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So here it is Monday. Big day. Can I trade JUST three contracts? Yes I can! I got some buddies here on this thread that better be giving me a report today on how they did. Remember…you made a commitment! Don’t make me hunt you down!! Don't forget I have a son that is a Suit!
@eman, I understand what you are saying about putting things on the chart. For me, I am too slow at that (because everything has to be just perfect – it’s an engineer thing) so I use a hand written sheet from my trade tracking excel sheets. Here is the link. I attached today’s sheet so you can see I am writing them down as I go.
Big Mike, I understood what you were saying and agree totally [because my mind convinces me I am a perfect trader when we both know the REAL truth].
Okay, so how did I do on my score sheet? Not bad. Not perfect, but not bad. The second trade I was late and should have let it go. That trade could have very easily turned out quite ugly. Have to stick to the plan. Other than that, I feel like I was doing exactly what I said I would do. I really like the BLB charts. By watching the charts and the price action, I really feel I can see what is going on in the market. Very nice!
I have also attached my three trades for today with comments on each one.
Now I am off to work on an indicator for my trader buddies and watch the market as I work. As far as trading is concerned…I am done for the day. BUT…there will be another day tomorrow!!!
Hello,
Slow and choppy day for the YM, but managed a very small gain. This is good, since usually I end up forcing trades and losing money on those types of days. Only two trades. There were no set ups after the second trade.
Kareem
Hi
Three trades as promised. When I studied my set ups/charts recently I found out that I am better off with a fixed 20 tick stop, not the indicator stops. It just works better on the long term. On my first trade I decided at 18 ticks I had enough, the YM is reversing up, so I took my loss. Guess what! It was the top of the move. I Did not follow my rules and paid for it (again)! But the good news is that I did not get frustrated and continued with the rules on the following two trades. I ended up with just about break even for the day.
A day to forget for me. Only took one trade. Waited an hour and a half for my first signal then dithered and decided to pass. Why?? scared I suppose. Trade worked great with on heat. Then waited another hour for my next signal. Took this one as per my plan, good boy. Price then chopped around for 10 mins. Put in a double bottom which spooked me, so I took the fantastic decision of moving my stop to BE, my rules had it at -6. Price of course then took me out at BE, went 2 ticks more then broke support and never looked back. Sticking to my plan woulda shoulda coulda got me 39 and 38 ticks. Will I ever learn!!!
8 more days to go of the challenge, I must trade my bloody plan.
Just because this is my thread doesn't give me the right to be late with my report?? Somebody needs to get after that boy. I’m not saying, I’m just saying.
Kudos to my friends who have been very faithful in their efforts to keep up with their commitment! Good job guys!!
Now on a positive note, I did write down what happened yesterday, I just didn’t make it pretty and post it. I have an excuse. I was posting indicators. I am hoping to get a bit of a pass on my community service. Now that sounds noble and I am a big supporter of this forum, but if I don’t take care of my own house first…then I won’t be a supporter very long. I am going thru this logic in my head as I type and have done a fairly good job of pointing out the error of my ways. Point to keep track of in the future.
So here is my analysis of yesterday ----à YUK!
I am learning I am quite addicted to the hunt. Shutting myself off at just three trades has showed me that. If you look at my picture, you can see that my trades are bunched into a thirty minute window and they weren’t that good, either.
My random thoughts: Change indicators. Go back into the forum. See what’s working for someone else. Change instruments. The 6E is doing good today. Wait for an hour and start trading again. Does three mean three or does it mean threeeee with the e’s being the number of trades? I did okay when I was only doing a max of ten a day……………***[sigh]***
Okay. Trade one: Not happy because I missed the run before. Waiting for the retrace and I jump in. Got in a bit late. Immediately stopped out. Ouch! I did not move my stop [good boy] but I entered badly. Did not follow the plan. The trends were crossed… it was Chopsville.
Trade two: Entered with good flooding but the trends were indecisive. Same issue as trade one…taking trades because they kinda look good, when in actuality, they are not my trades!
Trade three: Same problem. Entering against the trend. I think I am so afraid that I will miss a good counter trend trade, I don’t want to let them get away.
Now if only I had done yesterday’s analysis before today. Why? I would NOT be bearing my soul and telling everyone I did the same thing…AGAIN! Now from a learning point of view, this is better/best.
I am a trade junkie.
I do not have patience.
I make things up that aren’t there.
I will not be successful if I continue in this path.
This two week trial is going to prove to me I can overcome this deficiency in my character.
I do not want to be part of the 95%. I want to be part of the 5%!
I can do this, but I have to change my habits. I just have to!
Another day, another chart/spreadsheet to share. I am starting to like this. It was a bit wild ( YM in my market) this morning. With quick moves, then chop/chop. I managed not to lose money. I even made some ticks today. I use different Targets for each trade, since my targets are based on market volatility. I do use the same 20 tick stop on every trade. The first trade could have been a winner, but again my rules is avoid news (which was a challenge this morning), so I bailed at Break Even.
Kareem
Hi Gordo,
I am not expert on trading, but here what I found out about my self/trading. Trading a live account turns me into a Monster. In real life I am kind, quite, calm and collective, but not when I am trading...... I believe this happens to many traders. That’s one reason most people will do very well demo trading, but not live trading. I tried “removing” that monster to become a better trader by reading books and setting plans, but could not do it. So I did the next best thing; I became a Mini Monster (MM). Mini Monsters (MMs) are made by trading small, very small. They trade with money that really does not matter to them at all. But is must be real money, not paper. Initially I started trading full FX lots ( and losing money of course) so I kept reducing my size all the way to micro lots until I turned from a full blown Monster into a MM. As a MM, I got to be good at following rules and trading plans. I also believe that MMs are good traders most of the time, but like the incredible Hulk they must be watched and controlled all the time.