I did have 3 trades go against me, but since I had legged in to each of these 3 trades, where I got out, allowed me to still have a net profit. I did make ONE tick, and with commissions, that leaves me with 53 cents. Yay profit!!!
Made 5 more trades and that gained me 3.25 pts, 3 pts, 3.5 pts, 2.75 pts, 1.25 pts. That gives me in this second half of pretend trading 14 pts. That with the 16.75 pts prior gives me 30.75 pts for today's trading. I should include 1.25 pts that I actually made in real money, so that gives me 32 pts today.
Started trading today @ 1 pm EST. Stopped @ 4 pm EST.
Trading range in my timeframe is 1057.25 to 1065.25. That's only an 8-point range and I was able to get 32 pts (that would be with 1 contract at a time). That gives me an average of 2.25 pts (9 ticks).
What have I learned today -- being relaxed really pays. My gosh, the market wasn't even really moving all that much, yet I was able to take that many points, which I haven't done in quite some time. When you're relaxed, you see and do things differently.
Yes, I know that. You know that. Now, to really do that, eh?
Tuesday, October 27, 2009
Relaxation
Today I only made 2 trades and they were profitable. That's great, however, I accidentally got into those 2 trades. Wasn't totally aware that I was in my funded account, but called my broker. To my dismay, I was in. My trading platform was glitching, so it took quite a few minutes to close everything down and reboot.
My psychological state is pretty icky today. The ability to get really intense & uptight, it's just not there as my whole body is aching. I'm just putting entries & exits on my screen as things are happening real time.
The amazing thing is, my entries are right on par for the right direction EACH time. I've been letting profits go longer than I had been in real life. Those 7 trades with 1 contract each was 16.75 pts. I currently have 2 more positions on and am on course with those.
This really goes to show for me as when one is relaxed, and I am overall relaxed because I'm too sick to not be relaxed. Though, my body is distressed from being sick, I've had a lot of sleep over the past 4 days.
Anyway, do what you can to relax. Don't get all stressed out about trading or making money.
My psychological state is pretty icky today. The ability to get really intense & uptight, it's just not there as my whole body is aching. I'm just putting entries & exits on my screen as things are happening real time.
The amazing thing is, my entries are right on par for the right direction EACH time. I've been letting profits go longer than I had been in real life. Those 7 trades with 1 contract each was 16.75 pts. I currently have 2 more positions on and am on course with those.
This really goes to show for me as when one is relaxed, and I am overall relaxed because I'm too sick to not be relaxed. Though, my body is distressed from being sick, I've had a lot of sleep over the past 4 days.
Anyway, do what you can to relax. Don't get all stressed out about trading or making money.
Saturday, October 24, 2009
Volume
Though my week ended not profitably, I did trade 4 of the days and a number of trades. That is a great thing. Each day, I was able to get better with my trading, but still room for improvement. My entries could still be better as I'm getting in too late. However, I am doing a much better job being patient and using my volume indicator to assess whether I ought to be in the trade or not.
I had somehow accidentally turned off my RSI and didn't even notice until a little before getting out of my last trades for the day.
Yesterday I had 2 targets for the ES to the downside: 1075 and 1070.25.
At the time I was thinking of those targets, it was in the 1080 range. What caused me to be negative yesterday, other than getting in a little too late, was that I had to leave my home by a certain time. Though I had an OCO (one cancels other) and one way or another I would've been taken for a profit or cost, I was unwilling to let my trade go and have my broker watch it for me.
It was after 11 am EST and I set my cost stop @ 1083. It never hit it. One profit stop was at 1075 and the other at 1073. Had I just left my trades alone, I would've had some nice profits. I had gotten in at 1079.75 and 1077. That would've been a nice profit on 2 contracts.
Anyway, before I left my house to meet some friends of mine that I had been looking to see for months, I closed my trade at a cost, getting out @ 1080. Wasn't a huge cost, but I figured better than if I was taken out at 1083, if that were triggered.
I kept watching volume on both the 15 and 3 min. charts.
Here's what I observed:
1. As price went DOWN, BEARISH volume was INCREASING.
2. As price went UP, BULLISH volume was DECREASING.
3. As price went UP, BULLISH volume was weaker than BEARISH volume (relative).
4. Volumes were decreasing in the 12-1:15 pm EST, compared to prior. That makes sense as traders were at lunch, but the same observations were made, just relatively smaller.
All signs were still point from 1080 that the market wanted to still go lower, but at the point, it was going to test or stall at some point. To go from 1095 to 1075 and not expect at least SOME pullback was not exactly unreasonable.
38% retracement was at 1083. It only got to 1082.75, which meant that the market was still MORE bearish. I did not take any bullish trades and often now go more with the trend, unless the market is going sideways.
The 2nd move in the ES started just before 1 pm EST and it moved 10 points down about. Top was 1082.25 and bottom was 1073. 50% retracement was about 1078. It tested this area 4 times.
Anyway, what will happen Monday? It really doesn't matter to me, but if it can't break the 1078 strongly, the market will want to move, so then down it is. If it can, then it will move up.
I had somehow accidentally turned off my RSI and didn't even notice until a little before getting out of my last trades for the day.
Yesterday I had 2 targets for the ES to the downside: 1075 and 1070.25.
At the time I was thinking of those targets, it was in the 1080 range. What caused me to be negative yesterday, other than getting in a little too late, was that I had to leave my home by a certain time. Though I had an OCO (one cancels other) and one way or another I would've been taken for a profit or cost, I was unwilling to let my trade go and have my broker watch it for me.
It was after 11 am EST and I set my cost stop @ 1083. It never hit it. One profit stop was at 1075 and the other at 1073. Had I just left my trades alone, I would've had some nice profits. I had gotten in at 1079.75 and 1077. That would've been a nice profit on 2 contracts.
Anyway, before I left my house to meet some friends of mine that I had been looking to see for months, I closed my trade at a cost, getting out @ 1080. Wasn't a huge cost, but I figured better than if I was taken out at 1083, if that were triggered.
I kept watching volume on both the 15 and 3 min. charts.
Here's what I observed:
1. As price went DOWN, BEARISH volume was INCREASING.
2. As price went UP, BULLISH volume was DECREASING.
3. As price went UP, BULLISH volume was weaker than BEARISH volume (relative).
4. Volumes were decreasing in the 12-1:15 pm EST, compared to prior. That makes sense as traders were at lunch, but the same observations were made, just relatively smaller.
All signs were still point from 1080 that the market wanted to still go lower, but at the point, it was going to test or stall at some point. To go from 1095 to 1075 and not expect at least SOME pullback was not exactly unreasonable.
38% retracement was at 1083. It only got to 1082.75, which meant that the market was still MORE bearish. I did not take any bullish trades and often now go more with the trend, unless the market is going sideways.
The 2nd move in the ES started just before 1 pm EST and it moved 10 points down about. Top was 1082.25 and bottom was 1073. 50% retracement was about 1078. It tested this area 4 times.
Anyway, what will happen Monday? It really doesn't matter to me, but if it can't break the 1078 strongly, the market will want to move, so then down it is. If it can, then it will move up.
Thursday, October 22, 2009
Trading & Life
A friend said to me told by someone that was an instructor or mentor or something like that said that the problems in her trading were the same as the problems in her life. Wow, that is profound and hit me like a ton of bricks. How many bricks is in a ton?
BRICKS: the average brick weighs 4.5 lbs. A ton is 2000 lbs. So, that's 444 bricks approximately.
Okay, I digress.
What are some parallels with my life and trading or vice versa? Here's just a quick & dirty comparison.
Okay, I am listening now to an audio by VanThorpe on Disciplined Trading. My friend's mentor got this from him, I believe.
BRICKS: the average brick weighs 4.5 lbs. A ton is 2000 lbs. So, that's 444 bricks approximately.
Okay, I digress.
What are some parallels with my life and trading or vice versa? Here's just a quick & dirty comparison.
Okay, I am listening now to an audio by VanThorpe on Disciplined Trading. My friend's mentor got this from him, I believe.
Friday, October 9, 2009
1121 - S&P 500 (50% Retracement)
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Just thought this would be a good chart to show. It's always best to get a macro view of the market to see the big picture. What is happening in the market? The last candle will finish at the end of December. I do see us at least reaching 1121, which is 50% retracement from the overall highs & lows.After six quarters strongly bearish, it's just in line to let up some -- pressure relief. That's what the past 2 quarters and htis one is.
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What I find interesting about the monthly chart is we've had 8 months of bullish candles. As I look back, 8 consecutive months is the most months in the past 25 years (since '84) before it is broken by a bearish month. By bearish month, I mean the closing price is less than the opening price for the month.October is the 8th month. What will November hold? I do see us from a pattern standpoint for the market to hit 1121 at some time.
What I find interesting is that though price is climbing, the $VIX for the prior 3 months prior to October has been doji's. Volatility is NOT going down as price is going up. What does that say to me? Traders don't really believe price action will continue too much further up.
Truly to go from 666 to 1071 is over a 400 point move on the $SPX. On 1 contract of the $SPX in futures, that's a $20,000 profit if you traded December 2009 contracts. Wow, amazing, isn't it? I really don't know what the liquidity of trading contracts that are 9 months out. My gosh.
Okay, I just went 9 months out from where we are now, which we are in Dec'09 contracts to Sep'10 contracts. There is basically NO LIQUIDITY there. Even 6 months out, there isn't good liquidity. There isn't even enough data in either 6 or 9 months out to even have a real price action chart.
The next contract out from Dec'09 is Mar'10. The daily liquidity is averaging 1.82M. This is more tradable on a daily basis, but certainly trading fast may not be real good. I don't really know as I haven't even done it in practice. This is after the fact and after hours.
Actually, as I'm looking at the volumes on the various contract expirations on the ES, I'm really not quite sure what I'm looking at. Sorry.
Wednesday, October 7, 2009
Relaxed
Today I decided to show my beau a little about how I trade. It's always interesting to see other people respond and how they take things in or not. Not sure if he was all that interested, except that it was making money. He is an avid learner, so I would think the possibility of making money while having freedom with your time is appealing.
However, as you know regarding my case, trading is not a piece of cake. The technicals of it can be fairly easy, but the psychological part a challenge.
Today I only practice traded and yes, one is typically always more relaxed doing that than funded trading. I found explaining my trades and positioning was easy. Having my beau snuggle with me as I explained on my laptop (not with my huge monitor) sure put me in a way more relaxed state. Even when 2 of my trades started to seem to go against me quickly, I had my conditions set to get out if it did and the rationale behind it.
The orders were in to take profits, but also in if the positions went to a point of no return - that would be an OCO (order cancels order). It was good for him to see the position go against me for a little bit and then go in my favor. I had the opportunity to tell him what the market was doing.
In the case, I was in LONG and shortly afterwards, it went SHORT. The overall trend of my indicators showed bullishness and so I drew a trendline and as long as it didn't close below this trendline, I kept in the trade. It came to touch the trendline and then resume back up to eventually take me out of my trade. As it came back down to touch the trendline, that would've been a perfect opportunity to get back in again, but I was already in for 2 positions and did not want to increase my risk, just in case I was wrong.
Trading seemed relatively easy with him snuggling with me and lavishing love on me. Gosh, is this what it's going to take for me to be profitable? I'm going to have him come over every morning and help relax me so I can trade well, make the money I can, and then we can work as a team to accomplish his and my financial goals.
Maybe I can form a new style of trading? Snuggle trading? LOL.
However, as you know regarding my case, trading is not a piece of cake. The technicals of it can be fairly easy, but the psychological part a challenge.
Today I only practice traded and yes, one is typically always more relaxed doing that than funded trading. I found explaining my trades and positioning was easy. Having my beau snuggle with me as I explained on my laptop (not with my huge monitor) sure put me in a way more relaxed state. Even when 2 of my trades started to seem to go against me quickly, I had my conditions set to get out if it did and the rationale behind it.
The orders were in to take profits, but also in if the positions went to a point of no return - that would be an OCO (order cancels order). It was good for him to see the position go against me for a little bit and then go in my favor. I had the opportunity to tell him what the market was doing.
In the case, I was in LONG and shortly afterwards, it went SHORT. The overall trend of my indicators showed bullishness and so I drew a trendline and as long as it didn't close below this trendline, I kept in the trade. It came to touch the trendline and then resume back up to eventually take me out of my trade. As it came back down to touch the trendline, that would've been a perfect opportunity to get back in again, but I was already in for 2 positions and did not want to increase my risk, just in case I was wrong.
Trading seemed relatively easy with him snuggling with me and lavishing love on me. Gosh, is this what it's going to take for me to be profitable? I'm going to have him come over every morning and help relax me so I can trade well, make the money I can, and then we can work as a team to accomplish his and my financial goals.
Maybe I can form a new style of trading? Snuggle trading? LOL.
Saturday, September 26, 2009
SPX: 880 to 1075
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I find the weekly S&P 500 chart very interesting. We've seen the SPX move from 880 to 1075, nearly 200 points, yet, volatility (VIX) remains the same. What does that mean? It means that traders aren't buying the move up as a change in directions, rather, perhaps this is just a part of the pullback of a bearish market?Using a high of 1576 and low of 666, 50% retracement is at 1121. We aren't that far from it with the high of 1075. That's less than 50 points away, after a 195 pt move up. The market often likes 50% retracements. Will it here? The other points are 38.2% and 61.8%. It's passed the 38.2%.
This is a daily perspective of the SPX. The darker blue diagonal line is the bigger trend. If it breaks the lighter blue trend line, watch to see if it will fall to the darker, which is around 1000. I find trends very interesting. It's not always 100%, but it does often hold true.Whether this is a daily, weekly, hourly, minute-by-minute, follow your rules. I have not been following mine, as I go back to review my trades. Instead, it's been more emotional based trading, which isn't good at all. Time to get back to basics.
So, if I were going to place a trade, I'd go short if it breaks the light blue line, and long if it bounces off it going up. My targets up would be first 1075ish, then 1120ish. Targets to the downside would be first in the 1025, then 1000 areas.
Awhile
It's been awhile since I wrote. Truthfully, I've been trading on/off, but not consistently.
What really makes a successful trader, after you understand all the technicals? I'm not really sure. Follow your trading plan, trading strategy. We are human beings, not mechanical beings.
As I chatted with a fellow trader, engineer, and friend this evening, we found emotions still get the best of us, causing us to abandon the best laid plans of mice and men. I'm not there yet, and not ready yet to share of all my foibles.
It's been 7 weeks since I moved. I'm adjusting, but still not real happy about things there. Maybe that's what's impeding my trading, causing it to go backwards.
And, I've been a bit preoccupied in some personal things in my life that are going well. It's been a long time coming and I'm very happy there. Hopefully that will offset eventually my move.
Hopefully in this next week, I'll have something to write about with regards to trading.
What really makes a successful trader, after you understand all the technicals? I'm not really sure. Follow your trading plan, trading strategy. We are human beings, not mechanical beings.
As I chatted with a fellow trader, engineer, and friend this evening, we found emotions still get the best of us, causing us to abandon the best laid plans of mice and men. I'm not there yet, and not ready yet to share of all my foibles.
It's been 7 weeks since I moved. I'm adjusting, but still not real happy about things there. Maybe that's what's impeding my trading, causing it to go backwards.
And, I've been a bit preoccupied in some personal things in my life that are going well. It's been a long time coming and I'm very happy there. Hopefully that will offset eventually my move.
Hopefully in this next week, I'll have something to write about with regards to trading.
Friday, September 4, 2009
8:30 am EST
I've noticed Wed-Fri this week, as I've been up early (it's 5:30 am PST), as I've sat here to watch the market and multi-task, at 5:30 am PST, the market just goes wild, at least in comparison to what it had been doing previously for the many hours.
Not sure why this is so, but if you're trading the hour before the market opens, trade with caution. I've been in trades and thankfully, the minute before 5:30 am PST, I get out of my trades because a couple times, it went the complete opposite direction in many points and would've cost me big time, as it would've taken out my cost stops.
Not sure why this is so, but if you're trading the hour before the market opens, trade with caution. I've been in trades and thankfully, the minute before 5:30 am PST, I get out of my trades because a couple times, it went the complete opposite direction in many points and would've cost me big time, as it would've taken out my cost stops.
Short-Term Goals
My goal today was to net $50. Now that I did that fairly easily, Monday I'll up my goal to $100. When I meet that goal, then it will be $150 up to $300. When I get to $300, I'll stay there and require myself to get this at least 7 times in 2 consecutive weeks. When I'm able to do that, then I'm move to $400 net/day. When I can get it 7 times in 2 consecutive weeks (10 trading days), then I'll move to $500 net/day.
How long will this take? I have no clue. So, let's see.
How long will this take? I have no clue. So, let's see.
Come Back
Well, my come back this week has not been stellar.
Had 2 weeks off to get business done and to get my mind cleared so I can trade well.
My starting daily goal is net $50. Yes, I know, not a lot and very little, but after the streak I had, this is a good goal because it's in the POSITIVE!
Here are the details of my trading this week - not stellar, but it's reality & the truth. Sometimes facing the truth sucks, but when you are able to do that, then you can do something about it and move forward. The Truth Shall Set You Free.
Mon (8/31) - Did not trade (last day of trading vacation/break)
Tues (9/1) - 3 trades (0 profits) - net <$275.53>
Wed (9/2) - 1 trade (1 profit) - net $33.51
Thurs (9/3) - 10 trades (7 profits) - net <$114.90>
Fri (9/4) - 3 trades (3 profits) - net $50.53
====================================
Week's Results - 17 trades (11 profits) - net <$306.39>
Sort of embarrassing to show these results. However, it is what it is and that's what I did in my funded account. Though 65% of my trades ARE profitable, the profits are small in comparison to the 35% of the trades that are costing, which are much bigger. I've definitely got to work on this.
What were some of my learnings this week?
1. The fibs work. Use them BEFORE making a trade.
2. Get sleep (yes, I know an issue - too lengthy to explain & no need focusing on negative things)
3. Spend more time in the Bible & prayer - this helps me to stay focused on the Lord and not do stupid things, like get into bad trades, rather allowing me to be patient for the right setup as per my written trading strategy.
4. Do more EFT to help calm me down, so I can see clearly.
5. Wait for confirmation of a movement, so I can go for bigger moves and have a better reward ratio than I have been having.
6. Do not trade when things are moving fast. I'm just not skilled enough in really fast/volatile markets. I can trade medium to slow markets. -- Know when to stay out, even if $$$$ signs are popping in front of my face.
7. Get rid of negative thinking & emotions BEFORE trading.
8. Get rid of distractions - turn off the fricken Yahoo IM.
9. FOCUS, FOCUS, FOCUS!
10. Manage emotions.
11. Get in at pullbacks.
12. The trend is your friend.
13. Don't focus on the money, rather just trading well.
14. Start off slow & gradual.
15. Know when to stop. Tuesday was not a good example as the costs were too big, but I did stop after 3 costing trades.
16. Keep positions small until you do well with ONE contract.
17. Don't think pining for when you did better, because every trade is separate and unique. Focus on that ONE trade you are in or about to take.
I'm pretty sure this whole list of 15 things I've written somewhere multiple times before as well as you seeing it in other articles, blogs, books on trading. Just confirming once again these are all very valid.
Had 2 weeks off to get business done and to get my mind cleared so I can trade well.
My starting daily goal is net $50. Yes, I know, not a lot and very little, but after the streak I had, this is a good goal because it's in the POSITIVE!
Here are the details of my trading this week - not stellar, but it's reality & the truth. Sometimes facing the truth sucks, but when you are able to do that, then you can do something about it and move forward. The Truth Shall Set You Free.
Mon (8/31) - Did not trade (last day of trading vacation/break)
Tues (9/1) - 3 trades (0 profits) - net <$275.53>
Wed (9/2) - 1 trade (1 profit) - net $33.51
Thurs (9/3) - 10 trades (7 profits) - net <$114.90>
Fri (9/4) - 3 trades (3 profits) - net $50.53
====================================
Week's Results - 17 trades (11 profits) - net <$306.39>
Sort of embarrassing to show these results. However, it is what it is and that's what I did in my funded account. Though 65% of my trades ARE profitable, the profits are small in comparison to the 35% of the trades that are costing, which are much bigger. I've definitely got to work on this.
What were some of my learnings this week?
1. The fibs work. Use them BEFORE making a trade.
2. Get sleep (yes, I know an issue - too lengthy to explain & no need focusing on negative things)
3. Spend more time in the Bible & prayer - this helps me to stay focused on the Lord and not do stupid things, like get into bad trades, rather allowing me to be patient for the right setup as per my written trading strategy.
4. Do more EFT to help calm me down, so I can see clearly.
5. Wait for confirmation of a movement, so I can go for bigger moves and have a better reward ratio than I have been having.
6. Do not trade when things are moving fast. I'm just not skilled enough in really fast/volatile markets. I can trade medium to slow markets. -- Know when to stay out, even if $$$$ signs are popping in front of my face.
7. Get rid of negative thinking & emotions BEFORE trading.
8. Get rid of distractions - turn off the fricken Yahoo IM.
9. FOCUS, FOCUS, FOCUS!
10. Manage emotions.
11. Get in at pullbacks.
12. The trend is your friend.
13. Don't focus on the money, rather just trading well.
14. Start off slow & gradual.
15. Know when to stop. Tuesday was not a good example as the costs were too big, but I did stop after 3 costing trades.
16. Keep positions small until you do well with ONE contract.
17. Don't think pining for when you did better, because every trade is separate and unique. Focus on that ONE trade you are in or about to take.
I'm pretty sure this whole list of 15 things I've written somewhere multiple times before as well as you seeing it in other articles, blogs, books on trading. Just confirming once again these are all very valid.
Sunday, August 23, 2009
Almost A Week
It's been almost a week since I traded. I'm taking Monday off, also, at least. I thought I would be sharing with you some of the psychological things I've been going through, but that hasn't happened.
The market has made some tremendous moves. Tues-Thurs, I traded real-time practice. Tues/Wed my trading was not real good and I'm thinking, "How on earth will I get back to funded if I'm not even doing well in my practice?" Definitely this move has greatly negatively impacted my mindset, my physical well-being and it's not good.
Thursday went better and I was able to be more focused and end up positively, though I started out way negative.
Most likely I will not be able to start trading again with real funds by Tuesday.
Yes, the market is moving like crazy and it's very fun. A near 30 pt move on Friday!! Wow. Missed all of it.
I still have a higher percentage of my trades be profitable, but it's the costing trades I need to minimize. There is more psych work that needs to be done, my attitude about where we are living, and the thoughts going into all this.
What I will need to do this week is do some big time spiritual warfare in this physical home I'm in as I feel spirits of oppression, addiction, bondage, fear, and poverty upon this place. It's pretty tough stuff. Yes, does sound crazy. There is turmoil in this place and some pretty strange stuff.
Boy, will I have some really good stories to tell when I "make it". This process definitely challenges me big time, but I'm learning and growing. God is good all the time, and I praise Him for He is absolutely good no matter what is happening in my life.
The market has made some tremendous moves. Tues-Thurs, I traded real-time practice. Tues/Wed my trading was not real good and I'm thinking, "How on earth will I get back to funded if I'm not even doing well in my practice?" Definitely this move has greatly negatively impacted my mindset, my physical well-being and it's not good.
Thursday went better and I was able to be more focused and end up positively, though I started out way negative.
Most likely I will not be able to start trading again with real funds by Tuesday.
Yes, the market is moving like crazy and it's very fun. A near 30 pt move on Friday!! Wow. Missed all of it.
I still have a higher percentage of my trades be profitable, but it's the costing trades I need to minimize. There is more psych work that needs to be done, my attitude about where we are living, and the thoughts going into all this.
What I will need to do this week is do some big time spiritual warfare in this physical home I'm in as I feel spirits of oppression, addiction, bondage, fear, and poverty upon this place. It's pretty tough stuff. Yes, does sound crazy. There is turmoil in this place and some pretty strange stuff.
Boy, will I have some really good stories to tell when I "make it". This process definitely challenges me big time, but I'm learning and growing. God is good all the time, and I praise Him for He is absolutely good no matter what is happening in my life.
Monday, August 17, 2009
Sit Through
It's never a good idea to not have stops for your positions, for just in case something goes awry and you have your orders set. Things going awry is like have my internet connection go down.
Today I had stops on all my position, cost stops, that is, as well as profit stops. Funny (not really), how if it's a cost stop, it doesn't have to move 1 tick past. If it's a profit stop, it has to move 1 tick past. I know that market makers don't care who I am at all, as it's just my 1-3 contracts each time, and it means piddly.
However, with the 2 that were costing trades for me, which totalled $262.50, had I been 1 more tick out of the way, I wouldn't have been stopped out. Both times, the target profit I set out were reached, but I did have to sit through quite a bit.
The dilemma is to sit there a lot of indecisiveness, which could last for 1-2 hrs or more, just to gain $12.50 or $50 or $62.50 just doesn't seem worth it. I could double up, but since I'm having such a net costs for now 5 days, it's best to NOT double up, such that if it went against me, it would do it doubly fast.
I'm most likely going to reset my goal to $100/day and ONLY trade with 1 contract. I need to work on getting adequate sleep as well as proper nutrition. Those are the 2 things that are really waning here.
Today I had stops on all my position, cost stops, that is, as well as profit stops. Funny (not really), how if it's a cost stop, it doesn't have to move 1 tick past. If it's a profit stop, it has to move 1 tick past. I know that market makers don't care who I am at all, as it's just my 1-3 contracts each time, and it means piddly.
However, with the 2 that were costing trades for me, which totalled $262.50, had I been 1 more tick out of the way, I wouldn't have been stopped out. Both times, the target profit I set out were reached, but I did have to sit through quite a bit.
The dilemma is to sit there a lot of indecisiveness, which could last for 1-2 hrs or more, just to gain $12.50 or $50 or $62.50 just doesn't seem worth it. I could double up, but since I'm having such a net costs for now 5 days, it's best to NOT double up, such that if it went against me, it would do it doubly fast.
I'm most likely going to reset my goal to $100/day and ONLY trade with 1 contract. I need to work on getting adequate sleep as well as proper nutrition. Those are the 2 things that are really waning here.
Week Off
I need to take a week off from trading. I've now had 5 days in a row of being in the negative. Obviously I'm stressed and not handling things well. I'm not even sure if I've ever had 5 days in a row trading that I've ever been negative. It's certainly not my technical skills, rather it is the emotional/mental aspect of trading.
There is no point in wiping out my whole account, so I'm taking the rest of the week off in funded trading and will go back to practice. I suppose practicing over the weekend, on Saturday, when I backtested 2 of the days, I ended up highly positive, but then traded 2 other days and ended up highly negative. Not good.
That certainly is less than what I'm capable of.
So, for the next week or so, I'm going to be sharing some of the issues I'm having psychologically and how I'm dealing with these things. If they get too personal, I'll have to refrain.
There is no point in wiping out my whole account, so I'm taking the rest of the week off in funded trading and will go back to practice. I suppose practicing over the weekend, on Saturday, when I backtested 2 of the days, I ended up highly positive, but then traded 2 other days and ended up highly negative. Not good.
That certainly is less than what I'm capable of.
So, for the next week or so, I'm going to be sharing some of the issues I'm having psychologically and how I'm dealing with these things. If they get too personal, I'll have to refrain.
Sunday, August 16, 2009
A Few Thoughts
The reason why I posted the last 2 articles was beyond they both spoke volumes to me this morning as I read them, especially Brad's.
I had been focusing on a lot of negative things and guess what? I was getting more of those things rather than focusing on what I needed to. I allowed other people's "lack" and "poverty mindedness" impact me. Every day in the past week plus and for the next 6 months, I may be reminded of "lack", but that does not mean that I have to dwell on it.
Brad Yates is an EFT practitioner. EFT = emotional freedom technique, which is a form of energy psychology, one of the methods I regularly employ in my life.
Growing up with parents who grew up in abject poverty, those are deeply engrained in them that some of those mindsets got passed down to the next generation, plus my parents have a lot of fear based thinking. Granted, there are some things they have gotten a little better at, but now, with more contact with my parents, I definitely see the disparity in thinking, especially my dad's.
How do I go about thinking and doing differently without adopting or continuing in my generation of "poverty-mindedness"? It's really to absorb myself in God's Word, understanding God, who I am as a child of God, and allowing Him to root out the things I have been trained to think about myself through my parents, society and my environments -- at least those things that are not of benefit for allowing me to live the empowered, abundant life in Christ fully.
One of the resources is Brad Yates. I also use Carol Look's stuff. These are the 2 main people whom I derive great benefits from whom are EFT practitioners. Another resource is my own EMDR therapist whom I see on a regular basis.
Often we don't realize we have "issues" in certain areas until situations present themselves such that it triggers/draws out those things. Like, how would you know you were truly a patient person or that you lacked patience unless you were put in situations involving you to exercise patience on a repeated basis? In fact, in situations where intense patience was required, meaning that you also had to exercise a good modecum of self-control. Having children and being deeply involved in their lives will force a person to become more patient or less.
Truly when I get to the point where I am consistently successful in being profitable in my trading and am able to really move forward by leaps & bounds in creating financial wealth, I will KNOW through experience what it took, and it definitely provided many challenges. Through this whole process, there is a lot of self-discovery of who I am, what I'm made of, but I've also found a lot of emotional/mental/intellectual/spiritual crap that has surfaced that I've had to deal with.
Honestly, it was quite humbling after 1.5 months of writing I'm actually behind and showing you my results. I truly do believe I can still make it and make a living in trading, in fact, a fantastic living at this. We are paying some really great prices to do this, but it's temporary.
I'm really having to address some really great fears in my life that have somehow come true, but I'm now realizing after this past week, they have a greater hold on me than I thought. If trading is going to work, I have to confront these fears with God's Truth. Thus, off I go to do that.
I had been focusing on a lot of negative things and guess what? I was getting more of those things rather than focusing on what I needed to. I allowed other people's "lack" and "poverty mindedness" impact me. Every day in the past week plus and for the next 6 months, I may be reminded of "lack", but that does not mean that I have to dwell on it.
Brad Yates is an EFT practitioner. EFT = emotional freedom technique, which is a form of energy psychology, one of the methods I regularly employ in my life.
Growing up with parents who grew up in abject poverty, those are deeply engrained in them that some of those mindsets got passed down to the next generation, plus my parents have a lot of fear based thinking. Granted, there are some things they have gotten a little better at, but now, with more contact with my parents, I definitely see the disparity in thinking, especially my dad's.
How do I go about thinking and doing differently without adopting or continuing in my generation of "poverty-mindedness"? It's really to absorb myself in God's Word, understanding God, who I am as a child of God, and allowing Him to root out the things I have been trained to think about myself through my parents, society and my environments -- at least those things that are not of benefit for allowing me to live the empowered, abundant life in Christ fully.
One of the resources is Brad Yates. I also use Carol Look's stuff. These are the 2 main people whom I derive great benefits from whom are EFT practitioners. Another resource is my own EMDR therapist whom I see on a regular basis.
Often we don't realize we have "issues" in certain areas until situations present themselves such that it triggers/draws out those things. Like, how would you know you were truly a patient person or that you lacked patience unless you were put in situations involving you to exercise patience on a repeated basis? In fact, in situations where intense patience was required, meaning that you also had to exercise a good modecum of self-control. Having children and being deeply involved in their lives will force a person to become more patient or less.
Truly when I get to the point where I am consistently successful in being profitable in my trading and am able to really move forward by leaps & bounds in creating financial wealth, I will KNOW through experience what it took, and it definitely provided many challenges. Through this whole process, there is a lot of self-discovery of who I am, what I'm made of, but I've also found a lot of emotional/mental/intellectual/spiritual crap that has surfaced that I've had to deal with.
Honestly, it was quite humbling after 1.5 months of writing I'm actually behind and showing you my results. I truly do believe I can still make it and make a living in trading, in fact, a fantastic living at this. We are paying some really great prices to do this, but it's temporary.
I'm really having to address some really great fears in my life that have somehow come true, but I'm now realizing after this past week, they have a greater hold on me than I thought. If trading is going to work, I have to confront these fears with God's Truth. Thus, off I go to do that.
Article: What Are You Looking For? (Brad Yates)
The following article was taken from Brad Yates' (an EFT practitioner) "Success Beyond Belief" newsletter dated 8/15/09.
What Are You Looking For?
By now you’ve probably heard this rumor that we create our reality – that what we put our attention on is what shows up in our lives…
Well, it’s more than a rumor… it’s the truth. In fact, chances are you’ve had some experience or another that proves it.
Now, that is really good news… if you use it well and focus on what you really want.
It may no seem so good if you have a habit of focusing on what you really wish won’t happen.
Imagine you are going to go to a conference, where lots of people are going to attend. Like-minded people. People who could make a difference in your life.
Now, imaging that someone came to you and said:
“Just to let you know, there’s this guy who I heard is going to be there, and he is bad news – a real jerk! Whatever you do, avoid him like the plague! You do not want to spend any time around this guy, so make sure you don’t talk to him.”
And just to be sure you didn’t accidentally meet this guy they give you a photo of him, telling you to memorize his face so you know not to talk to him.
So… what do you think your experience of the conference is might be…?
Now that you’ve got this image of who to avoid, you might very well scan the crowd looking for him – putting a lot of energy into finding the person you least want to find! He may be the first person you are going to try to find, so you can get that out of the way.
And since you are so focused on this one jerk, you might also find it difficult to be open and present to all the wonderful people with whom you could potentially come in contact.
It may even be possible that, since you are looking for a jerk, you find a lot of them. People who might be nice to everyone else might come across as something less than wonderful when you meet them, since unpleasant behavior is what you are on the lookout for.
Bummer, huh…?
So, how about choosing instead to focus only on what you do want?
In fact, if you have the intention of being drawn to wonderful people, chances are you will never run into this jerk. And if you do, he’ll turn out to be far nicer than his reputation had suggested – because you’ll be seeing what other might not see – because that’s what you are looking for.
Cool, huh…?
But don’t take my word for it – put it into action. I’m confident you’ll be very glad.
What Are You Looking For?
By now you’ve probably heard this rumor that we create our reality – that what we put our attention on is what shows up in our lives…
Well, it’s more than a rumor… it’s the truth. In fact, chances are you’ve had some experience or another that proves it.
Now, that is really good news… if you use it well and focus on what you really want.
It may no seem so good if you have a habit of focusing on what you really wish won’t happen.
Imagine you are going to go to a conference, where lots of people are going to attend. Like-minded people. People who could make a difference in your life.
Now, imaging that someone came to you and said:
“Just to let you know, there’s this guy who I heard is going to be there, and he is bad news – a real jerk! Whatever you do, avoid him like the plague! You do not want to spend any time around this guy, so make sure you don’t talk to him.”
And just to be sure you didn’t accidentally meet this guy they give you a photo of him, telling you to memorize his face so you know not to talk to him.
So… what do you think your experience of the conference is might be…?
Now that you’ve got this image of who to avoid, you might very well scan the crowd looking for him – putting a lot of energy into finding the person you least want to find! He may be the first person you are going to try to find, so you can get that out of the way.
And since you are so focused on this one jerk, you might also find it difficult to be open and present to all the wonderful people with whom you could potentially come in contact.
It may even be possible that, since you are looking for a jerk, you find a lot of them. People who might be nice to everyone else might come across as something less than wonderful when you meet them, since unpleasant behavior is what you are on the lookout for.
Bummer, huh…?
So, how about choosing instead to focus only on what you do want?
In fact, if you have the intention of being drawn to wonderful people, chances are you will never run into this jerk. And if you do, he’ll turn out to be far nicer than his reputation had suggested – because you’ll be seeing what other might not see – because that’s what you are looking for.
Cool, huh…?
But don’t take my word for it – put it into action. I’m confident you’ll be very glad.
Article: Your Self Ideal (Brian Tracy)
August 16, 2009
Your Self Ideal
By Brian Tracy
The first part of your self-concept is your self-ideal. This is the ideal image or picture you have of yourself, as if you were already the very best person you could possibly be.
Your self-ideal is made up of your wishes, hopes, dreams, goals, and fantasies about your perfect future life, combined with the qualities and virtues that you admire most in yourself and in other people.
Your self-ideal is a composite of the very best person you could imagine yourself being, living the very best life you could possibly live.
Develop Positive Role Models
In one study conducted some years ago, the researchers found many men and women who accomplished great things had--when they were young--been avid readers of the biographies and autobiographies of successful people.
It seems you have a natural tendency to identify with the hero or heroine in any story you read, watch, or hear. When you continuously immerse your mind in the stories of men and women who have accomplished wonderful things with their lives, you unconsciously identify with those characters and actually absorb their values, virtues, and qualities into your own personality.
Your Values Shape Your Personality
The values you choose to live by, and the way you define those values, shape and influence your personality and your achievements as much or more than any other single factor.
When you take the time to think through and develop absolute clarity about the key values and qualities you admire the most and wish the most to incorporate into yourself, you begin to shape and direct your whole personality and determine the results you achieve in the future.
How You See Yourself
The second part of your self-concept is your self-image. If you see yourself as positive, popular, productive, and successful on the inside, that is exactly how you will act on the outside.
The way you behave on the outside will largely determine the results you get. The results you get will reinforce your self-image, in either a positive or negative way, and will set you up to repeat the same behaviors in the next similar situation.
The Core of Your Personality
The third part of your self-concept is your self-esteem. This is the feeling or emotional component of your personality, the "reactor core" of your subconscious mind. Your level of self-esteem determines the vitality and energy of your personality and is the control valve on your performance.
Comparing: Your Behavior with Your Ideal
Your self-esteem is affected by many factors. One of the most important is the distance between your self-image, the way you see yourself in the moment, and your self-ideal, the way you would ideally like to be sometime in the future.
Whenever you feel your current performance and behavior is consistent with the best person that you can possibly be, your self esteem goes up. You feel happier and more exhilarated. You have more energy and enthusiasm. You are more positive and personable with others.
Action Exercise What are the values, qualities, and attributes of other people that you most admire? What actions could you take to incorporate those values into your personality?
Your Self Ideal
By Brian Tracy
The first part of your self-concept is your self-ideal. This is the ideal image or picture you have of yourself, as if you were already the very best person you could possibly be.
Your self-ideal is made up of your wishes, hopes, dreams, goals, and fantasies about your perfect future life, combined with the qualities and virtues that you admire most in yourself and in other people.
Your self-ideal is a composite of the very best person you could imagine yourself being, living the very best life you could possibly live.
Develop Positive Role Models
In one study conducted some years ago, the researchers found many men and women who accomplished great things had--when they were young--been avid readers of the biographies and autobiographies of successful people.
It seems you have a natural tendency to identify with the hero or heroine in any story you read, watch, or hear. When you continuously immerse your mind in the stories of men and women who have accomplished wonderful things with their lives, you unconsciously identify with those characters and actually absorb their values, virtues, and qualities into your own personality.
Your Values Shape Your Personality
The values you choose to live by, and the way you define those values, shape and influence your personality and your achievements as much or more than any other single factor.
When you take the time to think through and develop absolute clarity about the key values and qualities you admire the most and wish the most to incorporate into yourself, you begin to shape and direct your whole personality and determine the results you achieve in the future.
How You See Yourself
The second part of your self-concept is your self-image. If you see yourself as positive, popular, productive, and successful on the inside, that is exactly how you will act on the outside.
The way you behave on the outside will largely determine the results you get. The results you get will reinforce your self-image, in either a positive or negative way, and will set you up to repeat the same behaviors in the next similar situation.
The Core of Your Personality
The third part of your self-concept is your self-esteem. This is the feeling or emotional component of your personality, the "reactor core" of your subconscious mind. Your level of self-esteem determines the vitality and energy of your personality and is the control valve on your performance.
Comparing: Your Behavior with Your Ideal
Your self-esteem is affected by many factors. One of the most important is the distance between your self-image, the way you see yourself in the moment, and your self-ideal, the way you would ideally like to be sometime in the future.
Whenever you feel your current performance and behavior is consistent with the best person that you can possibly be, your self esteem goes up. You feel happier and more exhilarated. You have more energy and enthusiasm. You are more positive and personable with others.
Action Exercise What are the values, qualities, and attributes of other people that you most admire? What actions could you take to incorporate those values into your personality?
Friday, August 14, 2009
Negative Week
Well, this week I end negatively. I don't know yet how negative, but today I'm at -$50 plus 7 trades' commissions. Well, better than more than that.
Well, now I've at least analyzed the raw figures.
My stats for this week:
Total Profitable Trades = $700.00
Total Costing Trades = <$1412.50>
Total Commissions = <$151.62>
=========================
Net = <$864.12>
Well, what the heck was wrong this week.
1. My sleep has been not good. Not enough and not getting into the good sleep.
2. Adjusting to a new living situation for the next 6 months is much more challenging than I thought. Actually, I didn't want to think about it, and not real happy about this arrangement, though, I should feel grateful.
3. New trading environment.
4. Lot more physical driving in my car.
5. Body feels out of sync and out of sorts.
6. Not enough nutritious foods.
7. Hardly eating, loss of appetite.
On weeks where I am net profitable, my % of profitable trades vs. costing trades is always 75% or greater. On the 2 weeks where I have netted a net negative, in WW30'09 = 60% profitable and WW32'09 = 67% profitable.
For the month of August, my % profitable trades = 75% out of a total of 56 trades.
So, looking at my % of profitable trades also helps me gauge whether I will be successful hence forth or not.
Sad to say this, but between July & Aug now, my net is <$68.98>. On average now, with 151 trades, that means each trade I've now averaged a <$0.46>. Definitely not the direction I want to be headed in.
This is the cold hard fact. Maybe it was unreasonable to think I could trade real well right after a traumatic move. Looks like I have a lot of work to do this weekend in terms of mind stuff, getting my place somewhat organized, get to getting some foods my body will tolerate and not eating certain things, even if they are presented to me.
If I look back at my trading today, because of some of the things that happened yesterday, today I was unwilling to let trades go too against me, but had I had some bigger stops, each of the 2 costing trades I had today.
SLEEP & GOOD NUTRITION are very important. My trading this week is a result of not doing these things well.
I'm resetting my goal to be $100-200 for the next 2 weeks, as this is a transition time for me.
Today, I actually had a trade just about set on the ES at 1006 and I took it off the table. A few seconds later, the market just tanked like 10 points that would've been in my favor. Needless to say, I just watched and did nothing, but all the trades I made were in periods of uncertainty or consolidation periods.
I've definitely missed out on some big moves. I've also had a lot of anger towards a couple of people this week. That negative energy has immensely impacted so much.
Well, now I've at least analyzed the raw figures.
My stats for this week:
Total Profitable Trades = $700.00
Total Costing Trades = <$1412.50>
Total Commissions = <$151.62>
=========================
Net = <$864.12>
Well, what the heck was wrong this week.
1. My sleep has been not good. Not enough and not getting into the good sleep.
2. Adjusting to a new living situation for the next 6 months is much more challenging than I thought. Actually, I didn't want to think about it, and not real happy about this arrangement, though, I should feel grateful.
3. New trading environment.
4. Lot more physical driving in my car.
5. Body feels out of sync and out of sorts.
6. Not enough nutritious foods.
7. Hardly eating, loss of appetite.
On weeks where I am net profitable, my % of profitable trades vs. costing trades is always 75% or greater. On the 2 weeks where I have netted a net negative, in WW30'09 = 60% profitable and WW32'09 = 67% profitable.
For the month of August, my % profitable trades = 75% out of a total of 56 trades.
So, looking at my % of profitable trades also helps me gauge whether I will be successful hence forth or not.
Sad to say this, but between July & Aug now, my net is <$68.98>. On average now, with 151 trades, that means each trade I've now averaged a <$0.46>. Definitely not the direction I want to be headed in.
This is the cold hard fact. Maybe it was unreasonable to think I could trade real well right after a traumatic move. Looks like I have a lot of work to do this weekend in terms of mind stuff, getting my place somewhat organized, get to getting some foods my body will tolerate and not eating certain things, even if they are presented to me.
If I look back at my trading today, because of some of the things that happened yesterday, today I was unwilling to let trades go too against me, but had I had some bigger stops, each of the 2 costing trades I had today.
SLEEP & GOOD NUTRITION are very important. My trading this week is a result of not doing these things well.
I'm resetting my goal to be $100-200 for the next 2 weeks, as this is a transition time for me.
Today, I actually had a trade just about set on the ES at 1006 and I took it off the table. A few seconds later, the market just tanked like 10 points that would've been in my favor. Needless to say, I just watched and did nothing, but all the trades I made were in periods of uncertainty or consolidation periods.
I've definitely missed out on some big moves. I've also had a lot of anger towards a couple of people this week. That negative energy has immensely impacted so much.
Thursday, August 13, 2009
Given Back
I haven't figured out the past 3 days, but I've managed to give back all of the profits I made in August. Hopefully not more than that. This is NOT good.
A part of it is I'm not very alert and making some really bad decisions. I've been super sleep deprived, my appetite is nearly nothing. I'm probably not consuming even 1000 calories a day and sleeping very little.
Living in this environment is not real good and causing me to not be able to sleep at night. I'm feeling a bit miserable and find a number of things not good. It's a bigger place than where I was living, but certainly not good in a number of ways.
Will discuss these trades at a later time, but for right now, working on being positive & getting some rest. No matter what, God is good.
A part of it is I'm not very alert and making some really bad decisions. I've been super sleep deprived, my appetite is nearly nothing. I'm probably not consuming even 1000 calories a day and sleeping very little.
Living in this environment is not real good and causing me to not be able to sleep at night. I'm feeling a bit miserable and find a number of things not good. It's a bigger place than where I was living, but certainly not good in a number of ways.
Will discuss these trades at a later time, but for right now, working on being positive & getting some rest. No matter what, God is good.
Monday, August 10, 2009
Today's Trading (Mon, 10-Aug-2009)
+Trades.jpg)
Today I had 9 trades today. Three of the trades were done before I took the kids to school and it was actually quite fun. I got out the same place for all 3 trades and was quite calm trading.
Afterwards, I went to take the kids to school, which we now have a lot further to drive as we moved over the weekend and still have a lot of unpacking to do. Went to yoga, my old house to do a few things, and back home.
I made one trade in the 10:30-11 am timeframe which gave back some profits, so decided to take a nap, as I wasn't feeling too good. Felt very dizzy at yoga, so figured if I laid down for 45-60 min., I would feel better.
Got up and began trading shortly after that, making the other 5 trades.
Four of the entries were really good. One, I was a little off and took a smaller profit.
The last 2 trades had good entries, where I legged in, but I got a little unsure as to whether it would continue higher. My gut told me it would, but I pulled out of both trades too early and too 3 and 1 ticks, respectively. Where I thought it would end for the day is where it went. That was why I legged into the trade, but wussed out.
Today in 9 trades I had 8 profits = $300 and 1 cost = $87.50 and commissions of $35.91. This netted me $176. 59. This is great to have profits, but a part of me was disappointed in that the last 2 trades gave me a total of $50, when had I traded my plan, it would've been $300.
We can't live on coulda, woulda, shoulda. I'm happy to have made and kept most of my profits today. The cost was a little too big, but I did about trade my plan there. Got a little nervous so that cost was about $25 more than it should've been.
In August, so far:
Profits = $1100
Costs = <$225>
Comms = <$111.72>
===============
Net = $763.28
Steady gains. I am a bit surprised that most of my trading today was relatively calm compared to how I have been trading lately. Maybe tomorrow I can better trade my plan and have less fear/panic.
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