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Since the first post of this journal, I have downloaded market replay data from Jan 1 - Feb 16 for ES, CL, ZB, ZN, GC plus a couple of other instruments.
I have learned some things about the ladder. Those things are:
- on the left column, it displays the number of bids at those prices.
- on the right column, it displays the number of offers at those prices.
- volume bars are to the right. These bars represent how many contracts were bought or sold at that price
- when the prices flash with a number in brackets, that is the number of contracts that were just bought/sold
- the larger the size, that is, the higher the amount of open orders on one side of the ladder, the more likely it could be indicating that large players are favouring that side of the market.
In the middle column of the ladder, it displays the prices.
At the top of the ladder are the higher prices, towards the bottom of the ladder are the lower prices.
On some ladders there is a horizontal coloured line, which represents the high of the day. There is also another horizontal coloured line, which represents the low of the day.
In terms of psychology, I think the most important key elements are to have a detached mindset towards money and also the ability to remain calm and being disciplined to close out trades when you can clearly see the setup is not working in your favour.
A good trader will not dwell on past losses and past wins. They know each day is different and a fresh start.
Here's a list of things I should do, or at least investigate before risking capital:
- decide on a few of the best markets for my timezone (Asia-Pacific)
- watch the ladders for those mini contracts in NT
- record my screen (and preferably, also my audio) when I am watching the ladders and practicing on market replay
- investigate brokers
- practice my breathwork
- continue to pursue my hobbies and interests
- continue to read material from my list of "to-be-read" books and articles
- keep learning from good YouTube channels
- continue to stay hydrated
- maintain my strength training routine
- maintain a "playbook" (including the statistics, normal daily ATR, how many up days, how many down days, etc) of the markets I'm watching/trading/researching/practicing
- ...more to be added!
As time goes on, it is very likely I'll be adding more items to this list.
I have been kind of thinking... and the thoughts I've been having are along the lines of:
"Do I want to return to trading?"
"Is trading something I should be doing?"
"Can I afford to lose?"
"Would losing the entirety of my initial capital be too painful?"
I keep thinking about what some educators say when they are being asked about advice for beginner/inexperienced traders.
Most trading educators who are good and well known will say "don't trade if you cannot afford to lose".
I believe I am in this category of "not being able to afford to lose".
Another day, another entry into my trading journal!
I played The Sims 4 yesterday and today. The excitement and joy I felt was beyond the joy I have ever felt compared to when I am trading, sitting in front of the charts (in a previous trading life) and more recently, watching market replay.
This is why I'm seriously considering not even continuing my personal journey of learning futures day trading.
But, today I was thinking about a quote on a bookmark that was given to me by a good friend many years ago.
The basic message of it was basically, "We get tired in life when we pursue our goals. Rest if you must, but don't quit".
I think instead of "forcing" myself to chase after this trading dream - I think I'll rest a bit and just do what I enjoy - playing games and whatnot.
Subconsciously I've linked success in life means being a successful trader - which I think is a lot of pressure to put on myself.
So many people do not even know what trading is, and they live happy lives, full of joy and contentment.
I might drop learning the price ladder and instead automate some of my trading ideas using the Strategy Builder in NinjaTrader.
Trading futures is much cheaper and the pricing is more transparent.
I am currently backtesting ideas using a software program called "Naked Markets" - which is for instruments mainly traded on Metatrader and TradingView.
I believe this approach will improve my trading results. Backtesting is no guarantee of future results, but it's a good start.
I'll do a search and hopefully come up with a list of threads discussing futures trading automation.
If anyone would like to share links or names of educators who are about futures (no CFDs, please) trading automation, feel free to reply and thank you in advance!
Just be careful backtesting, because about 90% of people do it incorrectly. There are a ton of pitfalls to it. I believe there are webinars here that have discussed some of the issues.
