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Good on you for posting after your blow up. If you're in this for the long haul you'll be glad you did.
I'm no pro and I'm absolutely still figuring things out myself, but I'll say a few things based on my experience.
1) Be patient and have very low expectations. If you think you're going to be rich and driving a Ferrari in a couple of years then there's bad news ahead. If you can stop bleeding money two years from now then you'll be among the more successful traders.
2) Psychology isn't as important as it seems. MANY will disagree with this and that's fine, but this is my point of view. What's far more important to me is that you know what you're doing and why you're doing it. You are watching VWAP and MACD - okay, why? What are those things and first, do they work and second, WHY? Why would an MACD cross over be a good entry or exit location. Why would caring where price is in relation to VWAP matter at all? Maybe it matters and maybe it doesn't - I don't know. But if you don't know, 100% for sure then you should not be trading based on it.
You seem like you have a good restart plan in place. Regarding the psychology bit, I'd recommend listening to the Chat with Traders episode with Tom Sosnoff. He's the guy who built Think or Swim and now does Tastytrade. He's an old pit guy and knows his stuff, and he's got an interesting take on the whole field of trading psychology.
My other advise is to dabble and try lots of things. Try candlesticks, try PnF, try Renko. Try various markets and various time frames. If you're an indicator guy, try a few. Back test like crazy and do it honestly. There are as many ways of making money at this as there are people - there's no right or wrong way. Have a look around and figure out what suits you, and try to enjoy the process because it's a real long one.
While stopped on futures; went back to swing trade ETFs. Less pressure and slower pace. Also need to document trading strategy. I have tried before but it takes so much writing; I think it would be too much to look at. So I think about making notes on a chart. Here's my first attempt on SVXY, Feb 8 - today. SVXY did well last year and very good ytd. Good candidate due to low volatility but has enough range for safe entry and 1st target.
At the beginning of the chart, SVXY had been in trading range for 5 days. A new tool I'm incorporating is range to calculate limit order and stops. The trading range is measured on the Chart. I think that if price exceeds 25% of the range it is probably following thru or turn around against me. To allow a little error/wiggle room, I decided to go +/- 33%.
With limit trail, looks like range and multiples of range can be used for target prices. I think this is what some call measured move. Setting targets is one of my new strategies to counter some psych issues.
In the past, a recent pivot low was used for the stop. Got stopped so much, developed habit of not setting until after the first pullback (PB).
I have done a couple years of trying out indicators. I'm a tools kind of guy. But obviously developed bad habits and ignored my psych issues. Changing to futures and public journalling was enough additional pressure to trigger an issue or two.
I'll take a look a Tom Sosnoff's stuff after "Trading in the Zone" is finished.
Have completed chapter 6, Trading in the Zone. Upon reviewing my notes; made a list of issues and then the logical answer or trade rule to counteract that issue. Boiled that down to the following affirmation to be read before trading each day.
> Being alert for psych issues that disrupt the logical mind.
> Only trade when mentally comfortable; in logical mind.
An additional issue is stress for the lost money. That stress is still with me. Maybe over time I can put it behind me. Really, Really need to have a positive trading record.
Also decided that marking signs on the chart. I think this will break the narrow focusing that happens and establish the logical mind.
Well it is tough.
And tough to post.
I've seen a number of journals where the fellow is doing ok and then starts posting and the "perceived" pressure of posting causes a melt-down. I recently re-watch an interview of one of the greatest ES traders of all time (Marty Schwartz). After meeting his wife he says he started to get serious and faced the question "What is more important: being right or making money." He choose the later.
He made his capital in the pre bot area and then when the bots came in switched away from ES. I wish I could switch away from ES but my whole system is built on it. In any case here are some links:
top-step unplugged
According to Schwartz many traders are losing money because they rather lose money than admit theyre wrong. He also struggled with this in his early trading career. Once he changed his mind set, he became extremely successful. …
5 notable quotes from Schwagers interview with Schwartz:
I always take my losses quickly. That is probably the key to my success. You can always put the trade back on, but if you go flat, you see things differently. The pressure you feel when …
Market jumping; must have liked Trump last night. As for me, I hate it. Don't like sudden euphoria, ie gaps. So there is no trade plan for me today; except wait and see. The economy is so-so; the market seams extend; therefore, low probability of breakout following thru. Question: Do folks believe there will be enough stimulus from Trump's plan to invigorate the economy and Mr Market?
Feeling vulnerable; want something to follow so I'm not responsible.
I'm in the same boat as you Jelly, I don't like trading into untouched air. I'm also skeptical from a macro, long term point of view but all we can do as intraday traders or even short term swing traders is trade the information in front of us; the macro stuff isn't so important the shorter your time frame.
There are many types of market environments that will test ones discipline, I try to remember that on days like today when it's more watching and not doing anything. It's frustrating at times, especially in the moment but I guess trading is just like any other job in that regard - unless maybe owning ATM machines in strip bars; probably not many bad days with that job