Tracker's Journal

[Tracker]

After growing my account nicely for a few weeks everything came crashing down again with that one FOMC day. Didn't really want to trade that day, but then tried one trade and lost of course. Wanted to get the money back and from that point on everything went to hell. When I finally awoke from that trading frenzy I had lost everything I won in the weeks before. Can not even put the things I did here.
Since then it is really difficult to control myself.
Today it should have been two nice trades in the NEO session, but I just managed to catch one and some trades against the rules, again.
Instead of ending the session with something like + 4% I am down 1%.

[zlabis]

Hi Gregor,
good to hear that you've made some decent profit during last weaks. That a single "bad" day can screw up all the recent profit seems to be a rather common phenomenon - all the trading psychology books and publications are mentioning this issue and many of us have experienced it as well. Two things that come in my mind with it, without wanting to give smart advices:

1. DON'T BEAT YOURSELF UP. Beating ourselves up leads into a down-spiral of fear, anger, frustration, doubts and regret. Just examine and analyze it and learn from inappropriate behavior and try to avoid it as far as possible next time. I always try to visualize situations where I get tampted to break discipline but withstand temptation and achive discipline at the end.

2. Setting daily SL can prevent giving back longer period's nice profit on a single day/session. Maybe SL of 3% to 5% might be appropriate, depending on risk per trade and risk disposition.

Just my 5 cents ;-)

Cheers
Michael

[Tracker]

Hi Gregor,
good to hear that you've made some decent profit during last weaks. That a single "bad" day can screw up all the recent profit seems to be a rather common phenomenon - all the trading psychology books and publications are mentioning this issue and many of us have experienced it as well. Two things that come in my mind with it, without wanting to give smart advices:

1. DON'T BEAT YOURSELF UP. Beating ourselves up leads into a down-spiral of fear, anger, frustration, doubts and regret. Just examine and analyze it and learn from inappropriate behavior and try to avoid it as far as possible next time. I always try to visualize situations where I get tampted to break discipline but withstand temptation and achive discipline at the end.

2. Setting daily SL can prevent giving back longer period's nice profit on a single day/session. Maybe SL of 3% to 5% might be appropriate, depending on risk per trade and risk disposition.

Just my 5 cents ;-)

Cheers
Michael

Thanks for you comment Michael. The sad thing is I know it all, but I just don't do it. Lack of discipline is the worst.

Regards, Tracker

[Tracker]

Tuesdays NEO could have started with a nice long Cherry. Had my PO in but deleted it once the next candle broke the low. Pretty stupid, because I felt good about everything else regarding that Cherry. Took the next Cherry, but the party was actually already over. Could have still made some profit, but all of a sudden thinking that that was not a very good spot for a candle and that the trade was motivated by missing out on the first move I moved my SL to BE.
What followed where stupid low probability trades again. Had a bad feeling about the AA and the Cherry from the beginning.
Keeping the discipline with the DC long could have even brought me back to BE for the day, but failed again.

- 2,58% for the day
DS 33%

[immy]

Look for 1-3 trade ideas per session. And if the Setup is there don't trade. Under Trade, Under Trade, Under Trade. Keep sitting watching. Keep missing if you have to. but don't trade unless its really a clear setup. while you were busy trading this setup we were busy NOT trading and telling each other why and how this setup at 18.xx was not a good setup.

When you sit with mind set of finding trade setups you WILL find them ... if you sit with a mind set of "i will only trade if there is a setup that is absolutely obvious" you will find only good setups. Correct ones. If you feel like you have to get a trade in so that you can get your 1% or at least bring your weekly total to BE then you will get in trouble.

i took a screen shot of the skype for others to see

[Tracker]

Todays NEO should have been a big success, but I moved my SL to early again and got kicked out before it shot up. I ignored the Seed that followed up there because I thought eWave had already peaked. Didn't take those short signals as Gator on M5 was still open to the upside. Trade 2 was a Cherry Short but unfortunately it got kicked before it went down to my 2% TP.
I am sick of pulling my SLs to close.
I will keep pulling SL to BE at 1R but from now on I put a hard SL at 2R. My trading is so screwed up right now that I have to try something else and the 2% TP almost produced the same profit as managing the trade manually according to Grant's spreadsheet.
Maybe I can concentrate better on finding valid setups if I don't worry about the SL and Tp anymore.

[immy]

Take All short signals below Purple on m1
Take All long signals above purple on m1.

[Tracker]

Was again hoping for moves that did not happen. Once the Dax broke out after NEO there was no signal and of course I started trading as the Market started to correct. Pinbar on M5. Made 6 Trades, which is way to much, and lost 6%.

UNDERTRADE, that is what Immy told me, but once I start...!

I just don't wait for a prime signal.

I reduce my risk to 0.1% now till I am back on at least some kind of track.

[immy]

Tracker!

You have to have to have to have to have to, have a MAX -3% Daily Stop loss. That's it. Think about it, how often do you make +3%? if you can't make that on a daily basis, it does not make sense to not stop at -3%. Once your mind knows there is a limit you will extra cautious. I know you'll start missing some good signals but you'd rather be sat on the sidelines than be in trades like above! agreed???

Meanwhile don't worry about it and focus on getting some quality family and friends time and have a great weekend! that goes to every!

[zlabis]

Agree with Immy, as said in earlier posts.
I highly respect that you're sharing your sometimes painstaking trading experiences with us. We see that trading is at least 80% psychology.

Have a great weakend!

Cheers
Michael