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Concurrently, it was always super solid when everything hit, and you allowed your winners to run. I basically have two different accounts I'm SIM trading with and two different strategies! Although I didn't really have the opportunity to trade much last week health has been kinda gnarly , I was up over last week, trading on the 30min timeframe, on my phone. Granted, that doesn't mean much, when you have a massive, imaginary account, but of all the trades I made last week, I think I got stopped out on one, and had probably winners.
I remember Bulkowski saying that "the longer the timeframe, the more meaningful the chart pattern. I've found that, given my schedule, this may be a more ideal way of trading, rather than killing myself, doing 14hrs in front of a computer monitor, 5 days a week. I love high frequency trading , but I love money more hah , and if this is going to be the more profitable method for me and it has the added benefit of allowing me to be less hands-on, and less stressed about positions fuck it - I'm down!
Anyway, we will see how things continue, over the next few weeks. As of now, I started at 10k, and am around I'm probably being overly cautious, but I'd like to have everything down to muscle memory, so I can be totally robotic about my entries.
Hope everyone is doing well. I love high frequency trading , but I love money more , and if this is going to be the more profitable method for me and it has the added benefit of allowing me to be less hands-on, and less stressed about positions fuck it - I'm down! Well, after backtesting in SIM for the last few weeks, I have finally started to transition back into live trading. This morning, I only took a handful of trades 5 I think? I was pretty anxious on some of them, I was trading larger contracts , relative to my account size NQ, 6E which has greater risk, and was mostly scalping.
Also, I found a great group of guys on Facebook that I have started a conglomerate of sorts with. Each of us is responsible for watching a certain sector of the market I.
We have a discord, where most of us have been hanging out and sharing important levels throughout the day, and we are meeting once a week either Saturday or Sunday after the COT report comes out, to inform each other on the market. If anyone else is interested, please let me know! Thanks again for reading! Hope to begin posting again regularly, now that I have something valuable to share, hah. A phenomenal excerpt from a trading psychology book by Randee Howell really to internalize the concept of how our beliefs outlook create our experience.
He compared the market to a vast ocean, and we as traders are but a single fisherman, in a very small boat. Fear itself becomes a self fulfilling prophecy. So, I'm continuing to read Randee Howell's book on trading psychology, and it has brought a lot of my issues to bear. I was trading too big for my position size, would enter on FOMO , and pull good trades before they had time to mature, or not hold them long enough.
I have to say, I am really proud of myself for having the guts to get back into the market, despite my "recency syndrome" that has created a sort of mental block, in my trading. Fortunately, the mindset I'm bringing to trading has a great deal of self-awareness, comparatively. Prior to that, I noticed that my heart would start racing quite a bit, when I put risk-on, and that tilting, so to speak, caused a great deal of my problems.
I would jump in and out of positions way too much, cut trades before they matured, or close out at breakeven if they showed any weakness. It was clear that my trading method would not allow me to "hold" through a drawdown , setting stops too tight, and hesitating too great a time before entering a trade. I was also guilty of FOMO, and trying to chase the market at times. On the technical side, I've been very fortunate to have a great trading group on discord, and a solid set of rules to govern my decisions.
I'm also taking trend trades off the 2nd and 3rd waves, and finding reversals when I see a momentum shift on the MACD. Anywho, like I said, I'm really, really proud of myself, for having the courage to face the market again.
I spent a great deal of time trading on SIM, and honestly, I am not sure if it helped. Although it helped me to practice my trading method, so much of my issues revolves around my mental game. Like Randee Howell says - you trade your beliefs, not your method, and your beliefs are ultimately reflected by your emotions, which - in my case - was governed a great deal by fear; that fear became the cornerstone of my trading practices, and the work that I am doing greatly helps me to control it.
With that, the mind that I am bringing to trading is a lot different than the one I had before. I feel more comfortable putting risk on , and I'm not constantly jumping in and out of trades all the time. I feel more comfortable letting a trade move against me, and am not constantly exiting them to cease the discomfort. Like I said, I'm really proud of myself, and feel that - ultimately - this will continue to have a positive effect on my trading performance.
Edit: Just ended my day. The following user says Thank You to Wizard3ootz for this post: bobwest. It is definitely a journey, isn't it?
Whether coincidental or not, I seem to have become better at trading since I started meditating on a regular basis. Sounds kind of "woo-woo", but I now find it much easier to sit and watch the chart, not feeling the need to trade unless I see the proper setup occuring.
If I happen to not find a trade, I still find the chart study interesting and am able to get up and walk away from the computer without feeling frustrated. I know that as my trading becomes more consistent all I will need to do is increase contracts , not necessarily trade more often.
I haven't read the book you reference yet, but plan to do so soon. I recently went back to the methods you shared with me and have at least temporarily removed big trades, profiles, depth and footprints from my charts.
I had too much going on! Since then I am doing much better. As I get this system committed to "mental muscle memory", I will once again look at those tools one by one as I do think they provide valuable insights to the markets. It's been a good journey so far and I'm looking forward to seeing both of us become more successful! The following user says Thank You to Wizard3ootz for this post: Rrrracer.
So, in the past several months, I have definitely started to come into my own. Having incurred serious losses when I first started trading futures was difficult, to say the least, but because i persisted, I feel like I have started to incur some measure of consistency. I journal now, after every trade, and its helped me to start analyzing my trades as a whole, rather than on a one-to-one basis.
I had a really hard time, after those big losses, in pulling the trigger. I would get really nervous before putting a position on, and sometimes my heart would start racing. Fortunately, I'm over most of that, and although there are periods when I might experience some anxiety, if a trade starts to move against me also, when i'm IN the money, and unsure whether to close out , having a specific method, in conjunction with scaling out , definitely helps me to settle my nerves.
I'm trying to go in with more contracts , as taking incremental profit allows me to rest assured that I'll walk away with something. Lastly, I'm trying to include some content that describes my thought process, while I have a position on, and I sense that that will help me to establish where my weaknesses are, and hash out any contributing factors that might contribute to mental errors like moving stops, leaving money on the table, and trading with ones' emotions.
With no further adieu Had a divergence on MFI, and then a head and shoulders pattern. Price had gone up to meet a resistance area as well. I put my stop right above it. Price started to move closer to my stop. Sellers were trying to push it down, but I got barely stopped out went 3 ticks beyond my position, and then it began to break down.
Also, I should have noticed the bullish behavior, as we broke the trendline that had preceded my entry. Looks like we might just be trading sideways, rather than reversing. We were also reaching a support area. I noticed that there were trendlines coming down on the ST chart, and I started to get nervous that it was going to break lower.
I decided to pull my trade, making a few ticks. Fortunately, I was right, and just after I got out, it went a few ticks higher, and then broke lower, which would have stopped me out.
Had I noticed that we were in a solid downtrend on the ST chart, I might have been a little bit more careful, in entering my trade. You have longs and shorts battling on the same ground, for different reasons, and there were a lot of longs that got trapped out right after I exited.
Unfortunately, I got stopped out, and then it continued upward, where I re-entered. We had put in 4 waves already, and were starting to approach a resistance area. We were holding the trendline steadily, however. I slowly scaled my way out, locking in profits along the way.
I locked in a little on my first contract , and then it dropped, approaching my stop loss. Fortunately, buyers began to step up, and price continued further in my direction. I sold a second contract, and finally my third, just prior to the resistance area.
It was a good thing that I got out too, because the market dropped again right after I closed out my position. Also, that going in with more contracts, and scaling out is the best way for me to combat my nerves.
Had a solid day today! Got some nice scalps , and the only losing trades I took were very minimal losses. Overall, very pleased with my performance. It retracted back to the support area, and was starting to break. I wanted to capitalize on all of the long traders who would have been trapped in there. We had an extremely difficult time pushing price down, as the longs that were becoming trapped defended their position.
Delta was still on my side, though. I would have still been in. I think its important I consider that before I enter. It was bouncing off of the 34EMA, after having put in a pretty big move. The second bar had strong positive delta, and I was strongly considering pulling my the trade. Unfortunately, the buying was really strong, and I was eventually stopped out for a small loss.
You would have benefitted from putting it on the other side of the EMA in the future, rather than one tick above the high of your signal bar. Also, it might be safer to wait until the first pullback , before entering on a reversal.
I took off one contract after a few ticks, and left the other two to ride. We bounce off the 50SMA, and came back up positive delta was coming in. Fortunately, we overwhelmed the buyers and were able to break through the 50SMA.
I got out at the support level down below, rather than wait to hit the trendline, knowing that would provide support. Keep it up! It retraced back to the trendline from the descending triangle, which became support. It broke all the way down to the 50SMA, and slightly beyond, before it hit support at the trendline from the descending triangle which now became support.
Price went up, and I took off one contract at a pretty decent level, and then it began hitting resistance. The shorts were pretty strong, and were pushing price back toward my entry. I had moved my stop up from one tick below the swing low, to one tick below my entry, so I was starting to get a little bit close to being stopped out. I decided to take off another contract, and finally the third, as we were putting in negative delta. The shorts continued to push extremely hard, putting in a massive amount of pressure.
I ended up leaving some money on the table, because the longs WERE nearly able to push price up to the previous swing high my initial target , but they had a tough time doing it. It created a double top , and then completely dumped down the short side.
I WOULD have been stopped out, given having moved it up near my entry, however, had I left it where it was, I would have been able to stay in and make another 20 ticks or so. I'll have to look more into that into the future.
However, there was massive selling on the short side saw bigtrades for 75, 30, and contracts short so clearly it could have gone either way. Holy shit!! Clearly, there is certainly an element of luck to trading, however, my strategies, decisiveness, and confidence in entering my positions have all improved remarkably I scaled out , taking off some of my size.
The longs started getting absorbed though, and it started to turn against me. I decided to close out, but unfortunately, it punched right through immediately after, going another ticks sadly.
The market is just taking out all the offers. You should take more comfort leaving your last contract on the table. We had been stuck in this area, accumulating, but we were just starting to break through. I was falling victim to FOMO a bit. I decided to get out as quickly as I could, taking off some risk, considering how wide my stop was. Fortunately, I was able to get out with my skin intact. You need to be more patient, and wait for a proper reversal before going in.
I almost closed out early, to be honest, because we were sitting at delta, but eventually, we dwindled down the offers and were able to punch through. I could have made more. Also, right after I exited, price reversed quite a bit lower, and then the longs pushed it up again. I could have re-entered even, and made a little more money. Price was starting to make lower lows, and was hitting support at It went a good number of ticks in my direction, and I took off one contract at R1.
However, it started to hit support at the 34EMA. There were a few bigtrades coming in on the long side , and delta was turning green, so I decided to get out. They pushed price 5 ticks or so from my entry, and then it began to drop again. If you enter right when a key level is about to be broken, it will give you a lot more momentum, and relative safety. There was definite support. There was a fair amount of buying, and delta actually flipped to green.
I got spooked, and decided to get out of the trade for a quick scalp. Unfortunately, it pushed quite a bit lower only seconds after I exited, and I could have gotten a little over 2x what I did.
I could have also taken off half of my position, or one contract, instead of taking off all 3. Price was very slow going at first, but we were approaching the 50SMA as well as R1.
I entered as soon as R1 was broken. However, I think I am going to start trading these more often, because you can clearly grab a really nice momentum move when all of the other traders get stopped out! H: Tick H: Tick. Solid trading day today. You'll probably notice that my charts look a ton different, and exceptionally naked - hah.
So far, its actually worked exceptionally well. Additionally, I was able to see a LOT of the mistakes that I was making, trading primarily from the tick chart. Most notably, when the market would appear to "bottom" and started making higher highs, I had falsely identified it as being a reversal.
Inevitably, we would start to put in another leg up, and then BOOM - everyone gets trapped out, and sprints for the door. I am elated to have identified a significant flaw in my trading strategy, and feel stronger because of it. It settled down into a trading range , and tested the high. Although I missed a great entry at the failed break above the session-high, I was able to scalp a nice trade off the pullback. We made a pullback, falling just short of the 21EMA. I saw the trap developing, so I entered short.
Prices moved effortlessly in my direction, and I was able to grab a nice scalp. Also, waiting to trade counter-trend until we have tested the high, and failed. I should definitely think of investing in a lease. With that, keep an eye out for second entries. We moved above the 21EMA, and were making a pullback.
It was really slow going at first, and I got a little bit nervous. I took profit on my first contract really early on, and made meager gains on the other two. Unfortunately, it broke out strongly right after I exited. Had I had a better entry at the support area, for instance I would have been more comfortable, leaving more room for my stop. However, given how choppy it was, I decided to get out.
Prices went up a good deal, but then started to hit resistance. Finally, they started to break through, and I got a good scalp on my first contract. However, we started to lose momentum , and began drifting back toward my entry. Unfortunately, although it pulled back pretty hard, it broke out really nicely afterward, so I left quite a bit of money on the table. You should continue entering at the trendline, putting your stop on the other side of it, like you had been.
Also, you could have taken the second entry off the trendline, after the first break failed. It then tested briefly afterward, and was moving up to test it a second time, making a small triple top. It was slow going at first, but eventually, we were able to take out all the offers, and reverse the previous candle. Wait for price to move up to resistance the session high , fail, and then retest. Enter after the retest fails, and ride it all the way down.
I was entering on the pullback. I should have put my stop on the other side of the midline, however, I was just inside it, and it was barely hit. I entered again on the 2nd entry, however, and was able to make a really nice gain. Concurrently, if you get stopped out, watch for a second entry.
So, I have been reading a phenomenal book on trading psychology - "The Daily Trading Coach: Lessons for Becoming Your Own Trading Psychologist"; the author remarks on the value of communal support in your trading ventures, having positive relationships that act as a "mirror", allowing you to reach greater depths of one's self, and lastly, transparency.
I have reasonably understood that, to a significant degree, I have only been posting on days where I feel like I have traded rather well. I'm certainly not alone in this - a good many traders out there only post when they have seen success, but are too embarrassed to bring forth their losing trades, particularly if they're especially bad.
All in all, I think it will be a positive experience though, and look forward to posting with more regularity, even if it is just a few paragraphs. The last time I posted, I had been seeing some solid success. I started to scale up, however, and that's when things started to get a little rough around the edges.
I ended up blowing up my account though, making a really stupid mistake. I was trading a reversal; there had been a major trendline break off the high, and we had put in two waves down.
I was entering off of the retrace, and we ended up breaking through the downward trendline. I let my position go way past my stop, and decided to lower my cost basis. I did it again Sadly, though, I got stopped out just before it finally broke lower ran out of margin , where I would have had a decently winning trade. Also, just take the small loss - makes no sense to add to a losing trade, particularly after the newly formed bearish trendline was broken, and momentum was coming in to the upside.
For one, I have been actively using the Footprint chart, from MZPack, particularly in watching the COT, or commitment of traders; it's essentially a cumulative delta that will track delta that's taken place after the bar has made a new high relative to itself - not the whole chart , or when the bar has made a new low.
For example, if the bar is bearish, and makes a new low, the COT low will go to zero anytime the bar makes a new low or retest a previous one, it goes back to zero ; once the bar starts to pull back, you will see the COT low increasing, showing that buyers are stepping up, invoked by the increase in positive delta. I have been using it to time my entries on pullbacks, being able to identify when we're at a likely bottom, and buyers are stepping up.
So yes, I am using that, in conjunction with watching the cumulative delta, so I can identify when there are still a great number of long positions on, for example, if I'm trying to sell the top, as well as when they start to unwind. I've also been able to take advantage of seeing absorption areas, when there is one big seller taking everything the longs will give them for example , and have everything displaying on a heatmap that's relatively simple to understand.
I'm also developing a strategy based on standard deviation , on the Volume Profile. Empirical Rule: Volume Profile: Although all of this is valuable content, I still have core issues that I have yet to resolve, particularly in the realm of trading psychology. I am really bad with holding my positions long enough, and have sacrificed a number of home-run trades, in exchange for a meager, sure-gain.
I am generally pretty uncomfortable during pullbacks, and there have been several days in the past month where I was overtrading profusely, finding it difficult to call it a day. I started recording some of videos of my trading, which has definitely been beneficial, and am hoping to utilize that content to come up with some very concise rules, and a concentrated effort NEVER to trade "from the gut".
I have had some beautiful entries, and I have had multiple instances when I WAS able to get myself to take a break.. And in the spirit of transparency, I found a biofeedback app, where you put your phone by your stomach, and it listens to the sounds of your diaphragm, creating wave-sounds that grow louder as your breathing becomes more irregular. I am hoping that, in conjunction with mental mindfulness, I can become more aware of my tendency to "spook", and use this app to relax my nervous system at the same time.
Also, because I have the P. I have found that, because of this, I have not been designating a profit target prior to entering the trade. However, in designating a profit target beforehand, I find that I have been able to release my grip on the reins somewhat, allowing the market to come to me, instead of always trying to "go to the market". I've setup my Fibonacci Extension template to automatically chart where the , , , and profit-targets are at, and will use it to slowly branch out, so I'm won't keep short-changing myself.
My goal is to enter with two contracts , taking profit on one at , and the second at to start, moving my stop to B. Anyway, I am definitely moving in the right direction.
I have a plan, I have the tools, and I have the desire. I think the rest will all come in time. Thanks for reading. Big Mike. Yes, Dr Brett is my favorite. I focused on psychology, and branched from there to risk management, instead of chasing indicators or systems. It changed my life, all of it -- honestly. Read all his books. And here on FIO he has done multiple webinars, check them out.
We're here to help -- just ask For the best trading education , watch our webinars Searching for trading reviews? BTW, I also measured my physical response alongside my trading and learned so much.
I was doing video recording as well, simultaneously recording my body plus my DOM with software. You are on the right track. Thank you BigMike!
And yeah, his writing definitely speaks to me. It seems like every lesson is just another wealth of knowledge, and I am doing my best to soak up his material. I'd like to think that gathering solid data, and building awareness around my weaknesses will help propel me where I need to be. I started using a new journal format recommended from my trading psychology book. EDIT: It seems like there were three, primary themes that affected my trading today. One - poor timing. Two - fear of loss.
There were multiple instances when I pulled a good trade, during a pullback , or had my stop too close. Three - stop placement. Twice, I had the opportunity to put my stop on the other side of a trendline, but was stopped out as it was too close. And four - entries. I entered long during a bearish divergence twice ; I also entered twice, right after the trendline and my key entry point was broken EDIT: What will I do to improve?
Prices started to retreat, however, and were getting close to my stop. I ended up pulling the trade for a few ticks, so I could still get something.
Also, I will respect my stop at B. I had put my stop below the swing low, but prices started to hit resistance at the profit mark. I neglected to move my stop to breakeven, but pulled it right as it went beyond me. Sadly, it went back up right after. F: I was trying to take a second entry, but I ended up getting in right when prices were hitting absorption. The VMA was also flattening out. If I take several losses, I have a tendency to make stupid decisions, and take trades off of frivolous signals.
Also, try and focus on taking second entries. Lastly, stop and meditate if you take two, consecutive losses. However, bulls started stepping in, and I saw imbalances on the long side, despite the absorption at the swing high. I pulled the trade, which was the right call. It was red, but very flat. There was still very high cumulative delta on the long side. Also, be careful taking short trades when the bar closes bullish even if it does have a long wick.
I entered, and then prices started to hit support, somewhat. I had realized how far I was down from the swing high, which made me a bit nervous. I set a relatively tight stop, however, I decided to pull the trade when it went a few ticks against me. A big short came in right after I did, however, and we were able to break lower. Initially things went quite in my favor; I was hoping we would hit the profit mark, however, I noticed that the COT started coming in strong on the long side, so I decided to close.
You did particularly well at catching the fact that the COT low was increasing substantially, and had the good sense to close the trade. The bulls attempted to break north of the channel, but ran into a great deal of resistance, creating some very long wicks on top. I entered when COT and delta were both in my favor. I had been hoping that we were going to break all the way through, continuing the downtrend, however, bullish momentum stepped back up and we started making new highs again.
Despite that, you made the right move to close. I looked at the VMA, and it was relatively flat. When cumulative delta is that great, its probably not a good idea to short when the market is that bullish. If you see an attempt to break north of the channel like that, it indicates strong buying interest. If support DOES step back in, then it creates a higher probability break.
Although it appeared like a bear flag, clearly the great number of longs still in the market were eager to pump it back up again. I will also make a concentrated effort to look at the strength of the bars. I will also watch the VMA, so I can see when there is significant volume behind the opposing trend.
Just wanted to take a few moments to post, even if it's just a few paragraphs, so I can internalize some of what went on today. Although today wasn't a home run by any stretch of the imagination, it was a significant improvement from yesterday.
I am starting to develop a strategy around keltner bands in setting profit targets, since part of my issue has been closing too soon. I'm also trying to work on holding through pullbacks, and although I did have one drawdown that I ended up closing that would have been a good trade I was able to hold through a much larger one, having been down about 30 ticks at one point, and still made a profit on the trade. I am trying to use the stochastic as much as possible as well, so I am not entering so deep into the move that momentum dries up shortly after entering.
My judgment was far better, overall, and I would have made some decent gains, although I got chopped up at the end a bit.
We were hitting support right at a high-volume area from this morning, and it was looking like a double bottom was forming. The bulls came in super strong, and I was trying to get in off the retrace, but I underestimated the bear's persistence, and was stopped out.
Here are some common threads: -Don't take any trades that require you to have a really deep stop Solution: max Also, for example - if you're long - trail your stop by putting it below the low of the preceding bar -Leaving far too much money on the table Solution: Set them brim of the keltner channel as your TP -Missing a lot of the good entries Solution: Define your rules, and take every setup regardless of how you feel about it at the time. Also, become a master of watching price action.
Also, could do the visualization stuff that Dr. Brett from 'The Daily Trading Coach" was talking about, where you visualize holding through drawdowns. Sounds silly, but I'm open to anything at this point, haha. Well, today was another rough one. I let things get a little carried away, and surpassed what I would normally consider a max drawdown level.
I am definitely pretty frustrated right now. I'm also in the process of trying to learn how to program indicators using pinescript, so I can have a visual layout of my trading strategy, which may make things easier to absorb in the moment.
It's hard enough making quick calculations in the moment, with regard to the market energies, so I hope that I can get to a position eventually, where I can simplify these factors and streamline everything. It's difficult to gauge whether or not to enter, when prices don't retrace all the way to the 20EMA, or the midline on the keltner channel. There were also a couple divergences I failed to identify. I was able to get a really nice trade right about noon, however, I took profit way too soon.
I decided to close the trade, but left a great deal of money on the table, as prices went all the way to Fortunately, I was able to end the day on an upnote. Extremely high volatility came in around , and the market was moving at MPH.
I was actually able to pull off a pretty nice scalp during this time, honing in on the delta percentages and watching the war of attrition take fold. Then, I am using my keltner channel for profit targets.
Concurrently, use of the market depth that I have stacked with my footprint chart is helping me to identify when momentum is stacking up against me, or in my favor. Lastly, I am applying use of the MACD to identify shifts in momentum; I may not need the stochastic, if I just play among the ranges within the keltner channel, making sure that I am entering on a proper retrace. My goal is to simplify all of these elements, and converge them into solid trading rules, that I can apply somewhat intuitively.
Anyway, I am glad that I was able to make some money back at the end of the day. It's been a tough road, but I sense that, as long as I can make 2x what normal traders do, in learning from my mistakes, as I have been, I will have an easier time, and won't be quite as stressed dealing with the unknown.
I wasn't sure if I should say this or not, but in time of frustration its better to take a break for the session. I make most mistakes when I'm frustrated and my emotions take over. Unfortunately, I had another rough day yesterday, and it's given me an opportunity to sit back, reflect, and determine an appropriate response. I was listening to a webinar from Brett Steenbarger hosted by Big Mike none the less, and something he said [Mike] really connected with me.
They will journal it and lets say they do this for two weeks and its NOT working I have changed my method countless times, and the relative success that I will see with it, initially, leads me to believe that I have come across something that will carry me forward. Brett added that if you are changing your method, it's usually an expression of frustration, which I can entirely understand. He also talks about where your talents lie, with regard to your temperament, i.
Knowing myself, my history, and personal style, I am definitely more of the fast-paced, action oriented trader. I really like scalping , and high frequency trading. With that, I think success is going to come when I can take those personal strengths, and building a strategy around it. However, in conjunction with those tendencies for high frequency trading are my somewhat "over-controlled" personality. If a trade is not going in my direction, I am very quick to close.
I have often missed good trades because I am hesitating too much. I get pretty tilted when I am in the red, and my stress levels affect my trading performance. Given that tendency to become reactive during drawdowns , I decided to trader off of the slow chart, in order to filter out some of the noise, so I'll be less apt to tilt. I'm on SIM right now, and am currently using a tick right now, and I have been trading significantly better. Because I'm viewing things in a larger timeframe, I seem to be less apt to enter prematurely, am getting better exits, hold through drawdowns, and am more keen to reversals.
Anyway, I'm going to try and keep to a slower timeframe, and simplify things somewhat. I may be picking up one of the biofeedback devices that Brett recommends as well, so I can work on the psychological side of things. And lastly, I am going to make a sustained effort NOT to keep changing my method.
Like Big Mike says, it's not good to be constantly shifting your strategy around. Thanks for the support ya'll. In all fairness, and considering you've only been at this a little over a year Trying out all sorts of different methods, discarding that which does not resonate with you and revisiting those things that do So I'd say don't beat yourself up too badly; virtually nobody hits the ground running in this game, and it can take a lot longer than most people think to get to the point where you are synergistically comfortable with yourself, your personalized method and your expectancy.
All the while you will be constantly refining all of it, slowly and surely dialing yourself into the trader you want to be. Keep up the good work man, have a great weekend Bootz. So, I am taking a tip out of Brett Steenbarger's book, and I am going to ONLY journal about the positive stuff that has been coming out of my trading particularly since, in his opinion, the worst kinds of trading journals are the ones where you just harp on yourself, haha. So, I watched a seminar from "Trader Tom" on trading psychology.
Basically, he talks about how so many novice traders will "eat like a bird, and shit like an elephant" so to speak. Meaning, they don't hold their trades long enough, and are usually selling when the pros are adding to their positions.
With that, I only took one trading during the normal session today Sim , but I left it on for three hours - haha which is most definitely NOT the norm for me. I have always been the type to get in and out of positions frequently, trying to capture the "max profit" and minimize my losses I look forward to implementing this, as part of my strategy, and train myself to hold through the swings.
In this instance, I had entered when I saw the MACD break the zero line, and got out when I saw the market looking like it might be putting in a double top but to be honest, I was partially just bored.
Apart from that, I have still been reading the Daily Trading Coach, and have been doing some of the exercises. I've also been reading his blog somewhat, and look forward to getting my new Biofeedback device on Friday that he recommended, from HeartMath. I'm also using the MACD to find divergences , and make sure momentum is still on my side. I think fear of loss is definitely at the center of my issues at the moment. I can crush it on simulator all day long, which is telling.
I am becoming more consciously aware of it though, in a way that I hadn't before, and it's effect on my trading performance. I have always been a very controlled, deliberate, and focused person As long as I continue doing what I'm doing, working on my mental game, becoming keenly aware of my strengths and weaknesses, and harbor the discipline to put it into practice, things will manifest themselves eventually.
The following 2 users say Thank You to Wizard3ootz for this post: pad6 , Rrrracer. As some as you probably know, I have been struggling with my trades for quite some time. Risk management, overtrading, anxiety Despite that, I never gave up, and I was finally given quite a reprieve today. I have been reading a great deal about the market profile specifically "mind over markets" and have been learning about auction theory. I have been paying more attention to tails on the volume profile , and trading the extremes.
This was quite contrary to my trading style previously. I've also been studying about Bookmap, although I am still trading on NT, albeit I have MZPack - a pretty decent order flow suite that allows me to see a market depth heatmap like Bookmap. If you see the chart below, high liquidity areas are indicated by colors more red in tone, and lower liquidity either black, or closer to blue.
Combining these two factors, I decided to take a short, and was able to get in within a few ticks of the swing high.
Prices initially went in my direction pretty well, and I decided rather than to keep my stop at breakeven to give myself a wider stop, putting it above the highest of standing orders around Prices went in my direction, and then moved up to test the high again. After it failed to exceed it, it dropped with pretty significant volatility. I was up around points when it started to test the high again. I could see a significant number of buyers trying to break through the heavy resistance my bigtrade indicator, similar to the volume dots on Bookmap, was showing pretty large orders on the buy side, but prices weren't moving any higher.
I took that as confirmation, and decided to add to my position. Prices finally broke below the heavy buying near the previous swing high, and I could see that stops were being hit.
The longs started to liquidate their positions. When we approached the previous swing low, buyers were stepping up, but they started to paint a bear flag; again, I took that as confirmation. We finally broke through, hitting some resistance again the high volume nodes, but I was eventually able to close out one contract for a gain of around 8 points.
I had initially hoped we would break through the POC and test the lows again, however, I decided to close when prices started to create somewhat of a rounding bottom; I made the right decision in closing where I did because I would have given back a significant amount of my profits.
Anyway, I am really, really happy that I have been able to take what I have been learning, and apply it to the markets. By understanding the volume profile, auction theory, and identify where the high liquidity is, I was able to achieve a very comfortable, effective win. Concurrently, one of my biggest issues has ALWAYS been not holding my trades long enough, however, entering at the extreme gave me a significant degree of confidence.
Thus, I was able to hold through the pullbacks, given my entries were in phenomenal position. This shit has been SUCH a struggle for me, but I rejoice at being able to understand and apply what I have been learning. I hope I can continue to trade like this in the future. MD VP. The following user says Thank You to Wizard3ootz for this post: mtzimmer1. Alright, so in seeing some success with the heatmap from the limit order book, I decided to give Bookmap a test run, and can gladly say I have adopted it as my new platform.
I've thoroughly enjoyed the awesome power and the how intuitive the platform is. I'll be switching my brokerage from Ninjatrader to Amp, most likely, and getting the MBO data package from Rithmic so I can see the order flow at all price levels, instead of the standard market depth of 10 levels on each side. In employing Bookmap, there is a lot of stuff that I really like.
For one, the market replay functionality is ridiculously good. It's FAR less choppy than Ninjatrader, loads much faster, and allows you to record your trading session so you can go back and replay it later. I also LOVE the API's that it comes with; there are 3 different algos that you can use - one that makes your order "hug" the current price by 3 ticks or so, and then consistently fills you when prices snaps back slightly, so you aren't sacrificing a few ticks by getting in with a market order.
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