Week #1 - screen shot of combine. Shows as a 10 day, but that is an error in my dashboard, confirmed it is a continuous combine. All in all, it has been a positive week, I have learned a lot about myself and my trading.
sorry I did not look through everything posted here. Is this now still a qualification and you are paper trading? just quoting on this and I don't want to sound rude. You are not simply because you don't follow even your own rules and you are far too emotional to trade crude oil. Seems you are in for the thrill and absolutely not for the money! My2cents
@Pita , Thanks for the comment. I am in this for the journey, not the thrill. As I strengthen my resiliency as a trader, then the money will follow. The emotional side, I am really glad I am aware of, as it is trying to tell me something... trying to teach me something.... and if I listen, I will become better. If you read earlier in the journal you will see that the metrics that I am required to trade with are quite strict. This isn't an excuse for breaking my rules, but it is to point out the high bar of trading one has to achieve if they are to pass and be funded. You don't get the luxury of getting into a nice position trade, trailing wide stops, and following a trend for three or four days.... you have to be completely flat at the end of each day. If you haven't done a combine, you should try one. Good Trades, Yukoner
got your message, my opinion hasn't changed. You simply don't have a valid strategy for daytrading crude and that's the very truth. Why did you select that one? You have to understand that the first rule of trading OPM is to not listen to others or taking advice. So where are you really?
I'll have to disagree with you on both points. I do have a very valid strategy with an edge and solid expectancy. Read the previous posts, and you will see. I know exactly where I am... I am on a journey to trading OPM. I'm not there yet, but I am going there... and I will be there sooner rather than later.
Sunday night review: Went back and reviewed every trade that I journaled last week. It was interesting, and I could see that I was consistently closing out winners much too early. Often I was right at the beginning of a larger move, so most likely my profit targets would have been hit. That is encouraging, and it reminds me that I am trading myself just as much as I am trading the market. On something completely different, I noticed that I was uncomfortable on my trading desk. So I am buying a better mouse, and making some adjustments. Just want to feel completely relaxed and able to focus. Lastly, had a wonderful weekend. Recharged today climbing around and through a waterfall with some buddies, one of them who is a pro photographer, so we got some great pics. That felt really good. Ready now for the week!
1) You trading in a new room in your home ? 2) While you're trading...anyone else at home with you ? 3) How's your physical and mental health ? I do understand the latter is private but it is a key component in trader psychology considering you mentioned you're exiting trades early prior to them reaching their profit targets. You need to find out what's causing that fear that results in early exits (e.g. financial burden, combine pressure, new home environment, too many distractions at home or something). There's a reason there and the issue is will you be able to resolve/manage it before it sabotages your trading.
When I got to this point, I was wondering if you are really as emotional as this "freak-out" and("the other half of me was screaming"), or perhaps your emotion is more about colourful writing? If you are this emotional I think you need to stop allowing yourself to be. It seems your strategy should have rules that govern exiting and when to move stops and by what amounts. " it was an easy 50 tick gain". So when in a profitable trade there should be clear rules e.g. when up to +20 move to BE, when to +30 move to +10 etc and when at target close. (that is you may have a rule to close out without a stop closing you out. There is a book in the library I read on psychology of trading (Ariv ?) If you want to know the title message me and I''l look it up.. Good trading.
Its very common for folks to think that a trader doesn't have rules because the trader isn't following the trading plan they designed and tested. Simply, he does have rules but he has a problem in following those rules and the reason is the emotional (psychological) part of his trading. That's why its a big mistake for a trader that has a detailed trading plan to make changes to their plan just because they have a emotional problem in following their trading plan. It's just too common to see those traders make the newbie error of continuing changing their trading plan when they should be spending 100% of their effort in trying to fix the emotional problem they have that keeps sabotaging their trading plan. In addition, in my opinion, based upon the title of this thread and the fact he mentioned he has a "psychology trader coach" or someone helping him with the psychological aspects of his trading. Thus, he's making a colorful effort in detailing the emotional struggles of his trading in hopes of discovering a solution to that emotional aspect of his trading that he knows is sabotaging his goals. You can have the best trading plan in the world with an edge. Yet, you will still lose money or hoover near breakeven (small profits) if you don't have the ability to follow that trading plan.
great to erect a straw man and attribute things to me I didn't say! Makes it much easier to refute - oh Newbie 1! I didn't say he didn't have rules. If appears that he doesn't have clear rules for exiting profitable trades I appreciate it is on psychology. that doesn't equal accentuating emotional swings.