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AJ's Journal
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AJ's Journal

  #531 (permalink)
Elite Member
Nashville, Tennessee
 
Futures Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker/Data: AMP / CQG
Favorite Futures: NQ, YM and ES
 
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Posts: 1,589 since Sep 2010
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Update

I stayed outside a little too long yesterday morning and got a little mild heat stroke on this
air conditioned gypsy.

...Came in and tried three impulse trades in a row before I caught myself and made myself lay down.


Down $120


I'm having difficulty reading PA since Friday with a whole mind, never mind one fried by heat.

Simply not smart. I'm so anxious to trade, I just threw that cash away....

lessons learned.

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AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #532 (permalink)
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Update to Update

Now I'm spending the last few sits at the screen missing my normal entries because I'm gun shy.

It's going to take a while to settle into this live trading gag.


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #533 (permalink)
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Nashville, Tennessee
 
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Update


Well, things aren't so good.

I may have picked one of the worst times to attempt to return to live trading.

The Nashville recording scene is way down, and I'm worried sick about it.

I'm in the middle of Re-Fi hell with Bank of America ( The devil Incarnate )

My 2011 taxes need to be finished, as my extension is almost up.

--------------------------------------------------------------------------------------------------

So, when I sat down to trade, was my mind totally absorbed into the market? ... of course not.

I took 5 trades. 4 losers and 1 winner - all bad.

As I was trading, I was fiddling with all this other crap, THINKING I was focused on the charts.
I reflex traded all but one, and the one winner I exited too early.

Granted, one day, my brain was cooked by mild heat stroke, but what part of my mind was left was still
preoccupied.

It's simply not my time yet. I'm lucky to only be down $120. It feels much worse, because I didn't trade
my game at all.

So, I'm putting the live trading on the back burner until I get my life in order and back to normal.
I'm taking the losses a little too hard, thinking in the back of my mind, I may need this money.

I will, of course, still constantly study market replay and hone my entry / exit skills.

When I do return to Live Trading. I will trade 1 trade at time - meaning, if a take a trade that is well
stalked and executed, I may have another. If I fail, one and done. Until, a. I get used to trading under fire, and
b. Trade MY plan every time.
_________________________________________________________


To those who may follow behind me -

Do not go to live trading until you have thousands of hours of screen time as close to real time as you can muster.
In other words, SIM if you can. Market replay will do you a diservice if run too quickly, as you will get "accustomed"
to it. Then when you go live, you will go nuts because the market will appear VERY slow - resulting in early entry / exits.

Make sure your psyche is in the right place. - No life stress of any type.
Make sure you have no emotional attachment to the trading account fund. Don't trade with "scared money"

When you do go live, as soon as you take a "reflex" trade that has no bearing on your studies at all,
shut it down and come back another day. If you get flustered at all, you are doomed, shut it down.

Tomorrow is a powerful tool in trading.
_______________________________________________________________________________________

So, Here I go to battle life. Certainly, no time to trade live money.

My daily studies will continue and my knowledge will grow.

Fate slapped me in the head and said, "this is not your time".

On second thought, I did take one excellent trade - I stopped trading


Down, but not out,

Aj


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #534 (permalink)
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London, UK
 
Futures Experience: Beginner
Platform: NinjaTrader, home-grown Java
Broker/Data: IB/IQFeed
Favorite Futures: EUR/USD
 
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tderrick View Post
This is the gag I read before trading every morning

It is constantly being added to and tweaked, but never any major "theory" changes.


_____________ TF ______________
traded on NYBOT/ICE exchange


Russell 2000 Rollover
Quarterly - Two days before second Friday
in March, June, September, and December
Thurs before 2nd Fri

3-16-12, 6-15-12, 9-21-12, 12-21-12
______________________________________________________________



" Let Your Winners Run, and Cut Your Losers Short "

"Trade What You See"

"The Trend is Your Friend"




D4: Desire Determination Dedication Discipline


Start Up for Trading
__________________________

1. Pause Carbonite
2. Set Clock
3. Deep Breath / Relax / Trade the Plan - 50% Wins makes you money!!! Easy
Observe PA for a bit - Don't jump right in - Absorb the context.
5. Launch NT
6. Double check ATM Strategy and Spread on DOM
7. Make sure 5min chart resolution is proper ( Tick Scale at 5 tick Resolution)
8. Start small / get a win !!
9. TF runs are typically 60 - 100 ticks
10. Keep an eye on Volume and News Reports!!
11. Mark your Tradeable boundaries - Strong S/R, Confluences, etc.
12. If it is a slow news morning, odds are the open will be calm. Hold if in a good trade. (No news at 8:30)
If you trade the open, Use the Fade Strategy. Price will whip saw.
IF the pre-open appears range bound and conflicted, trade those wick bounces 'til you lose.
The above type of day will occur after a strong trending previous day.
13. Good "Brick Wall" trades
Previous day High / Low
" " VWAP
14. The steeper the 20ema, the more you can trust a touch of ema for entry.


Trading Hours --------

2am-11a


------------------- The Rules -----------------

" Most Breakouts are Fake Outs "
" Do not exit your trade early because you're "afraid" the market will turn on you. Let the market take you out. "



________________ My Plan _________________

I am a contrarian trader.
Wait for a retest of the extremes on the "Outside" of price action on each swing.
Make sure you are trading the "Outside" of the current "Ocean Wave" swing.
Avoid taking trades on the "Inside" of PA.
Do not take Break Out entries
Do Not Get Greedy!!! Stick to the Plan with the reasonable targets.
"An Edge" is an area with 3 or more common points
TF runs are typically 60 - 100 ticks

AJ, that is pretty impressive. I am trying to do something like that myself but I am torn between keeping it short and sweet - like yours - and putting everything in there - which I need because to be frank, my trading is poor and I need to stick rigidly to pre-planned procedures. That's not to rule out flexibility - I would be ready to change my rules from one day to the next if there was a convincing need. Do you have the same quandaries?

You can discover what your enemy fears most by observing the means he uses to frighten you.
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  #535 (permalink)
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tderrick View Post
Well, things aren't so good.

Just saw I'd missed your last post. I read it and thought, did I miss another one saying why you were trading real money and not sim trading, right after coming from some good results on market replay? Or are you talking about backing off from sim trading?

I like your idea of doing one good trade at a time or stopping. That is similar to what I've been forced to do by my work situation - I am only taking one trade per day. It made me look at myself in a much sterner light. It also cut the emotional connection between one trade and the next. I'm sure it'll do you good to try that out to start with. Just one trade, without even considering whether that was a good trade and whether you can carry on. Do that for 5 sessions before you add in the decision on whether to take another trade.

Good luck!

You can discover what your enemy fears most by observing the means he uses to frighten you.
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  #536 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
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Posts: 46,240 since Jun 2009
Thanks: 29,354 given, 83,237 received


tderrick View Post
Well, things aren't so good.

I may have picked one of the worst times to attempt to return to live trading.

The Nashville recording scene is way down, and I'm worried sick about it.

Don't trade scared money.

If you are not in a financial position to lose 100% of your trading account, without a second thought or worry, then you should not be trading that money because it will adversely impact every trading decision you make.

This is why it is easy to make money on sim, and hard to make it on cash.

If money is tight, or you are questioning the future source of your money, then you need to make 100% sure that you are risking the least amount possible with your trades. And this has nothing to do with your stop, or worse yet, a really small "pain threshold" stop that makes no sense in the context of the market. It means that you should re-evaluate your product. Futures are not for beginners. Even micro's (M6E) can be too big for beginners depending on trade style, you could be risking $100 a day and that may be 10 times too big for your current economic situation.

My suggestion is simple - before your losses stack up, and you feel compelled to "make back" what you've lost (the worst idea), make sure your product and position size are correct. Make sure you are trading the right instrument class.

The money should not be any worry or thought. The money does not enter into the trade decision. Decrease your risk until this becomes true. And remember, decreasing risk does not mean lowering your stop.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #537 (permalink)
Elite Member
Nashville, Tennessee
 
Futures Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker/Data: AMP / CQG
Favorite Futures: NQ, YM and ES
 
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Posts: 1,589 since Sep 2010
Thanks: 4,260 given, 2,527 received


Adamus View Post
AJ, that is pretty impressive. I am trying to do something like that myself but I am torn between keeping it short and sweet - like yours - and putting everything in there - which I need because to be frank, my trading is poor and I need to stick rigidly to pre-planned procedures. That's not to rule out flexibility - I would be ready to change my rules from one day to the next if there was a convincing need. Do you have the same quandaries?

Ha!! Ha!!!!!!!!!!

D4, I have all quandaries that are possible in trading.!! Since I appear to gravitate to trade the extremes , I
feel that I need to be very flexible in reading PA. Since my main entry chart is 5 min, I have to gauge if
price is weak enough to test that extreme and then PB to give me my profit or is the retest strong and will
blow right through my stop. This takes very cool calculation and I am very good at it in SIM.

However, When the "red light" is on, my mind just starts working differently and I can't process all the data
as effectively ... not even close really.

I simply need More time under fire of live trading with a clear, calm and confident mind. I seem to
have none of those traits right now. So i won't trade live for a week or two.

So, yes ,I like to keep it very short and simple and just trade price action. I have tested the odds
of retest success endlessly and it works much more than it doesn't. The rest is simply execution = A clear, solid
mind. Since I really don't have a scalping "system" per say, I have to be very cool, to judge which extremes to fade.
Even PB's are extremes. When is the PB over? It's all the same judgement. Just different scales.

I don't want a mechanical system where if the blue line crosses the red line and two oscillators are moving
just right your in.

I can "see" PA developing in SIM... I just can't live..... YET!!

I just feel a system could never find the major SR on an hourly chart and then stalk the reversal. This gets you
entered on the beginning of a large potential move and gives you the opportunity to scale in.

I believe this is where the big money lies. More than my wildest dreams.


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #538 (permalink)
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Futures Experience: Intermediate
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Broker/Data: AMP / CQG
Favorite Futures: NQ, YM and ES
 
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Posts: 1,589 since Sep 2010
Thanks: 4,260 given, 2,527 received


Big Mike View Post
Don't trade scared money.


Mike

I know all these things, Mike. You have taught us well. I have plenty of money in the account.

It's not so much the loss of any money, it's that I didn't even give myself a chance. Only one of
those live trades where my planned entries - the one that made money.

I just have too much on my mind and got really ticked off when I "choked". It was the bad entry
resulting in the loss that got me.

I have all your rules memorized and will never break them.
Thanks, so much, Mike, for looking out for all us SIM champions trying to make our minds work under
the pressure of live trading.

I just need a couple of well stalked live trades to get me on my way.

I can read the TF very well and trust it's movements. If I can't afford to run 1 car here, I shouldn't be trading.

I promise, nothing until my finances are a bit more solid.


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #539 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,354 given, 83,237 received

Just give yourself time. You need to be trading cash for a LONG TIME to work through all the issues that come with that.

Accept that you will be losing money for a LONG TIME during that process.

What you need to do is simply stay focused, don't get discouraged by the losses - instead, think of the losses as tuition costs in your education.

Make sure you are doing all your homework, which includes analyzing trades and the reasons you took them at the end of every week, and learning from your patterns.

Keep things consistent, you can't learn from patterns if you are constantly changing them.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
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  #540 (permalink)
Attitude is everything.
Dallas, TX, USA
 
Futures Experience: Intermediate
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Broker/Data: IQFeed
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tderrick View Post
Ha!! Ha!!!!!!!!!!

D4, I have all quandaries that are possible in trading.!!

I think that it was actually @Adamus who asked the question, but thanks for the detailed explanation anyway!

"Is it hard? Not if you have the right attitude. It's having the right attitude that's hard." - Robert Pirsig
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