Stalling it is what I tend to do. Stall One- i think I will wait for the opening movement to slow down.
Stall two- maybe I should wait to see which way the market moves first and then get in.
Stall three- I am not really sure this swing has ended and will turn.
Stall Four- This is ranging and in chop I need to wait till it moves out and away from this area.
Stall Five- it is moving in this direction now but it might turn here when I get in . better wait.
Stall Six. the market seems confused I better wait to see who will win.
Stall Seven- It must be the lunch crowd time, I better wait till the market picks back up.
I could go on but I am well aware of the daily (Habit) that I have formed to not have to push the button looking for that (perfect) trade that never really exists
Method search- I tend to always come back to trend line drawing. I will look more into it as it at least tells me if I am trading against the current price action and it allows for small risk stops. Truthfully I think trading is about just getting in with some repetitive enter method and managing the trade. I need to stop looking for that perfect no heat entry. I also need to get it through my thick skull that even pro traders lose 50 % of the time of more. So I might as well take the trades and get through the ones that didn't go my direction. so I can get to the ones that do go my way.
The Monster Within Me
Derivative transactions are not suitable for all investors.
Past performance is not indicative of future results.
The information provided here is for educational purposes only.
The Monster Within Me
There is a monster within me. His name is Phil. These are the journal's that will record my battle with the monster and his attempt to keep me as a losing trader. But I will prevail and learn to control this monster within me. I will be a great trader, I will be in control of who I want to be.
I will SLAY THE MONSTER within me so that it can no longer control me and my thoughts.
By becoming an Observer of the self, I give authority to the Empowered parts, to be all I can become.
Brick by Brick
Thursday, December 4, 2014
Wednesday, December 3, 2014
The market seems to have become a jumble
As I watch the price move on the chart thinking about the different set ups I am becoming aware that as price moves. that I am seeing the set ups with a blurry eye. It is like all the years of learning have disappeared and that the market is just this moving force that seems to violate every observed edge. I seem to be no longer to read the turns.with any prediction. It is like the market knows all of the known set ups and is breaking them.
What I think is actually happening is that I am finally seeing the market as a non predictive monster where each price movement has a 50/50 chance of some direction. So while i am wanting to find that specific price where the market is and I can enter without taking even 1 tic of heat. I can see that is a futile exercise.
I suspect that is why pro traders get in somewhat in their area of trade and manage the trade with good exits. As i have said before this means bigger stops than I am comfortable with for what seem to be a target is less then what is needed to win more than lose. Or maybe it just means a lot of little scalps with short stops and a runner that may sometime work in ones favor. I used to think I was fear-full of taking trades but it may be more of the fact that my inner thoughts are telling me that you are trading against crazy people who have less of an idea than you and it show up in the chart movement. I must start to think 2 moves ahead of them.
On a different subject. I finally ordered and got the Don Miller book Chronicles of a million $ trader. I have read the first 4 chapters and probably will never finish it. I think most traders are looking for answers on how to get their first $300,000 and be giggle pink about it, rather than reading about how to grow it to 1 million. It is kind of like reading how rich people get richer, and tell you how frustrating it is to lose there third house. While I was not expecting any mechanical secrets I was expecting to read about the mental side of his early trading years. I have also noticed that he tends to say a lot of things on his blogs and such, but never seems to really say anything or of any detail. I have come to realize he is a trader in a different league that I probably could never emulate, so I will move on and find my own way. Sorry Don- I tried.
What I think is actually happening is that I am finally seeing the market as a non predictive monster where each price movement has a 50/50 chance of some direction. So while i am wanting to find that specific price where the market is and I can enter without taking even 1 tic of heat. I can see that is a futile exercise.
I suspect that is why pro traders get in somewhat in their area of trade and manage the trade with good exits. As i have said before this means bigger stops than I am comfortable with for what seem to be a target is less then what is needed to win more than lose. Or maybe it just means a lot of little scalps with short stops and a runner that may sometime work in ones favor. I used to think I was fear-full of taking trades but it may be more of the fact that my inner thoughts are telling me that you are trading against crazy people who have less of an idea than you and it show up in the chart movement. I must start to think 2 moves ahead of them.
On a different subject. I finally ordered and got the Don Miller book Chronicles of a million $ trader. I have read the first 4 chapters and probably will never finish it. I think most traders are looking for answers on how to get their first $300,000 and be giggle pink about it, rather than reading about how to grow it to 1 million. It is kind of like reading how rich people get richer, and tell you how frustrating it is to lose there third house. While I was not expecting any mechanical secrets I was expecting to read about the mental side of his early trading years. I have also noticed that he tends to say a lot of things on his blogs and such, but never seems to really say anything or of any detail. I have come to realize he is a trader in a different league that I probably could never emulate, so I will move on and find my own way. Sorry Don- I tried.
Tuesday, December 2, 2014
without health what do we really have
The Qigong was done today but that was about it. I have decided to get my health back before trading much, without it life is just not fun. I did make a new chart of the different set ups that most use and which ones show better odds. It is interesting to hear my thoughts as I view each (set up) that I have drawn.
The bottom line is that they all have one thing in common. One needs to enter with a stop of some distance and let it play out. Price does not move in square boxes but price over laps creating I am wrong I am right moments at every tic, You cannot possably pick a price and get no heat . I think that is where most fail. in the execution. the waiting for confirmation that once seen changes with or against you all throughout the price movement, It is the wanting to get in at the (perfect) price. The wanting to get in without taking any heat. It is the fear that this edge will not hold and i lose money. I must review the chart and observe the thoughts that are at each bar and realize the futility of picking direction.
I have also realized that most traders trade 1 box level. with a stop at the next level or breakout. A pro trades 2 box levels reallizing that within those 2 levels one has to be proven wrong twice, all the while adding and subtracting contracts taking small profits out along the way to offset a 2 level lose. A pro has reallised that he can trade a bigger box than most and take profits out of all the noise caused by beginning trader stops and enteries. I must somehow learn to take advantage of the constant 2 -3 pt moves in NQ instead of waiting for the special moment on some distant edge that happens so little.
These are the basic set ups that most see and use.
break out, noise/range scalping, top and bottom picking of s/r levels, break out and pb's.
So while easy to see after the fact on a chart. trusting in what ones sees on the hard right edge is another story.
the noise/range is hard to see unless it ranges along time and show up (after) a b/o.
s/r levels are faiurly easy to see and wait for
and b/o pb are usually easiest to see
Yet they all have one thing in common. Do I believe in the level to hold and reverse and head my way. or will it turn against me on the exact bar that I pick to enter even though I have just watched it hold on the last 5 bars in range/box outer edge. Is a range area nothing more than a area where bars hold at a defined edge only to fail on the exact bar I which to choose to be bold and risk the odds that it will still stay in my favor.
When I can control the fear that surrounds these thoughts I will be move forward to better trading.
The bottom line is that they all have one thing in common. One needs to enter with a stop of some distance and let it play out. Price does not move in square boxes but price over laps creating I am wrong I am right moments at every tic, You cannot possably pick a price and get no heat . I think that is where most fail. in the execution. the waiting for confirmation that once seen changes with or against you all throughout the price movement, It is the wanting to get in at the (perfect) price. The wanting to get in without taking any heat. It is the fear that this edge will not hold and i lose money. I must review the chart and observe the thoughts that are at each bar and realize the futility of picking direction.
I have also realized that most traders trade 1 box level. with a stop at the next level or breakout. A pro trades 2 box levels reallizing that within those 2 levels one has to be proven wrong twice, all the while adding and subtracting contracts taking small profits out along the way to offset a 2 level lose. A pro has reallised that he can trade a bigger box than most and take profits out of all the noise caused by beginning trader stops and enteries. I must somehow learn to take advantage of the constant 2 -3 pt moves in NQ instead of waiting for the special moment on some distant edge that happens so little.
These are the basic set ups that most see and use.
break out, noise/range scalping, top and bottom picking of s/r levels, break out and pb's.
So while easy to see after the fact on a chart. trusting in what ones sees on the hard right edge is another story.
the noise/range is hard to see unless it ranges along time and show up (after) a b/o.
s/r levels are faiurly easy to see and wait for
and b/o pb are usually easiest to see
Yet they all have one thing in common. Do I believe in the level to hold and reverse and head my way. or will it turn against me on the exact bar that I pick to enter even though I have just watched it hold on the last 5 bars in range/box outer edge. Is a range area nothing more than a area where bars hold at a defined edge only to fail on the exact bar I which to choose to be bold and risk the odds that it will still stay in my favor.
When I can control the fear that surrounds these thoughts I will be move forward to better trading.
Monday, December 1, 2014
Health today
Today I spent the first hour of trading doing Qigong, May that become a daily Habit for me. I have learned to not trade on days before and day after the Holidays. It is probable mental, but the markets are usually spiky as the volume is low. I am still working on deciding which method to settle on. But seem to be content to just work on the health side, and catch up on a few (other) projects that are distracting me. Today while not much to say, it is all about creating the habit of daily journal's.
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