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NQ ES Beginner

  #11 (permalink)
 
Comeback King's Avatar
 Comeback King 
Tampa, FL/USA
 
Experience: Intermediate
Platform: TradingView
Trading: NQ, ES
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Good on you for posting after your blow up. If you're in this for the long haul you'll be glad you did.

I'm no pro and I'm absolutely still figuring things out myself, but I'll say a few things based on my experience.

1) Be patient and have very low expectations. If you think you're going to be rich and driving a Ferrari in a couple of years then there's bad news ahead. If you can stop bleeding money two years from now then you'll be among the more successful traders.

2) Psychology isn't as important as it seems. MANY will disagree with this and that's fine, but this is my point of view. What's far more important to me is that you know what you're doing and why you're doing it. You are watching VWAP and MACD - okay, why? What are those things and first, do they work and second, WHY? Why would an MACD cross over be a good entry or exit location. Why would caring where price is in relation to VWAP matter at all? Maybe it matters and maybe it doesn't - I don't know. But if you don't know, 100% for sure then you should not be trading based on it.

You seem like you have a good restart plan in place. Regarding the psychology bit, I'd recommend listening to the Chat with Traders episode with Tom Sosnoff. He's the guy who built Think or Swim and now does Tastytrade. He's an old pit guy and knows his stuff, and he's got an interesting take on the whole field of trading psychology.

My other advise is to dabble and try lots of things. Try candlesticks, try PnF, try Renko. Try various markets and various time frames. If you're an indicator guy, try a few. Back test like crazy and do it honestly. There are as many ways of making money at this as there are people - there's no right or wrong way. Have a look around and figure out what suits you, and try to enjoy the process because it's a real long one.

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  #12 (permalink)
 BoltTrader 
Phoenix + AZ/USA
Legendary Market Wizard
 
Experience: Intermediate
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Quoting 
There are as many ways of making money at this as there are people - there's no right or wrong way. Have a look around and figure out what suits you, and try to enjoy the process because it's a real long one.

Absolutely agree 100% - Good advice imo

Don't be controlled by GREED, Led by FEAR, or Puffed up with PRIDE!
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  #13 (permalink)
 
JellySkater's Avatar
 JellySkater 
Snellville, GA
 
Experience: Intermediate
Platform: TOS, NinjaTrader
Broker: TDAmeritrade
Trading: Lev ETFs, Equities
Posts: 20 since Nov 2013
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While stopped on futures; went back to swing trade ETFs. Less pressure and slower pace. Also need to document trading strategy. I have tried before but it takes so much writing; I think it would be too much to look at. So I think about making notes on a chart. Here's my first attempt on SVXY, Feb 8 - today. SVXY did well last year and very good ytd. Good candidate due to low volatility but has enough range for safe entry and 1st target.

At the beginning of the chart, SVXY had been in trading range for 5 days. A new tool I'm incorporating is range to calculate limit order and stops. The trading range is measured on the Chart. I think that if price exceeds 25% of the range it is probably following thru or turn around against me. To allow a little error/wiggle room, I decided to go +/- 33%.

With limit trail, looks like range and multiples of range can be used for target prices. I think this is what some call measured move. Setting targets is one of my new strategies to counter some psych issues.

In the past, a recent pivot low was used for the stop. Got stopped so much, developed habit of not setting until after the first pullback (PB).

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  #14 (permalink)
 
JellySkater's Avatar
 JellySkater 
Snellville, GA
 
Experience: Intermediate
Platform: TOS, NinjaTrader
Broker: TDAmeritrade
Trading: Lev ETFs, Equities
Posts: 20 since Nov 2013
Thanks Given: 16
Thanks Received: 38

I have done a couple years of trying out indicators. I'm a tools kind of guy. But obviously developed bad habits and ignored my psych issues. Changing to futures and public journalling was enough additional pressure to trigger an issue or two.

I'll take a look a Tom Sosnoff's stuff after "Trading in the Zone" is finished.

TY for feedback,

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  #15 (permalink)
 
JellySkater's Avatar
 JellySkater 
Snellville, GA
 
Experience: Intermediate
Platform: TOS, NinjaTrader
Broker: TDAmeritrade
Trading: Lev ETFs, Equities
Posts: 20 since Nov 2013
Thanks Given: 16
Thanks Received: 38

Have completed chapter 6, Trading in the Zone. Upon reviewing my notes; made a list of issues and then the logical answer or trade rule to counteract that issue. Boiled that down to the following affirmation to be read before trading each day.

> Trading is about probabilities and money management.

> Being alert for psych issues that disrupt the logical mind.

> Only trade when mentally comfortable; in logical mind.

An additional issue is stress for the lost money. That stress is still with me. Maybe over time I can put it behind me. Really, Really need to have a positive trading record.

Also decided that marking signs on the chart. I think this will break the narrow focusing that happens and establish the logical mind.

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  #16 (permalink)
 
aquarian1's Avatar
 aquarian1 
Point Roberts, WA, USA
 
Experience: Advanced
Platform: IB and free NT
Broker: IB
Trading: ES
Posts: 4,034 since Dec 2010
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JellySkater View Post
I stopped posting because I crashed my trading account and it is embarrassing. I hate being wrong. I wanted so much to show my trading ability.

So now, if I can bare it, this journal will be about how I recover. I'm accepting that emotions have been in control at the critical times. I believe my analytical mind is very good and my edge. But, the track record is horrible due to poor execution.

Started reading the Psychology threads and learned more appreciation of emotional impact. I have started reading Mindful Trading: Mastering Your Emotions and the Inner Game by J. Rande Howell, MDe, LPC. Free ebook is available: w.tradersstateofmind.com/f/MindfulTradingEBOOK2_FINAL_March2012.pdf. 25 pages into it and recommend it.

Also came across "Trading in the Zone" by Mark Douglas, an audiobook available on YouTube. Douglas list what he calls the primary fears: losing money, being wrong, missing out, and leaving money on the table. While making a note; tried prioritizing the list. 1. missing out; 2. being wrong; 3. leaving money on the table; 4. losing money. That speaks to me. Losing Money is last. Missing Out and Being Wrong are really tied for first place.

Dealing with emotions is extremely hard for me, as it is for most guys. So by posting, going public, I'm trying to accept the issue.

Well it is tough.
And tough to post.
I've seen a number of journals where the fellow is doing ok and then starts posting and the "perceived" pressure of posting causes a melt-down. I recently re-watch an interview of one of the greatest ES traders of all time (Marty Schwartz). After meeting his wife he says he started to get serious and faced the question "What is more important: being right or making money." He choose the later.
He made his capital in the pre bot area and then when the bots came in switched away from ES. I wish I could switch away from ES but my whole system is built on it. In any case here are some links:
top-step unplugged

Amherst college




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peace, love and joy to you
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  #17 (permalink)
 
JellySkater's Avatar
 JellySkater 
Snellville, GA
 
Experience: Intermediate
Platform: TOS, NinjaTrader
Broker: TDAmeritrade
Trading: Lev ETFs, Equities
Posts: 20 since Nov 2013
Thanks Given: 16
Thanks Received: 38

Market jumping; must have liked Trump last night. As for me, I hate it. Don't like sudden euphoria, ie gaps. So there is no trade plan for me today; except wait and see. The economy is so-so; the market seams extend; therefore, low probability of breakout following thru. Question: Do folks believe there will be enough stimulus from Trump's plan to invigorate the economy and Mr Market?

Feeling vulnerable; want something to follow so I'm not responsible.


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  #18 (permalink)
 
Comeback King's Avatar
 Comeback King 
Tampa, FL/USA
 
Experience: Intermediate
Platform: TradingView
Trading: NQ, ES
Posts: 269 since Aug 2016
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I'm in the same boat as you Jelly, I don't like trading into untouched air. I'm also skeptical from a macro, long term point of view but all we can do as intraday traders or even short term swing traders is trade the information in front of us; the macro stuff isn't so important the shorter your time frame.

There are many types of market environments that will test ones discipline, I try to remember that on days like today when it's more watching and not doing anything. It's frustrating at times, especially in the moment but I guess trading is just like any other job in that regard - unless maybe owning ATM machines in strip bars; probably not many bad days with that job

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  #19 (permalink)
 
JellySkater's Avatar
 JellySkater 
Snellville, GA
 
Experience: Intermediate
Platform: TOS, NinjaTrader
Broker: TDAmeritrade
Trading: Lev ETFs, Equities
Posts: 20 since Nov 2013
Thanks Given: 16
Thanks Received: 38

Decided to step away for awhile. My mind needs diversion. Been to intense.

Money Management is apart of my game plan now. That starts with a complete budget review. Can''t continue to dip into savings without knowing impact.

Have a Great Day

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Last Updated on March 1, 2017


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