to close all my positions except TZA, I was able minimize the loss but could have made a lot more if wouldaaa stick to the plan...that's the thing! what I am seeing is unnecessarily I am getting into panic mode even with slightest movement against my position so I would like to follow @Inletcap suggestion of try to loose 20 points on ES that makes 200 points on YM. Of course, I have to get my original entry right. Almost 95% of trades I got it right but get out quickly and miss the bigger move.

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  #363 (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: 1,789 since Mar 2013
Thanks: 2,908 given, 2,010 received
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I expected a trend down day because of oil but looks like a range or reversal day. Oil (near ADR) and Russell (exactly at ADR) bounced exactly at ADR lows, $VOLSPD's at lows (or reversing from lows), CTICK reversed from lows and Europe close is coming so kind of confused about my context here.

Edit: I am sorry Russell not bounced of ADR Lows only oil.


Last edited by bmtrading9; February 1st, 2016 at 11:32 AM.
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  #364 (permalink)
Elite Member
Memphis TN
 
Futures Experience: None
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Pariah Carey's Avatar
 
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What's your percent of equity risked per trade? Getting into panic mode at even the slightest movement against your position is not good. We all get frustrated, we all don't like losing money, but you have to become detached. You have to just not care, I think.

Someday, and that day may never come, I'll call upon you to do a service for me.
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  #365 (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: 1,789 since Mar 2013
Thanks: 2,908 given, 2,010 received
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Pariah Carey View Post
What's your percent of equity risked per trade? Getting into panic mode at even the slightest movement against your position is not good. We all get frustrated, we all don't like losing money, but you have to become detached. You have to just not care, I think.

2%, I am not strictly a rule based bcoz I keep adjusting based on market context that's what is causing this trouble or sometimes helping me.

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  #366 (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: 1,789 since Mar 2013
Thanks: 2,908 given, 2,010 received
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bmtrading9 View Post
2%, I am not strictly a rule based bcoz I keep adjusting based on market context that's what is causing this trouble or sometimes helping me.

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One more issue for me is size, I am still one contract guy that makes me tough to hold if I see profits but If I go to 2 contracts I still can't handle the stress.

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  #367 (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: 1,789 since Mar 2013
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Overall a good day, been juggling multiple things (totally against mindfulness practice ).

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  #368 (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: 1,789 since Mar 2013
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I didn't do anything today...

After considering lot of options, I trying to move to MULTICHARTS with data provided from CQG. I have to pay for the platform but I guess I am ready to do that...

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  #369 (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: 1,789 since Mar 2013
Thanks: 2,908 given, 2,010 received
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Nothing today too, I guess my brain is fully damaged and immersed in fear, just can't pull the trigger....but how many days you will see price moving from ADR_L to ADR_H in matter of hours??

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  #370 (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: 1,789 since Mar 2013
Thanks: 2,908 given, 2,010 received
Forum Reputation: Legendary

Week5


Kind of forgettable week for me, haven't done much just trying to come out of the little end of the month mess I did. In my defense, I was very busy for three days of the week and not able to concentrate much but was able to predict the direction correctly just couldn't capitalize on it.

Current market conditions is like a double edge sword, we have to be razor sharp in focus and execution then we can meet months if not year goal but even the slightest distraction, small hesitation, miscalculation and stubbornness can wipe out gains if any or can put us in a deep hole.

One must be adjusting/flipping positions at subconscious levels for this kind of adjustment it might take some time and comes with a lot of cost in the form of loosing. So how one can operate in this environment fearlessly one can ask? Answer comes with ones own previous experience for me my biggest losses came out of this kind of markets how? My nature of mean reversion combined with loss aversion had me made go against the trend (which came after this kind of volatile environment) before without giving much thought to context or why the BTFD happening, who is behind all the BTFD buying, ultimately I was right but cost was huge in the form of opportunity, in the form of loss and in the form of mental agony.

So my brain automatically trying to get re-wired and obviously working with FEAR. Only way one can operate without fear is if ones old profits are way bigger than the current day's range. This week I will try to define my entries and exit before and place limit orders.

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