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TF day trading
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TF day trading

  #1001 (permalink)
Elite Member
Cincinnati Ohio
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Futures Broker
Favorite Futures: AUD
 
Silver Dragon's Avatar
 
Posts: 1,597 since Feb 2011
Thanks: 3,860 given, 3,318 received


bluemele View Post
Ok, I slipped today. Normally I would have been done @ 1.5 points for the day and walked away. Well, I said, you know what, I am going to start making 3-5 points per day and I will stay in the game.

Problem was, my stops were just getting hit because I wasn't entering in areas and being patient. I had 3 gifts/stops today by the tick and then got back in. Ouch..

Then, I ended up down 1.2 and started doing and saying things that were stupid (I cut them from the video). I started scalping for 5 ticks, 10 ticks etc.. Just to get back to BE. Today is the types of days where I will choose to be happy and walk away with my 1.5 points and be done after 3-5 trades.

I thought the market was short on the long term (which I think I am still correct in assessing) but the 4181 had a nice separation underneath and I didn't want to go long.

I am doing my very best to hold the trades, but boy, it cost me today and then my mental game goes downhill from there. 1 step forward, 3 steps back.

I need to listen to who I am as a trader and not be anyone else....

Video

Blue, you appear to be fairly emotionally involved in your trading. Might I suggest being a observer for a day. What I mean is once you place the trade, just watch it as if you were watching tv. This will allow you to disconnect yourself emotionally from the trade. Write down what you see. Be your own critic. Takes practice, but well worth the effort.

I got this idea one day when my son was learning to walk. I could always tell when he was going fall. How did I know? because I was sitting back and just watching...

SD

nosce te ipsum

You make your own opportunities in life.
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  #1002 (permalink)
Elite Member
Honolulu, Hawaii
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: ATC/TT, AMP/Zen-Fire, AMP/CQG
Favorite Futures: TF
 
bluemele's Avatar
 
Posts: 2,547 since Jun 2010
Thanks: 3,806 given, 2,826 received


Silver Dragon View Post
Blue, you appear to be fairly emotionally involved in your trading. Might I suggest being a observer for a day. What I mean is once you place the trade, just watch it as if you were watching tv. This will allow you to disconnect yourself emotionally from the trade. Write down what you see. Be your own critic. Takes practice, but well worth the effort.

I got this idea one day when my son was learning to walk. I could always tell when he was going fall. How did I know? because I was sitting back and just watching...

SD

Can you explain in more detail? What do you mean 'observer for a day'? No matter what don't manage the trade?

Please elaborate if you could. Well, my son likes to fall down!! hahah.. Maybe he gets that from papa!

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  #1003 (permalink)
Elite Member
Cincinnati Ohio
 
Futures Experience: Intermediate
Platform: NinjaTrader
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Favorite Futures: AUD
 
Silver Dragon's Avatar
 
Posts: 1,597 since Feb 2011
Thanks: 3,860 given, 3,318 received



bluemele View Post
Can you explain in more detail? What do you mean 'observer for a day'? No matter what don't manage the trade?

Please elaborate if you could. Well, my son likes to fall down!! hahah.. Maybe he gets that from papa!


ok... have you ever looked over someones shoulder while they are doing something and knew just by looking what they should do next? Thats where you need to be. You are in observing objectively without emotional involvement.

Applied to trading: If you were looking over someones shoulder and watching a trade play out where you had no emotional or financial ties, the entries / exits would become very obvious.... You would know what to do because you have nothing to lose or gain.

make sense?

SD

nosce te ipsum

You make your own opportunities in life.
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  #1004 (permalink)
Elite Member
Honolulu, Hawaii
 
Futures Experience: Intermediate
Platform: NinjaTrader
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Favorite Futures: TF
 
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Posts: 2,547 since Jun 2010
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Silver Dragon View Post
ok... have you ever looked over someones shoulder while they are doing something and knew just by looking what they should do next? Thats where you need to be. You are in observing objectively without emotional involvement.

Applied to trading: If you were looking over someones shoulder and watching a trade play out where you had no emotional or financial ties, the entries / exits would become very obvious.... You would know what to do because you have nothing to lose or gain.

make sense?

SD

Yes, I guess that is the big drama. I have a hard time making that detachment.... Good point and obviously something I waver back and forth on and being successful with. You are right, I was very emotional today for some reason.

I woke up late today due to alarm not going off and still adjusting to the 4am and I was probably feeling a bit 'rushed'. It shouldn't matter though as I could have remained 'detached' and calm.

Thanks for the nudge....

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  #1005 (permalink)
Elite Member
Honolulu, Hawaii
 
Futures Experience: Intermediate
Platform: NinjaTrader
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Favorite Futures: TF
 
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Posts: 2,547 since Jun 2010
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Another thing I noticed about my trading was that I had 'fundamental leanings' as I think the market is getting ready for either a big move up or a dump dump dump. Probably leaning to a DUMP, so... I think that is why I was thinking so short... I was right on the mid/long term!

Considered a short on the CL last night at the peak, but couldn't stay up to watch so I just decided not to do a long term trade. Haven't seen anything in a couple days....

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  #1006 (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
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bluemele View Post
Can you explain in more detail? What do you mean 'observer for a day'? No matter what don't manage the trade?

Please elaborate if you could. Well, my son likes to fall down!! hahah.. Maybe he gets that from papa!

I remember a similar statement from Dr. Steenbarger in one of his books. He said to be an observer, some people call it the mind's eye, etc etc. But the point is to use your brain power something like this:

a) You are standing in your office. Maybe back against the wall. Several feet away from your desk chair.
b) You see yourself sitting in your chair. Remember, you are observing yourself.
c) You see you getting ready to trade.
d) You see you entering a trade.
e) You see you managing a trade.
f) You see you exiting a trade.
g) You see you after the trade is over.

etc. etc.

The point being, you can try to focus and see if you are calm, if you are making smart decisions, if you are following your plan, if you are being impulsive, if you are excited or angry, if you are leaning forward in your chair, if your feet are not touching the ground, if your back is not touching the back of the chair, if you are hesitating in your trades, if you are getting overly emotional during a trade, if you are exiting a trade without good cause, etc etc.

If you haven't read Dr. Brett's books, they are a must read IMO. My favorite was the Daily Trading Coach, but all three are excellent.

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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  #1007 (permalink)
Elite Member
Honolulu, Hawaii
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: ATC/TT, AMP/Zen-Fire, AMP/CQG
Favorite Futures: TF
 
bluemele's Avatar
 
Posts: 2,547 since Jun 2010
Thanks: 3,806 given, 2,826 received


Big Mike View Post
I remember a similar statement from Dr. Steenbarger in one of his books. He said to be an observer, some people call it the mind's eye, etc etc. But the point is to use your brain power something like this:

a) You are standing in your office. Maybe back against the wall. Several feet away from your desk chair.
b) You see yourself sitting in your chair. Remember, you are observing yourself.
c) You see you getting ready to trade.
d) You see you entering a trade.
e) You see you managing a trade.
f) You see you exiting a trade.
g) You see you after the trade is over.

etc. etc.

The point being, you can try to focus and see if you are calm, if you are making smart decisions, if you are following your plan, if you are being impulsive, if you are excited or angry, if you are leaning forward in your chair, if your feet are not touching the ground, if your back is not touching the back of the chair, if you are hesitating in your trades, if you are getting overly emotional during a trade, if you are exiting a trade without good cause, etc etc.

If you haven't read Dr. Brett's books, they are a must read IMO. My favorite was the Daily Trading Coach, but all three are excellent.

Mike

I will pick them up!

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  #1008 (permalink)
Elite Member
Honolulu, Hawaii
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: ATC/TT, AMP/Zen-Fire, AMP/CQG
Favorite Futures: TF
 
bluemele's Avatar
 
Posts: 2,547 since Jun 2010
Thanks: 3,806 given, 2,826 received

+3.3 points today per contract

Ok, so it worked out for me today to stay in the game. I almost closed down after +1.3 points and my emotional state of exiting the short early, and getting knocked out on the tick. Boy, what a victim I am becoming (again!)....

Easy to justify and blame, but difficult to just trade and do business with the market.

I have to be honest in that reading how much of a criminal Henry Roche is has led me to challenge my own emotional state lately. I love HONESTY but it seems like a dying value among human beings in favor of something that provides self-preservation.

Of course we all think WE are right and THEY are wrong.

Anyways, took some nice trades today but didn't hold my PT's which cost me about 2.5 points and didn't hold my stops which cost me about .9 points.... So, tack on another 3.4 points for today had I actually traded the way I hope to choose to do real soon!

Oh, and as of right now

Video

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  #1009 (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: 29,353 given, 83,234 received

I have found it is extremely difficult to be truly honest and accurate at the same time.

We often fool ourselves or come up with a variety of reasons or excuses. There are two issues at work here: 1) Our memory, and 2) Our knowledge.

It has been proven time and again that memory fails us. We can be 1000000% certain that we "know" how something happened, we can recall it vividly. And we will be wrong. Dead. Wrong.

That is why I stress the importance of recording events as they occur. You are doing a great job with the video journaling.

The second issue is our knowledge, or lack of knowledge. You can lump experience in here too. We often over reach for validation or to place blame or importance on certain events which really truthfully have nothing to do with each other. We are grasping. This is because we don't know everything. We don't know if the ES just dropped 10 points in 10 seconds because someone at Goldman fat-fingered a 100k lot sell market order, or if there is a news event, or if there was a trendline resistance, or a fib confluence area, or a pivot, or a weekly high tested, or Europe just imploded.

But that doesn't stop us from coming up with a variety of reasons. Once we assign a reason to something we tend to give it importance which it really does not posses. Then later we tend to build on this, and we now have a house of cards built on a foundation of wrong assumptions.

To be completely honest and accurate at the same time, you very often must use the words "I don't know why....." (something happened). The real trick is to be a profitable trader even without understanding why something happens, but simply being prepared for it to happen.

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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  #1010 (permalink)
Elite Member
Honolulu, Hawaii
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: ATC/TT, AMP/Zen-Fire, AMP/CQG
Favorite Futures: TF
 
bluemele's Avatar
 
Posts: 2,547 since Jun 2010
Thanks: 3,806 given, 2,826 received


@Big Mike,

I ordered that book and the other one recommended by Forrest. Thanks again for the gift card, it came in handy.

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