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Daylight Trading Strategy

  • #861
  • Jul 8, 2021 3:24pm Jul 8, 2021 3:24pm
Quoting Zimbinga
{quote} Hi Laura I've been meaning to ask you if you know of any reference materials i.e. textbooks that you would recommend. You mentioned Raghee Horner at the outset of Roadmap thread i think, but it sounded like you have moved on somewhat. Kind regards
That's a tricky one as I no longer read 'trading' books.

I reached a point where I realised that the battle I was undertaking wasn't really against the market, but against myself. By that I mean my strategies weren't really the edge, I was. Which sounds arrogant, so I'll explain

A lot of people are dismissive of trading psychology (or sports psychology/performance psychology or whatever) but I'm a firm believer in the power of it. One thing all manual traders can't escape is themselves. Their fears, hopes, neuroticisms, ego etc etc. I believe we have to find a place of psychological balance to trade to the best of our abilities. Sure, there are also technical factors that are important in terms of entries, trade management and exits. But as soon as a trader clicks the buy or sell button they have some emotional investment in the outcome.

My advice to all traders who aren't yet where they want to be is to find a mentor, if at all possible. The benefits of the guidance and support an effective and reliable mentor can provide are numerous. If that isn't possible (they aren't easy to find), you have a couple of choices. Find a trading partner and support each other along the journey or, better still, become your own trading coach. I am my own trading coach, for better or worse.

One of the things I asked my students to do in the early days was to keep a trading journal and, in addition to their entries and exits, honestly record exactly how they felt during the trade. Some did this task, others didn't. But I believe those who did gained a huge benefit from doing so. Having to consciously check in with yourself during a trade and examine what your thoughts and feelings are, and then document them, is a process I heartily recommend.

A student who achieved funded trader status was someone who took this task very seriously. They gained an insight around their emotional triggers that no textbook could teach. Their dedication to their own development is first class. I don't have any doubts this person will achieve their dream, to make a living from trading.

Sorry, this has perhaps headed in a direction away from your original question If you want recommendations of resources aimed at self-development I am happy to provide some. Where I can be of little help is recommending anything directly related to the technicalities of trading.
  • #862
  • Jul 8, 2021 3:45pm Jul 8, 2021 3:45pm
Quoting LauraT
{quote} If you want recommendations of resources aimed at self-development I am happy to provide some. Where I can be of little help is recommending anything directly related to the technicalities of trading.
Thanks Laura

You already help enormously with the technicalities of trading in your threads here. I am conscious of the time it takes you to answer individual queries though and had wondered if there was a resource that one could turn to instead that was in line with your thinking on the technicalities, but it seems experience has been your best teacher...

Thank you for reiterating the journal idea. I can see it's a way of bringing reflection and objectivity into the mix and will try this. I know from my own experience how the mind can play tricks when searching for an entry - you look back later and can't understand how you could have made the entry as greed or fear has twisted your interpretation of the charts.
  • #863
  • Jul 8, 2021 3:52pm Jul 8, 2021 3:52pm
Quoting Zimbinga
{quote} Thanks Laura You already help enormously with the technicalities of trading in your threads here. I am conscious of the time it takes you to answer individual queries though and had wondered if there was a resource that one could turn to instead that was in line with your thinking on the technicalities, but it seems experience has been your best teacher... Thank you for reiterating the journal idea. I can see it's a way of bringing reflection and objectivity into the mix and will try this. I know from my own experience how the mind can play...
Read Laura's journal, the bit where you are asked to do so many trades and only close when price reaches other side of channel etc. And record your feelings as you do so . You will gain an insight into yourself very quickly :-)
every Saint has a past. Every Sinner has a Future
  • #864
  • Jul 8, 2021 4:05pm Jul 8, 2021 4:05pm
Quoting turnip15
{quote} Read Laura's journal, the bit where you are asked to do so many trades and only close when price reaches other side of channel etc. And record your feelings as you do so . You will gain an insight into yourself very quickly :-)
Thanks for sharing that, I skipped those points at first to absorb the system itself and technicalities, so will revisit for sure.
  • #865
  • Jul 8, 2021 5:01pm Jul 8, 2021 5:01pm
Quoting LauraT
{quote} If you want recommendations of resources aimed at self-development I am happy to provide some. Where I can be of little help is recommending anything directly related to the technicalities of trading.
Laura, could you, please, share your recommendations of resources aimed at self-development? I would be very interested to read them.
  • #866
  • Jul 8, 2021 5:16pm Jul 8, 2021 5:16pm
Quoting LauraT
{quote} Ultimately it comes down to risk. If, as swingtrade sets out, a particular currency is firing off buy or sell signals across multiple pairs, that's a sign of a potential edge (and when our edge exists, we want to really push the boat out). However, as i'm sure swingtrade would agree, we also have to maintain an overall risk profile we are comfortable with. For example, I wouldn't want to risk 1% on each of 6 USD shorts. That's simply too much risk associated with a single currency and an adverse move could do significant damage. But shorting...
Spot on.
You still have to maintain your risk profile and not get yourself into a position that really hurts your ability to trade tomorrow.
Plan, Prepare, Execute, Repeat
  • #867
  • Jul 8, 2021 10:41pm Jul 8, 2021 10:41pm
Quoting LauraT
New Journal Post: https://www.forexfactory.com/thread/...2#post13618562
All you touch and all you see, is all your life will ever be.
  • #868
  • Jul 8, 2021 11:56pm Jul 8, 2021 11:56pm
Quoting Aneczka
{quote} Laura, could you, please, share your recommendations of resources aimed at self-development? I would be very interested to read them.
Sure. I'll collect a few recommendations and put them in a Journal post.
  • #869
  • Jul 9, 2021 5:59am Jul 9, 2021 5:59am
I read your journal with great interest, and also that you often work +12 hours.

as an exchange, here is my daily routine:

as an equally serious trader, it is (almost) impossible for me to work through.
my trading day starts with the frankfurt opening.
then i always take a break of at least 1-2 hours from london midday so that i can return fresh at ny time.
then walking in the woods mostly or taking a coffee somewhere.
(in summertime because its hot i walk early in the morning before the opening of the markets.)

what i miss during this time i gain in fresh energy.

and at the latest when london closes, i turn off the screen and close the shop.

because i don't want to jeopardise my relationship with important people too much, so i keep everything in balance.

and i very rarely hold positions overnight because my sleep is important to me.
trading is like dancing, don't think and just listen to the music!
  • #870
  • Jul 9, 2021 6:03am Jul 9, 2021 6:03am
Quoting birdland
I read your journal with great interest, and also that you often work +12 hours. as an exchange, here is my daily routine: as an equally serious trader, it is (almost) impossible for me to work through. my trading day starts with the frankfurt opening. then i always take a break of at least 1-2 hours from london midday so that i can return fresh at ny time. then walking in the woods mostly or taking a coffee somewhere. what i miss during this time i gain in fresh energy. and at the latest when london closes, i turn off the screen and close the shop....
Your routine is undoubtedly more healthy than mine

The problem for me a lot of the time is that it doesn't feel like work. Hours can whizz by in a blink. I do take time off when I need it though, or when I want to do something fun. I think lockdown has turned me into something of a hermit though! I am hoping I will be able to ease myself back into the world now things are opening up again.
  • #871
  • Jul 9, 2021 6:06am Jul 9, 2021 6:06am
Quoting LauraT
{quote} Your routine is undoubtedly more healthy than mine The problem for me a lot of the time is that it doesn't feel like work. Hours can whizz by in a blink. I do take time off when I need it though, or when I want to do something fun. I think lockdown has turned me into something of a hermit though! I am hoping I will be able to ease myself back into the world now things are opening up again.
that sounds familiar;-)
trading is like dancing, don't think and just listen to the music!
  • #872
  • Jul 9, 2021 7:12am Jul 9, 2021 7:12am
New Journal Post - Resources for Traders:

https://www.forexfactory.com/thread/...8#post13619808
  • #873
  • Jul 9, 2021 8:08am Jul 9, 2021 8:08am
Quoting LauraT
New Journal Post - Resources for Traders: https://www.forexfactory.com/thread/...8#post13619808
Thank you so much Laura! And thanks to your student for his recommendations!
  • #874
  • Jul 9, 2021 2:06pm Jul 9, 2021 2:06pm
AUDJPY LONG.......H1 aggressive mode......

It's the -50 levels cross for Me.......



Happy weekend to All Daylight Traders
Attached Image (click to enlarge)
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Time always comes before price
  • #875
  • Jul 10, 2021 2:39am Jul 10, 2021 2:39am
Result so far trading this amazing system. It really helped me filter my manual support and resistance levels. Thanks a lot @LauraT for sharing this amazing system.
Attached Image (click to enlarge)
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  • #876
  • Jul 10, 2021 6:14am Jul 10, 2021 6:14am
Quoting jeedy
Result so far trading this amazing system. It really helped me filter my manual support and resistance levels. Thanks a lot @LauraT for sharing this amazing system. {image}
Fantastic - well done!
  • #877
  • Jul 11, 2021 3:43am Jul 11, 2021 3:43am
Quoting LauraT
{quote} Fantastic - well done!

Your Journal entry "Resources for traders" might like to include this CME simulator for the benefit of anyone here?

https://www.cmegroup.com/education/p...imulator.html#

Hope this helps.
every Saint has a past. Every Sinner has a Future
  • #878
  • Jul 11, 2021 3:58am Jul 11, 2021 3:58am
Quoting turnip15
{quote} Your Journal entry "Resources for traders" might like to include this CME simulator for the benefit of anyone here? https://www.cmegroup.com/education/p...imulator.html# Hope this helps.

Here is a screen print of the simulator.
Attached Image (click to enlarge)
Click to Enlarge Name: NasCME.png Size: 447 KB
every Saint has a past. Every Sinner has a Future
  • #879
  • Jul 11, 2021 9:32am Jul 11, 2021 9:32am
Quoting LauraT
{quote} That's a tricky one as I no longer read 'trading' books. I reached a point where I realised that the battle I was undertaking wasn't really against the market, but against myself. By that I mean my strategies weren't really the edge, I was. Which sounds arrogant, so I'll explain A lot of people are dismissive of trading psychology (or sports psychology/performance psychology or whatever) but I'm a firm believer in the power of it. One thing all manual traders can't escape is themselves. Their fears, hopes, neuroticisms, ego etc etc....


LauraT what you have write here is gold.
Since I don't have any coach, some of people I thought they could be my coach come out just a course seller. I have decided to coach my self. To Coach my self I need knowledge about coaching that is why I read "The Daily Trading Coach"
I believe this book will help traders to coach them self.
Some of the chapter I found helpful is here-

  1. Self-Monitor by Keeping a Trading Journal
  2. Recognize Your Patterns
  3. Set Effective Goals
  4. Tolerate Discomfort
  5. Learn from Your Worst Trades
  6. Disrupt Negative Thought Patterns
  7. Use Intensive Guided Imagery to Change Thought Patterns
  8. Harness the Power of Social Learning
  9. Shape Your Trading Behaviors
  10. A Behavioral Framework for Dealing with Worry
  11. Plan Your Trading Business
  12. The Importance of Execution in Trading

MA provides the market's current direction and strength.
  • #880
  • Jul 11, 2021 9:47am Jul 11, 2021 9:47am
Quoting hasib
{quote} LauraT what you have write here is gold. Since I don't have any coach, some of people I thought they could be my coach come out just a course seller. I have decided to coach my self. To Coach my self I need knowledge about coaching that is why I read "The Daily Trading Coach" I believe this book will help traders to coach them self. Some of the chapter I found helpful is here- Self-Monitor by Keeping a Trading Journal Recognize Your Patterns Set Effective Goals Tolerate Discomfort Learn from Your Worst Trades Disrupt Negative Thought Patterns...
Nice choice (of author and of book) - plenty of wisdom contained in there, for those willing to put in the work.

I think being your own trading coach is a great option, assuming you have the correct frameworks in place or gradually build them via the appropriate research/learning.
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