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Yeap, I know I already have a thread in the elite section, which is kind of inactive.
I'm reorganizing stuff and I'm creating this journal to specifically focus on ES and so I can share the thread easily with my mom.
This journal is strictly about my journey of being a trader and creating my main source of income.
My rough draft is to build good trading mindset and habit -> join the TST program -> eventually trade my own capital.
However, the realistic step by step to do list is this journal and trade execution day by day.
I keep most of my journal in Onenote and I'm copying them to this thread here.
That's it for now
Cheers,
Nikki
Can you help answer these questions from other members on NexusFi?
We have pushed down below 2109 CLVN and is now in price discovery mode. Last week was negative with Tuesday having the biggest down day that started it all. We are now back to the big CHVN area where price had consolidated a lot this year. We are in price discovery mode where the likely HVN is around 2072.75 and 2035.50
Considering it is election week, we are likely to start Monday and Tuesday with low volatility and might pick it up after Tuesday AMC towards end of week.
Charts
Double IBL at the close.
Open in range, test down and then test up to yday's HVN. Sellers come in and brought it down and 1 ticked yday LO. Buyers then took control and brought it up steadily (grinding) nearing yday's VPOC. 3tick away from VPOC, sellers came in and quickly pushed thru and consolidated right above IBL, shifting VPOC to 81.25
Closing Swing
Swing down from MID and consolidate right above IBL, shifting VPOC to 2081.25
Daily VPOC Movement
Value pushed higher early till afternoon. However during PM session sellers came in and shifted VPOC to 81.25 at the last minute.
Overnight
ES opened gapping up +26pts and consolidating afterwards. Starting to make a range extention up during the EU session. Current momentum is quite bullish as market seems to be favoring that Clinton is clear.
3. Reversed the #2 short and long to trade with the trend with target at 2119. Added 1 more contract at 15.5
4. Short scalp after there were collisions in the 19-20 area. Scratched as buyers held and 2000 prints lifted the offer.
Today's execution weren't very good. The contextual trade was only trade #3 as the rest were FOMO and impatient trades.
I attached my thought process during the trading day:
Goals Review:
• Prep Daily, Journal Daily - Passed
• 0 FOMO trades - Failed - 3 trades
• 0 Emotional Trades
• Engage deliberate thinking in all trades - Passed? or was it too deliberate? I do think I think too much
Hey I noticed you are tracking deliberate thinking and found that you are struggling a bit on deciding whether you passed or failed. I had some issues with this when I started tracking as well.
I think what would help you is to define what a deliberate trade looks like, and what an intuitive trade looks like. After doing that, you can then compare each trade vs your definition and see whether or not you passed / failed.
If you’re looking for a reference, personally I define it as follows:
Deliberate trade – A trade where I made a conscious decision on my entry point, likely target, and I looked at the market for confirmation that the trade is ‘good’
Intuitive trade – Mostly an emotional trade, where I got into the trade before I could think about my entry point, target, stop, fundamentals, etc. I then get into the trade and start looking at those things. It always leaves me scratching my head and saying “why did I enter this trade?”. Win or lose
I know this is a bit vague, but it works for me at the time. In the future, I will expand on this to make it clearer, it's just not a priority at the moment.
Look at it like driving, and making an intuitive or deliberate decision on what route to take.
An intuitive decision would be a decision to take a certain route not because you took traffic into account, time, construction, etc. It would be a decision that you didn’t even think of as you making decision as it was automatic – eg, you took the same route you always take.
Whereas a deliberate decision would be you taking into account traffic, time, construction, etc. and making a decision on that information.
Both decisions could lead to the same outcome, but the way you get the outcome is different. The thinking also needs to be related to the decision. You don't want to put yourself in "analysis paralysis" mode where you can't make a decision because you are thinking too much.
If you want to add this to your process properly, I would suggest the following process:
Focus on what is relevant
Add it to your trading process by defining it
Execute on what you've stated
Review to see how effective this is for your trading
Make any changes as required, and then rinse and repeat
You'll be tempted to focus on effectiveness and efficiency at the same time, but I would caution against that. Focus on the process becoming effective first, and then work on making it efficient. You will miss out on some trades at first, but it will help you understand what is important and what isn't for making a sound trading decision.
If you want to read the psychology behind this, I summarize this a bit in the following post of my journal:
One of the things I'm learning regarding how our mind works is that there are 2 ways our brain makes a decision. Either through intuitive thinking, or deliberate thinking (or system 1 and system 2).
Intuitive thinking is unconscious, effortless, …
If you want the psychology experts to help you, just google "System 1 and System 2 thinking".
Hope this helps!
Yesterday's excellence is today's standard and tomorrow's mediocrity
I'm really thankful for your advice. Your journal played a big role in creating my journal. Although I haven't been able to describe things as neat and detailed as you are.
Thank you for the input. It really puts a light in differentiating the two. Will read more on System 1 and System 2. I do have the Kahneman book on it.
ON is testing down and immediately shot up, showing buyers still active around 2200.
Overall bias is still up and we are likely to open either above the VAH or the range. my chart is showing 11/23 Wednesday as the last trading day last week. I scrubbed the holiday and half-day.
"If I trade only setups I will continue to struggle, but if I trade my thesis I be successful" - Inletcap
