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Zen & the Art of The Small Account


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Zen & the Art of The Small Account

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  #191 (permalink)
 Haverchuck 
California
 
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aztrader9 View Post
I dumped the 12 range chart. Thanks. I wanted to earlier but thought I needed it. Buts its not part of my edge.

Man, I've struggled with whether or not to use multiple timeframes for what seems like years . . . One hand it seems logical to want to know what's going on on the higher TF, and if you're striclty a 'with trend' trader and/or are aiming for longer profit targets, then it's no doubt very useful, perhaps essential . . . But if you like to catch reversals and/or the first PB of a new trend, then a higher TF can and most likely will make you second guess . . . Like when the smaller TF is showing a juicy lower high and you think 'Sweet, time to go short', but then glance to the higher TF which is saying 'No, there's no reversal yet kid' . . . then you look back to the small TF to see that price dropped 20 ticks in a heartbeat and you're left thinking you would have been happy with those 20 ticks.

Then of course you have the situations where price appears to be forming a new downtrend and you enter on perfectly formed PB only to get instantly burned . . . then you pull up a higher TF which is saying 'See, I told you the uptrend was still strong, dummy' and you promise yourself (once again) you'll never trade without multiple TFs.

I personally regard the inclusion or omission of multiple TFs as a very fundamental and serious decision we each have to make. It simply has to align with your style and profit target objectives.

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  #192 (permalink)
 Gary 
Near Dallas, Texas, US
 
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aztrader9 View Post
Even though my trigger pulling issue seems to be over, it seems to work best on the bad trades. Something is not right.....I don't feel it right now......

Suggestions?

As painful as it may be, post your charts with your trades, and tell us which of the trades matched your rules and which do not; then work on taking just one trade that 100% matches your rules, then 2. Can you do it?

Are you tracking statistics on your setups, more specifically, your setups that you did not take or follow through as your plan states you should? What do the statistics tell you?

Keep at it.

Gary

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  #193 (permalink)
 PandaWarrior 
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Gary View Post
As painful as it may be, post your charts with your trades, and tell us which of the trades matched your rules and which do not; then work on taking just one trade that 100% matches your rules, then 2. Can you do it?

Are you tracking statistics on your setups, more specifically, your setups that you did not take or follow through as your plan states you should? What do the statistics tell you?

Keep at it.

Gary


Just posted the chart in today's original post. I do track the trades. I need to set up a new sheet to track the set ups and the ones I took vs the ones I did not. Will do that tonight.

And yes, yes I can do it. And I will.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #194 (permalink)
 PandaWarrior 
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I just noticed I have stars on the thread! That's pretty cool! How long have they been there?

And thanks to whomever gave me the stars.....

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #195 (permalink)
 PandaWarrior 
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It occurred to me last night late that I have been working non stop for over a year. 12-14 hours a day including most Saturdays. Its either trading or learning about trading. Honestly, no time off. No out of town weekends, no long weekends, nothing. Just work.

I've enjoyed it but I think I might be mentally fried. Last month took a lot out of me. I was on point constantly. Which is what is needed in trading so no complaints but it ended a year of non stop work. My last vacation of was last July.

Today when I sat down at the computer to trade, my heart was not really in it. I just wanted to rest. My wife says I've been complaining about being tired all the time lately. She is right, I've really been dragging the last few weeks.

Sitting there with my trading partner this morning just goofing off on sim was fun. Took a bunch of trades just kinda guessing and messing around. No real attempt at anything constructive. Once he was gone, I knew I need to rest a bit.

So I think for the next couple three days, I'm just gonna hang out. I'll watch markets for a while in the morning and then read a good book and go get a starbucks. My kid is in school now (by the way, being a stay at home dad in the summer nearly killed me!) so the rest of the week will be easier to relax for a few days.

When I ran a medium size mortgage office, I used to take off the first Friday of every month and do a monthly review as well as work on new projects. I called it First Friday's. Most of my progress came from times like that. I also got away every 6 months to a working vacation with my mastermind group and enjoyed a different city every time along with like minded people. Those were great de-stress and detox periods. I have not done this in a long time and I'm feeling the effects.

I'll post something every day the rest of the week but no trades. Probably just my thoughts on the mornings action and how I am feeling about the rest time.

On Monday, I'll be back at it live again.

Cheers.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
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  #196 (permalink)
 ZTR 
 
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Brian, glad you realize you needed a break.

You have been telling me I need one. I find super hard to stay away from the forum & trading.

But I will this weekend.

Also think it's good to have distractions. I when out and bought GT5.

Super fun.

Enjoy your time off.

R.I.P. Andy Zektzer (ZTR), 1960-2010.
Please visit this thread for more information.
Visit my futures io Trade Journal
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  #197 (permalink)
 PandaWarrior 
In the heat
 
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ZTR View Post
Brian, glad you realize you needed a break.

You have been telling me I need one. I find super hard to stay away from the forum & trading.

But I will this weekend.

Also think it's good to have distractions. I when out and bought GT5.

Super fun.

Enjoy your time off.

I will and very cool purchase...thanks for the encouragement.....enjoy the wonderful weather in SF. Its still blazing hot here. I am starting to feel trapped inside by the heat and thats a bad feeling. Leads to all sorts of trouble.!!!!

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
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  #198 (permalink)
 PandaWarrior 
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I've been working so much I started panicking thinking about 4 days with no trading.

So I made a list.

In no particular order.

1. Write out my trading rules: Ok, this is kinda like work
2. Create trade set up tally sheet to use while trading, more "work".
3. Create score card for end of day debrief. More "work".

4. Clean the pool
5. Mow the grass....its pretty tall
6. Fix the broken drip system outside that my wife cut yesterday
7. Clean out my office. Throw stuff away.
8. Clean out my email inbox. Reply when needed, delete more often than not.
9. Unsubscribe to the most recent batch of junk mail I seem to be getting
10. Visit Starbucks at least once each day, spend at least 1-2 hours drinking coffee by myself and reading a good book. NO LAPTOP.
11. Visit Barnes & Noble and repeat number 10
12. Check out Snap Fitness about 6 blocks from my house. See about joining for the winter.
13. Go bother one of my friends at work. Annoy the heck out of him. He's trapped in the office and I'm not. Could be fun.


That should do it for a while....

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
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  #199 (permalink)
 trendisyourfriend 
Market Wizard
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Haverchuck View Post
...I personally regard the inclusion or omission of multiple TFs as a very fundamental and serious decision we each have to make. It simply has to align with your style and profit target objectives.

I personaly do not use Higher Timeframes to day trade. The cure was the Market Profile indicator which operates on a 30m TF. That's one positive aspect of using this tool. This does not mean i don't look at a candlestick chart. I also use a tick chart as i am accustomed to it. The MP tool gives me key locations i need to pay attention to.

The key levels i keep referring to are :

1) Yesterday's High/Low
2) Yesterday's settlement
3.a) Yesterday's Value Area (VAH/VAL/POC)
3.b) Singles (not available on a candlestick chart), Naked or Virgin POC (previous POC not taken out)
4) Pivot points (PP, S1, S2, R1, R2 etc.) based on the range of the last session (RTH 9:30-4:15 EST for the ES)

Apart from that, i closely track if the morning GAP fill is worth playing (some good opportunities here). This GAP play only needs Yesterday's close and High/low to be traded. During the day, new levels are defined, i add those to my list of key levels to watch.

You have few choices, fading a level, waiting for it to break and take the reversal if it occurs or trading the breakout. That's what trading is all about. Take yesterday on the ES price reversed right on a previous POC at around 1108 if i remember. You could have decided to fade this level with a two points stop and make a great day.

The real questions in my mind are :
1) is this level a point of inflection ?
2) what strategy do i plan to use if price hits this level ?
2.1 ) fade it, 2.2) break/reversal, 2.3) breakout

If it is a valid point of inflexion then losing at that location should not be a major event as over the long term your expectation should be positive.

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  #200 (permalink)
 ZTR 
 
Experience: Advanced
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Trading: CL & 6e, looking at ES, ZB and AU again.
 
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aztrader9 View Post
I've been working so much I started panicking thinking about 4 days with no trading.

So I made a list.

12. Check out Snap Fitness about 6 blocks from my house. See about joining for the winter.

.

Do #12, join immediately & make it the highest priority to walk there three times a week by a factor of 10. Exercise is magic, it will fix most of your other problems. You make it a family thing & that will compound the benefits. Even if you are only able to walk there with your family one weekend day.

R.I.P. Andy Zektzer (ZTR), 1960-2010.
Please visit this thread for more information.
Visit my futures io Trade Journal
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