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TheChalleger's Journal - My Trading Journey

  • #341
  • Jul 26, 2012 4:06am Jul 26, 2012 4:06am
Quoting Holy Cow
You have wasted your time.
This guy does not listen. He is a kin a guy standing in front of the huge wall and trying to read the text written over the whole of the wall but can see only few letters.
I also wonder if he is emotionally cut for this business.
after so many years of trading he still got newbies' emotions.
There are so many people on earth need help. Why do you come here to waste your time to speak to someone who won't listen?

Should I blacklist you for this thread, so that you can make more valuable use of your time?
  • #342
  • Jul 26, 2012 9:01am Jul 26, 2012 9:01am
OK. I have 1 winner today, and then there was a huge move of all 4 pairs I trade. I could not find any setups after that. Today, I cannot achieve my goal to trade most of the London session. I've just traded half of it. The result for this round of demo trading is attached. There were 6 winners and 2 losers, if the first loser caused by keyboard mistake is to discard from counting.

What is the probability of all out of luck? Using the biased coin probability calculation model, the probability is 0.1445.
Attached Image (click to enlarge)
Click to Enlarge Name: Clipboard06.jpg Size: 67 KB
  • #343
  • Jul 26, 2012 12:21pm Jul 26, 2012 12:21pm
Quoting kk007
OK. I have 1 winner today, and then there was a huge move of all 4 pairs I trade. I could not find any setups after that. Today, I cannot achieve my goal to trade most of the London session. I've just traded half of it. The result for this round of demo trading is attached. There were 6 winners and 2 losers, if the first loser caused by keyboard mistake is to discard from counting.

What is the probability of all out of luck? Using the biased coin probability calculation model, the probability is 0.1445.
Riding the order flow
  • #344
  • Jul 27, 2012 1:48am Jul 27, 2012 1:48am
- Sit in front of the screen most of the London session
- Enter and Exit reasonably (not perfectly)
- Attempt zero emotion for the session
- Visualization for emotionless P/L change
- If you get -2R, stop the day
  • #345
  • Jul 27, 2012 1:51am Jul 27, 2012 1:51am
Wk 29.4: (-1R), +1R
Wk 29.5: -1R, +1R
Wk 30.1: -1R, +1R
Wk 30.2: +1R
Wk 30.3: +1R
Wk 30.4: +1R

I think I notice from the performance is that I have always ended with a winner. This is not my goal. My goal is to make trading as routine and emotionless as possible. You should try to treat winner and loser similarly. Next time if you have a loser as the last trade of the day, accept it gratefully!
  • #346
  • Jul 27, 2012 3:16am Jul 27, 2012 3:16am
This round of practise look much more professional than the one in later half of 2011.

The first reason is that I have dropped the unrealistic expectation in trading. I don't expect to trade every hour this time. Secondly, I take only high-conviction setups this time. Thirdly, I trade only 2 sets of methods this time, instead of 3 methods (among the 3, one is not fully tested). Fourthly, the alerting tools are mature this time, I don't have to double check everything to make sure it works. Lately, I gained more experience in realtime operation, and my operational manner is better with experience.

.
  • #347
  • Jul 27, 2012 4:19am Jul 27, 2012 4:19am
0R EU trade

I touch trade the daily pivot S/R level and set BE at about +1R. Price touched my BE and went to my TP in just a few seconds....
It was a +1.5R target (12pip) trade
Attached Image (click to enlarge)
Click to Enlarge Name: wk30-5-1-eu.gif Size: 29 KB
  • #348
  • Jul 28, 2012 8:13am Jul 28, 2012 8:13am
Plan the trade and trade the plan!
  • #349
  • Jul 28, 2012 9:37am Jul 28, 2012 9:37am
Quoting Holy Cow
You have wasted your time.
This guy does not listen. He is a kin a guy standing in front of the huge wall and trying to read the text written over the whole of the wall but can see only few letters.
I also wonder if he is emotionally cut for this business.
after so many years of trading he still got newbies' emotions.
Man, you think I care if you blacklist me or not?
Start behaving like a man without emotional part. If you cannot control your emotions you cannot trade, period.
Regaridng help, one should be deserving of help. I see that you are stubborn person as you have not quit but having this kind emotions after 5 years of trading is a bad sign.
  • #350
  • Edited 10:33am Jul 28, 2012 10:19am | Edited 10:33am
Quoting Holy Cow
Man, you think I care if you blacklist me or not?
Start behaving like a man without emotional part. If you cannot control your emotions you cannot trade, period.
Regaridng help, one should be deserving of help. I see that you are stubborn person as you have not quit but having this kind emotions after 5 years of trading is a bad sign.
I don't think you care about blacklisting; I just think I can help you to stop wasting time.
First, I have traded for 3 years, not 5 (some gap in between). I have serious emotion issues that I know, which is much more serious than others, not sure if it reached a clinical level at some point. I also have digeston problem caused by the stress of trading. That doesn't mean that I cannot overcome. It may likely take longer than other to overcome. Why do you think I cannot be changed? I can see that I am making process. Do you come here to discourage other or encourage other?

P.S. By the way, how long do you think the success worth?
.
  • #351
  • Jul 28, 2012 10:19am Jul 28, 2012 10:19am
Quoting TraderT
Plan the trade and trade the plan!
Hi
  • #352
  • Jul 28, 2012 4:45pm Jul 28, 2012 4:45pm
Quoting kk007
I don't think you care about blacklisting; I just think I can help you to stop wasting time.
First, I have traded for 3 years, not 5 (some gap in between). I have serious emotion issues that I know, which is much more serious than others, not sure if it reached a clinical level at some point. I also have digeston problem caused by the stress of trading. That doesn't mean that I cannot overcome. It may likely take longer than other to overcome. Why do you think I cannot be changed? I can see that I am making process. Do you come here to discourage...
Ning Hao, Buddy.
I have been trading about same as you but I really do not care if I win or lose anymore.
The problem of this fear thing of yours is that it paralyzes you and you most probably miss a lot of good trades.
First thing you never know what a market is going to do. this business is gambling and is all about probabilities so, what the reason for you carrying this psychological journal of yours?
Talk trading not about how you feel cause after 3 years you should feel nothing when trading. By this time you also must be having some intuitive feeling or gut feeling when you are trading Having bigger winners than losers is important but you cannot set goals cause you do not know what market going to do this or that day.
I remember you from 4H break out thread which was pretty stupid method. You used to be more confident then.
Cheers.
  • #353
  • Jul 29, 2012 3:59am Jul 29, 2012 3:59am
Quoting Holy Cow
Ning Hao, Buddy.
I have been trading about same as you but I really do not care if I win or lose anymore.
The problem of this fear thing of yours is that it paralyzes you and you most probably miss a lot of good trades.
First thing you never know what a market is going to do. this business is gambling and is all about probabilities so, what the reason for you carrying this psychological journal of yours?
Talk trading not about how you feel cause after 3 years you should feel nothing when trading. By this time you also must be having some intuitive...
Ning Hao Holy Cow,

First, if you are talking about the H4 box breakout thread (http://www.forexfactory.com/showthread.php?t=168161), I have only posted once there. I don't think I know any other H4 breakout thread. So, you may have recognized another one as me. Also, I have been working on a full time basis, not sure about you.

I know stress is a big (perhaps, the biggest) enemy of trading. I know it very early, but this doesn't mean I can change it by spending some time on it. You should know everyone is different. Someone fear spiders and cannot overcome it, someone has no fear about them at all. Therefore, even though you find it easy to overcome a kind of fear, another one may find it very difficult. This doesn't necessarily mean that the other people don't want to make effort to change.

I know the randomness in trading. I know the basis that you can imagine I may have got during these years. Knowing them is one thing. Doing is another thing in the face of emotion.

I don't focus on technical methods here anymore now. I start finding the way for myself. The purpose of posting psychological journal is for my own reflection. It helps me to neutralize my feeling on the trading issue. I like the timestamp here attached to each post. Posting what I think makes my trading activities more formal than keeping everything private. It helps; at least for me!

cheers.
  • #354
  • Jul 29, 2012 3:59am Jul 29, 2012 3:59am
.
If I need to divide the trading ability into different elements, I would say "operating ability", "setup judgement ability", and "mental-abilty" in the order of importance. At this stage, I am satisfied with the first two, even though some things with them need more improvement, they are not what I need to concentrate at the moment. For "mental ability", I have achieved reasonably expectation and faith in the edge, what I need more is the passion to success, the persistence in the face of failure, and the courage to face stress. Before achieving a good level of mental ability, emotion would be an interference of the first 2 abilities. Only after I achieve all of the mental ability, I can trade without emotion, which is the ultimate goal of mental practise.
.
  • #355
  • Jul 29, 2012 4:00am Jul 29, 2012 4:00am
.
On the one hand, your goal is to have good trading performance result. On the other hand, the attachment to the performance result will
produce stress and other hard-to-control emotions, which will deteriorate your performance. What you need to do is to mentally free of attachment to result - this is an important paradox in trading. Your attachment to result is caused by either the lack of faith in the edge of the trading method or the lack of the vision to practise trading as a long term effort. If you have faith in the edge and view trading as a long term effort, you will not seriously attach to any short term trade result. So, do a reflection to see what is the cause of your attachment and find a way to eliminate it.
.
  • #356
  • Jul 29, 2012 4:01am Jul 29, 2012 4:01am
.
Reviewing the performance of Wk30, there are some achievements as well as some areas need to be improved. Technically, operation manner is getting more professional and setup judgement ability is satifactory. Mentally, expectation is getting realistic and the faith in the edge is strengthened. Nevertheless, I could not stay for the most of London session. Also, I still felt anxious when entering and holding a position (although it has been partly overcame). The root cause of these problems are not about expectation, faith in the edge, or patience; the root cause is the fear in face of uncertainty.

For Wk31, I will still need to stay over the London session. I will still need to trade reasonably. But on top of these, I will concentrate on the handling of stress. The goal is to overcome fear of trading. There are 2 methods to do so. First is to continue trading practise in order to desensitize the fear. The other one is to practise goal-focused visualization. The latter would be more effective in changing behaviours. I will device some visualization exercise for practising within Wk31 while continue trading.
.
  • #357
  • Jul 29, 2012 4:22am Jul 29, 2012 4:22am
.
The fear of uncertainty is the emotion you least want to face, but it is exactly what you should first need to face.

The goal is to trade without emotion. It seems to be a simple goal on the surface, but it is never an easy goal. You have to have deep understand of your reactions to situations and deep-rooted believes before you can do anything positive with them.

Try to lock yourself in front of the screen and view screen hours as an achievment of the day.
.
  • #358
  • Jul 29, 2012 4:46am Jul 29, 2012 4:46am
ok ok, just was kidding. wanted to put some fire under your ars , so to speak.
have you been only trading London session for 30 weeks?
I worked full time too and I always have been day trading Euro session. I actually have been getting up at around 2:00 a.m. EST and I am in Toronto.pretty damn early. That's pretty damn not an easy thing to get up brain dead, bring oneself to working capacity by drinking a cup of coffee with a couple of chocolate squares. Try this, might help too. If you got sweet tooth of course, but good coffee does help. I was working on longer term trading too, but started finding some success pretty recently. You might think of this as well. You work trades run and there is much less pressure. With day trading one need a nerves of steel. I can go on for weeks without a losing day, which sets me for some big losing day cause I get "upset" if I have a few losing trades once so I can damage my trading results for other previous winning days/ weeks. Now it is much better but still gotta be careful with this demon. Generally, I try to think that what a heck, so what if I lost a day. I can can bring it back and move higher with just few good trades as I tend to have bigger winners and more of them than losers.
Unlike you I have always been trigger happy. Had to work hard to push myself on leash to wait and not to jump quickly. In day trading I actually scale into the trades to lose less in case if I am wrong right away.
I guess you started trading London cause you got a job, right?
  • #359
  • Jul 29, 2012 4:51am Jul 29, 2012 4:51am
I add a bit more. After certain critical mass is reached psychology remains the main component in determining whether trader will or will not make it.
  • #360
  • Jul 30, 2012 5:27am Jul 30, 2012 5:27am
Price formations today were not my cup of tea. No trade up to now... May take a break between GMT 11:00-13:00
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