reminiscence of(yet) a (novice)trader

This is a discussion on reminiscence of(yet) a (novice)trader within the Trading Journals forums, part of the Reception category; all valid points. i was using the 10min time frame which meant i could be waiting an hour or two ...

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Old Sep 1, 2013, 2:42pm   #65
Joined Jul 2010
aag100 started this thread all valid points.
i was using the 10min time frame which meant i could be waiting an hour or two or even longer looking for an entry and not having mastered patience and discipline,just entering for the simple reason for not wanting to wait(a deserved reason for getting screwed!).Even when i was right and up 10-20 points after an hour or two into a trade,the next minute i could be down again.Simply because 10min patterns can take hours to complete.I do not have the patience/discipline/temperment for this yet.
So next week i will be taking entries and exits based around patterns on the 3min time frame.This should mean i get more action,stop me from getting bored.And also cut losses earlier when bias changes because i havent waited hours for a trade,feeling less married to it.
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Old Sep 1, 2013, 3:41pm   #66
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Originally Posted by aag100 View Post
This should mean i get more action,stop me from getting bored.
That bit made the alarm bells start ringing.
Don't ever trade out of boredom or for the action.
Even people who generally take quite a few trades per day, won't just trade
at anytime out of boredom.

If you sit through a whole session and its quiet, in a tight range,
better to sit there bored and do nothing or switch off rather than trade
for its own sake.
Even better to understand why its quiet - not always a reason,
but sometimes there is.
You'll then know to avoid those days / times in future.
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Old Sep 1, 2013, 7:07pm   #67
Joined Jul 2010
aag100 started this thread
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Originally Posted by Liquid validity View Post
That bit made the alarm bells start ringing.
Don't ever trade out of boredom or for the action.
Even people who generally take quite a few trades per day, won't just trade
at anytime out of boredom.

If you sit through a whole session and its quiet, in a tight range,
better to sit there bored and do nothing or switch off rather than trade
for its own sake.
Even better to understand why its quiet - not always a reason,
but sometimes there is.
You'll then know to avoid those days / times in future.
your absolutely right about it being better to sit out bored but it is one of the hardest things to do.
by action,now i mean more actionable trades to act upon because of the smaller time frame and even then there could be days when it is best to sit out bored.
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Old Sep 2, 2013, 1:40pm   #68
 
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Originally Posted by aag100 View Post
your absolutely right about it being better to sit out bored but it is one of the hardest things to do.
by action,now i mean more actionable trades to act upon because of the smaller time frame and even then there could be days when it is best to sit out bored.
Decide what you want out of this. If it's excitement, then fine, carry on taking 'exciting' trades.
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Old Sep 2, 2013, 6:08pm   #69
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aag100 started this thread
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Originally Posted by Shakone View Post
Decide what you want out of this. If it's excitement, then fine, carry on taking 'exciting' trades.
its definetly not excitement anymore and too much is bad for the old heart anyway.
nearly bored myself to death today instead.
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Old Sep 6, 2013, 5:47pm   #70
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aag100 started this thread week ending 6/9/13

trades points average
win 22 66 3
draw 2
loss 6 -65 -10.83
+1


old habits proving hard to kill.
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Old Sep 6, 2013, 5:51pm   #71
 
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Originally Posted by aag100 View Post
week ending 6/9/13

trades points average
win 22 66 3
draw 2
loss 6 -65 -10.83
+1


old habits proving hard to kill.
Roughly what was the largest you allowed a trade to go against you?
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Old Sep 6, 2013, 7:30pm   #72
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aag100 started this thread
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Roughly what was the largest you allowed a trade to go against you?
the largest loss i cut was -20.
however some trades went to -30 -50 which i doubled up on and managed to get out around break even.i can say that this was not just out of revenge but better entries around my strategy.
ive still taken trades when i shouldnt have thinking i would get out for about 10-20 points if they went against me and then not being able to cut them.
added another couple of ideas to my trading this week 1)trying not to take a trade when theres no clear direction 2)trying reversion to the mean-proving a bitch somewhat.sometimes it can revert from 10-20 points and sometimes it can go up to 100-150 points.
next week i'll be trying harder to sit out and do nothing until everything aligns with the strategy rather than entering thinking i'll be ok.
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