Soultrader's YM Trades

[Soultrader 12]

Trade setup #1:

 

Short

Entry: 13405

Exit: 13385

 

Reason for entry: Overnight resistance at 12408. Price rallies at the open to test the overnight resistance. Pops up on high volume and is rejected around 13420 at the monthly pivot. Short Entry below monthly pivot.

 

Exit: Exit due to heavy short covering on tape.

 

 

Trade setup #2

 

Short

Entry: 13399

Exit: 13385

 

Entry reason: 50% fib retracement from swing high to low. At the same time, ES made a 50% retrace as well as the Institutional Holdings Index.

Exit reason: Bailed early due to strong bid at 13383ish.

 

 

All trades were all-in all-out trades.

[TinGull 10]

Nice man, all in all out eh? How'd it feel? Was it more nerve-wracking that way? Or did you feel nice and confident?

[Soultrader 12]

Actually, I traded half my position with a 20pt stop on the first trade and a 10 pt stop on the second trade. I felt extremely comfortable.

 

I think I am more concentrated now on 1-3 trades a day with at least 20-30pt swings.

 

How are things for you Tin? I havent had a chance to get up to date with you.

[TinGull 10]

Excellent Great to hear. I've been doing OK...was doing amazingly well for a little while, then went into a slump the past couple weeks, but am getting out of that today. It happens....but things are lots better now.

[Soultrader 12]

Oh yes.. I had a 3 day serious slump. Partly because I wasnt really in the zone with the US markets. Glad you are doing better now.

[TinGull 10]

haha...I wish it was only 3 days for me. Had 2 full weeks without a winning trade. But, Im back on track now.

[Soultrader 12]

Looks like that 13400 was a great area to be shorting prior to the afternoon. I called it a day after the first 90 minutes today.

 

Hey Tin, keep it up. I know you will reach where you want to be. Hard work and perseverance.

 

Im actually considering consulting a trading psychologist to improve my trading. Most of my losses are always because of my lack of mental discpline. There are a few things I have yet to understand about my own psychological makeup and looking to understand them better to improve my trading.

[TinGull 10]

Nice. Definitely keep me posted on how that works out.

[namstrader 10]

Hey Tin and Soul,

 

Since my sabbatical (losing my trading account) I have been writing for my website on trading, or should I say providing useful borrowed trading wisdoms that I have deemed useful for traders. Over the years I have highlighted or saved these writings of successful traders and I share them second hand.

 

As I have researched these writings it has really convinced me how difficult this game is and how the brain needs to be wired differently to overcome our personal biases and beliefs, i.e. our conditioned responses that have nothing to do with Free Will, but plain old emotional habits overriding any new found knowledge.

 

I am now trying to understand the inner world now with greater urgency and with better programming, I want to progress toward that idealized Master trader, that acts like a fighter pilot that Observes, Orients, Decides, and Acts (OODA), without the interferences of our own "Crap on Tap". Ya I can learn the setups and methods but I need to learn the reason why I make a decision or have thoughts that deny any manifestations of true self expression that makes lots of green.

[Soultrader 12]

Hey Tin and Soul,

 

Since my sabbatical (losing my trading account) I have been writing for my website on trading, or should I say providing useful borrowed trading wisdoms that I have deemed useful for traders. Over the years I have highlighted or saved these writings of successful traders and I share them second hand.

 

As I have researched these writings it has really convinced me how difficult this game is and how the brain needs to be wired differently to overcome our personal biases and beliefs, i.e. our conditioned responses that have nothing to do with Free Will, but plain old emotional habits overriding any new found knowledge.

 

I am now trying to understand the inner world now with greater urgency and with better programming, I want to progress toward that idealized Master trader, that acts like a fighter pilot that Observes, Orients, Decides, and Acts (OODA), without the interferences of our own "Crap on Tap". Ya I can learn the setups and methods but I need to learn the reason why I make a decision or have thoughts that deny any manifestations of true self expression that makes lots of green.

 

hey nams,

 

Im aware of your site and like it very much. Why not include a link in your signature? you are more than welcome to do so.

[TinGull 10]

Yes, because I'm not aware of it. Or...maybe I am and don't know its you!

 

But you've hit it on the head as for what needs to be achieved. It's a constant battle for me, and hopefully one I'm on the verge of overcoming...at least a little