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The Way of the AttitudeTrader


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  #51 (permalink)
 
AttitudeTrader's Avatar
 AttitudeTrader 
Dallas, TX, USA
 
Experience: Intermediate
Platform: NinjaTrader, T4
Broker: IQFeed
Trading: 6E
Posts: 358 since Oct 2009
Thanks Given: 6,868
Thanks Received: 869

Kevlar, bullets & batteries checked and ready...
08:23 T-Minus 7...weapons live...head on swivel...eyes peeled...prepared to engage.

Trade #97
I don't like doing this very much. Entering my first position 6 seconds after the open.
08:30 Long on valid setup. Win or lose, it's irrelevant. Record the trade, watch it, and learn...
08:38 No Joy. -5 ticks.
Stopped out by 1 tick before price moved back to target.
Record results, stabilize/regroup, and prepare for the next assault. Focus only on the task at hand.

Trade #98
08:57 Long on valid setup. Win or lose, it's irrelevant. Record the trade, watch it, and learn...
Allowing fears to creep in. So many losers in a row lately. Pull it together recruit! This is the **** that separates the strong from the weak! Bear down and get focused on the objective!
09:03 Objective achieved. +6 ticks.
Record results, stabilize/regroup, and prepare for the next assault. Focus only on the task at hand.

Trade #99
09:12 Long on valid setup. Win or lose, it's irrelevant. Record the trade, watch it, and learn...
09:24 Objective achieved. +6 ticks.
Record results, stabilize/regroup, and prepare for the next assault. Focus only on the task at hand.

Trade #100
09:27 Long on valid setup. Win or lose, it's irrelevant. Record the trade, watch it, and learn...
09:35 No Joy. -5 ticks.
Record results, stabilize/regroup, and prepare for the next assault. Focus only on the task at hand.

Trade #101
09:54 Short on valid setup. Win or lose, it's irrelevant. Record the trade, watch it, and learn...
10:10 Mistake. I realize that I've made a mistake reading my signal (it was very close to being one way or the other). I've moved my target to b/e for exit.
10:13 Out at breakeven. -0 ticks.
Record results, stabilize/regroup, and prepare for the next assault. Focus only on the task at hand.

Trade #102
10:16 Long on valid setup. Win or lose, it's irrelevant. Record the trade, watch it, and learn...
10:25 I'm allowing myself to become focused on the (poor) results of my method today and over the past few days. I'm feeling fear and worry... Focus scrub! Stay in the fight! Push through to the finish, win or lose! SHOW US WHAT YOU'RE MADE OF!
Holy ****! Target reached! Are your eyes opening to the value of this training recruit?! ARE YOU GETTING IT NOW?! Back to work!
10:35 Objective achieved. +6 ticks.
Record results, stabilize/regroup, and prepare for the next assault. Focus only on the task at hand.

Trade #103
10:46 Long on valid setup. Win or lose, it's irrelevant. Record the trade, watch it, and learn...
11:40 Objective achieved. +6 ticks.
Record results, stabilize/regroup, and prepare for the next assault. Focus only on the task at hand.

Cease active engagement... mission complete... stand down...
14:30 No more new orders.

AAR
  • Objective: Follow mission plan with extreme prejudice.
  • Outcome: I didn't hesitate to take my trades, but my confidence was shaky. I hit 100 trades today, so tomorrow I have to implement my new 2-car plan. I'll have to get squared away tonight to handle that.
  • Observations: I had major preconceptions about the market today. Or maybe a better way to say it is that I had major fears about what the market was going to be like today. I've been having a harder time over the past couple of days while the range has been very tight and I was worried that I would have to deal with another day like that today. It was another fairly tight-range day but my method worked out relatively well. But, as usual, it is irrelevant. Mission was accomplished.



"Is it hard? Not if you have the right attitude. It's having the right attitude that's hard." - Robert Pirsig
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  #52 (permalink)
 
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 Big Mike 
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AttitudeTrader View Post
Urban Dictionary can probably answer that question better than I can.

-AT

OK so I was right

Mike



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  #53 (permalink)
 
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 josh 
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Attitude Trader, seems you have been doing a very good job, congratulations on your progress and best wishes to you!

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  #54 (permalink)
 
AttitudeTrader's Avatar
 AttitudeTrader 
Dallas, TX, USA
 
Experience: Intermediate
Platform: NinjaTrader, T4
Broker: IQFeed
Trading: 6E
Posts: 358 since Oct 2009
Thanks Given: 6,868
Thanks Received: 869


josh View Post
Attitude Trader, seems you have been doing a very good job, congratulations on your progress and best wishes to you!

Thank you Josh.

-AT

"Is it hard? Not if you have the right attitude. It's having the right attitude that's hard." - Robert Pirsig
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  #55 (permalink)
 
AttitudeTrader's Avatar
 AttitudeTrader 
Dallas, TX, USA
 
Experience: Intermediate
Platform: NinjaTrader, T4
Broker: IQFeed
Trading: 6E
Posts: 358 since Oct 2009
Thanks Given: 6,868
Thanks Received: 869

Kevlar, bullets & batteries checked and ready...
08:23 T-Minus 7...weapons live...head on swivel...eyes peeled...prepared to engage.

Trade #104
08:30 Long on valid setup. Win or lose, it's irrelevant. Record the trade, watch it, and learn...
Entering at the open again. I DO NOT like this. FOCUS SCRUB!
T1 and T2 are the same.
08:34 Objective achieved. +12 ticks.
Record results, stabilize/regroup, and prepare for the next assault. Focus only on the task at hand.

Trade #105
08:43 Long on valid setup. Win or lose, it's irrelevant. Record the trade, watch it, and learn...
T1 and T2 are the same.
08:48 No Joy. -10 ticks.
Record results, stabilize/regroup, and prepare for the next assault. Focus only on the task at hand.

Trade #106
09:13 Long on valid setup. Win or lose, it's irrelevant. Record the trade, watch it, and learn...
T1 and T2 are the same.
09:23 Feeling the need for this one to work out. Feeling some fear. Get your head back in the mission! The outcome of this trade is MEANINGLESS! Focus on the long-term recruit! Push through this pain so you can gain the victory later!
09:45 No Joy. -10 ticks.
Record results, stabilize/regroup, and prepare for the next assault. Focus only on the task at hand.

Trade #107
10:10 Short on valid setup. Win or lose, it's irrelevant. Record the trade, watch it, and learn...
10:16 Objective achieved. +12 ticks.
Record results, stabilize/regroup, and prepare for the next assault. Focus only on the task at hand.

Trade #108
11:08 Short on valid setup. Win or lose, it's irrelevant. Record the trade, watch it, and learn...
12:31 No Joy. -10 ticks.
Record results, stabilize/regroup, and prepare for the next assault. Focus only on the task at hand.

Trade #109
13:09 Long on valid setup. Win or lose, it's irrelevant. Record the trade, watch it, and learn...
T1 and T2 are the same.
13:19 No Joy. -10 ticks.
Record results.

Excess losses sustained. Pack up and retreat back to camp.
13:29 Finished for the day due to loss limit rules. One more loss would put me well beyond my intraday loss limit level, so I have to stop for the day.

AAR
  • Objective: Follow mission plan with extreme prejudice.
  • Outcome: I started with my 2-car phase today. I took all setups and held them per my plan. I stayed true to my loss limit rules. Mission was accomplished.
  • Observations: I was much more focused on the outcomes of trades today than I was on the execution of my plan. I was feeling a lot of my old feelings about missing out, being wrong, etc. General confidence was lacking. I'll be working on my attitude and the focus of my thoughts between now and tomorrow.


"Is it hard? Not if you have the right attitude. It's having the right attitude that's hard." - Robert Pirsig
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  #56 (permalink)
 
AttitudeTrader's Avatar
 AttitudeTrader 
Dallas, TX, USA
 
Experience: Intermediate
Platform: NinjaTrader, T4
Broker: IQFeed
Trading: 6E
Posts: 358 since Oct 2009
Thanks Given: 6,868
Thanks Received: 869

Kevlar, bullets & batteries checked and ready...
08:23 T-Minus 7...weapons live...head on swivel...eyes peeled...prepared to engage.

Trade #110
08:30 Short on valid setup. Win or lose, it's irrelevant. Record the trade, watch it, and learn...
Entering at the open...again. FOCUS SCRUB!
T1 and T2 are the same.
08:32 Objective achieved. +12 ticks.
Record results, stabilize/regroup, and prepare for the next assault. Focus only on the task at hand.

Trade #111
08:34 Short on valid setup. Win or lose, it's irrelevant. Record the trade, watch it, and learn...
T1 and T2 are the same.
08:35 No Joy. -10 ticks.
Record results, stabilize/regroup, and prepare for the next assault. Focus only on the task at hand.

Trade #112
08:50 Long on valid setup. Win or lose, it's irrelevant. Record the trade, watch it, and learn...
T1 and T2 are the same.
08:51 Objective achieved. +12 ticks.
Record results, stabilize/regroup, and prepare for the next assault. Focus only on the task at hand.

Trade #113
09:05 Long on valid setup. Win or lose, it's irrelevant. Record the trade, watch it, and learn...
T1 and T2 are the same.
09:19 Objective achieved. +12 ticks.
Record results, stabilize/regroup, and prepare for the next assault. Focus only on the task at hand.

Trade #114
09:21 Long on valid setup. Win or lose, it's irrelevant. Record the trade, watch it, and learn...
T1 and T2 are the same.
09:28 Objective achieved. +12 ticks.
Record results, stabilize/regroup, and prepare for the next assault. Focus only on the task at hand.

Trade #115
10:09 Long on valid setup. Win or lose, it's irrelevant. Record the trade, watch it, and learn...
Holy ****! It spent most of the time below water! Do you see the value of discipline! Stick with it!
11:55, 11:56 Objectives achieved. +14 ticks.
Record results, stabilize/regroup, and prepare for the next assault. Focus only on the task at hand.

Trade #116
12:20 Long on valid setup. Win or lose, it's irrelevant. Record the trade, watch it, and learn...
T1 and T2 are the same.
12:28 No Joy. -10 ticks.
Stopped out to the tick before price powered higher.
Record results, stabilize/regroup, and prepare for the next assault. Focus only on the task at hand.

Trade #117
13:31 Long on valid setup. Win or lose, it's irrelevant. Record the trade, watch it, and learn...
T1 and T2 are the same.
14:12 Target hit multiple times but no fill... Stop to b/e.
14:28 Target hit multiple times but no fill...
14:32 Objective achieved. +12 ticks.
Record results.

Cease active engagement... mission complete... stand down...
14:33 No more new orders.

AAR
  • Objective: Follow mission plan with extreme prejudice.
  • Outcome: Second day of my 2-car phase was a winner. One of my trades was stopped out to the tick before powering higher. But I took all of the setups and held them per my plan. Mission was accomplished.
  • Observations: Today was a much better day for my attitude and focus. However, after my stop-out-to-the-tick I found myself starting to look for ways to avoid them. I do intend to look for a way (or ways) to improve my method later, but I need to stay focused on my exercise for now.

I'll be taking the day off tomorrow, so I'll be back to trading on Tuesday.



"Is it hard? Not if you have the right attitude. It's having the right attitude that's hard." - Robert Pirsig
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  #57 (permalink)
 
AttitudeTrader's Avatar
 AttitudeTrader 
Dallas, TX, USA
 
Experience: Intermediate
Platform: NinjaTrader, T4
Broker: IQFeed
Trading: 6E
Posts: 358 since Oct 2009
Thanks Given: 6,868
Thanks Received: 869

I'm buried with work from my other job this holiday weekend so I'm late getting this posted and I'll be working all weekend.

Military mode is still in full effect, because I'll have to be focused and highly effective with my time and energy in order to get all of this work completed and be rested and ready for trading on Tuesday morning.


A review of the week

Marine recruits are welcomed to either MCRD (Marine Corps Recruit Depot) San Diego or MCRD Parris Island.

Recruit Training is 12 weeks. It takes 3 months for the "transformation" to occur. And that just gets you in the corps.

I see something of a parallel with my current training, and my first thought is....

Welcome to DTRD (Day Trader Recruit Depot) Dallas.


I'm beginning to firmly believe that the most effective way to become a successful day trader is through a transformational process similar to Marine Corps Recruit Training.

My current exercise in consistency so far is showing me how short-sighted my view of my own development has been. I'm realizing how much longer it will take - and how much discipline it will require - to build the skills and attitudes necessary to become a consistent, competent, confident, and successful day trader.

I feel like I've been at this exercise for ages, but it has only been a little over a month (20 trading days). And while I've already developed a much different perspective, I see more clearly how far I have to go yet.

Additional benefits of this exercise

I'm finding that the benefits of this exercise are extending beyond just my trading work.

I have become more focused and effective when I'm doing my other job which is extremely helpful right now.

It's also motivating me in my health and fitness. I'm eating in a more disciplined way and my exercise is far more consistent and effective.

It's having the effect of making my body feel better while I'm trading. As I sit at my trading desk each day I feel the slight soreness and bulge of my muscles, and it causes me to sit up straight and strong. It's giving me a surprising boost to my mental toughness and my ability to stay the course through this difficult process.

It is also affecting my mental clarity. My diet is free from a lot of garbage that I used to eat and because of it I find my mind much clearer and more alert than it used to be. I don't find myself nearly nodding off mid-morning or mid-afternoon like I used to.

The bottom line

The bottom line is that this exercise so far is worth its weight in gold. I don't have a specific time frame for ending this exercise, and for the time being it will remain that way.


A look at the stats

Expectancy has popped up slightly over the 20SMA due in large part to the good day on Thursday using 2 lots. So far I've only had one trade using 2 lots where the second target exceeded the first target level. I'll have to wait for market conditions that will give more of those.



Profit-wise I had a pretty good week (for me), but my maximum drawdown was significantly higher this week too.


"Is it hard? Not if you have the right attitude. It's having the right attitude that's hard." - Robert Pirsig
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  #58 (permalink)
 maxtrading85 
Chicago
 
Experience: Intermediate
Platform: TC2000
Trading: Stocks
Posts: 2 since Feb 2013
Thanks Given: 5
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Keep it up AT. Reading your journal is a really great way to see what goes on in a Trader's mind as it relates to different psychological aspects of trading. All the best with your trading. Looking forward to more posts by you.

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  #59 (permalink)
 
AttitudeTrader's Avatar
 AttitudeTrader 
Dallas, TX, USA
 
Experience: Intermediate
Platform: NinjaTrader, T4
Broker: IQFeed
Trading: 6E
Posts: 358 since Oct 2009
Thanks Given: 6,868
Thanks Received: 869


maxtrading85 View Post
Keep it up AT. Reading your journal is a really great way to see what goes on in a Trader's mind as it relates to different psychological aspects of trading. All the best with your trading. Looking forward to more posts by you.

Thank you MT85.

-AT

"Is it hard? Not if you have the right attitude. It's having the right attitude that's hard." - Robert Pirsig
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  #60 (permalink)
 
AttitudeTrader's Avatar
 AttitudeTrader 
Dallas, TX, USA
 
Experience: Intermediate
Platform: NinjaTrader, T4
Broker: IQFeed
Trading: 6E
Posts: 358 since Oct 2009
Thanks Given: 6,868
Thanks Received: 869


Kevlar, bullets & batteries checked and ready...
08:23 T-Minus 7...weapons live...head on swivel...eyes peeled...prepared to engage.

Missed by seconds...
When clock hit 08:30 I entered my entry order but just seconds before that price hit my level and moved to target. Orders canceled.

Trade #118
08:40 Long on valid setup. Win or lose, it's irrelevant. Record the trade, watch it, and learn...
T1 and T2 are the same.
08:48 Objective achieved. +12 ticks.
Record results, stabilize/regroup, and prepare for the next assault. Focus only on the task at hand.

Trade #119
08:54 Long on valid setup. Win or lose, it's irrelevant. Record the trade, watch it, and learn...
I don't like taking this one at all. Price spiked up hard and now I'm buying at the top. You already know that you're going to find yourself in the **** like this! Stick to the mission plan so we can succeed with the long term campaign!
T1 and T2 are the same.
09:03 Price has pulled back below my entry on 2 more bars now. We don't care if we win this particular skirmish! Keep your head!
09:07 Now a new low... Stand steady recruit!
09:14 No Joy. -10 ticks.
Stopped out to the tick before price returned to target.

Trade #120
09:34 Long on valid setup. Win or lose, it's irrelevant. Record the trade, watch it, and learn...
T1 and T2 are the same.
09:46 Objective achieved. +12 ticks.
Record results, stabilize/regroup, and prepare for the next assault. Focus only on the task at hand.

Trade #121
09:48 Long on valid setup. Win or lose, it's irrelevant. Record the trade, watch it, and learn...
T1 and T2 are the same.
09:52 No Joy. -10 ticks.
Record results, stabilize/regroup, and prepare for the next assault. Focus only on the task at hand.
Stop exceeded by 1 tick before price returned to target.

Trade #122
10:16 Short on valid setup. Win or lose, it's irrelevant. Record the trade, watch it, and learn...
T1 and T2 are the same.
10:28 No Joy. -10 ticks.
Record results, stabilize/regroup, and prepare for the next assault. Focus only on the task at hand.

Trade #123
10:40 Long on valid setup. Win or lose, it's irrelevant. Record the trade, watch it, and learn...
T1 and T2 are the same.
10:55 Objective achieved. +12 ticks.
Record results, stabilize/regroup, and prepare for the next assault. Focus only on the task at hand.

Trade #124
11:04 Long on valid setup. Win or lose, it's irrelevant. Record the trade, watch it, and learn...
T1 and T2 are the same.
13:02 Objective achieved. +12 ticks.
Record results, stabilize/regroup, and prepare for the next assault. Focus only on the task at hand.

Cease active engagement... mission complete... stand down...
14:30 No more new orders.

AAR
  • Objective: Follow mission plan with extreme prejudice.
  • Outcome: A bit of a rough day. One of my trades was stopped out to the tick before powering higher, and another was only stopped by 1 tick before moving to target too. But I took all of the setups and held them per my plan. Mission was accomplished.
  • Observations: Lack of directional conviction by the market hampered my results, but there was enough movement to make it a profitable day. I've had a few to-the-tick stop-outs lately. In fact it seems like a lot. But herein lies the value of keeping stats. According to my spreadsheet, of 124 trades so far, only 5 trades have been stopped to the tick, and only 3 trades have had stops exceeded by only 1 tick before moving back to target. Not enough at this point to make any changes.


"Is it hard? Not if you have the right attitude. It's having the right attitude that's hard." - Robert Pirsig
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Last Updated on June 30, 2013


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