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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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  #481 (permalink)
 PandaWarrior 
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I made money today but I am not happy about it.

I had some distractions today that ended up costing me about half my earnings. I should have quit when those things happened. But I didn't....got out with 15 ticks....and worse yet, after the distractions had been somewhat dealt with, is when the market finally started moving up in a decent manner but I was toast by that time. I had no energy to give it so I just watched and marked my chart.....all the entries paid real nice....usually my 20 tick target or more.....Its ok though. That is good experience for me.

I was pretty patient for the first half of my trading session....actually all of it...I waited for good set ups but what I really lacked today was patience holding them to target. I got out of several trades at BE+1.....I don't really like that as it kinda says I am a wimp and dont trust my signals.......but one thing I did learn from this experience was the idea of targets as a function of the range bar you are using.

I don't want to hold through a pull back to reach a larger target......so as I am using a 6 range bar, the though occurred to me to just double the range for a target. I went back and counted the winners using this theory and there were nine winners: Three before my distractions and 6 after I started watching again.....no losers.....so I looked at it on a four range bar....same story....use 8 tick targets....then on an 18 range chart, same story only less trades....there were only two trades today on the 18 range but both were 36 tick winners. So I am revising my targets from 20 to 12.....this will let me obtain my targets without sitting through a retrace most of the time.

Almost done with my stop work......not quite there yet, but close......and it will be a function of the range bar as well....I'll need two different stops, a transition zone stop and a continuation trade stop.....more later.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #482 (permalink)
 peterg 
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aztrader9 View Post
.....but one thing I did learn from this experience was the idea of targets as a function of the range bar you are using.

I don't want to hold through a pull back to reach a larger target....... So I am revising my targets from 20 to 12.....this will let me obtain my targets without sitting through a retrace most of the time.

Almost done with my stop work......not quite there yet, but close......and it will be a function of the range bar as well....I'll need two different stops, a transition zone stop and a continuation trade stop.....more later.

Targets, (entries/exits, yes an entry should be seen as a target!) should be based on a larger framework, such as volatility, deviation, market structure, regression channel ...a simple trend line...... and they change all the time day to day..minute to minute,
NOT something as arbitrary as the grainular measure You choose to use consistently the same way all the time.


If you can't hold through the pullbacks...can you identify them before they occur and trade with them? Do you have the dexterity and mindset to flip it and trade against your last trade and then rip it again back to the original direction?

You're under funded for your chosen product, so this eliminates the ability to scale in and out of the swings/pullbacks, to help relieve the anxiety of having all your capital leveraged and on the line.

You sure make trading tough on your self,

Ever consider cheating...taking a short cut?

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  #483 (permalink)
 PandaWarrior 
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peterg View Post
Targets, (entries/exits, yes an entry should be seen as a target!) should be based on a larger framework, such as volatility, deviation, market structure, regression channel ...a simple trend line...... and they change all the time day to day..minute to minute,
NOT something as arbitrary as the grainular measure You choose to use consistently the same way all the time.


If you can't hold through the pullbacks...can you identify them before they occur and trade with them? Do you have the dexterity and mindset to flip it and trade against your last trade and then rip it again back to the original direction?

You're under funded for your chosen product, so this eliminates the ability to scale in and out of the swings/pullbacks, to help relieve the anxiety of having all your capital leveraged and on the line.

You sure make trading tough on your self,

Ever consider cheating...taking a short cut?

Assuming this post is not intended to insult or in some way make fun of me.....then yes, I am interested in short cuts.....so far however, I am convinced there is no such thing. I've never seen a business where the short cuts did not involve something immoral, unethical or outright illegal.

So I am listening....enlighten me on the short cuts. Seriously.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #484 (permalink)
 peterg 
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aztrader9 View Post
Assuming this post is not intended to insult or in some way make fun of me.....then yes, I am interested in short cuts.....so far however, I am convinced there is no such thing. I've never seen a business where the short cuts did not involve something immoral, unethical or outright illegal.

So I am listening....enlighten me on the short cuts. Seriously.

I hope I'm not insulting. And I'm not trying to dictate any "holy grail" trading style, strategy, etc.

I've posted a few times with suggested tactics that may help with your "stops" and "holding" issues.

It's seems your on a journey to discover and develop your own style and system, which shows personal desire and dedication.

Everyone should discover and use what suits them and make them most comfortable, but moreover profitable; we're talking both methods and products, i.e. financial instruments.

Realize you are at a disadvantage due to your (1) capitalization, especially relative to the (2) product, (Crude) you have chosen to trade, which, moreover, is (3) squirly to trade.

Your under capitalization is hard to deal with, you've made it harder by your product choice.

Instead, make is easier on yourself by chosing and trading a product that suits your capitalization and mental disposition.

Chose a product that is say, a $1.25/tick, trends well and is suited to your account size.

That's the first shortcut...its legal, its easy to do (just change the symbol) and it's the first and most important decision in trading: sound risk/money management.

Here's this afternoon's Euro chart...Easy read, Easy Trade.

If you're bold add a contract each time it rejects the dotted line.

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  #485 (permalink)
 PandaWarrior 
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peterg View Post
I hope I'm not insulting. And I'm not trying to dictate any "holy grail" trading style, strategy, etc.

It's seems your on a journey to discover and develop your own style and system, which shows personal desire and dedication.

.

Any suggestion meant to help is not insulting. I may take a few days to digest but I will consider.

Its true, I am on a journey to discover my personal style and system.....I've spent a lot of time and money getting close and I feel like I am on the verge of being a good and then possibly a great trader.

I've reached the point where I recognize where I am weak. (chop) Mostly due to impatience to just wait. I've solidified my stop placement....now it is completely dynamic depending on price action and today I spent all of my time looking at chop and actually trading in it on purpose to figure out where I need to take a trade where not to. (Today was a sim day) What I learned today is that price action is king. No indicator will help with that. I also learned my indicator set while limited can help with much of the chop.....so I'll be working on that for another day or so before going live again.

I'm so close I can feel it.......

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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 tderrick 
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aztrader9 View Post
I'm so close I can feel it.......


Rock on, brother, Rock on....

...so great being with you on your voyage.


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #487 (permalink)
 peterg 
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aztrader9 View Post
I've reached the point where I recognize where I am weak. (chop) Mostly due to impatience to just wait. I've solidified my stop placement....now it is completely dynamic depending on price action and today I spent all of my time looking at chop and actually trading in it on purpose to figure out where I need to take a trade where not to. (Today was a sim day) What I learned today is that price action is king. No indicator will help with that.
I'm so close I can feel it.......

Funny thing about chop, in itself it may look like confusion, discord and mayhem...But a majority of the time it occurs at areas of equilibrium or consolidation, typically after a run where it can display a slight contrary bias as well, which can be deceiving, or counter intuitive.

It's actually "imbalance" to the buy or sell side that embodies the" breakout" and if sustained...the "trend."---Basic stuff right...but that's all trading essentially is; we as humans try to over complicate it to fully "understand" it. That's pretty counter productive nature, no?

**********************************************************************************
I still catch myself doing it....the solution: "Reductive Clarity", ....if more is good, less is even better. period.
**********************************************************************************

Chop can have a range and its usually +1.27 times its overall range that typically determines a productive breakout from its origin. And even after the breakout..price tends to revert back toward that old equilibrium, which offers ideal entry.

Indicators that are not directly derived from or correlated to price, but rather volume and its distribution across price are useful; but you are paid or laid by price.

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  #488 (permalink)
 PandaWarrior 
In the heat
 
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peterg View Post
Funny thing about chop, in itself it may look like confusion, discord and mayhem...But a majority of the time it occurs at areas of equilibrium or consolidation, typically after a run where it can display a slight contrary bias as well, which can be deceiving, or counter intuitive.

It's actually "imbalance" to the buy or sell side that embodies the" breakout" and if sustained...the "trend."---Basic stuff right...but that's all trading essentially is; we as humans try to over complicate it to fully "understand" it. That's pretty counter productive nature, no?

**********************************************************************************
I still catch myself doing it....the solution: "Reductive Clarity", ....if more is good, less is even better. period.
**********************************************************************************

Chop can have a range and its usually +1.27 times its overall range that typically determines a productive breakout from its origin. And even after the breakout..price tends to revert back toward that old equilibrium, which offers ideal entry.

Indicators that are not directly derived from or correlated to price, but rather volume and its distribution across price are useful; but you are paid or laid by price.

I've always considered chop to be an attempt to build support for another attempt to make a higher high or lower low......the trick is to decide when the HH or LL is going to be made. I think thats why so many people get killed in the chop is they are trying to find the next break out........but today, I decided that the break out is not what I need, I need the re-entry after the break out occurs. So I'll be looking for that as I go forward. This means I can wait until after the break out to decide if I want to trade or not.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #489 (permalink)
 Big Mike 
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aztrader9 View Post
I'm so close I can feel it.......

I remember this type of feeling well in the past. Focus on moving forward each day, each week, each month. Question everything, don't take anything for granted. You will find your way if you stick with it!

Mike

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RiskControlMaster
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Big Mike View Post
I remember this type of feeling well in the past. Focus on moving forward each day, each week, each month. Question everything, don't take anything for granted. You will find your way if you stick with it!

Mike

Do you still have this type of feeling now everyday? Or what do you feel now after a trading session?


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