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IF you did not enter short as did, would you have considered long on the next wave up ?. I don't want to comment on how you trade or read the market, but if that indeed was a long signal, that probably was an exit signal for the short. One way to stay objective and avoid cognitive biases, while in trade is to look for reversal trades or keep evaluating all the parameters surrounding market context.
Reminds me of the crab in the bucket. Put one in there it'll get out easily. Put two in there they never get out because one will always drag the other back down.
In my case I have no one at all that's negative or any pressures that might negatively affect me. Except some health worries around me.
I think I'm pushing it and not in the right headspace though for sure.
Depends on how the market FEELS and is moving. Are there a ton of reversals before here? (support or resistance). Does momentum feel fast at resistance? Or is it bouncing and choppy?
But even at that I dont much credence to anything till I enter THEN I have drawn the line in the sand sort of speak and now my profit or loss comes from my exit in relation to my entry.
At least that's how I see it.
Also I dont know when the market will turn so I'm not sure about a long signal/short exit signal.
Again for me I'm underwater at that point and that's all I know for sure. I dont know if it'll keep going but i know if I stop out I'll guarantee that loss.
Not to say it's right or wrong but everything is in relation to where my entry is for me.
If that doesn't tell me it's ME and MY emotions, discipline, and patience I dont know what will!!!
I know HOW I'm supposed to trade... but I don't know how to GET myself to trade like that!
It's a slap in the face... Both sides of the hand lol.
It's crazy to me to see I KNOW HOW to trade and go live and COMPETELY loose sight and ability to trade at all!
I am not ready because I don't know how to trade with detached emotions yet? That's all I can think of for the disparity.
Simming brought extreme clarity as well in the sense that MY STRATEGY was crystal clear and TIME is the variable I loose sight of live.
Trades take TIME. When my trade is at it's MAE in sim it is either going to hit my stop or it's going to turn around and take MORE time to come back in my favor. Fine.
When in profits I don't panic in a retrace in sim but I SURE AS F do LIVE as this is absolutely EXCRUCIATING live!
In sim an hour is nothing. Live... every tick is life and death at times.
Back to the drawing board. Do I know what to do here? Do I have the ability?
I have met the enemy, and the enemy is ME.
P.S. The strategy NEEDS to be the same in sim and live and that's WIDE stops (PUT THEM IN) looking to ride profitable trades till we are clearly not going in that direction anymore. (No point in picking tops and bottoms. You'll give all your money back.) Then take your stops until it finally turns and ride it for what it's worth.
Aren't you going to get whipsawed? No. No you won't! Why? Because your going to take a wide stop or change direction at an extreme or high level of profit so your going to be in A SHIT TON OF UNCOMFORTABLNESS most of the time. (There is NO pain)
If you are getting whipsawed you are doing it wrong.
Sounds simple but you know what it means and what to do.
Just like a shark will die if it stops swimming... I feel like a shark in the trading waters.
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How many times have I said go back and look at all your loosers for a period and see how many times IF YOU HELD would they have come back to AT LEAST breakeven?
Ok I'm up for the challenge!... If I'm profitable after a week I can ADD a contract if not I stay at ONE.
If I have added and have an unprofitable week I REMOVE one contract.
This will give me the flexibility to adjust and yet give me a framework for scaling back.
what people seldom realize is that with short term day trading DEMO is not ever going to be what the market would actually do if you sent a live trade. take the trade i just did.
I was long a 2 lot. live. .. im trying to fill at 08 even. they wont fill it some dumb algo out there is selling hundreds in front of me. just holding the mkt.. so i put in another sell order so now i want to sell 2. it is the only way to stop the algo control and make it think oh shit.. there is risk now. so i buy 1 mkt and it si trading 07.75 the mkt order fills a tick higher of course at 08 even where i also have 2 sells. so now the algo wakes up and immeditley im filled on 2. sure i took a commission loss on 1 lot but i also made some gains in my long.
every time you go mkt the machines will react because they are takign the other side of your trade! unlike demo.. so it is all bullshit that short term demo is just your emotions and psychology.. no.. the mkt acutually moves differently every time when its real.
do you really think that many people cant control their emotions even with a 1 lot micro.. very doubtful. it is set up for you to lose.
Todays been boring. Lol. Perfect. It should be. Just held position. That's it. Theres nothing more to do.
To do anymore is admitting I know what the markets going to do and of course I never do and it ends badly.
I can say I'm super happy with the way I'm trading.
No hoping... no guessing... no forcing. A couple of moments of trepidation as it came back against me but I knew I was going to let it do it's thing anyway.
Went quickly through my journal today (going to DEEP DIVE it after this as it's a roller coaster!) and its not good!
I'm so inconsistent!
I read an email today that said if your hanging out in chat rooms or forums with others it guarantees your going to lose money as are they. Hmmn. Wonder how much truth there is to that?
Wonder if it's a correlation thing... the more profitable you become the less you feel you NEED help? Hence less chatting or more with "higher level" traders?
Maybe it's a peer thing? Unfortunately, reinforcing bad habits probably.
Maybe the less you know... the louder you are?
And maybe he was right?... "loosers surround themselves with other loosers so they dont feel so bad about themselves."
I DON'T subscribe to that line of thinking but I do think theres a grain of truth in there?
Anyway the point is once again simming showed you EMOTIONLESS trading is easily profitable.
Why? Because you just LET IT DO what it's going to do!
When it hits your stop or chops around for hours... it is what it is!
When it heads nicely in your direction only to turn around and stop out... it is what it is.
When your in profits but the market is retracing you just wait it out. It's not UP TO YOU to decide if it's NOT going to go to your target eventually.
TIME... TIME... TIME... time... time!
In sim there's this time traveling button called fast-forward.
What does this magic button do? Takes the pain away. How? By SKIPPING the bad feelings. (even though they are already almost NONEXISTENT in sim). Just speed it up and see what happens.
But there lies the KEY!
What WOULD you do in sim?... and how can you distract if you can't discipline yourself to enter and HOLD for the whole move?
I wrote that first picture (post) when I had finally realized what all the professionals were saying about stops.
Take small stops. They will always be easier to overcome than big ones. And TAKE profits along the way!
Taking profits is one of my problems. I constantly watch it go to 100 points in my favor and think OK heres the one that's going to pay for the rest and watch it come ALL the way back!
I think @Cutloss would be proud. I'm cutting cutting cutting but trying to profit take as well!Red and reread. It is soooo true. Especially the part about leveraging.Todays very profitable trading using TIGHT stops.
Mike Reed is constantly going through my head latley... "I've seen alot of people come and go over the years but I'm still here trading the way I always have... phantom of the pits style..."
