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Journal : Trading and training the mind - Giddy Up!!!
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Journal : Trading and training the mind - Giddy Up!!!

  #21 (permalink)
Elite Member
Toronto Ontario/Canada
 
Futures Experience: Beginner
Platform: Interactive Brokers
Favorite Futures: ES
 
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Posts: 58 since Sep 2015
Thanks: 246 given, 29 received

Thanksgiving in Canada

Well we chowed down last night and then watched the Jays win in the do or die situation.

As for last Friday, I noticed volume was low as well as daily range. Really wanted to put on a trade and manage a 1/2 point mid day. Really spent most of day out of the office.

As for the mind, realizing that the s/r is the way to trade. Really, I have been looking for something to identify with and fortunately @Inletcap has steered my out of some dead-ends before I arrived. I appreciate that and look forward to keeping trading fun which means making money and learned more about the markets behavior.

I read some rules by experienced floor trader George Slezak... I like his points about trading. The one that is on my my mind is in terms of getting out safely when the market has retraced 50%. It reminds me of Fib #s and 61.8%. (this is the side of me that wants to make trading a bit of a math thing) Do these numbers cross many of the traders minds? The more I think of s/r and daily highs and lows, the simpler I think this can become.

Today I did my morning ritual for setting up for 1030am est trading. I set a goal to trade until 11 am and to earn 2 pts. I achieved it and was satisfied as I got in before the 1030am 30 min red bar was complete and decided to go long. By 1028 my day was done. Spent time enjoying holiday.

Now what the heck am I doing back in front of the the screen.

See you tomorrow.

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  #22 (permalink)
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slow shuffle

Where are all the bells and whistles?
I think the media and movies has made me expect faster moves all the time. Glad that it is not like that as the past few days have been decent. The recognition of some of the markets personality on these slow moving days has been well received by me. I am searching key s/r levels.

Once I find them, and see them being tested it is really quit a different game than sitting back in the armchair. Once the trade is on, I am in need of increasing confidence and the ability to hold the position until targets are met.

The faith of my understanding of s/r levels will be the focus of my next weeks of trading.

I find I am exiting positions before my target levels are in play.

Today I had 7 round turns. 6 times going short with income of 1/2 pnt to 1 pt for a total of 4.25pts. On the long side, I had one scratch trade.


The morning written goal of 4 pts was achieved and beaten. However, I was not happy with a couple of my entry points and also a couple levels where I did not put on the trade.

Trading with firm targets is the goal. I found when the market coiled in a range that the movements where becoming easier to predict. Just need to get the feeling for when it will break. I would like to trade market breaks more.

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  #23 (permalink)
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Murrells Inlet SC
 
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Oiler View Post
Where are all the bells and whistles?
I think the media and movies has made me expect faster moves all the time. Glad that it is not like that as the past few days have been decent. The recognition of some of the markets personality on these slow moving days has been well received by me. I am searching key s/r levels.

Once I find them, and see them being tested it is really quit a different game than sitting back in the armchair. Once the trade is on, I am in need of increasing confidence and the ability to hold the position until targets are met.

The faith of my understanding of s/r levels will be the focus of my next weeks of trading.

I find I am exiting positions before my target levels are in play.

Today I had 7 round turns. 6 times going short with income of 1/2 pnt to 1 pt for a total of 4.25pts. On the long side, I had one scratch trade.

The morning written goal of 4 pts was achieved and beaten. However, I was not happy with a couple of my entry points and also a couple levels where I did not put on the trade.

Trading with firm targets is the goal. I found when the market coiled in a range that the movements where becoming easier to predict. Just need to get the feeling for when it will break. I would like to trade market breaks more.

Hang in there for the move- set your goal to take a percentage of the average daily range or easier to begin with say something like a 2SD move from vwap ( obviously later in the day when the bands have opened up). The market will move and you WILL make more money then grabbing a point or two here and there- it's less risky too believe it or not.
Totally not being a dick but if you get used to taking Ĺ pt moves and feel you met a goal you are limiting your potential and reinforcing bad habits. That said, congrats on hitting your daily goal.

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  #24 (permalink)
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Working on it

Today's trading was like the Blue Jays win today. Very emotional, up and down. I think what I learn from the Jays is that you stick to your plan and have confidence in your ability and the baseball or trading gods!

I was positive 4.25 points today. The goal was six.

It was a battle as I have only had income from short trades over the past 2-3 sessions. Getting stuck with a long at the wrong time cost some time today. I had the chance for a quick .75 point but wanted to get 1995 - the opening level. Eventually there was income on the trade but I sold out to flatten my income after 2 full turns (1st was income generating on a short...2 quick points).

To get to the point, need to develop thicker skin to ride the ups and downs before my target level is reached. Early in trading I had the level of 1989 written for a short, the eth low, and we pushed through that level. I chose to sell 1998 and close at 1996. I like patting myself on the back, but it is time to change.

Later I wrote down 1980 - later in the day we tested levels at or within a point - this was support from 3-5 days ago.

I am beginning to connect the dots but need the confidence to hold...I hate when a position gets hot. The heat makes me sweat.

In all seriousness the forum has been my saviour. Thank you

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  #25 (permalink)
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Flat day

A flat day is better than an expense day.

Was out of the office for other business mid day.
This caused a rushed trade in the morning. Resulting in an expense. It was a short at 1997 that needed to be closed at 1108 am- 1998.5.... of course the market did touch 1995 and lower in the next 20-40 min.

Do not trade if you can not sit with the trade....

Today had a funny feeling as my first trade was long and income generating, but the short felt incorrect.

It makes sense not to trade when I do not have a handle on the direction. Often saying to myself the Market is up when it is up is very objective....Today was a gap open up and after the first hour of rth we went up.

Bigger challenge is to watch longer than 5min time frame charts....The 15 min and 30min seem like they are relaxing beaches versus the 5 min.

Lots of talk about the entire world of small guys being short. Love the forum talk highlighting that 2020 and 2050 are big resistance. Imagine it will not be long, a day or so before we make it there.

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  #26 (permalink)
Trading Apprentice
Denver, CO
 
Futures Experience: Intermediate
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Correct me if Iím wrong it sounds like your watching a low time frame, something less than a 15 min. Please understand lower time frames suffer from noise. Do yourself a big favor, move away from the noise. Try watching a 60 or 15 min time frame. Less noise, stress and tendency to develop bad habits. It also sounds like you either enter late (increase your risk) or suffer from a lack of discipline (Oh itís moving against me I must cover). This behavior is destructive in the long run and will be your demise.

Please learn to trust yourself more & allow the trade time to develop. Seven trades with only 4.25 pts. is imprinting bad habits.

I wish you prosperous trades

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  #27 (permalink)
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Short time frame

I am so pulled to the 5 minute. Appreciate your comment as it is exactly what I needed to hear.

Will reduce/eliminate the 5er from the screen today. So far, it feels like the Heart Rate is already 10bpm lower.

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  #28 (permalink)
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Too Early

Today was just wrong - first scalp was great for 1.25 points. 1 minutes trade...no pain. Love it.

Next trade was short 2016.25 at the 59th minute of trading...for some reason I was expecting a break out down....not a chance, rebound all the way back to the first hours high 2023.75 . I held and took the lesson and sold to give up 1.25pts.

Then I realized the trade I should have put on 2 hours ago was a long. L2018 and it felt bad but sold at 2018.5.

I need a break.

Next week will start of with some scalps to get into a groove, unless there is another way to stretch it out in the morning.

Possibly put a better plan in place for each day. Currently trying to get a read from the first 60 minutes.

Need to get in late and out early.

ps did not look at a 5 minute chart today. I do not think I missed much. The 30 & 60 minute are a pleasure to watch, not sure if this is the choice to follow for day trades....I found the 15 minute influenced my buy and sell decisions today.

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  #29 (permalink)
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Monday went overnight

Loss aversion.
Ended up being stubborn on my short yesterday at 2pm'ish at 2022.75. After holding for 15 minutes I could sense it was gone. The thought of covering was not good.

I am more comfortable holding these bad trades as my understanding of basic sup/res levels is improving. Truly felt that 2028 would provide resistance. It did and we covered o/n

Why am I entering at 2022.75 if I know that 2028 is a better area. One that still needed to be tested. My philosophy in theory is late in and early out. I have been practicing the early in and late out.

Time to become less reactive/excited to trade.

I really want to have winning days, but it is coming at the expense of making money to call meaningful.

During the day, I had another trade that made 1/2 point and this one may 1 point. 1.5 points up.

Something is wrong and I am working on it.

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  #30 (permalink)
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Continue the Trend


This morning I jumped into the market with a short prior to doing any of my morning routine from my checklist - reminders and charting/updating levels from the close/open & o/n.

So, quickly the trade is on and I am reminded that the charts 15 min are trending up. The level at 2031 has yet to be tested, and when it is the stay there is not long. I was able to get out with a 1 point gain, but that was after targeting 2021 as my sell point... at noon the trade was closed due to the energy spent on it had emptied my tank.

Like the results from the election yesterday in Canada. It is time for a change in my trading methods.

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