Refining my STRATEGY, Eliminating FEAR and Instilling DISCIPLINE. - futures io
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Refining my STRATEGY, Eliminating FEAR and Instilling DISCIPLINE.


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Refining my STRATEGY, Eliminating FEAR and Instilling DISCIPLINE.

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  #31 (permalink)
TriggerShy
BC, Canada
 
 
Posts: 81 since Feb 2011
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trendisyourfriend View Post
I have a question for you, what do you like in this bar type (Heiken Ashi). I have tried this bar type many times but it seems to filter out so many details i can't get used to it. Just curious.


I like the very fact that it filters out the details I actually used to trade (stocks) off of tick charts, but soon realized that they were way too stressful.

Heiken Ashi candlesticks help me see the trend more clearly, filtering out the noise that would scare me out of trades prematurely.

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  #32 (permalink)
 Big Mike 
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I'm not saying switching instruments will make you profitable. But I feel it will give you a better chance

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  #33 (permalink)
TriggerShy
BC, Canada
 
 
Posts: 81 since Feb 2011
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Big Mike View Post
I'm not saying switching instruments will make you profitable. But I feel it will give you a better chance

Mike


LOL, not to worry I know what you meant, haha.

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  #34 (permalink)
TriggerShy
BC, Canada
 
 
Posts: 81 since Feb 2011
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Traded in Sim. The goal for the day was to act on every single entry signal.
I had my real account opened also just in case a really good opportunity comes in and I want to jump in live.

Result:
I ended up being a little too trigger happy today, often jumping in a little too early and then getting stopped out because of it. Over all I was happy with the focus I maintained the whole day, even though I did do some blog reading during slow times.


Mistakes to avoid:
  • Do not focus on the 1minute chart exclusively.
Today I mostly ignored the 5 minute chart, and therefore the overall trend and thus the the bigger moves, eluded me.
The 1 minute chart made it look like the market was not going anywhere and I mostly scalped.

Later I understood how I managed to miss the bigger trades when I looked at the 5 minute chart.
  • Don't forget to cancel your stops once you get out of the trade!
Once today, I brought up BookTrader to enter a trade and to my horror I found out I was already in a trade -in the opposite direction!




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  #35 (permalink)
TriggerShy
BC, Canada
 
 
Posts: 81 since Feb 2011
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Did a better job of referencing the 5-minute and the 15-minute charts which lead to way fewer trades today . Watching the 15-minute chart did scare me out of a few trades though that set up in the 1-minute chart.


Mistakes to avoid:
Don't assume there will be another opportunity to enter the trade later. Enter as soon as a signal develops.

When you enter early in the trend, the stop loss can be smaller.



Need to do:
Finish my "morning reminder" document. It should help get in the proper state of mind before starting my trading day.

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  #36 (permalink)
 aquarian1 
Point Roberts, WA, USA
 
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Hi Trigger,

I liked this post, it was nice and clear with headings.

Here are some ideas - I hope they help:

Idea 1. Printout a form with your Journal Headings for the Day, fill it in by hand.
March 14,2011

Trades:
Sld 1 $98.15 @ 9:15
Bot 1 $97.15 @ (:30

Conditions:
7 hours sleep. Feeling a little tired but not bad.
Charts are done and not rushed. (brief and what is relevant to your trading)

Setup: (name of setup)
Conditions (also called filters):
1. Fast ma < Slow MA (Y/N)
2. Price bar < fast MA (Y/N)
3. Bear Bar sequence (three crows)
etc.
------- you may not be able to post these because you want to keep your strategy out of the journal but you can make up names and show you have met your criteria-

(include a screensnap of the setup as/before you entered) ==>> I really think this is the key for you. Everything looks so clear afterwards. We forget we were looking at a blank screen on the right hand side!

Price target: $96.15
Stop : $98.65
P:L $2,000 to $500 4:1 (acceptable Y/n)

Trade:
I entered at ... signals were ok ... feeling tense but all lights green..
saw profit and worried ... closed it early -

(include a screensnap result of the trade, mark your stop, your target etc)

Post Op:
Feeling good about taking the trade.

Things I did well:
(I don't think this is one of your headings but unless you give yourself credit first you shouldn't go on to filling out the next one.)

Things to improve:
pull the trigger sooner. look at 1 mining timing chart ...

----------
Idea 2.
Make sure your have your entry rules typed up and 100% clear so that someone sitting beside you would say "You have 3 green lights - take the trade". If it is 100% clear you may leave yourself no room to hide re pulling the trigger. (This is like the suggestion you received about automation, it printed out all lights are green go!)
-----------

Idea 3.
Have a friend sit beside you while you trade. (not a family member=emotions). Set a time. Have them get there before e.g. 7:45 for your 8-9am work session. Hand out the trade criteria sheet and journal sheet. (They can fill the journal sheet at your dictation and can read aloud the trade criteria - like a co-pilot reading out the checklist before take-off.
----
Idea 4.
Be easy on yourself. Don't to too critical. You have only traded futures since Sept. Futures are tough, tough, tough.

Well I hope all that helps!
Now for me to implement for myself what I just typed to you!! hah, hah.

best of trades,



TriggerShy View Post
...
Reasons for Starting this Journal:
Lately, I have become very hesitant in entering (live) trades and have started to cherry pick my entry signals or simply not acting on any signals at all.
..........
Journal Format:
For the most part, this journal will be similar to my old private stock journal which included the following headings:
- Feelings about trading today
- Mistakes to avoid (as in what I have learned today)
- Need to do (things I should work on implementing)
I will list the Profit/Loss for the day, but will most likely only describe one trade in detail.
.....

Platforms and Charts:
I use Quote Tracker for my charts and have the following charts open at all times:
15min. "Trend" chart
5min. "Signal" chart
1min. "Timing" chart

IB's TWS: BookTrader is used for order entry.

Time line:
The goal is to post my daily analysis here for the next five weeks, from Monday, Feb. 28 - Friday, April 1st, 2011, after which I will evaluate the usefulness of keeping a public journal and will decide whether I will continue or not.

Expected Outcomes:
In addition to refining my strategy and attaining the ability to pull the trigger on every single valid signal, I would also like to use this journal to push my self to finally create some trading related tasks that I have been procrastinating on such as, a daily mental rehearsal, a "good morning" letter/reminder, updating my Trading Log and Plan (from Stocks).

I of course welcome feedback, criticism and suggestions from all of you. Welcome to my Journal to consistent profitability.


..........
peace, love and joy to you
.........
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  #37 (permalink)
TriggerShy
BC, Canada
 
 
Posts: 81 since Feb 2011
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Wish I tried to trade ES today instead of CL.

Am pretty disappointed that I missed a really good trade today. It wasn't like I wasn't at the computer or anything either, I was right there staring at it. Staring as it slipped through my fingers. First I hesitated and then I assumed I was too late after which it continued in my direction. Yeah typical, haha.

Only had one trade today. It was in the green, but I did not do too well with the execution. Could have gotten a better price had I acted quicker.

Mistakes to avoid:
Not sure what I learned today, other than to stop second guessing my signals and act quicker when an entry signal is received.


Need to do:
Go over past charts and study entry signals.

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  #38 (permalink)
TriggerShy
BC, Canada
 
 
Posts: 81 since Feb 2011
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aquarian1 View Post
Hi Trigger,

Here are some ideas - I hope they help:
...


Oh wow, thank you for your suggestions, they're great! I was actually just thinking how I could make this journal more useful. Thanks for taking the time to type all of that out. I'll read over your post again tomorrow and will surely implement some of your ideas.

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  #39 (permalink)
TriggerShy
BC, Canada
 
 
Posts: 81 since Feb 2011
Thanks: 117 given, 126 received

Combination of live and Sim trading.

Sim: traded the ES today.
Made 3 trades: Win, loss, win. P/L: $600+
Graded the combination of trades at a D because I canceled my stops couple of times and moved them further -it ended up working in my favor, but I know the long term consequences of being rewarded for doing the wrong thing (when it comes to trading that is).
Mistakes to avoid:
It's ok to give the trade "a little more room" than normal, but that decision needs to be made before entering the trade and not when the price is running against you and is about to take you out.
Live: CL
Only two trades. Well more like two small scalps. A loss and a win. P/L: -$60
The second trade was my biggest mistake of the day even though it was a "win" and recouped some of my previous loss.
Mistakes to avoid:
  • Setting stop losses that are too tight. The first trade did not need to be a loss -my stop loss was simply too tight for it. Made the mistake of setting a "dollar" stop instead of a pattern/setup appropriate one.
  • Closing out trades before one of the sell signals is received. I closed out the winning trade too early simply because the jumping around scarred me and I wanted to lock in some profit since I already had one loss for the day. The exit was not based on any technicals at all.

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  #40 (permalink)
 bobarian 
whitestone, new york
 
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imo, just the fact that you do have a stradegy in sim that works, is positive.i went back to simulating 3 months ago, because i didnt have this.as far as the fear goes, i believe everyone goes thru that, and the trigger shy symptom emerges, which for me mentally, is crushing, because it has lasting repercushions, which i would carry around on my back as baggage.if i would hesitate , and miss the trade, sitting there paralyzed, the end result...anger.i personally, wont take the 2nd entry, because imo thats reacting, emotionally, to the first trade, which i didnt take because of fear..there are so many books about this,
coming from someone who is simulating, i get the fact that sim can be frustrating, and everbody has an opinion about it
if you have a setup that is consistently working, focus on that 1 entry.the market is providing you with that tiny window of transparency, that you, as an individual , see , because of intelligent and diligent work.imo, i think, that the fact that you actually see this specific entry, puts you ahead of most, because so many traders dont have a specific entry strategy.
as far as the entry, try to dial it in , so that the setup requirements are specific, and your entry trigger is specific.i realize the market doesnt always behave accordingly, which adds to the difficulty.
the key, imo, is looking at the current market coditions, and preparing for the trade, before it happens.doing the work, as the market is meandering around, is key.as the entry starts to approach, i have allready decided where my entry is, because of my specific rules, and when the entry is here, it simple..its my job to take the entry...no maybes about it.
another thing that helps me, is chart trader on ninja.i try to use buy or sell stops (market order) to get into the trade.the work being done, the order is placed...that is my job..
also on chart trader you can set your stop loss, stop gain, and if price goes in your direction, can have the stop gain follow price..i like this , because for me, if my sop loss is 8 ticks, i dont let price go plus 8, then take a loss.
i realize everyone has very different opinions about money management..which i agree with , meaning, its your opinion that counts, and what works for you.
in summary, thats what its about, what works for you.having fear is normal, managing it is key.i read somewhere , that alot of successful traders continue to have some fear, that never goes away, but they manage it, with the confidence they have in their method,because of the hard work theyve done over time
i didnt intend to write such a large novel, but i hope it helps
keep up the hard work!

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