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Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,757 since Nov 2014
Thanks Given: 3,497
Thanks Received: 3,059
I am proud of myself today.
Yes, it was an ugly entry. Shorting VAL on expected range day doesn't make me look smart.
My goal is to NOT to care about looking smart or stupid but to learn in the short term, not to loose in the medium term and gain in the long term.
Why am I happy today?
1. I posted my silly trade.
2. Still able to execute and not close.
3. After 1st profit target hit, didn't get excited.
4. When taking heat, didn't feel like closing it or change the plan.
Of course I may change my plan, like moving stops after 1st target hit etc but only after weekend analysis. Not impulsively whilst I have active positions.
I have come a long way in improving my discipline.
OK Narcissus, that's enough. Just remember the reasons for your avatar name.
Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,757 since Nov 2014
Thanks Given: 3,497
Thanks Received: 3,059
Traded only 3 days this week. Monday was such a small range, it was simply not worth it. Wednesday was a hesitation day and missed the train.
Let's see the equity curve for the last 2 weeks first.
Please note I trade SPY and not ES but using points for better reading clarity. After a good start last week, I had a breakeven week but positive trend continues.
Let's have a look at the individual trades.
I took short every day. It's pretty clear that my preferred style is FADING and hence don't do well on Trend UP days.
My 2 stops were hit on Thursday after my 1st target was achieved. It was a reversal day i.e after European close, market turned around. I am considering moving my stops to HOD after my 1st target reached but will wait for more data. I am also considering taking a Second trade if my 1st trade reaches all 3 targets. This is to ensure I have enough trades to do meaningful analysis. I am hoping to get about 100 trades in 3 months.
In summary, pretty good start. Dull 2nd week. No new changes in execution.
Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,757 since Nov 2014
Thanks Given: 3,497
Thanks Received: 3,059
ES is trying to break out of the range from 1860 to 2020. I suspect formidable resistance above but NO sign of big sellers yet.
It looked like rolling over mid week but it reversed on Thursday with a retest and consolidation on Friday. Since it was Options expiration day, I am not sure whether it's a genuine breakout. Also note average volumes of just over 1 million on those 2 days.
I will wait for confirmation of breakout. NO LONGS CONSIDERED YET as we may be in the process of false breakout.
I will consider SHORTS if 2012 is taken out.
If we gap up, then I may fade but will be cautious and look for weakness in internals before doing that. If we gap down, then I will wait for the gap to fill first.
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I watched more of Mark Douglas' videos over the weekend. Great Guy. Every aspiring trader should read his book. Very entertaining but concise speaker too. I want to pay my sincere tribute and respect to Mark.
trading does not require physical strength, it requires an inner strength. as @Big Mike alluded to another post, a trader must accept responsibility for his actions. the notion of choice implies that we must accept the consequences of our choices, even when they are undeserved since consequences cannot be foreseen.
Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,757 since Nov 2014
Thanks Given: 3,497
Thanks Received: 3,059
Location - 2021 short - I wanted to wait for 2012/2025 to be taken out before entry. Hence premature entry.
Emotion - Restless before trading, impatient as I have to leave for day job and hence squeezed a trade.
Execution - Pretty good. 1st target hit 4 points. Then choppy whole day. Tight range and hence my other 2 targets/stops were NOT hit. Closed at the end for 4 pts cost.
Another data to consider tightening stops if Market stalls after my 1st target hit. No change in execution until weekend.
Trading: Oh what a tangled web I weave, When I want to take profits in trading
Frequency: Several times daily
Duration: Years
Posts: 1,757 since Nov 2014
Thanks Given: 3,497
Thanks Received: 3,059
Location. Pretty bad. Short 2021. Reason its a poor location is bcas my stop at 2029 is right at the obvious location. My goal is to place stops where only OTF can reach me. Misguided by initial flurry of sellers.
Emotion- Actually I was pretty calm and focussed.
Execution. So far so good but likely to be stopped out.