Plan the Trade

And now it drops on down. Lol

Not my day today ... was so close ... just missed the first long as well and then almost got the next pullback, but my trade placement was not good and I was only just stopped out instead of gettig a +25 ... then jitters set in and a no-so-good signal and a good signal both stopped out and I ended at -39 ... was almost tempted to try just one more to get back in the game but realized that in the long run that is how accounts are wiped so I got a grip ... am back on sim mode for Monday ... practice practice practice ...

Enjoy the weekend !

2 nice ones:

I had a minus 86 session today. Off for a reboot. Have a good weekend all)

you too cg .. i'm still getting those now and then consistency is difficult

I've been heading more towards, waiting for the reaction, instead of pre-empting it and using EW to determine next likely move... the trouble is, i really need bigger stops with this idea and then, i would also need bigger targets.

Effectively, i'm not doing much different to any of the countless indicator methods (crossover entries etc) out there, which is - reacting after the event and days like today, it turns you inside out. Almost every trade i took was a loser and worse than that, i started letting some +15's go back to zero, because when you are minus 50... you really desire a decent +30 to get a chunk back in one go...

Let's just say, i did everything wrong from the off today. Auto-limits would have improved the result.

It's completely knocked me back, even though i know where i need to change and what i need to get back to doing!

I shit ye not, I was +37 within 45 minutes or so yesterday. Then I had a fit of arrogance and thought, I'm gonna hit this because it don't matter what it throws at me I'm gonna know what to do (that is my ultimate goal btw).

So after about an hour and a half I was down - 40, so I just gave up and started experimenting.

It seems to me there are a number of factors that come into play here (and I said this ages ago).

Longer it goes on, things change and we all get fatigued as time progresses. You get poor follow through's, and levels just get torn apart so why don't we just stop?

Stubbornness (blinkers)
Revenge trading
The will to succeed

The last one which is positive, unfortunately gives rise to the first two.

I think it comes down to NOT letting it suck you in, thinking you can beat it. Vape sticks to his rules and shuts the lid after 1 hour, it just works.

I got up this morning allowed my brain to wake up, after about an hour I picked a random day (2nd August) and I'm at +36 within half an hour). Maybe that is something worth backtesting? Dunno.

I think if we want to take full advantage of what we are being taught here, it is wise to acknowledge that this is a short term strategy. So from here on in I'm gonna try closing the lid at 60 min if I'm in profit and no longer than 90 if I'm not. If its a loss, then so be it.

I have also again been thinking and analyzing and looking at good days and bad days and what is the diffence.

So far my conclusion is that my good days are when I am relaxed and stay the flow of the market and the tails and demand and supply bars are the best "indicator" of that flow. My bad days are simply when I am out of sync with the flow or rhythm and try to force things.

Yesterday I got tense after my first miss and that caused an emotional reaction that caused me to place the limit order of the next pullback too high (which would most probably not have happened in sim mode because of less emosions). That alone should have been enough of a clue that I was too emotional and "out of the flow of the market" and then to rather simulate the next trade or so to get back into the flow BEFORE trying again.

And that is why I feel the live mode practice is worth much much more than the sim mode. To practice to handle that getting knocked out of sync and then how to get back in sync process. I know what to look for but I need practice to handle the emotions of live mode ... those emotions are NOT there when in sim mode. So in sim mode it is easy to stay in the flow of the market, meaning its value is limited.

It is inevitable that schoolfees will be paid during the transition from demo/sim mode to live mode.

In Forex the transition is easier because 0.01 lots is cents on the dollar but when the lots sizes gets bigger the same emotional issues pops up and needs to be handled. That is what has been stopping me from being able to trade for a living for many years.

Excellent conclusion ... I agree ... they call it decisionmaking fatigue ... this is a cashflow friendly strategy and works best when kept short and sweet.

Learn to not fight the market. Grab what you need and leave

here's a suggestion, take a small percentage of daily ATR as your target. maybe 10-20%. once you get that,stop trading. keep going until you hit it or you hit your max risk for the day. this way, you take will always be in sysnc with the volatility rahter than just some arbitrary number.

Thanks for the suggestions guys. I will bear them in mind

Man, this one took some patience. I'd been watching it out of the corner of my eye all morning. Worth it though +29 (Dax)

+25 short pullback to 45

Good one, it just missed my first limit order and then I took it off ... no trades so far

bout to go long

there are 2 possible retests

Edit: + 25 (up+16)

Edit, edit up +24 and done. Lid shut, good luck you guys...

Same here. Missed my pending limit

missed long 5850..boss was talking to me

That was a ridiculous battle to break long again. Lol