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Trying to find my trading edge


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Trying to find my trading edge

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  #11 (permalink)
zzzz2021
Toronto Canada
 
 
Posts: 70 since Mar 2021
Thanks: 53 given, 83 received

Each of my strategies consists of multiple time frames and they're mathematically related. Each setup is formed by several alpha signals with strong indication of HH/LL in price. My setups work perfectly fine when both alpha and entry signals line up.

Here is the dilemma of trading my strategies. There are times when alpha signals appear to be perfect while entry signals aren't. This is called a fake setup that I often get trapped in. In this environment, price tends to move in a range.

There are other times that entry signals look so perfect while alpha signals aren't. I end up to make some and lose some while trading in this environment.

That said, I've to be extremely patient to wait for these perfect strategies to show up which I'm not a very patient guy. Some days I sit empty handed and this is how my itchy fingers get triggered.

Some of you might suggest that I should code my strategies. Well, I'm not there yet and I'm not smart to do it all by myself.

Done writing and back to baiting mode while futures price is doing yoyo up and down.

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  #12 (permalink)
 Anagami 
Legendary Market Hustler
Panama City, Panama
 
Experience: Advanced
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bobwest View Post
This kind of thing is actually very common. It's one thing to test something, when there's nothing at stake and when you're not actually in the market, however you are doing the test. But once it matters, once the market is actually running live and you are faced with having to decide what to do while price is changing and when it matters, that's when all the personal issues come up.

And unfortunately, these cannot be "tested" in any way other than in actual trading. Even though your evaluation account is on sim, simulation can be real enough for your personal stuff to be triggered. Dealing with these issues is the most important thing anyone is likely to face.

Good luck. This is where the real work is done.

Bob.

Three options:
#1 - adjust yourself to your strategy
#2 - adjust your strategy to yourself
#3 - a bit of both

You are never in the wrong place... but sometimes you are in the right place looking at things in the wrong way.
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  #13 (permalink)
zzzz2021
Toronto Canada
 
 
Posts: 70 since Mar 2021
Thanks: 53 given, 83 received


A super terrible day. I made +$200 for one trade following my setup. But I got out too early for this trade while price kept going up and up for hours. I felt bad at myself for getting out too early. I supposed to call it a day because I do not take any trade half an hour before market close.

Then I completely forgot earnings from Amazon and Apple after 4pm. When price dropped to a key support level, my itchy fingers got triggered. I went in and got washed out. I didn't even get a chance to get out before hitting daily stop loss limit.

Game over. Now, I've to reset my account. Another stupid mistake to learn repeatedly. I know I'm a POS.


tcp

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  #14 (permalink)
zzzz2021
Toronto Canada
 
 
Posts: 70 since Mar 2021
Thanks: 53 given, 83 received

I beat up myself the whole evening yesterday. My wife gave me a hug and told me that she'd support me for whatever I do. That even made me to feel deeper pain. She made me to go out for a walk with her to chill down.

Here is my plan to tackle my old bad trading habits that never dies for years. I'll trade E2T's 50k combine similar like the way I trade my own personal account because I'm very careful with it as it's our hard earned money.

There are 3 day trading setups that I'll focus on. I'll document which setup and how many times these setups get triggered intraday.

Setup #1: the smallest one. It's not scalable. More like all in and all out trading style which lasts a couple of minutes to <10-15 minutes.
Setup #2: it's scalable.
Setup #3: similiar to setup#2 except it's a bigger one.

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  #15 (permalink)
zzzz2021
Toronto Canada
 
 
Posts: 70 since Mar 2021
Thanks: 53 given, 83 received

Setup #1 just got triggered. I traded it in SIM to regain some confidence. I got out around $600.


tcp

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  #16 (permalink)
 Anagami 
Legendary Market Hustler
Panama City, Panama
 
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zzzz2021 View Post
I know I'm a POS.

Hey Buddy. Self-devaluation does not help - quite the opposite.

You are a human being. Accept it and work with it, not against it.

Whatever your trading plan is, it has to match your personality... then it is easy (or easier) to execute. Take pride in executing your plan 100%.

Just some thoughts... hope they help.

PS I am from Toronto too.

You are never in the wrong place... but sometimes you are in the right place looking at things in the wrong way.
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  #17 (permalink)
zzzz2021
Toronto Canada
 
 
Posts: 70 since Mar 2021
Thanks: 53 given, 83 received


Anagami View Post
Hey Buddy. Self-devaluation does not help - quite the opposite.

You are a human being. Accept it and work with it, not against it.

Whatever your trading plan is, it has to match your personality... then it is easy (or easier) to execute. Take pride in executing your plan 100%.

Just some thoughts... hope they help.

PS I am from Toronto too.

hmm... I kept trying to adjust or manipulate my setups for a very long time to adapt my personalities. It never worked out.
Now, I'm forcing myself to follow my setups to trade. Let's see what the outcome is going to be after a month or two.

Good to know you're also a Torontonian. I lived in different parts of GTA for the last two decades due to jobs. Going to move to a small town in Niagara Falls region this July though. We prefer to live away from crowded cities.

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  #18 (permalink)
 Anagami 
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Panama City, Panama
 
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zzzz2021 View Post
hmm... I kept trying to adjust or manipulate my setups for a very long time to adapt my personalities. It never worked out.
Now, I'm forcing myself to follow my setups to trade. Let's see what the outcome is going to be after a month or two.

Good to know you're also a Torontonian. I lived in different parts of GTA for the last two decades due to jobs. Going to move to a small town in Niagara Falls region this July though. We prefer to live away from crowded cities.

Lived in 'Sauga for 20+ years.... til I sold everything, and started to 'travel' the world, been doing that for 8 years. I thought I'd miss Canada... I don't miss it 1%, honestly.

The best way to improve one's trading results is working on oneself... need a comprehensive program for that. Many traders already have the technical skills to make money... but cannot pull it off because of 'psychology'. Just my 2 cents after being around for a long time.

You are never in the wrong place... but sometimes you are in the right place looking at things in the wrong way.
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  #19 (permalink)
 bobwest 
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zzzz2021 View Post
I know I'm a POS.

No, you're not a POS. You're a human being who made a mistake. OK, more than one, and more than once.

If you think you're the only one who has ever done this, no, you're not. You're not the first one to every beat himself up either.

So give yourself some slack on the self-evaluation front, and figure out something good to try. Probably you know a lot of things that work, and apparently you also have issues about execution (including sometimes executing things you shouldn't -- call it impulse, or impatience, or "itchy fingers.")

So, OK, take those three things you wrote about before, or anything else that you fully understand and can execute correctly, and just do them. Add or subtract to and from them slowly, and polish them up. Control your losses, and control your desire to be doing things that aren't in your game plan. If they aren't in the plan, let them pass you by. There will always be good trades, and you can wait for them. There is really no rush. Just do the job, and let yourself learn. You have done this with many things in your life. This is just another one.

It's always hard to give anyone advice, since we are all different. But in some ways, we are all the same, too. So don't criticize yourself, realize all the company you have, and learn your own way... slowly.

Good luck.

Bob.

When one door closes, another opens.
-- Cervantes, Don Quixote
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  #20 (permalink)
 chipwitch 
Nashville, TN
 
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zzzz2021 View Post
I know I'm a POS.

@bobwest said it's hard to give advice. It is true. Your emotions are strong and impulsive, perhaps even compulsive and that will interfere with your trading. I think one reason that it's hard to give advice is because there are a number of personalities (16, to be precise based on Briggs-Meyers). While everyone of us have our own emotions and challenges dealing with them, there is definitely a solution for it. But my personality probably isn't yours. What works for me, may not work for you. For some of us, it will be relatively easy to overcome the emotions. Others will have to work doubly hard.

There is one piece of advice I can suggest. Learn more about your personality, from the psychology perspective. There are no bad ones, so there's no need to fear "looking in the mirror." Recently, someone on here suggested I take a free online test to find out my personality type. At the end of the test, exercises are offered to help you with your particular challenges. This test is conducted by a man well-known in the field of psychology as it pertains to traders specifically. He passed away recently, but it looks like his educational institution is still operating. Many traders have passed through his school. Many good things have been said about him if you do a little research. The test is free. You don't have to give any personal info or sign up for anything. There are like 35 multiple choice questions.

While I never took his class or affiliated with him in any way, his methods are scientifically sound. The test is based on the Briggs-Meyers test that most of us take in college or high school. I took it and just reading a little about how the different personalities relate to trading, helped me... helped me learn a little more about myself, calm my trigger finger. Check him out... or not. Plus, it also helps you understand a little about the people you compete with in the market Van Tharp

@bobwest Boy did I catch a ration of ca-ca for saying I had made a mistake! LOL People telling me that there are no mistakes in trading. I'm glad to see at least someone besides me doesn't have a problem with that concept

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