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james_gsx

I got killed this week, what now?

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Well I made a good trade and followed my system. I could have waited for the candle to close and the overall trend, but I set a trailing stop after a breakout and was stopped out as I expected would happen. The tape was mixed and i knew a snapback would occur, so I just took my profits. I realize price moved lower after that, but frankly I'm not worried about it since I still followed my setup.

 

There are several potential plays available before the one I took, but most were within the first 30 minutes and I don't trade during that time frame. Between 8 and 8:30 price moved sideways on the S1 mid, thats where I lost money Friday trying to trade in a sideways market. Then we had a bearish engulfing candle, and I went short at 1452.50 after price rallied then fell.

 

Overall - I could have made more money but that's not the point right now. My first ES trade was successful because I followed my setup and I looked at the big picture before making the trade. I kept my emotion at bay and got out by reading the tape - not by my heart beat. I also closed the P&L statement on the Matrix because I found it added way too much emotion and I couldn't focus on the setups at hand.

 

If someone sees something I should look at next time let me know. Next time I'll also try and hold on for a longer period, but as of now I'm happy with the profitable trade.

5aa70dfe51753_EStrade1sep7th.jpg.b6214aa9bee30f26a8555d88496ea423.jpg

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Guest Fulcrum

The NUMBER ONE reason this type of loss happens to traders is from trading while being psychologically "adrift". If you do not have psychological INTENT in all of your daily operational trading habits/tasks then you will fail...just a matter of when. If you do not have a "path of least resistance" in your mental actions for all of your trading operationally activities, then your mind will always default to limiting beliefs/fear/greed psychology which is a typical norm. There are techniques to pro-actively create new constructive "order flow" in your operational psychology, which is of lesser resistance when developed properly versus the crud that is controlling you now. When potentially negative impacting environments hit you in your trading, you want your psychology defaulting to a new constructive flow of INTENT thought events (while blocking out...or beating out in speed to your operational sense the old destructive psychological "adrift" state).

 

 

So test yourself...When $hit hits the fan (something goes wrong in your trading which is unexpected) when you are in a trade...do you instinctively mentally operate with intent (immediately take action per plan which terminates additional risk) or do you get stuck in a state of hope, fear, paralysis, confusion, anger, frustration, depression,etc.

 

 

Simple....right? ;)

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Sounds a lot like cognitive therapy, and what I got from the Trading in the Eye of the Storm webinar. I think you're referring to de-energizing negative thoughts that could tear you down?

 

I'm thinking about moving all my trading equipment into an empty bedroom so I can have an office dedicated just to trading. My biggest problem is just getting bored and drifting away - not paying enough attention.

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Sounds a lot like cognitive therapy, and what I got from the Trading in the Eye of the Storm webinar. I think you're referring to de-energizing negative thoughts that could tear you down?

 

I'm thinking about moving all my trading equipment into an empty bedroom so I can have an office dedicated just to trading. My biggest problem is just getting bored and drifting away - not paying enough attention.

 

James,

I hear ya. I am the same way. I think I have ADD to be honest. All over the place sometimes. And thanks to our discussions, I posted this little revelation tonight.

 

It's a delicate situation to stay focused on your charts, all day, when nothing is happening. You either drift (and provide some nice artwork for us here on TL) or you miss a trade, which makes you feel terrible then.

 

It's not easy, that's for sure. Others may say just focus and shut up, but for those of us with actual or possible ADD, it's a struggle. I think that's why I got down to a 2000 VBC to be honest.

 

I would get the trading area isolated from the rest of the house for sure. From there, you have to keep yourself focused as best as possible. Just an idea - there is a TL chat function here, maybe a few people could get that interest going again so there's a place to go to keep your brain occupied, but still stay focused on your charts. Or someone could start a PalTalk room if that's easier. Just an idea to help b/c I've been there.

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Guest Fulcrum
Sounds a lot like cognitive therapy, and what I got from the Trading in the Eye of the Storm webinar. I think you're referring to de-energizing negative thoughts that could tear you down?

 

I'm thinking about moving all my trading equipment into an empty bedroom so I can have an office dedicated just to trading. My biggest problem is just getting bored and drifting away - not paying enough attention.

Actually, what I am talking about is the exact same repetitious psychological practice techniques as used by the "Blue Angles", F1 race car drivers, top athletes, etc. They all use visualization techniques in a VERY SPECIFIC way to pre-build psychological paths of intent filled operational skills. I first learned about this way of expanding psychological development while reading the book, "Law of Attraction" by Michael Losier.

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Guest Fulcrum
James,

I hear ya. I am the same way. I think I have ADD to be honest. All over the place sometimes.

 

No...you are just a Browns fan and that in itself can cause severe depression and hostility towards others (Sunday's game...OOUCH!!!)..... :rofl:

 

 

JK....they need to get Quinn in the game!!!

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Thanks Fulcrum, I will definitely take a look at that book. Your ideas sound very interesting, maybe you could post something in the psychological or trading doctor area? If you want/have time of course.

 

Brownsfan, I am pretty sure I have ADD. Even at Nordstrom and when I worked at Best Buy when the day I got slow I would find myself talking to others and playing around on my phone. Best Buy was worse as I would wander into Magnolia and ask for demo's. At Nordstrom I just talk to all the girls and miss all the customers.

 

I used the bedroom as an office once and it was GREAT for trading - for about two weeks. I worked way too much though at first, and never slept. Then the inevitable happened and I would wander off and do other things. I am trying to get my Series 7 now so I can trade for Bright. I don't need their leverage or platforms, I just want an office to trade in with other traders as I believe this will keep my competitive spirit high and help me focus purely on trading.

 

One other thing, Brownsfan you said you eventually got down to a 2000 VBC with your trading. I found during all the volatility that a 1 minute time frame kept me focused because trades were happening left and right. I'm wondering if maybe I should try a shorter time frame (I'm using 5min now) to see if that helps me focus. I tend to like fast paced things compared to slow and relaxed.

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No...you are just a Browns fan and that in itself can cause severe depression and hostility towards others (Sunday's game...OOUCH!!!)..... :rofl:

 

 

JK....they need to get Quinn in the game!!!

 

Everyone look - the new guy is a smart ass. How cute. :hmpf:

 

 

 

 

 

 

 

 

 

 

Just kiddin :evil tongue:

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Guest Fulcrum
Everyone look - the new guy is a smart ass. How cute. :hmpf:

 

Just kiddin :evil tongue:

 

Oh come on...you were suppose to laugh at that...I was just messing with you. I want to see Brady play and see the Browns get on a role...that would be cool imo. :)

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Guest cooter
No...you are just a Browns fan and that in itself can cause severe depression and hostility towards others (Sunday's game...OOUCH!!!)..... :rofl:

 

It's not his fault. It's the drinking water from Lake Erie.... just ask anyone from Buffalo or Cleveland.

 

:haha:LOL

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