Cory2679

That is probably a good idea...something I will now do. No...but I looked it up. "One day, there was an old bull and a young bull grazing in a field. Down in the valley, far below them, they see a herd of cows grazing contently on equally lush grass. Not to miss a golden opportunity to exercise his manhood, the young bull quickly turns to the old bull and frantically says, 'Let's run down there, jump over the fence and make out with one of the cows!' The old bull slowly rises up from his meal, turns to the young bull and replies: "No. Let's stroll down there, walk through the gate and make out with them all." With the point being... "So which bull are you? Are you the slow, methodical old bull, steadfast in your ways and consistent in your approach to life? Or are you an adrenalin-filled, darting-all-over-the-place young bull?"

Update Well, we'll call it semi-MIA...I may just not be posting as much. I couldn't stay gone for long! :o First, I'm taking MidKnight's/thalestrader's advice... ...I'm only trading 1 pair, now...the EUR/USD. I chose this pair just because I'm already really familiar with it, it's generally the most traded, most liquid, etc... When I do someday go back to trading multiple pairs, I'll carefully work them in, one at a time! Let me tell you, this has already made a world of difference. I've traded this way yesterday evening/night and this morning...not only have I done well $$ wise, but everything's changed...lately I felt like I almost couldn't "see" anymore when I looked at my charts...I'd just take every 123 I saw, without any context. Now, studying just one pair, it's back to the way it used to be and I'm soo happy!! I just wish I'd listened a little sooner...shame on me...:embarassed:... I'll make a post a little later of an annotated chart with my trades from today...I even successfully let a trade run overnight...something I'd been afraid of... Second, I hear you guys' constructive criticism, and I'm working hard on my trading plan. I'm working with the objective of having a plan that I could go over with another trader, we go our separate ways, and take basically the same trades. However, I am not aiming for a plan so comprehensive and exact that it could be programmed into a computer, for reasons already discussed in previous posts. Third, I've changed my goals. If you'll recall, my original goal was basically as follows... "3 weeks in a row with at least +2.5R each week, with an average of at least +5R per week over those 3 weeks." Once I achieved that goal with my $5,000 demo account, I'd move to the $500 live account, achieve the goal, and finally move to a $5,000 live account. While I still have my "goals," my plan is different, now... Now, all that it takes for me to advance to the next account is 3 weeks in a row net profitable, period. My reasoning... I'm still pretty new at this..."it is a matter of time and experience to sharpen (my) focus and attack"...I can't expect to be excellent/making as much as I'd like to make in the long run right away...I will continue to improve. I think it's silly of me to continue demo trading as long as I'm net profitable...I find value in demo trading...if you can't make money demo trading, you can't make money live...but I feel like, for me anyway, the longer I demo trade, the more harm it can do...it will make going back live harder and harder...that's why, rather than continuing to demo trade, I'll move to a small live account (before finally moving to my "full-size" live account). I believe my proverbial grey skies are beginning to clear up! -Cory

Thanks for the post, MK. I was planning to make a similar post about my own experience, but you've probably said it better than I could! So, I'll just say... Before I showed up here at TL, I was pursuing methods of trading that allowed for no ambiguity...something that could be programmed into a computer, basically. I was afraid of ambiguity. Don't get me wrong, I understand that there are plenty of successful traders that trade this way, at least one that I personally know of. It's just that I now know that it just wasn't for me. Once I finally broke away, and studied Thales's thread, and began trading the way I do now, I had a very similar experience..."I let my self go from the many rules and explicit definitions I had created. I tore down the wall! Almost instantly my results became positive." Luckily for me, though, I've only been trading full-time since I graduated college in May! As a little example of what I'm talking about...as far as defining a "high-low-lower high" sequence... Well, honestly, it's so simple...if price climbs to certain high, retraces, makes another attempt at that high, fails to break it, and breaks the low created between the two highs, that's a sequence. Period. That's as explicitly as I want to define it. I want to use my eyes and watch what price does....I have no want/need to define it in an exact, programmable way... ...and THAT is why I chose "guidelines" rather than what some would refer to as a "proper" plan. Despite the results that I've posted in this log over the past couple weeks, when I began trading the approach I do now, I was doing quite well (for several weeks). But as soon as I started this log, I started to do poorly. So my intention with this trading plan/guidelines was not to start from scratch/a complete overhaul/an all new trading plan/etc. It was ONLY to simply provide some guidelines/boundaries to get me back to the way I WAS trading. To me, for me, what I did was proper. And subsequently, when I traded on Friday, I had the single best day I've had by far over the past two weeks. Obviously, it was a good day anyway, but the way I traded was much more like the way I was trading before I began this log....and I attribute that success to my "plan." So, it has helped me...I can't argue with the results, both in my bottom line, as well as the "zone" I'm in while I'm trading, if that makes sense. If I thought I should do more, I would. I'm absolutely 100% willing to do WHATEVER it takes! But, I do want to use my time as efficiently as I can. Honestly, because I was doing very well with my trading and simply want to get back to that, I don't think spending weeks on a huge comprehensive trading plan will do much in the way of helping my trading...that's not to say my current plan won't continue to evolve, of course. Some may not believe that I was ever doing well, and that's fine, I understand why you might think that, but to me it's irrelevant. I'm trying to do what's best for me based on what I know about myself and my trading. On this note, I do have one more addition to my plan... I'm going to go MIA from TL (and any other forum) for a while. I GREATLY appreciate all the help I've received...TL has truly transformed my trading and I've gotten so much great advice...but to a certain extent, I believe TL is becoming a distraction. So, beginning tonight at 12:00AM EST, I'm not going to so much as look at TL...and I'm going to cancel my subscriptions so I don't get any e-mails. I will be back, but I honestly think this would be good for me right now. Thanks again to everyone who has contributed to my log thus far! -Cory

One more addition... I've basically been through my notes and picked out some select notes/quotes to list at the top of the page that I find particularly important... • Support, resistance, trend, consolidation. • Buy support and breaks of resistance, sell resistance and breaks of support. • Just as important as how price acts at support/resistance is the manner in which it got there. • Study HOW price is moving. – “Is price moving in clear and distinct swings or is it simply meandering, drifting seemingly without purpose? Is price marching with purpose, spending little time at any particular price before mounting its assaults on subsequent levels, or is it coiling around itself, overlapping again and again, making no headway one way or the other?” • “When you get a large move in either direction with obvious momentum behind it, do not fade that move. Wait for a choppy pullback and then a push to a new high that stalls and presents a clear 123 going the other way.” • “I always prefer to short into the abyss and buy into open sky, rather than acting in the middle of a current or recent.” • “…attempt to take the other side. If looking for a short attempt to build the case for a long. Because your mind is designed with a bias to confirm your current idea this is a useful step.” • Use your eyes, not your brain.

I have something to add to the "Trade Management" section... Basically, if I get a sequence against me while I'm in a trade, it may cause me to move my stop to BE/PT1 "ahead of schedule." If it's a bona fide setup, I may even reverse. For example, say I get long, price rallies, pulls back to my entry, then rallies again but appears to be having trouble/falling short of breaking the high...at that point I'll move my stop to BE.

Thanks for the post...I appreciate it. The only thing I thought I'd say in response is that what you say is vague in my plan, which as written I agree that it is, is not vague to me. I immediately know all of the answers to your questions. I guess rather than a comprehensive trading plan, what I really did was just provide myself with some general guidelines. Perhaps a comprehensive trading plan is something I should eventually consider tackling/gradually putting together... -Cory

In addition... One thing I haven't done but I'd like to do, has to do with adding to successful positions. Obviously not every trade will qualify, and I'm not sure that I'll be doing it right away, but it's something I'd like to eventually do... I'd like to be doing something like this...

All right...here it is... (I've taken this evening off from trading to do this...I actually went out this afternoon to help clear my mind). To be frank...I have notes, and I do follow a basic trading plan/method...but I do NOT have a written plan at all... This inevitably results in a lack of consistency in how I trade. And it results in my trading being heavily dependent on my emotional state...much more so than it has to be. I believe that is why my trading has taken a turn for the worse since I began this log and carefully tracking my performance...my emotional state was altered, and thus was the way I trade. So, obviously, the prudent course of action was to create a written plan... So, here it is...an initial written trading plan...first draft ... ------------------------------ Times (EST): 8AM - 11PM, with a break from 2:30PM - 7PM. Pairs: EUR/JPY, EUR/USD, GBP/USD, USD/JPY. Timeframe: 15 minute (primary), but also referencing other timeframes. Risk: 2% ---------- When/how to enter long/short: I'm trading long off of "low-high-higher low" sequences, and short off of "high-low-lower high" sequences. I also take support/resistance into strong consideration. I will also potentially take a trade off of a break of a "chop zone"/consolidation. Other considerations: I do pay attention to trendlines, channels, triangles, EW, ending diagonals, "three pushes," etc. However, I don't initiate a trade based just on these...I just use them as a tool to help understand what's happening. Degree of swing: I will focus primarily on the "intermediate" degree of swing. I am also game for a trade on a "major" degree of swing, if the opportunity presents itself. I want to be very careful with the "minor" degree of swing...I get burned here a lot. The only way I will take a trade will be if there is a good, strong reason to. For example, if price is in a strong "intermediate" or even "major" uptrend, and has pulled back to a perceivably higher low, and a long sequence is presented on the "minor" degree of swing, I'm game for that...or if price is at obvious support or resistance. Otherwise, I want to avoid taking trades on the "minor" degree of swing. Just personal preference. Trade management: My default is to use the fibonacci extension tool. The 127% level is the level at which I'll move my stop to break-even, the 161.8% level is PT1, the 227% level is the level at which I'll move my stop to PT1, and the 261.8% level is PT2. HOWEVER, depending on the setup, this may not be the very best scenario. The chart comes first...levels of support/resistance, etc. I will trail my stops along the highs/lows of the same degree of swing that I took the trade on. Also, if price comes very close to a PT, I will get very aggressive with my stop for that portion of the position...for example, I won't let a price get within 2 ticks of PT1, and move all the way back to my entry without taking some profit. "Ripcord" situations: First, I'm going to make a point of being less trigger happy with this. I will pull it if I get filled and price almost immediately impulsively races against me. ...or, if I get filled, price barely gets anywhere, and there is basically a long/short sequence on a smaller degree of swing against me...I'll temporarily move my stop to where I'd be getting long/short if I was trading the smaller degree of swing. EDIT: OR, if I get filled, and price basically doesn't go anywhere for a very long time, I'll temporarily move my stop-loss very tight. BUT, MOST IMPORTANTLY, I'll have a re-entry plan... if price breaks the high/low, I will re-enter, with the same number of lots, with my stop-loss at whatever the high/low was that was created when price moved against me. After that, I will not pull the ripcord again on that trade. "Gut feel": There is nothing in my plan allowing for "gut feel," good or bad. I don't trust that I truly have "good" gut feel at this point. So...whaddya think?

Oh what could have been! :rofl: That's it, though...today's done and I'm moving on...

Wouldn't you know I had a buy order at the blue line that I cancelled?! :doh::o I only cancelled it because I decided I was quitting because I was just going to relax for a while and come back and tackle my problems...but I couldn't help but peek at my computer. On the bright side, things like this, and the short I pulled prematurely earlier, reassure me that the potential is there...it's just a matter of turning potential into performance. EDIT: I attached the wrong "removed orders." It's correct now.

Today's Trades I've pretty much posted all of these, except the last one...the last one wasn't even legitimate. It was a mistake I made due to my state of mind/emotions. I'm currently down almost 2R for the week....with 2 days left...so anything better than a break-even end-of-the-week result would be an enormous improvement/victory in my book. We'll see...depends some on the days I'm dealt, not just how I trade. Hopefully I'll start to see some improvement...I'm taking what Thales said very seriously, and like I said, I will make a follow-up post later this afternoon.

Thanks, Thales...I believe that was just what I needed. I'll make a post a little later this afternoon with my response, plan of action, etc.

Yes, indeed...full profit was achievable...

Looks like I should have held on to it a bit longer!!

I don't know what to do. It appears I have some serious problems.

Pulled this for a 7.1 tick loss.......

Just took a 0.42R loss on this...

Well, that ended up being all I had. Even though I'm at break-even for the evening, I'm very pleased with my trading. For me, there just wasn't any opportunity to make significant money. Hopefully I can keep it up tomorrow morning! Goodnight!

My 2 break-even trades thus far this evening... I got to BE on the second trade, simply because it had been over an hour, and the most profit that it ever gave me was 5.3 ticks, with an initial risk of almost 30! So, I basically just pulled it...

I've got my eye on this...

I think I initially downloaded it when the post was made, but I never made it around to listening to it... ...but after MK's post and Thales's response, I decided it was probably worth a listen. Excellent! Really good for me right now...really good way to refresh between trading times today... I'll probably even listen to it a second time through tonight or tomorrow! -Cory

Today's Trades It's a little early, but I think I'm calling it quits for today (I'll be back for Tokyo). I haven't had a single trade. Because I was so intent on not overtrading, I believe I overcorrected and am now undertrading. I watched numerous opportunities pan out in real time, right in front of my face, and I didn't act. I actually even had a couple orders in that I cancelled, only to watch price skyrocket/plummet toward profit afterward. I'm honestly pretty angry with myself right now. I just can't seem to get it right. I'm trying to shake it off and just keep moving forward...I'll come back fresh for Tokyo...

Today's Trades Here are my trades and P/L for the day. I figured I would post my trades from the day at the end of each day, rather than posting all five days at the end of the week like I did here. I should mention...a "day" for me goes from 5pm EST to 5pm EST. So, for example, "Day 1" of the trading week is from 5pm EST on Sunday to 5pm EST on Monday. That's how my broker records it, so that's how I do, too. I'm not off to a great start, but it's certainly better than last week! At this time last week, I was down $337.11!

Unfortunately took a hit, unnecessarily... I think after I missed the opportunity I just posted above, I got into something of a revenge-trading mindset. Up to this point, I had followed my game-plan for the week really well...not overtrading, taking only what I saw as obvious, high-probability trades, etc. This was an exception. I pulled out for -0.71R. I'm done trading for today (I'll be back this evening for Tokyo). :crap:

Unfortunately missed this... No excuse, really. Trying to be positive, I guess thalestrader's dad's favorite saying would apply here...