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

  #61 (permalink)
Elite Member
Toronto Ontario/Canada
 
Futures Experience: Beginner
Platform: Interactive Brokers
Favorite Futures: ES
 
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Posts: 58 since Sep 2015
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Update trading NQ

For some reason the more retail nature of the NQ has helped me over the past week. Confidence it up. To date my results have improved. Having 2 of my best days in the past 5 months. Volatility is helping, but the facts are that the ES is a tougher product to trade.

Additional support to my trading has been watching the support and resistance much closer. With the help of a trading room online. Calm coach talking in the back ground has helped. I have still made a bad trade where I refused to sell....loss aversion.

That is the challenge, mentor type figure is in place, loss aversion needs to be worked on.

The ability to sell at a loss needs to be mechanical, go into the trade and now the retest level that you want out at.

Also, avoid trying to buy the low or sell the high - these are the lower prob trades for me.
My favorite trap is buying/selling at an arbitrary level and getting steam rolled because the level had no significance and I took action counter to the current trend.

Riding a move that is in motion seems to work for me at this point.

The use of the Vwap has helped as extreme levels seem a bit clearer especially in this current down trend.

Month to Date I am -$795. My goal is to wipe out my negative $2843 (cumulative total since Aug 2015) this month.

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  #62 (permalink)
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Update

The past 7 trading days +$4447 have helped me turn my month into a positive revenue of $1388. Since starting in August my expense is at $659.

My turns have been quicker and I am finding myself not getting stuck to a position any longer. Using a coach is helping me. A mentor is key. This has helped me realize that some of the levels I want to get to are not happening anytime soon, so I am adjusting my targets accordingly. Rather than swinging for the fences on each at bat, I am just looking for a double, but happy to adjust to a single if the follow through is taking too long.

This is working for me now, and I will continue this style.

Longer term, I would like to use more contracts, currently one is where I am at and NQ is the market. I do believe, could trade the ES better than I have in the past, but will need to evaluate if it is the right match for me at this point in time.

The plan is to continue to have targets in mind for each trade. And be quick to identify when it is time to take profits or loses.

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  #63 (permalink)
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Update on Bouncy decisions


Last 3 days have been lacking discipline.
h
Have been drawn into a few trades way too early - basically getting excited that a level has been breached. Then taking a position without the market confirming that the reversal has taken place.

On a positive, I am recognizing this failure, but need a line of defense.
My first suggestion is to map out the trades I would like to do in the morning. Currently, I am making decisions on the fly.
My second suggestion is to have a set of rules to follow before each trade is entered. A trade ticket.


Mon/Tues Expense -$672 (held it o/n Monday and it was much worse).
Wed Income +$115. (included an ES exp of 12pnts and an ES inc of 13 pnts)

Managing the entry and exit needs work.

Holding onto expenses is damaging financially and in the confidence department.

The benefit from exiting a bad trade, is you start fresh.

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  #64 (permalink)
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Update - small shorting this pm nq es

This afternoon 2pm, I started trading after missing the morning.

Normally, I blow up in these PM sessions due to jumping into a trade. Today, I slowed down a bit and made 3 round trips.
the first was a short in ES for 1.25 points income. Was not feeling the trade and got out.
the second was short ES where I missed my profit level by a tick and then it was a 2pt expense.
the final was in NQ where I went short and income was 6.25 points.

This trading was choppy and challenging. I really wanted to line something up on the charts of a few time frames - but I am just experimenting with some new ideas for higher probability trades with the MACD's of the 5/15/30 lining up. Yesterday it was a good trade, in hindsight.

Alternatively - the use of the vwap is helping with control of stupid trades.

At the foundation of this venture is to make money, I understand that longer time frames must be held to make money. Today my holds ranged from 4 min to 27min. Best trade was 16 min.

In the past my worst trades are held too long.

Today I did stop one of my trades, that was not easy to admit I was wrong.
Sticking to a plan for each trade is my goal.
Discipline.

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  #65 (permalink)
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Update ADR

Must get into following the ADR a bit closer and avoid knee jerk reactions to close trades.

This is easier said than done.

I am working with a trading room that sticks to simple moving averages, S/R and Macd as guidance. It has been a good learning experience. Trading results has been dictated by my view and inexperience.

for example.
The initial balance high today at 1030am on the NQ was tested and pushed higher, that was a good moment for me as I finally picked up on the significance of this IB.

Another learning point today, is again to be patient. This times into the ADR, as the day progressed, we slowly pushed up, taking out key res levels.

The positive thing is that I can see the next level coming and am constantly trying to start a trade at the level from 10 seconds ago. Ultimately missing 2-5 points in the NQ or 2-3 in the ES.

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  #66 (permalink)
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Update Longer time frames

Today, I noticed how the longer time frames, like 4hour, can clear out the noise in trying to spot direction and more important key support and res levels.

These levels of s/r are helping me see the stopping points in charts.

Trading today yesterday, first of the month, involved a handful of trades, most income generating, but one causing some pain. End result, I generated income of $50.

Today, I had a good start in the am and at noon was up about $200 on 4 trades. In the late afternoon I made a few trades but at 253pm went long and had to wait for things to come back, long at 4293.75 ....went down 20 points...in that time I studied the s/r levels (should have done that earlier) and had confidence and expect to see 4209. The challenge is holding overnight. I can do it, but do not like this habit. I added to the position at 4286 and sold the add at 4296.

The position was in the green and I did not have a plan. At the moment I am planning on holding 2/3rds overnight.

Watching the slope of the macd histogram is adding a new perspective. I will continue to work on this, the longer time frames and the ADR.

Today my current mtm is $150 for the day.

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  #67 (permalink)
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Update

Today was a bit of a heads up.

Need to be responsible for knowing what data is out each day. The ISM data today may have been what triggered a big sell off at 10am. This not knowing the data, caused me to scramble a bit. Was relying too much on the trading room for guidance during this time.

Regardless, I exhibited some of the loss aversion today. As I got long during the drop and actually tried to pick the bottom, only to be wrong. I also traded aggressive on this dumb trade, so it was double my normal size in a market that was moving fast.

At the end of day, I limited that trade to a NQ expense of 10 points. Exited the trade at 1130am due to needing a break.
Overall, revenue of $400 during past two days trading Tues/Wed.

The largest issue is the decisions I am making on trades to get in. Not having a exit strategy makes it painful.

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  #68 (permalink)
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Update control impulse

Control the impulse to buy the grand slam trade on the turn.

Small pieces of cheese with control is the plan. Know where to get in and where to get out.

good futures.io webnar on trader psych by


The Daily Trading Coach: 101 Lessons for Becoming Your Own Trading Psychologist Hardcover – Mar 23 2009
by Brett N. Steenbarger (Author)

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  #69 (permalink)
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Update no cheese

This morning, I managed to have a few good trades in small pockets of S/R.

Noticed my expense trades, where those that were entered at s/r points that had been tested a few times already. Caution needed here in the future.

I have heard of some traders using stop buy and stop sell orders just beyond the test point. So I could sell the rejection off resistance or the buy the bounce off support.

Should practice this in Sim. Finding the day was mentally draining today and somehow did not pull myself away from computer at lunch....resulting in a decent morning income turning into a $2 slap in the face.

In all honesty, I have a bunch to learn and am pleased that today's lesson was cheap.

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  #70 (permalink)
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Update penny wise dollar stupid


Chasing some pennies in the first few minutes of RTH on Friday, Feb 5th has caused some pain.

Trading the short time frames, and going after pennies has put me in the position to once again say look at the big picture.

Have given back all gains from the year due to one day.

Biggest learning is that I hate being wrong and could not sell when this trade was going against me.

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