I find myself caught between two worlds again. Scalper or BO / Full range trader.
This means, of course, I am being average at both.
It is amazing how sometimes you can be so opposite of the market - meaning, when I take nice
tight profits, the market runs off and when I'm playing for breaks, the market is pulling back and
closing me at BE. It should be noted that I am usually correct with the direction, and BE does
me a disservice - I have been stopped out within one or two ticks more times than I'd care to
mention. It seems best to stay above / below the previous swing level and leave it there until
price is out of the Combat Zone. A clear winner or loser is best, for when I get taken out at BE,
the initial concept is still valid, making it have no logic what so ever. It is simply an emotional crutch
it seems. I will jump right back in, leading to over trading and feeling of being lost and chasing the
I believe playing for the larger range is the game for me, as my most emotional demon is
" the fear of missing out". I hate it when price moves off strongly without me and I have yet
to overcome this feeling.
So, this weeks focus will be studying the larger game again and taking trades for the longer haul -
looking to scale in on trends.
The target will be each side of the perceived range - whether it be micro, macro or both.
No BE moves.
Less, more strategic trades trades are the ticket.
Emotion control is the key for me, also. I must learn to stay in the game when I miss a move and
have to sit and watch it. I tend to get pissed off and lose focus just so I won't break anything
I get mad at myself because I usually always see the moves coming and for some reason there
will be an illogical hesitation of some kind causing me to miss the move, then the play goes
something like. ---
Hesitate - miss the initial surge.
Price breaks free, but wait, it could be a fake out.
No, it's continuing, but don't chase, you're late to the party, wait for the PB
Oh, come on, price is almost to the Macro target and hasn't pulled back once.
Too many times I have shut it down because I lost it, only to look at the chart the following day
to see perfect setups on the next few swings.
Two things are holding me back from being very successful at this fairly straight forward
(if you'll let it) game.
My temper and
Are there any two emotions more deadly to trader?
So once again, the demons I have had all my life are still hounding me.
It is obvious that this is my Karma level to be mastered. I will be a much better trader
and human being when I can learn to master these Emotions.
I keep reading the first few chapters of "The Daily Trading Coach" over and over again.
He is speaking directly to the emotions I fight.
The draw down curve has stabilized and I am on an upswing.
These next few months are critical in my development.
I survived my first draw down without having a nervous breakdown
or committing a felony on a fellow human being.
OK ... let's take it to the next level.
The journey continues
"Life On The Edge of SR"
The following 9 users say Thank You to tderrick for this post:
I was intrigued by your "spike edge" strategy AJ and how it would fare with swing trading. I tried it out
on chartgame.com with just a bare chart. No indicators and ma's. And I was amazed how well it worked along
with a few other price action ideas.
I have to say the edge trading idea is just ingenious! An amazing discovery from all your hard work chart watching. Almost feels like paying back the HFT spikers and frontrunners at their own game. Thanks so much.
Last edited by Cloudy; April 28th, 2013 at 07:10 AM.
The following user says Thank You to Cloudy for this post:
I just picked this out of one of your posts because I have been trying to run this kind of journal of screenshots for a while, and I'm not doing well with it. I was just wondering how many screenshots you keep, and how often you review them. I mean, if you've built it up and you've got a lot of them, have you started categorising them? I tried that but it just got out of control and I end up chucking them all out every 6 months or so and starting again.
Interesting stuff, as ever on your journal....
You can discover what your enemy fears most by observing the means he uses to frighten you.
To tell you the truth, I have never reviewed any of them. It's just the process of marking up the charts
and talking to myself that helps burn the PA into my memory.
Everything I note to myself is just a variation of the same theme -
counter entries of extreme edge or wick formation at some type of SR.
targets will be set in accordance to whether I am with the macro trend or not.
I guess it's more of a memory tool than an actual "Journal"...
and I suppose this is why I stopped posting technical stuff in my futures.io (formerly BMT) journal because the technique
is proven to me now.
What is NOT proven is control of my emotions - to trust myself to take entries I have seen
a hundred times before and hold them. AND not freak out in the odd case they don't work out.
My technique is solid - my emotions are not.
This is why I am speaking in global terms now on my futures.io (formerly BMT) journal. It's the big picture at this point,
like emotional control and when to eat and sleep
"Life On The Edge of SR"
The following 5 users say Thank You to tderrick for this post:
LOL...when to eat and sleep. I really had to laugh at that one.....a common affliction amongst traders and other Type A personality types.....if you don't have a schedule, and you don't want one, then my suggestion is:
Eat when you're hungry, stop eating when you're full. Sleep when you're sleepy, wake up when you wake up.....
Otherwise if you dont have a schedule and you want one, figure out how you want your life to look like, then work trading around that.....and don't deviate.....
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
The following 5 users say Thank You to PandaWarrior for this post:
I just started reading your journal today and thought I would chime in on the diet thing. You should try and get some raw greens in there too, if its green salad thats cool. If you want to give 'green drink' a try.
Its helped me alot. But it's very 'green'(not so much the flavor since its pretty tastless, it looks like swap water when you mix it up), and its even a little over the edge for some of the Santa Cruz hippies.
Congratulations and good luck on your new journey into full time trading.
The following user says Thank You to calitrader for this post: