-34

I hate being right and losing money.  I thought it would go down and go down big, but one screw up trade and it triggered a cascade of bad trades.  Good first call, I should have just left it alone.  Instead I got shaken out and then a cluster of bad trades.  

My mistake was not setting my stop far away to let the move develope.  Then all the other mistakes came because of poor thinking.  Upset that I let a great day of 100 ticks be negative.  

+35

Good calls and good trades.  I could have traded more because i had some good calls as the market keep moving, but didn't do anything.  Good way to start the week.

The market was long so had to take it.  I thought we might go lower.  I was hoping for a rinse, but with such strong up move i just got out...turned out to be the low for the day

+40

The call was made based on the day chart.  I thought it would go long, so I bought it and left it alone.  30 tick stop for a 40 tick target.

The call was good and the trade was good.  I have no idea where it might go.  So the trade again was based more on my gut and not really the 5min was showing the entire move.  So while my call was good, it was not well executed.  So I have not brought my see, think and act into alignment yet.

-37

I had the lines drawn right, and had terrible execution.
Today I thought we would rally some more but the 5min chart did not support that and the 60m was in a range that it never left.  Today I kept trying to buy when the market kept going down.

So after being up 22 I ended -37.  I could have gone short, but never did.  I wonder why my actions conflict with what I see and think and I wonder why what I see and think conflict as well?

Something to ponder.  I am confident that if I can align all three each day I will do very well, until then I will have days like today or days like yesterday where I got some but not what I thought.

+31

I had no idea what was going to happen today.  I thought up, thats why there is this big arrow just pointing up.  I drew my structure in and tried to trade it.  First trade was great.  The second trade short I got out of when I realized I had just come and hit resistance.  I got long but the stop was too tight and I lost all I had made.  Then missed the real good entry but jumped in and held it.

Could have been +50.  I could have held this for more, but I have no idea where it is going.  I think the market is going up but I don't know where it is going to stop.

Market direction call was great
Trades were ok ...NOTE: went to 104.22...the price I had in my head...i hate being right and not making money on it or being right and losing money...need to figure out how to see, act and think congruently.

-31

Here is what happens when you dont believe what you see.  I saw this market and the trendlines, I thought it was going to do something else.  I traded what I thought and not what I saw...as a result I lost.  Humm...

+18

Calls were good.  I thought the market would rally some and then come off and rally back up.  I figured such a large overnight move might piss some people off who wanted to be long, so I figured we would come off and then people would buy the dip.

I wasnt here for the first move up, but I caught some of the second one.

-34

Two really good calls early but did not trade them well.  Then didnt trade well after that.  What I notice is that I need to wait for the signal to take the trade in a direction.

A good lesson I am figuring out...I may have the direction right but I really need to wait for the price signal to trade it.  Leaving the arrows on and putting them on real time is helping me alot.  Right now the trades are crappy but the calls are pretty good.

+18

Calls were good. The first one was a bit early but the second and third were great. Still trying to figure out the target areas, but I am getting direction. The trades not very good. Should have really done well today. But it is not something I am focusing on right now. Hard to study with a trade going on, so I close my short out, just before it broke.

-16

The calls:
First call was really good - execution terrible
Second call was not good, I did see the trendline coming up so I wasn't really convinced it was going down
Third call - long was right about direction wrong about how high it would go as a result bad execution.  I could have made lots of money today, but didnt.

Calls were good, execution not good.

Maybe I wont execute so that I can refine my call ability better.

+32

I havent posted in while because I have been busy.  But I think I am trying to find where I could be going wrong when I do lose.

My focus will be to post charts that show my bias when I look at a chart and then analyze how I traded my bias when done.  Today I had some great calls.

So again, going to focus on just calling the direction of the market based on what I see.  I will deal with trading it later.

Great calls today.

+18

Market Direction:
60: Last night I thought the market was going to come off and I missed the overnight trade.  I then was not around to trade early, but saw a possible entry to go short.

Market Bias:
Short and I thought it was going to run so I was looking for 50 plus ticks.

Trades:
Sold it and put a 30 tick stop in and held to close and got out on the low.

Congruence:
Traded good and all was well.

+110

Market Direction:
60 long but coming off the top
5 short

Market Bias:
Looking for a pull back to go long.  Market never really set up for the long.  After number the short was perfect and took it

Trades:
Long: loser
Short: big winner...got out on the dead low... nice out I guess.  It was 93 ticks.  Plus overnight I had gotten 70 on the move up.  So just in two trades I was up 160.  Not a bad day of work.

Thoughts: Not going to trade the next couple of days. I have to get the house packed.  But I am definately on track for a combine.

+1

Market Direction
60m: short but in a pullback on the 240 and daily.
5m: short and wedging

Market Bias:
I was looking for shorts but didnt really know where it would go.

Trades:
Short: for a loss.  I thought it could break down and run, but it didnt
Long: I missed the break out and then took 2 trades for break even.  There was no pullback.  The market wasn't going to let you in without a jump.  I jumped but without the ability to risk any money so I bailed on good trades.
Long: The last long was me realizing that if the market isn't going to give me a signal then I would just jump on and I did.  I put my stop within my daily loss limit and let it go.  I had nearly 30 ticks in the trade and could have closed it for a decent winning day.  But I am not trading for 20 ticks if my trade plan is calling for more.  Today I thought we could really break up.  But it didnt and I watched the chop and closed it at the close to bring me up for the day.

Congruence:
I did not trade the beginning very well but the rest of the day was good.  I felt good and was willing to lose money while winning.  This is a big point.  The reason my initial longs failed was because I was not willing to lose the money to take the trade.  So I made a bad decision.  If I am in a trade and it is still working, don't bail.  I have cut many a winner short because I was not willing to lose and got shaken out of a trade because I was afraid.

+53

Market Direction:
60m: double top with divergence
5m: short but lots of support

Market bias:
I was looking for small targets.  I didnt think the short had an strength by the way it pulled back before the open.  But I was willing to trade long and short.

Trades:
Short, was early and I got stopped.  I got short off a failed double top.  But got in late and it cost me 10 additional ticks.
Short again and made back my loss.  This was a nice trap, again not the best entry on my part. Had I been sitting at the computer I would have gotten a bit more out of it.
Long: after the failed break of the low I got long and held it.  I thought we could make HOD but didn't.  I took profit at the high
Long: again after a pullback and basically a BE on the trade.

Congruence:
I traded based on my plan and traded well.  I am trading different.  I am no longer taking small targets unless I have the conviction that they are the right targets to take.  I am not trailing for fear of it coming back.  I have a plan and I trade the plan.  It helps to walk away and not stare at the charts.

+59 --- Week 1 = 177

Market Direction:
60m: unable to go lower and break down...trapping shorts
5m: long

Market Bias:
Looking for longs and willing to take a full stop to get it.  I really felt it was going to run and I could get a big winner.

Trade:
Long and winner

Congruence:
I felt the market was long and traded based on the conviction of my thoughts.  Good day

-23

Market Direction:
60: flat
5: flat and oscillating

Market Bias:
I was thinking small targets.  No real sense of direction.  But with the upward push, was looking for small long winners.

Trades:
Short: small loss
Long: small loss
Long: bigger loss

Congruence:
I didn't like what I saw, but thought I traded it smart.  But I really should have just walked away.

+57

Market Direction:
60m: long
5m: long

All the big time frames are long

Market Bias:
Long.  I was waiting for a pullback to get long.  I was not going to trade short today.  I knew I should hit singles in the channel but didn't.  Out of the channel I was looking for a runner.

Trades:
Long but got shaken out from fear for a small loss
Long again and just held it taking profit on a few lots to bring me back to BE.  My original target was 103.08 but held for 103.34, 103.55.  I was taking profit on the way up.  It was nearly 100 ticks on the trade but only net 57 with 10 lots.

Congruence:
I did not act on what I saw and thought and felt.  I acted early based on fear and just got lucky on the direction.  I was willing to lose today, and it was reckless.

+60

Market Direction:
60m: Long
5m: Long

Market Bias:
I like the market long, but figured that we would need a pullback to go long and that it would take a while for the long to set up. Lots of resistance in this area.  Looking for a break and run for big ticks after pullback, but protecting the entry.

Trades:
Long early morning for a loss
Long after break of congestion.  My first target was 80 but I was going to try for 102.00 but didnt hold it.

Congruence:
I had a plan and traded it accordingly.

+24

Market Direction:

60 min - short

5 min - short

1 min - short

Market Bias:

I saw some support on the 60min so I figured we could be going long on a bounce but was also aware of the short.  My targets were going to be small due to the transition the market could go through in order to get long or take out weak shorts.  Today I was going to hit singles.

Trades:

1. Long - no real foundation for long, small loss

2. Short - thinking we will take out the low and reverse

3. Long - thinking we will take out some previous HH

Congruence:

I acted in my best interest.  I executed based on my trade plan and thoughts.  I saw the market and clicked based on sound thought.  

 

-31 (1) the death of a dream

After all my years of doing this it is finally over.  I will be closing my account and my charts.  It has been an amazing journey.  But one that finally comes to an end.  I am concerned about what will happen the next several months.  But something must.

-52 (1)

I guess you  could call it a blowout.  I was never really prepared to walk away at -20 or -30.  I just kept trading.  It hurts.  I have 33 ticks left in my account.  I think I am going to risk 10 per day and see how I do.  What can I say...boo.

+21 (1)

I spent alot of time yesterday just writing out stuff about trading.  I spent time thinking about trading.  I spent time fearing my future with trading.  I noticed that I spent alot of time hoping and not trading.  I was -25, mad, scared, and frustrated.  I shut down the machine, went and prayed with my wife, and then left for some training I am doing for a volunteer program at my daughters school called Destination Imagination.  The training was canceled so I came home, opened my charts and thought that it was finally going to do what I thought.  I took 1 trade and held it until it broke my leg line.  I went from -25 to +12.  I was happy.  I am happy.

I wont detail the psychology behind each of my trades but I will post some questions that I think are vital for me at this stage.  From Brent Steenbarger:

Emotional Patterns

How did I feel before?

How did I feel after?

Behavioral Patterns

How did I prepare for this trade?

How did I manage the trade?

Cognitive Patterns

What was I thinking to take the trade?

How was my concentration?

Physical Patterns

What is my energy level?

What is my tension level?

Trading Patterns

Review Trade Evaluation note

Did I do any of these today and if so why?

1. Placing impulsive, frustrated trades after losing ones.

2. Becoming risk-averse and failing to take good trades after a losing period.

3. Becoming overconfident during a winning period and taking more marginal
and/or unplanned trades.

4. Becoming anxious about performance and cutting winning trades short.

5. Oversizing trades to make up for prior losses.

6. Ignoring stop-loss levels to avoid taking losses.

7. Working on your trading when you’re losing money, but not when you’re
making money.

8. Becoming caught up in the market action from moment to moment rather
than actively managing a trade, preparing for a next trade, or managing a
portfolio.

9. Beating yourself up after losing trades and  losing your motivation for
trading.

10. Trading for excitement and activity rather than to make money.

11. Taking trades because you’re afraid of missing a market move, rather than
because of a favorable risk/reward profile for your idea.

-38 (1)

There is a difference between trading what you see and trading what you think will happen and waiting until it does and then executing what you see.  I tend to have a very itchy click finger.  I have the tendency to be fooled by movement.  I see movement and I stop thinking about what I know and react based on the gamble.  I often find myself watching price and just waiting for it to do something so I can get in on it.  Instead, I should be thinking like a chess player, if this then that.  If the market forms this bar then I will do this.  I can see the market very well.  There are certain movements that I know will happen based on the formation of one bar.  I think my issue comes in based on fear of missing out or fear that what I know about the market isn't so.  I need to trust myself more with what I know.  Trust that the time, study, and work that I have put into this skill will pay me.

Today I was -34. I was clicking and not waiting for a pattern that I liked.  I know that I should have stopped but the truth is that I needed to take a trade that lined up with what I know.  I needed to trade to build some confidence that I can see and execute properly.  So I traded some more.  I was -16 at one point and then my trades just didn't work out.

I took one more trade late, and lost.  :(

+5 (1) ---- Week 1 Live +5

It has been nearly 4 months since I started this blog in hopes of fixing myself to trade live.  In the process I rolled and failed a combine.  I created a success chart and managed to overcome the issue of blowout days; which happened to be my arch enemy.  I am finally making money.  My goal is to pull away from the starting line with my small account and make a living off this.  I know I can do it.

I decided to trade live today.  I was nervous and my heart was racing a bit.  But it doesn't matter.  You have to perform.  On the day of the big race you get to the line nervous, but you trust your training to kick in and carry you through.  I had a long bias all day.  But to be honest I knew it would be kind of choppy and limited runs.  I traded well.  I managed risk well.  I managed my trades well and I end up winning.

I decided that each week I will pay myself from my account.  So today I requested a check for 40.00.  Its a start and I am happy about it.  I think I requested too much but that is ok for now.  Next week I will do only half of what I make.

+39 (2)

I thought the market was short and got chopped up -10 before I got short and held it down.  Overall I am dead tired.  I only slept 20 min last night as I drove home from VA.  But I wanted to trade today.  I will start live soon.

+30 (1) --- Week 14 +148

I traded well.  First trade was to go short, it was early but I thought it would bounce off the top...-5.  The second was BE and the 3 went down fast and finished off the week.  I then marked another 70 ticks live.  All in all I had a great week.  Confidence comes from both belief and action.  I acted in my best interest these days of trading.  I am taking more profit on each of my trades, or rather holding to better areas and executing a better trade plan.  I feel like I am developing some trust in myself.  This is a big point in being able to be successful.  I need to trust myself.  I need to trust that I will act in my best interest but taking trades, holding trades to completion, adhering to my stops, and walking away when done.  Each day I do this I build confidence.  It is like driving a car.  Each day you do it successfully, you get better and your confidence increases.  Today I had some good self talk when I got stopped and then had the BE.  I had spent some time yesterday thinking about how to react in situations like that so that I wasn't getting mad a myself.  Here is an excerpt from Steenbarger on coping with stress.

+31(1)

First trade was perfect.  Second trade was against what I was thinking and it was a loser.  Third trade was poor execution but all else was great.  I thought the market was coming off today so I was thinking short.  Not much to say. I am not reading much on the mind these days, just busy with life trying to get into med school and help my wife with her art.

+21 (1)

I took a short with a 5 tick risk at support.  It worked.  I had a plan and executed it.  I had a 40 tick target but it was kind of random so I took it off only to watch it be hit.  I am happy with 20.  I am happy that I go out this week doing very well.  Not much to say.  When you day ends in 20 seconds, hard to reflect about what happened.  Also I decided that when I am done I am going to walk away.  No more watching, I find that I get discouraged, either by making poor choices or missing out on moves.

+30 (1)

Great trade today.  I saw the leg put in and realized that because it failed to go to extension it must be changing direction.  It also broken the downward leg momentum, I bought and held it up to a fib retrace as I trailed it.  I felt great about my trade.  It was according to plan.  Score was 0, perfect all round.