Like the last year I was a steady breakeven trader, I did this all the time, I be up good money and end up getting peanuts. Most think my Goal for the day of 4-6 points in ES to be very low, and this based on original signal, then cut back in size. Since you trading one's, what would happen if you get up to your "mean" or goal, then trade mini crude, so if you lose half, you done for the day. Another thing I read in your two journals is you down fairly large money, you build it back up to better than breakeven and you keep trading to huge losses often. The market is telling you your method is not cycling well for you to lose it bigger to start right, I have always fought to get back to breakeven and stop for the day, you get worn out and I can't hardly see how you have right concentration after theses stresses to continue, cause bottom line, keeps showing losses. I am not keen on "Combine" rules and regs, but what would happen if you averaged $200 a day? I know you trading Crude, but really doesn't matter what you trade to get the $200 And from my experiences trading OPM, people call you much less when equity curve is smooth. Better to keep trading boring and making consistent profits, then wild drawdowns.
Day #11 - Slept reasonably ok, and slept in. Woke up feeling pretty good about the day, and really wanting to trade as I expected it would be pretty volatile. My focus was on being a pro trader... and I stuck to that, and did very well! Here is what happened: Part of my morning ritual is to identify whether or not I am in the right frame of mind to trade... in the right environment. So today I woke up feeling sick... my head was plugged up... and I knew that I shouldn't trade. Even though I had done all the work, and was ready for the day with a plan... I still wasn't "qualified" to trade. So I didn't trade, and for that reason I was very much a pro trader. In the past, I probably would have gone ahead and traded, (FOMO) but not now, my focus has sharpened on building the correct trading behavior. I actually celebrated my decision not to trade... hands in the air, saying I am not trading today what a great decision, this is what a pro trader would do. Just doing that reinforced that I had made the best decision. I also watched oil, considered some areas where I might have put on a trade and just waited to see what would happen. Again, knowing that I was making the right decision even though there was a small part of me that felt like it was missing out. So I am growing better and better behavior. I can feel it. I can feel more control. What a great way to end the week prior to leaving on my holiday to Turks and Caicos!
my focus has sharpened on building the correct trading behavior. I actually celebrated my decision not to trade... hands in the air, saying I am not trading today what a great decision, this is what a pro trader would do. Just doing that reinforced that I had made the best decision. Even though I had done all the work, and was ready for the day with a plan... I still wasn't "qualified" to trade. So I didn't trade, and for that reason I was very much a pro trader. Damn straight you were Stuff like this brings a smile to me heart Took real internal fortitude - and it was the right decision Keep this crap up - you'll end up being a trader - a dumbass trader no less ================= Like H123 said; rest..., and try forgetting the mkt But..., (always them damn buts..) when you get back - you'll need to get you back "up to speed" before trading again Going from 100% to relaxed - is pretty easy Going from relaxed to 100% trader mindset - takes work ====================== Enjoy and Safe Travels RN
End of week Update: Flew in to Turks and Caicos with a plan to not look at the market. First couple of days was tough, as I wanted to see what was happening. (Habit I suppose) But I reminded myself to stay disciplined and stick with the plan - relax! Later in the week a buddy was skyping me about how volatile oil was, and it barely registered a desire to look. Of course that might have had something to do with all the beach parties, snorkelling, and kite surfing. This week has reinforced that as much as I am passionate about trading, and I can be incredibly focused about trading goals, it is also just as important to be able to put that on pause... Set it down... Walk away from it... And double check that I am still in control and remind myself of what is truly important in my life. My family, My Faith, and true love. Learning not to trade, is just as important as learning to trade.
Great insight. I struggle there too, but purposefully don't do shit on Sunday. When I think about "trading" on Sunday's, unless it's planned, it's a red flag. It's good that you got away. Great advice. -js
@jsmacksem this 15 min clip has been inspirational for me when it comes to "doing nothing". Dr. Sean Richardson phd.
Great video. Embrace failure. Embrace "feelings". Good stuff. Thnx for sharing. Anything referencing Michael Jordan is a keeper.
Back in Canada from holidays, and with a 12 hour layover before my final flight decided I would ease into trading oil, by simply sim trading. Glad I did, as I was definitely not in sync with the market, all though I found it a very slow day... 6 losing trades, 1 winner. Of interest, I found not being in my regular trading environment was a distraction. Just didn't feel comfortable. A good thing to be aware of, should I ever trade remotely from my home office. But my goal was met, I just wanted to pay attention again, and get the brain firing... But not trade.
Day #12 - Rested up and back from awesome holidays, my plan today was to just ease into trading, and go for small wins... build up the account, and then open up and trade a bit more. I slept well, and woke up a bit late, which was fine as I wanted to make sure I was rested and prepared. I took it easy, and reminded myself to just take it slow. My first trade had a great entry, and I was quickly out with a small profit. I did feel the brain start to kick into a slight panic mode, but I just calmed myself with breathing and reminded myself that I was in control and everything was fine. I continued on trading. I caught myself a couple of times hesitating on entering trades, and had to work through that a bit, but the next trade I took it worked just fine. So I was up now about $240, and I felt that temptation to just throw on a trade and walk away but I told myself that wasn't what a great trader would do. Later in the day, as the pit closed I tried a few more trades... and oil was moving rapidly, but I just wasn't as focused as I needed to be. I actually almost slipped... because I just wanted to start trading without protective stops and start scaling into this trade. (Totally violating my trading strategy) Then it was like I could hear @Redneck yelling at me to "Build the right muscles" and "Trade well and to hell with the results". That was enough... paused me long enough to not get stupid. I gave back some profit, but that was fine as I stuck with my plan. Looking back at the day, trading at the pit close I was not nearly as focused as I am at the pit open. I was distracted by external sources, and I know that I don't trade as well if I have any distractions. The positive thing, I stuck to the plan. Built up the day slowly, then opened up and tried to trade for larger moves. A lot of the fear and shakiness that I experienced last year is starting to fade away. Feeling like I have much more self control. Feeling my confidence build. +28