Mickey's Journal

[kiravon]

Plenty of volatility from FO

Two valid Fruit Longs followed by two valid
S2 Shorts

Sequence 13

C1 DS 1 +6 EU
C2 DS 1 -27 EU
C3 DS 1 +22 EU
C4 EU DS1 -2
C5 EU DS 0 BE, -25 ( I never had a Stop for the add on! DS ZERO! )
C6 DAX DS 1 +31
C7 DAX DS 1 +17
C8 DAX DS 1 -13
C9 DAX DS 1 -10
C10 DAX DS 1 +46 +47 -22 = +71
C11 DS 1 -12
C12 DS 1 -6
C13 DS 1 -20
C14 DS 1 -15
C15 DS 1 -22
C16 DS 0 -42

Today
C17 DS1 -10
C18 DS1 -11
C19 DS1 +1
C20 DS1 -3

DS 18/20 -70 pips

[kiravon]

Just one trade. a Short break out with momentum
-7 rent, cosed too early, it did drop more after that

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[kiravon]

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My careful analysis seems somewhat flawed! -1 Rent

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[kiravon]

Russian Broker Advice.....

Stress and emotions in trading. The cause of stress is lack of awareness of the trader, for this reason, he is forced to act almost blind and can not always be sure of the correctness of its decision. The discovery of even trifling transaction in an indeterminate state leads to stress.

If you pay attention to detail: the specificity of the instrument on which the trade, his intelligence, and so on, the confidence and calm will prevail in your trading. This can be compared to driving a car. Beginners are afraid to get into a difficult situation, and it creates stress. As soon as a rookie stops to think about it, and carefully analyze the situation on the road, he becomes more confident and calm driver.

Do not think about money - this, at first glance, incomprehensible law will tell you any experienced trader. But very few people accept it immediately for service. Novice traders like to closely follow the price movement until the position is not closed yet. You have to understand that the outcome will not affect you - the decision has already been taken. Also, do not rush to evaluation of the results of its actions and immediately after its completion, the emotions will not allow you to look at the situation objectively.

Persistence - this is good. Try not to change the size of investment in one option more frequently than once a month. This will avoid "the effect of greed" unnecessary doubts and unnecessary emotions.

The trader may face phenomena that indirectly affect its discipline in the trade. Discipline is designed to protect the trader from emotional outbursts and rash decisions, but the complexity of life, that have no relation to trade, can strongly knock him out of the rut.

When difficult to think about trading. A trader must have a free, clear head, so that he can handle a lot of information: news, charts, quotes, trading ideas, etc. Therefore you should not trade in the days when your head is busy with other problems.

Firstly, these events put pressure on the subconscious and form your emotional background.

Secondly, you will always think of something else and do a lot of mechanical action that will affect your decisions. Undoubtedly, the quality of trade will fall.

Do not brag. Telling your ideas, success, trading methods in private conversations, especially friends, you do not eliminate the element of "boasting". On the one hand, it is a harmless event should not affect your trading. But after these conversations, you will be harder to control your thirst for revenge, to experience unsuccessful deals and generally keep trading within the rules that you set for yourself.

Restart. Choose for yourself a couple of days when you will not think about the financial markets to recover from information overload. This will allow you to reboot.

With this knowledge, try to trade in new ways.
--------------------

There are some very original gems here!

Stress from lack of awareness

Don't change position size, mathematically bad advice but psychologically very good advice

Don't brag! - I've never heard that before, - our psychology can defeat us in subtle ways

Don't be concerned about money - OK we know about this one, but don't be in a hurry to
check on how much you've made or lost. After all, its not that important is it? YES! its
the be all and end all! Perhaps the point is we need to wean ourselves off monetary
preoccupation

Reboot! This is priceless! You know when your PC is slow and inefficient, acting
a bit temperamental - so often a reboot is the cure. Our minds can get all snarled up
with 'information overload' Sometimes we may need to reboot by completely
having a break from trading

[wiseambitions]

I'd like to vote again for your article from the Russian trader. It contains a multitude of truths

Thank you for posting it.

[kiravon]

You're right guys, it's sage advice indeed!

It really got me thinking last night

and I awoke this morning with a very different perspective -
- the psychology of psychology is indeed multi faceted

Take this boasting business

None of us are obnoxious braggarts

so any boasting is subtle, in fact I think boasting may not
be the right word but we'll use it for the time being...

The russian translation is flawed but I think what he
might mean is that there is ostensibly nothing wrong in 'boasting'
- we are simply sharing some technique that makes
more profit - so why not share it with our fellow traders?

Is that a question we would ever have thought to ask?

but such 'announcements' elevate us in the eyes of our peers or worse still
we think they may have an elevated estimation of us

so how does that affect our trading? We are under extra psychological pressure
to perform better as a result of our 'discovery'

which in itself is likely to have an adverse affect which if detected by others could
form a vicious cycle, the more we fear losing face the more we are likely to.

I have known many traders and horseracing punters who have genuinely been consistently
profitable - until they decided to sell their trading signals/tips - then they invariably fall
apart under the pressure to perform. its called performance anxiety.

So much to think about there. If I ever figure something out that is really worth sharing
it might pay to nonchalantly mention ' I know one guy would do such and such in this
situation and it usually helped make more pips' etc so its not about modesty its
about self preservation - preserving our relaxed, stress free mindset

( btw if in the future I do write something like this is is extremely likely that I actually
did know someone else who had the insight )

More about money

This is the part that has really got me thinking the most!

I placed a trade last thing last night before I went to bed. It was my first
Seed trade believe it or not its something I have never ventured into since I joined
in 2013.

It was on the Daily charts as I am moving in that direction as I will not be around
for intraday during the summer months

So being my first Seed trade you can imagine how eager I was this morning to see
how much I'd made

but then I heard a little Russian voice inside my head...

Its a daily chart - what do I expect to have happened overnight? Why do I
need to know? The trade has been placed with a Stop below the last
level of support. There is nothing that needs to be done for the time being

A Seed needs time to germinate, it doesn't need constant monitoring, or
prodding or poking - it won't make it grow any faster

any more than in a betting shop, cries of 'Come on my son!' are extremely
unlikely to have much affect on the outcome of the race.

But I need the thrill of having won some money overnight!

In fact now I am even looking at my vocabulary.

'Win' Money?

technically is that correct? certainly if we're spreadbetting or betting
on an outcome.

but generally if we are buying or selling, do we not endeavour to 'make
a profit'? rather than 'win' a profit.

I think this is more than a technical point

for me 'winning' is more thrilling

A thrill is the emotion of excitement

Am I prepared to trade without thrills?

Some very prudent traders talk about a maximum risk of 0.5% on a trade,
I have even heard of risking a mere 0.25% on a trade

YAWN!

That just isn't very exciting!

Imagine I have a potentially high paying job and the director calls me into
his office and announces his proposals to make my work far more thrilling.
I'm all ears! He tells me that some months I can expect to make double
or triple my normal income and some months I will earn nothing at all!

but he assures me at the end of the year I will almost certainly be far
better off and I will have had a lot of thrills along the way

No doubt about it!

So boring predictable slow but steady equity curve?

or the adrenalin rush of a day at the racetrack!

For me this involves a lot of soul searching

If I am emotionally excited when I win I will want more of that
emotion, I may even become addicted to that emotion

This will without doubt cloud my judgement resulting
in reckless trading - I know, I've done it a lot!

and thats when I win - losing is even worse! for 'winnings'
to be exciting the risk has to be high, and 'losing' is
an equally emotional issue that impacts profoundly on
the following trading decisions, to my detriment of course.

So I come to realize now that for me personally to succeed
in trading I have to eliminate all 'winning and losing'

Of course this isn't original, why has Immy introduced such
expressions as 'rents' - its the same idea

of course if we can pay small and manageable rents in order
to secure the highly profitable trades that would be the ultimate

but then I would start getting thrilled again - and want more
such big 'winners' and as the adrenalin floods into my bloodstream
I start to take reckless risks again to get my next 'fix' as quickly
as possible

So I see the answer must be to trade with a position size that
will genuinely not affect me at all whether it is successful or
unsuccessful

nor will even affect me emotionally if I have a series of
either profitable or unprofitable trades.

This will be true stress free trading

I truly believe this is the only kind of trading that has any
long term potential for profit

Its been suggested do other things for monetary thrills
I've done binary options and even ebay can be exciting
but there can be a danger that this simply adds fuel to
the very problem I am trying to break free from.

As I write I just received an email from a trading fund,
their equity curve is extremely impressive! yet they
only average 4% per month, maximum drawdown
was never worse than -6%

They want 35% of any profit they make for me so I
will give them a miss as I believe I can do better anyway

but I do like the idea of slow and steady progress

by ridding myself of all emotional attachment to monetary
outcome

No thrills and no spills

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[kiravon]

Case in Point!

I haven't checked on my Daily Seed trade, maybe next Monday

but here is a trade I entered about four hours ago and has
been doing quite well without any interference from me

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[kiravon]

Speaking of Boasting! ...

Just had a second look at my trading accounts for last year
from May to September ( Demo )

Not sure if they are incredible or incredulous!

Even I don't believe they are genuine!

They are not extremely accurate in that I don't think
I took spread into account

but rents are often under -10 with winning runs and
wins of +234 + 131 + 90 !!!

One thing that does contrast is the absolute candor of
my more recent 260 trades over my last 13 T20s...

along with lacklustre results

not too much boasting there!

All I can remember is I was only really playing around
with it last year, with only a very hazy idea of the rules

breakout in direction of purple with recent cross of AO

and I know I preferred 5M time frame and did well
trailing candles after a few successive momentum
candles.

There were no add ons

I wasn't fussed if gator was sleeping or awake
or recovering from a hangover

With results like that it is very hard to comprehend why I
might have stopped

I do vaguely recall having another bash that involved
far more losers with winners being less impressive.
Curious I didn't keep a record of that

I will have to try again on the 5M after summer
and see if I can recapture some of that 'magic'

if thats what it was

who knows, with a far more disciplined approach
I may do far better

-----------------------
-3
-5
-2
-9
+50
+13
+43
+43
+81
-5
+19
+19
+90
+27
+8
-6
+6
+21
+50
+20
-5
-5
-20
+234
+10
-8
+131
-20

[kiravon]

Great Fruit on H1 USDCHF Kyle called it Skype room
so I won't count it in my T20s

but it was managed very well as I switched to M15 to trail
candles for +60

A few more of those would be nice!

Lovely Jubbly!

What happened to all that about disinterest
in monetary outcome?

Well that's an essay in itself!

Few really grasp the many invaluable insights that we learn on this
site

and even fewer consistently apply what they learn

They are or will be without doubt part of the winning 1% of top profitable traders

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[wiseambitions]

It's so true, consistently to apply what we learn and know........................

which is why the rules rather need pasting onto the bathroom mirror and anywhere else where we can remind ourselves every day

Mind you, I'm not going near USDCHF, not that I got involved earlier this year in its deadly effects!