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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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  #751 (permalink)
 PandaWarrior 
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itrade2win View Post
Whats wrong with new? All I want to do is fill it up with gas and have the oil changed and that's it. And now some of the manufacturers are offering free maintenance programs for up to 5 years. I lease, it keeps my payments low and I get a new car every 3 years.

Nothing wrong with that if you don't mind payments....I hate them....so paying cash from now on....a 2-3 old vehicle thats off lease, well maintained with reasonable miles....thats my plan....and I don't pay for the massive depreciation that happens to brand new cars.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #752 (permalink)
 PandaWarrior 
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I overslept just a bit today. First of all, there was the large amount of caffeine I drank in the hours before bed time. Bad news. So it took me a bit to fall asleep. Second there was the time change. I have to get up an hour earlier than usual since I live in AZ where we don't change our clocks, we adjust to the rest of the nation. So when I got up, I was tired and sleepy.

Next, when I got to the charts, I had missed a really nice counter trend due to oversleeping a bit but that did not bother me as I try not to trade those anyway.

I waited for the pull back to finish, watched it push through my support area by a few ticks and then began to resume the long move.....it was a 100% pull back. The perfect set up...except that it closed below my trend indicator which for better or worse is a 50SMA. The next bar closed above the 50, 5 and 15SMA, which is another entry signal.

I passed on both 5min chart signals. It then gave me the final and last resort entry, the break out, and I passed on that one as well.

I recognized each signal as it happened. And yet I hesitated.

Finally, after sitting on my hands, I decided I would take the next counter signal that came along and adjust my targets smaller to compensate. But alas, I manufactured the signal out of thin air and paid for it.

So with that bit of stellar trading, I decided to just quit. I was pissed at myself for hesitating and then making a terrible trade. Well actually, I will no longer call one of these manufactured signals a trade. It will be a misguided entry since there must be a valid signal and trigger for there to be a trade.

What I did right today:
1. When looking for the longs, I waited until the signals happened. No manufactured trades here.
2. I reduced the size of the range bars to match the ADR. This is not a hard and fast rule, but one I am experimenting with. I have had good feedback from others on the appropriateness of this idea.

What I did wrong today:
1. I did not size down for the misguided entry that I was calling a counter trend trade.
2. I hesitated three times at three valid signals on the longs
3. I did not wait for the valid counter trend trade. I was trying to be cute and get in early. That worked well!

The method works like a charm. Are there imperfections? Yes, but the logic is sound, the signals are clear. The only issue is execution.....as always. The difference now is I actually believe in the method as opposed to the many I have tried on for size in the past two years.

Cheers

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #753 (permalink)
 PandaWarrior 
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7 winners, 1 loser...net +100 ticks

A very nice day today. CL looked to be pretty wild today but in retrospect, it followed the rules of HH and LL to the letter today. Its just that the swings were much larger than the last few days.

So I did the first smart thing I have done in a while. I sized down and put the stops where they needed to be. Even if the stop was more than 30 ticks away. This stayed within my risk tolerance in terms of dollars. The reward issues here were a little to be desired as I never got a trade more than 20 ticks today although I was in a couple that would have paid more and I was in one that was +30 tick on the pnl but settled for +10 on the trail.

I usually don't like trails but with the wider swings, I opted to be safe today. Most of my trades originated with a 50 tick target. On at least one of the trades, it was possible to obtain. I opted to get out at 20 as that put me at 100 ticks for the day and that felt pretty good.

What I did wrong today:
1. If you want to call it wrong, I bailed/opted to close a couple trades early and left money on the table. This was a calculated decision and I do not believe it was a mistake from a money management standpoint.

What I did right today:
1. I was very patient. Both on entries and exits
2. I got out when price action said to....except on what would have been two 50 tick winners. But again, those were calculated exits. There was no exit signal on the chart.
3. I embraced the philosophy of my method. Buy at support, sell at resistance....use the indicators to confirm....
4. I traded the correct number of lots today given my perception of risk. Turns out it would have been fine to trade much more but the decision was the correct one.

I am off to other things today.

Cheers

One more thing.....today was about as stress free trading as I have every experienced. Almost boring....I hope this is a good sign.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #754 (permalink)
 tderrick 
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aztrader9 View Post

.


One more thing..... Almost boring....




Al Brooks said a similar thing...

You're close, my friend, to trading nirvana.


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #755 (permalink)
 bluemele 
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tderrick View Post
Al Brooks said a similar thing...

You're close, my friend, to trading nirvana.

Yes, that is one of the golden rules of business. When it gets boring you are onto something!

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  #756 (permalink)
 PandaWarrior 
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Another good but somewhat boring day. Inventory day and as has been the norm lately, very little reaction to the news. So I passed on the long that set up after the news....It was a winner but so what.

Today I traded my plan. I had one really bad trade. A total misread of what the market was doing but I immediately recovered from it and never looked back.

My first trade was an attempt to get long at a 5M chart support level. That failed and then I noticed that we were just about at support on a 10M chart. I added the 10M a couple of days ago just for fun. This level held and I had my stop in the right place and I stayed in the trade by 1 tick. This trade was "THE ONE". Way more than the 20 ticks I held it for. But it was also in a place on the range chart that made me question its runner potential. So here is where the misread happened. I shorted right after the winner.....and got another stop out. However, I recognized what had happened, and went long again for another winner.

After this, no more losers. I went 5 for 7 today, plus 49 ticks and then hung it up. I watched the sell off happen, I totally missed it and did not even try. I finished with a 13 tick counter trend trade to reach my goal.

What I did wrong today:
1. I misread the PA on the third trade. I thought we were due for a sell off.....but it was simply chop in the long trend.
2. I had targets of 30 and 40 ticks today that could have been hit. I bailed to soon on the good trades.....Price can stall out sometimes on the way to a larger target and I get real impatient at those areas. Often, its inside the current bar. No real reason to exit other than my itchy trigger finger. This will be an area I work on improving.

What I did right today:
1. Once again, I was pretty patient. More so on the entries than on the exits as noted above.
2. I was able to take the trades that felt like sure losers but in fact, were just right. These are deep fib levels on the larger time frames for the most part.
3. I marked my 5M support and resistance lines early enough. And then traded them
4. I traded size commiserate with the risk.
5. I marked my trades in real time....

Plan for tomorrow:
1. Tomorrow I will work on holding my trades to the full target.
2. I will trade larger size based on if the trade is trend or counter trend on the 5 min chart. Trend trades will be sized up and counter trend will be one lot.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #757 (permalink)
 bluemele 
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Very good. Seems like you are finding your groove.

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 tderrick 
Nashville, Tennessee
 
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The Doctor is in ...


AJ
Nashville, Tennessee


"Life On The Edge of SR"
Follow me on Twitter Visit my futures io Trade Journal
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  #759 (permalink)
 PandaWarrior 
In the heat
 
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Man I wanted a big day today. The market had other ideas. The move was overnight for which I was not around to see. I knew unless there was a big pull back, the longs would be tough. And sure enough they were. I was in a couple nice trades and against my plan for tomorrow which I noted yesterday, I was not able to hold the two best trades to my full target. Those two trades alone would have paid for my day. A big consideration for me today was the mind numbing slow pace of the tape.

I ended the day positive but it was a bittersweet positive. I traded well I think and crapped out on the good trades.

What I did wrong today:
1. The big one is this. I did not hold my trades long enough when I knew I was in a good trade.
2. I passed on the best trade of the day. Its highlighted with a yellow box on the range chart.

What I did right today:
1. I was VERY patient with my entries. I really did wait. The chart looks a little impatient but in real time it was slow and I did wait.
2. I traded appropriate size today. 1-2 lots.
3. I think I took every signal I recognized.

Plan for tomorrow:
1. Continue to size appropriately
2. Continue to be patient
3. HOLD THE TRADE.

Cheers.

+33 ticks net today

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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 supermht 
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