Evolution of a Trader

2005-06-09T13:43:00.000-07:00

Still under construction... but nearing completion of this phase. Catch you soon.

Thursday...

2005-06-02T18:28:00.000-07:00

I do not take any trades yesterday afternoon, or today.

Wed Morning...

2005-06-01T09:47:00.000-07:00

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T1 too close to report, T2 waiting for a bigger pullback

Not taking the trades, too distracted, computer problems, etc, etc, etc.

This afternoon is a new day.

Tues Afternoon...

2005-05-31T16:07:00.000-07:00

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Didn't trust T3 due to coming off a flat lunch market, missed T4 and it's second chance, T5 and T6 against long term divergence.

Should have taken T3 and T4. Mistakes.

DW: Watch LT RD's NI: focus and take all trades.

Tues Morning...

2005-05-31T10:02:00.000-07:00

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Both 80% trades

Friday Afternoon...

2005-05-27T19:57:00.000-07:00

No trades this afternoon.

Have a great Memorial Day Weekend.

Hug a vet.

H

Friday AM...

2005-05-27T12:54:00.000-07:00

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T1S - no follow thru, light volume

Thursday's PM Trades...

2005-05-26T17:18:00.000-07:00

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T2S - HD on the entry, right under R. Had RD all the way up, ran out of room and stopped on the high tic.

DW: Overall relationship with market NI: Focus in afternoon, again

Thursday's AM Trades...

2005-05-26T11:40:00.000-07:00

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T1L - marked wrong. I wait till 3m drops in the channel. No follow thru.

Wednesday PM chart...

2005-05-25T16:49:00.000-07:00

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T1 - waiting for a larger pullback on the 3, never happened

T2 - didn't take due to RD on the htf.

T3 - perfect setup, didn't get filled till several bars later.

DW: Focus and concentration NI: Trading what I see.

Wed Morning...

2005-05-25T12:24:00.000-07:00

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No trades this morning. First arrow is entry on the 3 min which I don't trade. Second is valid signal, but oil report @ 10:00... and I don't trade in front of reports. Third arrow is valid entry, but waiting for a higher pullback on the 3m, which never happened, plus lots of RD on the lows that is not marked on this chart.

Tues Morning...

2005-05-24T14:23:00.000-07:00

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T1 - good entry, hit target. HD on the entry cancels RD on the highs, at least this time.

Monday Afternoon...

2005-05-23T19:08:00.000-07:00

No Trades to post... took a nap.

Monday Morning...

2005-05-23T12:45:00.000-07:00

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T1 - waited till 3 got into the kc

T2 - no takie after Lt RD

T3 - starting to roll over, but no follow thru

Thursday's AM Trades...

2005-05-19T09:19:00.000-07:00

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I continue to work out the RD issue.

T1 - 60% trade, not sure why I marked it.

T2 - RD cancelled by the HD... at least I think this will work. Testing it forward, but plan on taking these RD trades.

T3 - I just missed the trade. The next HL (not marked) was not valid entry.

T4 - took almost 30 minutes to get back to BE.

Wednesday PM chart...

2005-05-18T15:27:00.000-07:00

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2 trades early this afternoon, neither had any follow thru.

Did Well: Take the trades
Needs Improvement: Afternoon Focus

Wed Morning...

2005-05-18T12:36:00.000-07:00

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Both trades this morning had modifies targets and stops.

Tues Afternoon...

2005-05-17T15:57:00.000-07:00

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T4 - Good entry and exit. Thought about letting this one run, due to congestion all morning, but not in the plan yet.

T5 - Passed due to RD

T6 - Not paying attention and missed it. Got a second chance, not that it is going to happen all the time.

Lesson learned - keep taking the trades, resolve the RD thing.

Tues Morning...

2005-05-17T11:40:00.000-07:00

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Both T1 and T2 taught me to not trade with flat ma's, wait for the trend. Last week kept talking myself out of trades, this week, talking myself into them.

T3 was not filled, then cancelled due to time. It was to be a tight trade right above good support.

Lesson learned - be patient, wait for trend, but take the trade

Monday Afternoon...

2005-05-16T16:10:00.000-07:00

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T4 - missed talking to J

T5 - really didn't want to take this one... real slow all afternoon.

Lessons learned - take all the trades

Monday Morning...

2005-05-16T09:01:00.000-07:00

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T1 - right out of the shoot, quick 3

T2 - cautious due to HL, went 2 in my favor, hit stop that was predetermined close, because of the HL.

T3 - RD on prior 3 pushes.

Fri PM Trades...

2005-05-13T23:21:00.000-07:00

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T5 - 80%er, dropped to target but did not get the fill, even after several bounces on 70.50. RD on the lows, but I didn't draw it in (white lines are RD, yellow are HD). After 72.50 held, I bumped the stop to BE, which got hit. The 1m short setup and the 3m long setup were in conflict. If I would have kept the normal stop, target would have been filled about 10 minutes later. Coulda, woulda, shoulda.

T6 - 100%er that dropped too fast for the fill.

T7 - 100%er that I did not take because RD on the last 2 lows.

T8 - 100% that was out of the channel. I took this because of the RD between the last 2 highs. Ran right against me.

Lessons learned today... take the trade and don't worry about the RD on a strong trend day like today. Problem is recognizing it early on... and mostly you can't, so take the trade.

Friday AM...

2005-05-13T12:20:00.000-07:00

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T1 - order in but no fill. This is becoming an issue.

T2 - did not take due to RD on last 2 highs (white line). Then missed the RD on the lows (mistake) which kept me out of T2

T3 - 80%er, but in strong trends, this rule will hardly ever be true, should have taken this trade.

T4 - RD on highs kept me out of this one too, but this was negated too by HD on the lows. Even had a second chance on this one.

Take the trade, and manage it... lesson from this morning.

Thursday's PM Trades...

2005-05-12T16:59:00.000-07:00

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T2S & T3S - good entry, exit
T4S - waiting for deeper retrace on HTF, never got it, original entry would have been good.
T5S - entry was on my cut off bar, did not take it.

Thursday's AM Trades...

2005-05-12T09:25:00.000-07:00

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T1L was an 80% trade for me.

2005-05-12T07:59:00.000-07:00

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T3 missed, sat down just after it started. T4 no follow thru. T5 no follow thru.

Wednesday AM chart...

2005-05-11T13:02:00.000-07:00

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1st trade didn't get filled @ 52.50. 2nd trade didn't take due to the RD on the lows.

Tues Afternoon...

2005-05-10T18:26:00.000-07:00

No trades this afternoon

Tuesday's AM Trades...

2005-05-10T11:49:00.000-07:00

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Just one trade in this mornings chop. Had a smaller target due to some adverse conditions, ie RD on the 3min, and flat ma's. Price hit my target, but did not get filled, out for half a point.

Monday Afternoon...

2005-05-09T16:18:00.000-07:00

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T3L was a 80% trade, but the rule broke was a major one, no takie.
T4L was not taken due to RD on highs.
T5S I was not at the computer to take.
T6S should have passed due to RD on the lows, same trade as T4 but in the opposite direction.

Again lost focus in the late afternoon. Missed T5, and should not have, which made me want to make it up, taking the same trade I passed on little over an hour prior.

sheeeeesh. Staying on task in afternoon is the thing to work on.

Monday, Monday...

2005-05-09T11:46:00.000-07:00

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T1S good entry, but I took an early exit due to the RD. I am working on adjusting targets this week, taking less in certain circumstances, of course short term RD is not one of the circumstances. Bottom line, didn't want a winning trade turning into a losing trade... but need to do it for the right reason... and my reason was fear. And my fear cost me.

T2S - Good entry on the 1 min, took a while to drop, (3 min was trying to setup a short, never quite got there) but it did.

Overall good morning... taking the trades.

Friday Afternoon...

2005-05-06T12:50:00.000-07:00

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Friday am trades...

2005-05-06T11:50:00.000-07:00

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T1S passed on cuz my ma was going in the wrong direction, but others said they would have taken it... go figure. T2S got to a tic of my stop, and turned to hit target. T3S came back to fill my order, got to a tic of target. I miss managed this trade. I miss the rd on the lows at 58 and 58.5, and should have exited there, instead I "hope" that it goes back down and end up with a BE.

Sheeeesh... don't hope H, just trade.

Thursday's PM Trades...

2005-05-05T16:46:00.000-07:00

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T4S was the first short after the big lunch drop. Lots of RD all over the place, so I decided to wait for the second setup, which never came. T5L, in hindsite was a bad setup, but it looked ok when I took it, price sitting right on S, close to the pivot, but there was no direction to the market at that time.

TTP is tonight. We'll see what shakes up there.

Thursday's AM Trades...

2005-05-05T12:02:00.000-07:00

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Greenspan was speaking this morning so I passed on the first short (T1S). He obviously said something good (CT said he blew his nose), she rallies, and I took T2L on the dip, which then preceded to run right against me. I have found in my limited trading career that most news moves retrace back from where they started. In this case, I didn't wait, cuz I really didn't know if this was from something he said, or he just blew his nose. The setup was there, and I took it.

T3L was good setup. HD on the lows, and RD as she went lower, which is a good sign if my stop isn't hit. Eventually popped up to target.

Working on staying focused during the day. Did well till the last 20 minutes, but at least I caught myself, and was able to regain my composure and finish out the morning.

Yippeee for me.

Wednesday PM chart...

2005-05-04T16:14:00.000-07:00

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Good afternoon, T1L and T2L (naming my trades for easy identification)popped right up to target. Passed on T3L due to RD (Real divergence) on the highs. The little pop up right before T4L negated the RD, and it too popped right up to target.

Can it be as easy as this?

Wednesday AM chart...

2005-05-04T12:38:00.000-07:00

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First red arrow was trade I missed talking to CT. First trade took was short that was btwn ma's with a big mac divergence. Good news was ma as R and div on the highs. When she popped above the R... I was out. Then she went to target.

Second trade, green arrow, was a good entry, went against me right away, popped back up to almost target, got out at BE because of the RD on the highs.

And that was the morning.

Tuesday's PM Trades...

2005-05-03T12:41:00.000-07:00

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One trade after the rate hike, target filled on the high, which surprised me. The short was a valid setup, but too close to my closing time, so I did not take it.

See ya tomorrow.

Tuesday's (shower day) AM Trades...

2005-05-03T12:22:00.000-07:00

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OK... I cheated... I showered while on our trip.

Didn't sit down till 11ish this morning. Took this trade, knowing FOMC was happening in a few hours. Nothing happened and got out.

Hosta LaBeasta...

2005-04-28T14:59:00.000-07:00

Where we'll be

No clear setups this morning... and not trading this afternoon.

Headed out early tomorrow, and won't be back till late Monday. The dog got food/water, the rabbit got food/water... and the kid is locked in the closet with food/water.

What else does a body need?

Wednesday PM chart...

2005-04-27T13:04:00.000-07:00

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Lost focus this afternoon... first trade was with lots of div, second was a BE.

Wednesday AM chart...

2005-04-27T08:40:00.000-07:00

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Took 2 100% trades this morning... the first had lots of RD... the second hit target, but I did not get filled, out at BE. Next week I will be adjusting my targets. Right not it is 3 pts or bust (or BE).

The 80% trades did well today. I may start taking them toward the end of next week. But, as CT says, I got to earn the right.

Looking forward to the afternoon.

Tuesday's PM Trades...

2005-04-26T13:08:00.000-07:00

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First trade of the afternoon, got stopped on the high tick of the "ding", or retrace. The 3 minute was setting up, and I should have waited after such a big drop after lunch. The 3 min and a 1 min 80% (ob) triggered the same bar. Another day I would have taken it, but that is not what I am doing right now. Second trade I was not at the computer to take. The third I was not filled right away, cancelled and had to p/u J at school. A 3 min triggered later in the same "ding".

Overall a good day... and I even showered.

Tuesday's (shower day) AM Trades...

2005-04-26T11:12:00.000-07:00

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After the first hour of range bound market, I didn't get a fill on the first setup. Market moved and didn't look back. Next trade I didn't take cuz ES was down, and I was looking for a deeper retrace after a 15pt move. The next trade is mis-marked. It should be 80%, not 100%. ES was still down, but price found support. Got to a tic of target, ended up @ BE.

No mistakes this morning, distracted right before the first trade, but order was entered in time.

Monday Afternoon... Blues Pt. Deux

2005-04-25T16:13:00.000-07:00

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First... Had to chase the entry, dropped too fast. Second... 80%er, didn't take, but wanted to mark for posterity. Third... popped up right after getting filled, again no follow thru, but to be fair, this did bounce right off the pivot @ 1431. I only took the 3rd trade. Had a mistake right before the 80%er, but didn't mark it on this chart.

The dip right after I got stopped was a 100% long, but I was outta time.

Again, I feel I traded well, but didn't have the follow thru this afternoon either.

Monday Morning Blues...

2005-04-25T13:05:00.000-07:00

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2 trades, both 100% by the rules. First... no follow thru, stop was 3 pts. Second... stop placed tic below the ma, got hit and then ran to target.

I feel I traded well this morning.

Friday's Trades...

2005-04-22T12:47:00.000-07:00

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Only trading the morning. Decided to put my entries and exits on the charts. White line is entry, yellow is exit.

I am consistent in only taking 100% trades. I am now working on trade management while in the trade... starting with stops. Targets remain constant at 3 points.

First trade ticked into target, then turned and stopped. Second ran against me right away, but then came and hit target. In both, trade stops were managed according to the rules.

Attend my first TTP meeting Thursday night. Realize that if I know what I am supposed to do... have a definite plan... then it is ok to be wrong. If the plan is vague, or there is any doubt as to what to do, then the agnst/emotion/chest tightness appears.

But when I am confronted with a situation that is completely foreign to me, I tell myself to "just make a decision" (which is a definite plan). If the decision turns out to be a good one... great... if it's the wrong decision... then I just make a new one.

This is one of the reasons I can trade this plan w/o feeling lots of emotion. It is a definite plan with definite steps.

Last 10 days have been one "Aha" after another.

Good Trading

Thursday's trades...

2005-04-21T16:39:00.000-07:00

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Nice trend day for a trend following system. The entry bars are marked. The % is rules met for that setup. I took all the 100% trades, except the first, which is a time issue.

I feel good all day... enter the trade, sit back and observe. Maintain an open body position.

Tonight is my first Trading Tribe meeting. I am excited, it is something i am looking forward too. For more information, click on the link.

Good Trading.

Following the plan...

2005-04-21T05:45:00.000-07:00

Yesterday was a good day. 4 trades, each 100% by the rules. There were also several trades that others took that were 80%, and 2 100%ers that were invalidated due to time. I am sticking to the rules. Period. It's a discipline thing.

Having specific rules to follow take a lot of the stress out of the "Take Action" part of the trading process... at least for me.

I notice I am more relaxed... knowing exactly what I need to do, what I need to look for, and when to do it. When it isn't there, no "worrying" whether it is going to show up unannounced, and I beat myself up because I missed it. I see this is what is missing in my own plan.

The consistently profitable traders I know all say that good trading is boring. I was bored yesterday... waiting. Not wrapped up in emotion... anticipating. I don't know if I am using the right verbiage, but it makes sense to me.

I included the system's website in my links.

Good trading today.... may it be boring.

Hi, my name is Huios...

2005-04-19T22:40:00.000-07:00

and I have a discipline problem, a fear problem, an unresolved issue problem, etc, etc, etc.

I stopped trading my system and am currently trading a NQ Scalping system that CT "suggested" to help with all of the above. I will mention it when I get the permission of the author. Anyway, it is a proven system that is very similar to what I have been trying to accomplish in the Euro... buying the dips in an uptrend, selling the dings in a downtrend.

The reason for this change is to take as many variables out of the picture as possible... and concentrate on me and what is floating around in this cranium.

The first step is to learn all 5 rules cold, take every trade, and more important, not take any invalid trades... ie make any mistakes. Today I did pretty good... rules followed 100% first two trades, and 80% followed on the third. Yesterday, my first day on the system... I sucked. Four 80%, one 60%, and one 10% trades. I did 6 trades, the author only did 2 or 3. What does that tell you?

I also did another exercise today... while in my last trade, I wrote down every thought that goes thru my head. Now... this last trade lasted over an hour. Almost two and a half pages of thoughts. I am exhausted. CT said I get to do it again tomorrow. I'm thrilled.

Interesting exercise... you should try it, see what thoughts fly thru your brain while in a trade.

2005-04-17T18:43:00.000-07:00

Just an FYI... I am currently under construction... and will be back soon.

Monday...

2005-04-11T13:24:00.000-07:00

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1 setup today, 1 trade taken. The S@78 is confirmed by HTF macd and ribbons. This is the perfect trade to do a SAR (if it was in my current bag-o-setups) The reason is the HTF sling long entry, which is captured by the green arrow. The STF short plays out before the HTF sling long. I was away from the computer during this setup, so did not take it. Nothing else for me the rest of the day as I am only trading continuation trades.

Trade entry was better than last week, and I was able to stay flat in the chop... and not do any outliers.

Had an epiphany today during my conversation with CT about my discipline/hesitation issue. In reviewing a trading course I had on the shelf, I came across the "Ten Trading Tasks". #4 is Stalking the Trade, #5 is Action. The author then states that "The contrast between the requirements for the "stalking" task and the "action" task is so dramatic that many traders cannot make the abrupt shift. They are either energized and prepared to act or they are cautious and wary of any action. As a result, they either take the trade immediately and increase the risk of the situation, or they concentrate on getting the best possible trade and end up getting nothing."

I do both, mostly the latter. Waiting for the best price so the stop is the fartherest away, and the trade is in the good right away... fear of loss and not accepting the risk. I watch it go on without me, sometimes not even entering the order, but most time late entering and not getting filled.

CT: which is my point about "trade the chart like a video game", like no money is involved, do what you are supposed to do and the money will take care of itself, faith.

H: faith in me first, then in the system

CT: they tend to be symbiotic

H: actually, for me, they are exactly he same thing since I am the one who make the system

CT: you just made a very powerful statement, ego x2

H: I don't want to be wrong, and I don't want the system to be wrong, which causes me not to take the trade/hesitate/whatever... I don't want to take the trade cuz I don't want to be wrong.

CT: yup

H: and I defend the system, cuz that would make it wrong, which makes me wrong

CT: yup

Just got to luv CT's answers

So... the plot thickens.

Friday's Trades...

2005-04-08T13:58:00.000-07:00

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Wrong trade management on first, but a good setup. Second trade is not a setup, jumped in on momentum, realized it after i was in. Instead of just getting out, i tried to manage my way out of it which made it worse. Hesitated on 3rd and didn't get an order in, no fill on 4th, having a discussion when the last set up and didn't enter.

Not a good day setup wise... 4 valid setups - 1 taken, but mismanaged, 3 missed.

I have a discipline problem... which was the discussion during the last setup. More on this later.

Thursday's trades...

2005-04-07T12:01:00.000-07:00

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This morning I was all screwed up. Both trades were not exactly postcard perfect setups... let alone even setups. While yesterdays Russell entry was early, these were just mistakes all the way around.

My plan is to have a trade confirmed by a HTF chart. The problem is I found myself not able to see what is there because there is too much to look at. I am confusing myself... and that is not hard to do.

I am planning on spending the rest of the day lightening up on what I watch.

Jordan...

2005-04-07T10:37:00.000-07:00

I've missed more than 9,000 shots in my career.
I've lost almost 300 games.
Twenty-six times, I've been trusted to take the game winning shot and missed.
I've failed over and over and over again in my life.

And that is why I succeed.

Michael Jordan

Setup not "Ripe"...

2005-04-07T07:35:00.000-07:00

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Perfect example of a setup that was not "ripe" when entered. This is yesterday's Russell trade. I did 2 of these "premature" trades this week. Realized it was the "I don't want to miss out" thing. Wait for it to ripen, if it drops right away and I miss it, wait for the next one.

And no, I did not take the setup later... having a discussion with my daughter that while it seems to her that I am sitting here doing nothing, I am in fact working very hard. She doesn't buy it.

Wednesday

2005-04-06T12:28:00.000-07:00

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3 setups - 3 taken. First long was a mistake, had the price action, but not the confirmation. The short worked well, and had another setup in the russell.

Tuesday's Trades...

2005-04-05T22:36:00.000-07:00

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3 setups - 2 trades taken, 1 missed cuz I was looking to go short off a test of high, even though that is not the setup I am currently trading... the real setup was the long. The next 2 arrows, green and red were setups right after the London close, which I don't take. The last green unmarked arrow was a long setup that happened right before I sat down for the afternoon. I just wanted to mark it. The second trade I took was off a setup in the Russell.

What's their job...

2005-04-05T11:20:00.000-07:00

Their job... line them up, rivet them together, not worry if they are going to fall.

Really Accepting the Risk...

2005-04-05T10:48:00.000-07:00

"Accepting the risk means accepting the consequences of your trades without emotional discomfort or fear. This means that you must learn how to think about trading and your relationship with the markets in such a way that the possibility of being wrong, losing, missing out, or leaving money on the table doesn't cause your mental defense mechanisms to kick in and take you out of the opportunity flow. It doesn't do you any good to take the risk of putting on a trade if you are afraid of the consequences, because your fears will act on your perception of information and your behavior in a way that will cause you to create the very experience you fear the most, the one you are trying to avoid."

"You are perfectly satisfied to let the market do whatever it's going to do"

"This is where the professional traders really separate themselves from the crowd When you accept the risk he way he pros do, you won't perceive anything that the market can do as threatening. If nothing is threatening, there's nothing to fear. If you're not afraid, you don't need courage. If you're not stressed, why would you need nerves of steel? And if you're no afraid of your potential to get reckless, because you have the appropriate monitoring mechanisms in place, then you have no need for self-control"

"The traders who break through the cycle and ultimately make it are the ones who eventually learn to stop avoiding and start embracing the responsibility and the risk."

Trading in the Zone pgs 61-64

I read this Sunday in a whole new light. The pro's don't fret over every trade, they just take the trade - win, lose, scratch... and wait for the next opportunity. No fear, no stress, no nothing, they are just doing their job. CT told me long ago that my job was just a clerk. I see my setup, and I take it, just like a clerk would file a paper where it belongs... no big deal. The trade either wins, loses, or scratches. That's it. Wait for the next one.

May for UNC last night. He wasn't worried, didn't second guess. He did his job. Get the ball, put it in the basket. Do it again. If it misses, get the rebound. If it doesn't, run to the opposite end of the court. That's his job.

The emotions get in my way. They prevent me from doing my job. My only game right now is "Take the Trade". At the end of the day it boils down to - how many setups, how many did I take. If I didn't take the trade, what was in the way of me taking it. Most trades I am taking with some emotion, some without. A plan is in place to deal with the emotions. When I can "Take the Trade" in the 'here and now', not in the 'what is going to happen in the future', I earn the right to move to the next part of my trading plan.

Great traders don't deal with the emotions, they embrace them so they don't get in the way.

Will there be emotions attached to the next step.

I'm counting on it.

Monday, Monday...

2005-04-04T14:09:00.000-07:00

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I had one setup, which I took twice. First time I stopped, and re-entered a few minutes later, and it dropped. I generally have a hard time jumping back in after getting stopped. Today was easy.

The first unmarked arrow technically was an entry, since it had the LL and LH, but the action was still in congestion, so it was passed.

You know how something changes in you, then you re-read a passage you have read 20 times before, and it hits you totally different. That happened last night. Will post later.

Today's score. 1 setup - 1 taken

Friday's Fiasco...

2005-04-02T09:50:00.000-08:00

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Lesson Learned (again) Today... No interruptions during the day. I made a huge mistake and picked up the phone. I knew better. I went into an emotional tailspin the rest of the day.

I was on the phone when T1S setup. Watched it form, then drop. I walked away. T2S formed while I was away. Watched T3S form, but didn't take it. Didn't trade the rest of the day.

3 setups - 0 taken.

Lesson Learned... For the last time.

Thursday's trades

2005-04-02T06:20:00.000-08:00

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The exercise I am doing is trading every setup. Currently I don't care about hit rate, pts lost or won R Factors, or any of that kind of "Keep Score" stuff. My job right now is to take every setup.

Thursdays Chart has 4 setups marked. T1L was totally missed. T2L filled. T3L and T4L were mistakes... too close to the 10 am report. There were no other valid setups that day. Chop.

I notice hesitancy, tightness of the chest, and second guessing when pulling the trigger. I will resolve this.

2 valid setups - 1 missed, 1 filled. 2 mistakes.

A little History

2005-04-01T13:24:00.000-08:00

This is the second time I've been a full time trader. The first time ended with a 22% draw down over the course of 18 months. That was little over 2 years ago. That is the extent of the history.

This blog is for me to post charts, notes, links, quotes, and whatever else catches my eye, trading related.