Trading Journal based on "Teach a Person to fish ..."

zeekid · #31 11th October 2007, 11:46 PM

Quote:

Originally Posted by SavantGarde

Dear Hari,

Considering Nobody Really Knows What My Trades Are Like, Thank You For Your Very Favourable Kind Words.
My Offer Of The Organizer Is Open For All Interested & It is Not Time Bound.

Warm Regards

SavantGarde

Sir, Can you please forward the Organizer to acme[dot]cs[at]*****[dot]com ..? Many thanks in advance.....

beginner_av · #32 12th October 2007, 02:46 PM

Quote:

Originally Posted by newbee

Hello

One question for readers of this blog/journal

What would be the IQ of a person shorting the charts attached?

Thanks
nb

IQ - as good as the best traders or as bad as the worst trades. no relationship with results. if u trade countertrend, u short, but know where to get out. stopped n times a day - you stop as you misinterpreted mkt strength, or your daily max account SL is hit.

In the evening anyone can question the chart. as its happening, at the right edge, you dont know what will happen next. how do mkts reverse?

newbee · #33 12th October 2007, 03:41 PM

Quote:

Originally Posted by beginner_av

IQ - as good as the best traders or as bad as the worst trades. no relationship with results. if u trade countertrend, u short, but know where to get out. stopped n times a day - you stop as you misinterpreted mkt strength, or your daily max account SL is hit.

In the evening anyone can question the chart. as its happening, at the right edge, you dont know what will happen next. how do mkts reverse?

Hello beginner_av

Thanks for your post. The chart in question was my first day on mock trading (have done 4 today

).

I shorted it 2 times, had to log SL of 60 points both times, and worst part did double quantity on second one (typical revenge trade).

This was the background for the question. I really couldn't understand how could I do it, did i get blind or something, or did i loose my intelligence or was it some mayajaal

I have lots of thoughts and questions hope to list them here during the weekend. If you can, plz check on them, it will be helpful to get inputs from other traders.

Thanks
nb

newbee · #34 12th October 2007, 03:50 PM

Hello

Trades from today.

Only 1 trade on chart 2, but a classical downtrend with LH and LLs, nice zig zag, could log 60 points, experianced traders would have done min 80+, hessitation on both sides cost valuable points.

Thanks
nb

newbee · #35 12th October 2007, 04:25 PM

Hello

Would like to share an article I read on the web. Link to the original

THE TRADER AS HERO
by Janice Dorn, MD, PhD

Quote:

Courage is more exhilarating than fear, and in the long run it is easier. We do not have to become heroes overnight … just one step at a time, meeting each new thing that comes up, seeing it not as dreadful as it appears and discovering we have the strength to stare it down — Eleanor Roosevelt

Seasons come and go, markets change and evolve, but human behavior, which is hardwired into the brain, has not really changed much over many generations. Each of us looks and acts differently, but these are outward manifestations which are subject to societal pressures and ever-changing cycles of fashion and trends. Inwardly, we are all classic, fragile and captivating human beings. We have wants, needs, hopes, dreams, fears, joys and tears. Even now, when we have come so far in time and space of evolution, we are still enchantingly and ever-fascinatingly human. It is simply wonderful!

Every one of you who is reading this wants to learn how to make money from the markets. Over the years, I have provided a number of guidelines and principles to put you on the path to trading mastery.

While simple, they are certainly not easy.

Take personal responsibility for your trades,
cut your losses quickly,
stay healthy in mind and body,
always practice good risk management ,
plan your trade and trade your plan,
master your emotions,
strengthen your neuropsychological capital,
learn patience,
stay with what is working, and
take profits on a regular and radical basis.

That sounds all well and good, but the majority struggle daily to figure out how to do it. Most continue to search for this or that method or this or that indicator or newsletter which will give them the answer they seek.

I cannot emphasize too strongly that there is one immutable fact which underlies all successful trading: The answer is within you. It is not out “’there” somewhere. It is about your brain (your true trading system) and how, not what, you think.

Traders, with few exceptions, are made, not born. Anyone, given the passion, determination and willingness to work hard, lose, fall down and keep getting up, can learn to trade successfully. I assure you, if I can do it, you can do it. Now I will tell you secret that only a few know: I have two Ph.D. degrees, one in Brain Anatomy, and one in Futures Market Losses. I had to get the latter in order to get a true grip on who I was as a person, and turn myself around completely onto a path of success and consistent profitability. It’s a long story, but it took five years and was the most gut-wrenching and painful period I can recall. Would I change one single minute of the excruciating process? Absolutely not! Not one second of it, because all of those seconds brought me to where I am today.

The point is this… If I can do it, you can do it.

How?

You must totally believe that you are called to trading, that it is the one thing about which you are completely passionate and that you are willing to forego many things in order to succeed. If you can take these steps, you will make it.

It’s not easy. If it were, everyone would be doing it. But it can be done, and it is within the reach of every one of you who is reading this. You can do it, but you must be willing to sacrifice everything you are for everything you can and will become. You must be willing to change key elements about yourself, particularly the way you think and act in real time when bombarded with conflicting information in an environment where you have total freedom of choice and where the only thing you can control is yourself. Moreover, you must learn to make decisions involving varying degrees of risk in an atmosphere of real time and total unpredictability. You must learn to change the way you think and what you have been taught about right and wrong and good and bad. You must entrain the qualities of being counterintuitive and peripatetic. You must become a chameleon, and a great actor, an acrobat on the largest and most intimidating stage in the world. Most of all, you must be absolutely determined and passionate about it.

...............

................

My greatest hope for each of you is that you never forget this.

In the end, it is always about gratitude, humility, kindness and love. Love what you do, and those who nurture and sustain you. Focus on yourself, who you are, and what you want and need and then practice and keep practicing. Do what you truly love, and the money will always follow. In the process, you will begin to see that you are evolving and growing your capital: financial capital, mental capital, emotional capital, and — as the topic of this essay — spiritual capital.

Thank you for the opportunity to share with you my experience, strength and hope. I wish each of you everything and more that you wish for yourself.

Quote:

When you feel like all is gone, look inside you and be strong. And you'll finally see the truth, that a hero lies in you… from” Hero”, Mariah Carey

Thanks
nb

newbee · #36 15th October 2007, 03:48 PM

Hello

Today's Trades

Thanks
nb

newbee · #37 15th October 2007, 03:59 PM

Hello

Great day to trade. Good one side trend with a huge range.

Lessons Learned:

Keep away from playing mind games.
Do not try to predict tops or bottoms
If we get 100 points behind us dosn't mean can't go another 100
Don't try to be over smart, and shoot on your own feet.
Focus only on HH & HLs, or LL & LHs, analyse patterns only after markets,

Normally Lessons Learned have a big cost (Loss) , today it was profitable, but did not make the best of what the day had to offer. Need to be on guard not to put mistakes under the carpet, on a very profitable day like today.

Need to learn to think(evaluate) in terms of did i implement the rules correctly, rather than in terms of points gained / lost.

Thanks
nb

beginner_av · #38 16th October 2007, 01:26 AM

why cant you put trailing SL or profit % SL and sit back?

newbee · #39 16th October 2007, 03:40 PM

Hello

Trades for today.

Thanks
nb

newbee · #40 16th October 2007, 03:55 PM

Quote:

Originally Posted by beginner_av

why cant you put trailing SL or profit % SL and sit back?

Hello beginner_av,

Thanks for your feedback. I am sorry I did not understand the context of your comment. Don't know if it's specifically in response to some day or a trade or just a suggestion for improving my trading.

I do intend to have a SL for all the trades I take/log. The stop that I intend to use is shown below. By design it's a trailing as it is placed at previous swing low/high.

For a long trade, downwards crossing of previous LL is a signal that the uptrend may end. Similarly for a short trade, as soon as we see that the price crosses above the previous swing high, it is signal for the down trend to be in doubt.

Code:

                                    |
Long Setup, Entry & SL             |
                      HH__________|____  Buy Trigger  
                       |        |
                      | |     |
              HH     |   | | 
              |     |     |
             | |   |      HL 
|           |   | |
 |         |     |____________________ SL Level
  |       |      HL
   |     |
    |   |
     | | 
      |
       
   |     |
| | |   | |
 |   | |   |      LH___________________ SL Level
      |     |     |
             |   | |     LH
              | |   |     |
               |     |   | |
               LL     | |   |
                       |     |
                       LL______|________ Short Trigger
                                |
                                 |
Short Setup, Entry & SL           |

I try to be quite strict in implementing the SL, at times there is lots of slippage as prices runs/skids v v fast at these points, in such case i log a resonablly unfavourable price, no point in trying to cheat on paper trading.

If you have seen few of the charts I have posted, I would like if you will point out suggestions for improvement.

Thanks
nb