Keep Calm and Don't Move Your Stops.....

A little risk management saves a lot of fan cleaning!

The Purpose of Life is Joy!!

Friday, March 22, 2019

Finished early so time to post

Sometimes the stars line up perfect!

I took the trade off way to early but my trade idea worked perfect so no second guessing.

Its a small picture because I only took a snap of the larger time frames to show the set up. The smaller time frame is not as clear hence the reason it took me two tries to get it right. The first trade was a 3-4 loser because I wasn't sure but once the second opportunity came around, I knew it was good to go.

The exit was due to two things, I saw the inside pivot which price stops at a lot AND there was an enormous buy order at .88 on the DOM. Something like 450 lots right there long before price every got there so I front ran that level by two ticks.



Friday, March 8, 2019

An interesting day

A day for posterity for sure. Run away trends are frustrating if you are not in them....which was the case today. Still it turned out ok.

I did the recording with Jing instead of Snagit to force me to keep it under 5 minutes!!


https://www.screencast.com/t/Bt7sghvCIkz

Friday, February 1, 2019

Back to Trading

It took me a bit longer to get back to trading for real. I just didn’t feel like hitting it hard in January. A bunch of stuff happened late December at work that really got me into a negative mind set and trading in that frame of mind only leads to losses. I did trade a few days in January but my heart wasn’t in it and I felt like I needed a longer break so I just let it be until today.

I also made some slight adjustments to targets and stops. Stops are wider now and targets are based on time frame. I trade two charts, the 5M and the 1M depending on how the chart looks in relation to the other. Smaller targets on the 1M and larger targets on the 5M.

My aim is to make money and stop. I don’t care about win rate, I don’t care about huge winners,I don’t care about looking smart or clever, I don’t care about nailing the bottom or the top, I don’t care about if I am technically correct or if my levels are the best or not. All I care about is being in line with market movement and taking some home for me every day.

To that end, my only consideration is this; am I in line with the market momentum and if so, where can  I get in to minimize my risk and give myself the best opportunity to capture some sort of reasonable profit before the next level of support or resistance stops the movement in my direction.

That’s it. I have no other criteria beyond looking for specific bar formations to help me acknowledge I am on the right side of the market momentum.

Platitudes, cliches and the well worn trading euphimisms all have their place but I'm pretty tired of them. As it turns out the only thing that matters is risk and not being greedy. Control both and you have a pretty decent shot at being profitable.

One of the days that I did trade in January, I let a huge winner turn into a loser because I was greedy and wanted it to go even further but it turned back on me and took out my stop. That was the day I quit trading and really looked inside at what my motivations were, and once identified, what I needed to do to in order to satisfy those motivations.

Turns out my motivation was all wrong. I said I just wanted to make money but what I really wanted was to be a rock star trader. Once I figured out that what I said and what I meant were two differen things, thats when I got serious about what I really wanted. And that prompted me to where I am today in my emotions and thinking.

Today, I dont give a crap about all that other stuff, I just want to make some money every day or at least most days and just let the rest go. I can do that by just being patient and letting the market handle it.

Today, I was in and out, made my money for the day and now I am done. I think I will post a bit more often but not every day. I like writing and I like writing about trading so might as well.


Wednesday, December 26, 2018

Reflections 2018

This year's reflection will be a bit different from prior years. I won't be doing a deep dive into the top ten things that most reflects the accomplishments of the last year.

Instead, even in the middle of a higher level of success in all areas, in the last four months of the year I discovered something about myself.

Through meditation and being aware coupled with a specific series of events, I discovered a hidden arrogant streak in myself I long suspected was there but presented in a very ugly way for me this last year.

I won't go into details but just when you think you have something figured out and start bragging about it, the universe conspires to take you down a few notches.

Whilst 2018 has been a wonderful year in all areas and much progress has been made, there are two areas that will be a focus for me in the coming year.

Patience

Humility.

This one is difficult. If you recognize the need for a bit more humility in your life, how do you express it when you achieve it or worse, how do you pursue humility without looking like a complete ass? The very act of trying is the exact wrong thing to do. It is or it isn't. And right now it isn't. Maybe my awareness is enough? I don't know. Just going with it for now.

I am doing my annual review and my 2019 planning. Something I have been doing now for about two weeks. My normal advance planning has always revolved around achievements, goals, material acquisitions, etc. Last year, the advance planning began to shift toward more esoteric things and this year is no different.

I've discovered I just want to be a better person and that other stuff will naturally fall into place when its the appropriate time. So more journaling, more meditation, better health, less worry, more faith, etc. These are the kinds of things on my advance plan.

If you want to get a copy of my advance planner and comprehensive journal tool, just click here https://docs.google.com/spreadsheets/d/13xnVZz1-4Ac9VhIM731l7Qzoc8KoxZuDmUxkVGwYGiM/edit?usp=sharing

Its designed to record plans and goals, new habits, quarterly action steps, ideas for the following year, etc. It can be printed double sided and folded small enough to fit in your pocket and read every day. Ideally you print on 11x17 paper for maximum readability but I have printed on 8x11 and while small can still be read. Someone with better editing skills than me could turn this into a full bleed document and it would be beautiful. If you want some help with it, just email me and we can chat. The form is editable so  you can change the categories to suit your needs. There area couple of religious overtones but those come from my journey and while yours might not include this component, the concept are valid and will serve you I think.

One side is all about mental stuff and the other side is mostly tactical stuff.

Anyway, use it if you like it.

My last trading day was last Thursday. I have been in a slump lately. Mostly due to the lack of patience. Patience wins the day, every day. The drunken monkey that is my frontal cortex seems to have been on a bit of drinking binge of late and getting him to shut up has been more difficult than earlier in the year. As a result, I gave back some of my earlier profits. I am not real happy about that but I think I finally became aware of how drunk he actually was and have taken some steps to quiet him down a bit more.

I won't trade again until the second week of January and then it will be single lots on a single chart. Every time I think I have multiple time frames mastered, I get schooled by the market. If I stick to a single chart, regardless of the time frame, I do much better. I look at Sandy's charts and I love the simplicity of how they look and the obvious turning points they seem to contain but every time I have those open, I just seem to be overwhelmed with it. This means I must stay my single chart course.

Tradeovate has been my platform of choice this year since it can be accessed via browser on any device. I like this functionality but the platform does not have a ton of advanced features. That said, I don't really require many advanced features so it serves me well and I intend to keep using it for the foreseeable future.

Till next year.

Friday, November 9, 2018

A Chart because I am bored

Its getting late, I'm bored and thinking about trading...so I decided to post a chart of today's trading. 

I am mostly trading RTY now along with CL once in a while depending on what it looks like during my trading hours. I made the move to RTY after a friend suggested I take a look and I watched it for a couple of weeks. So far its a lot friendlier than CL and the tick value is only $5 which makes it easier to have larger stops if needed. Further, once it open, it moves like crazy which reminds me of how CL used to move. I like that particular characteristic of the instrument!!

Still, a losing day today. However, most of the days have been pretty decent winning days. Usually around 2:1 in terms of RR.