Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
As of this year I started a new rule that if I don't get 6 hours of sleep, I won't trade. This is after I did a sleep to winning days correlation on this post.
It's taken me some time to be comfortable sharing this on FIO. I went back and forth on whether or not I should talk about it, as it's somewhat personal. But this journal is all about getting to understand myself, accepting who I am, and working …
Today I got ~5 hours of sleep so it was the first time my rule was going to be tested.
To be honest, I got up in time and I wanted to trade. But I was really tired and I knew that I wasn't in the right state of mind to trade. So I turned my computer off and closed the door to my office so I wouldn't be tempted.
Yesterday's excellence is today's standard and tomorrow's mediocrity
Being even a little sub-par physically can rob you of your mental edge, and you won't even know it (having lost enough of the mental edge to be able to tell )
Overview of the week
The market is starting to pick up range and volume wise, which is good for me because my methodology doesn't work very well on low range days. However for me it was a relatively quiet week as I only traded 2 days.
Weak stats to be honest. I technically 'won' one trade but I don't count it as a winner because I didn't hit my target and just a lowered stop. That's why my payoff ratio is so low. Overall 4 trades isn't much to go off.
Out of those trades:
Excellent trades: 0
Good trades: 1
Ok trades: 3
Bad trades: 0
Really bad trades: 0
No bad or really bad trades this week, so that's good. January was a very slow week and frustrating with low range so I'm glad I can still keep my cool and trade well. I know that as long as I trade well my edge will overcome the losses from this week.
Overall slow week and let's hope things start to pick up next week. See you then!
Yesterday's excellence is today's standard and tomorrow's mediocrity
I knew that if I watched the market and stayed in my office it would be really tough. It's like being on a strict diet and going to your favorite ice cream shop, not a great idea.
Sometimes it's better to put yourself in an environment that is more aligned with your long-term goals, even if it's something you don't want to do.
Cheers!
Yesterday's excellence is today's standard and tomorrow's mediocrity
Thank you. I hope to one day be strong enough psychologically to be able to sit at my office and do other trading-related work without executing any trades. But for where I am in my trading career, closing the door and turning the PC will have to do
I don't know about other traders but when I'm tired I'm more prone to the bad emotions in trading such as anger, impatience, and so on. All of these things lead to badly executed trades, and in some cases revenge trading.
It feels unproductive to not trade for a day, but hey we all have that day where we wished we didn't trade. Why not try and prevent them right?
Cheers Bob.
Yesterday's excellence is today's standard and tomorrow's mediocrity
ON session was relatively balanced between ~5160 and ~5140
Do we have an ECB conference? I don't see it on economic news but Bloomberg is showing something
Not much has changed since the weekly prep from last night
Scenarios
I'm trying something new inspired from FT71's videos. This is the first time trying it and I'll be tweaking it as time goes by until I get it in a good spot.
What do you guys think about this change?
Setups I'll take today
~5170 (Record High)
LF Short
Stop behind record high is a must, but ideal behind 75 although hard to get
This setup might be better on first contact than on 2nd, and 3rd contact
Watch for a pullback at a lower area and be prepared to exit if the pullback initial signs are strong enough
~5170 (Record High)
LF Long
Break out trade
Only take this setup if the market looks strongly bullish
Do not get greedy
~5160
LF Short
Stop behind 63 is a must
Be mindful of what scenarios we might be in and as to whether you got into a pullback or a trend reversal
Open setup and/or pullback to continue bull rally
LF strong movement if it's an open setup and manage stops according to your trade management rules
If it's the pullback setup then look for strong signs of bull continuation and look for a good entry point
~5125
LF Long
Stop behind 5119 is ideal
Don't aim for record highs and watch the 50 area closely for any signs of a reversal
~5125
LF Short
Break down trade here
Movement must be strong
Watch the 10 area for a potential reversal and be ready to exit
Sentiment must feel strongly bearish in the short-term in order to get into this setup
~5100
LF Long
Stop behind 5095 is ideal
If the market looks to be strongly bearish then consider passing up on this and taking a position ~ the 80 area instead
Goal just for today - Can only take 1 "open" setup and 1 "pullback to continue bull rally" setup. You don't want to trap yourself into taking the same bad trade over and over if it's a range day
Yesterday's excellence is today's standard and tomorrow's mediocrity