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Journal : Trading and training the mind - Giddy Up!!!


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Journal : Trading and training the mind - Giddy Up!!!

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  #71 (permalink)
 
Oiler's Avatar
 Oiler 
Toronto Ontario/Canada
 
Experience: Beginner
Platform: Interactive Brokers
Trading: NQ ES QQQ SPY
Posts: 103 since Sep 2015
Thanks Given: 309
Thanks Received: 73

Morning trading felt better than expected.
Getting the poor trade closed up, helped redirect energies into flow of todays action. Loss aversion puts me in the state of inAction.

Taking action and being strategic is the key to getting back on track.

Ask "How can I make my trade more strategic"?

Once the new action is clear and made, the new direction opens new focus and learning.

Going forward I am going to trade level to level. Swinging for the fences is not in my rule book.
Striking out does not mean there are pitches after 3 misses----walk away and have a seat.
Trend and S/R - keep it simple.

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  #72 (permalink)
 
Inletcap's Avatar
 Inletcap 
Murrells Inlet SC
 
Experience: Advanced
Platform: Tradestation
Trading: ES, CL, ETFs
Posts: 9,159 since Dec 2012
Thanks Given: 9,765
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Oiler View Post
Morning trading felt better than expected.
Getting the poor trade closed up, helped redirect energies into flow of todays action. Loss aversion puts me in the state of inAction.

Taking action and being strategic is the key to getting back on track.

Ask "How can I make my trade more strategic"?

Once the new action is clear and made, the new direction opens new focus and learning.

Going forward I am going to trade level to level. Swinging for the fences is not in my rule book.
Striking out does not mean there are pitches after 3 misses----walk away and have a seat.
Trend and S/R - keep it simple.

Lol. Reread my post on the very first page of your journal. I told you you would think I was crazy but all you need is what you just discovered above... Keep at it and things will start to work for you.

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  #73 (permalink)
 
Oiler's Avatar
 Oiler 
Toronto Ontario/Canada
 
Experience: Beginner
Platform: Interactive Brokers
Trading: NQ ES QQQ SPY
Posts: 103 since Sep 2015
Thanks Given: 309
Thanks Received: 73



Inletcap View Post
Lol. Reread my post on the very first page of your journal. I told you you would think I was crazy but all you need is what you just discovered above... Keep at it and things will start to work for you.

I suggest any newbies save themselves time and print out the sage advice from @Inletcap



Thanks again for the feedback, it can be lonely out there.

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  #74 (permalink)
 
Oiler's Avatar
 Oiler 
Toronto Ontario/Canada
 
Experience: Beginner
Platform: Interactive Brokers
Trading: NQ ES QQQ SPY
Posts: 103 since Sep 2015
Thanks Given: 309
Thanks Received: 73


Oiler View Post
Turbulant month to date.



Has been a litmus test as the strengths and weaknesses of my trading have been highlighted.



Strengths, patience - am managing to hold trades to targets.

Identifying S and R is improving.



Weakness, impatience - am continuing jump in to early. Have target entry in my mind, failing to see the trend and get blown up without a hard stop. This has caused me to hold positions overnight - which I do not mind - but doing it when it was not the plan.



Two frustrating trades from this month - both involved adding to a losing trade and at a point in day where I am showing fatigue in my decision making.



Chalk that up, Plan, always have a plan. Jumping in just because market is moving- Playing catch up - has always proved me wrong.



This morning I tallied up the trading results for past 5 months.

Business Revenue months - August/October total $2777USD

Business Expense months - Dec/Sept/Nov/YTD -$6028USD

Net Loss $3251



Five or less trades accounted the loss. Lesson, small losses need to be taken. Trade with less emtion. Trade less.



It is now 2023 and after years not trading I started again in September met 2022 with options on stocks. Was mainly selling premium. Managed almost all trades were winning.

Common fail on my end was no stops, so a few losses were painful not just $ but emotional. The emotional you cannot put a price on the damage to your mind.

In 2023 started to realize the returns from options did not give me the $ profits I desired. Or the speed I wanted returns. So back to futures.

My first couple weeks, Aug and early September were great. Up about $14,000.
Still trading without stops.

Then on Sept 20,2023 I traded during
- big need event
- no plan
- added to losers
- put in stops the took them out
- for 2 weeks held this loosing position and saw it drop about 700 nq pts on 3 units
( fortunately I have the equity).

Continue to hold as there is a discord I follow that is giving me a target on qqq I feel I can wait for.

Meantime I have had a number of consecutive days since September 20 where I would not trade. Penalty box and needed to figure out what finally needs to change.

Started trading with profit and loss brackets on very small qqq and tqqq . Some trades as small as 1 share. It tests the mind and emotions watching a trade. Funny how 1 share and 100 shares feels the same .

The ugly trade is off 265 nq pts on 3 units.
YTD trading account profits before this trade were approx $50,000.





Sent using the futures.io mobile app

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  #75 (permalink)
 
Oiler's Avatar
 Oiler 
Toronto Ontario/Canada
 
Experience: Beginner
Platform: Interactive Brokers
Trading: NQ ES QQQ SPY
Posts: 103 since Sep 2015
Thanks Given: 309
Thanks Received: 73


Inletcap View Post
Please stop reading anything about patterns. I know them all from A-Z, spent 100s of hours programming and trading them and it's all bullshit! Very convincing bs but you will not make money doing that. You will blow out your account. For that matter, disregard everything you have read about trading! I know this sounds crazy but you have a chance to learn this properly and if you don't cloud your head with fibbonacci numbers, harmonic price patterns, renko charts, cycle analytics, entry signals and all that crap you will be so far ahead of the game. 90% fail because they all do the same thing.



Truth be told, you need to first learn to define support and resistance and understand that price moves between these levels. S/R comes in two fashions- price points ( highs, lows, closes, swing high/low, etc) and volume at price. Learn this before anything. Once you have "framed" where price may travel you can work on building context by looking at price action relative to S/R.



That is a start for you that will save you more than you believe- One day you will appreciate this post- ask any experienced trader on here and they will tell you the same.





Edit- check ou this link for an idea of what I'm talking about- every morning I discuss S/R levels premarket in a very simple way.




Great advice for newbies, me included, given in 2015.
I am back into trading and am starting from ground zero.
Realize I need a good dose of discipline today.


Sent using the futures.io mobile app

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Last Updated on October 17, 2023


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