YM journal

This is a discussion on YM journal within the Trading Journals forums, part of the Reception category; I think I may be beginning to get a feel for this price action lark. Edit: "Lark" is completely the ...

Reply
 
LinkBack Thread Tools Search this Thread
Old Jan 21, 2004, 6:27pm   #1
 
frugi's Avatar
Joined Mar 2003
YM journal

I think I may be beginning to get a feel for this price action lark.

Edit: "Lark" is completely the wrong word, as I soon discover!

I have a long way to go of course, but if I can take just 2.25 ES points a day I'll be happy as Larry, at least for the moment (that's still about £275pw).

However my discipline has been poor (as ever ) and I often find myself becoming greedy, bored, distracted or irate and overtrading, gambling and/or chasing losses, often late in the day, often to the detriment of a perfectly reasonable, patiently gained profit.

So I thought if I force myself to put my P/L and executions up every evening on the days I have traded, where everyone can see it and guffaw at my stupidity (or, occasionally I hope, smile at my restraint) I would be more inclined to be disciplined during the day. It is one thing to lose $ in the privacy of one's own self-contemptuous mind, but to have the loss dragged into the public eye is quite another, espcially when the loss stems from obvious lack of self-discipline.

This P/L plan is just a novel way in which I will to try and enforce this discipline. I do not know if it will work but I'm keen to try.

If any mod feels this is a total waste of t2w space I quite understand, and I cannot promise to post every day (just the winning days ) or indeed continue doing this for long.

First one tonight, unless someone tells me to desist. Woah I'm nervous now!

Last edited by frugi; Mar 17, 2004 at 1:37pm.
frugi is offline   Reply With Quote
Old Jan 21, 2004, 7:27pm   #2
 
Roger Carton's Avatar
 
6 Posts
Joined Jan 2004
Frugi

I admire your courage and think it's an excellent idea. I'll be regular visitor. I have poor discipline as well and have to supplement my meagre income with temp jobs, like collecting trolleys, gets me fit though!

Good fortune to you (don't like using the word luck because of its connection with Lucifer). That's another one of my problems, I'm too superstitious.

Regards

Roger and out!
Roger Carton is offline   Reply With Quote
Old Jan 21, 2004, 7:46pm   #3
BBB
 
BBB's Avatar
Joined Dec 2003
Maybe you should:
Take your 2.25 points as soon as you see them

Switch to a different time frame so that you can trade in a manner that wont bore you. This could be smaller, or larger so you can go and do something else while your stop is in the market.

If you do post, then there must be consistency. Otherwise you will just be lying to your self. Do you really need to do this? Will it just put more strain and pressure on your self?

Why not paper trade for a while, while you resolve your issues. It will be a lot cheaper!

Either way, good luck. You're in a stronger position for knowing you weaknesses and are now in a position to do something about them. You're not the first to have troubles, and will not be the last!

Rog - ditch the superstition mate! You make your own luck in this world - as Frugi is about to find out as he journeys along the road to profitability!
BBB is offline   Reply With Quote
Old Jan 21, 2004, 8:25pm   #4
 
frugi's Avatar
Joined Mar 2003
frugi started this thread Thanks for the advice BBB, I appreciate it.

Quote:
Maybe you should:
Take your 2.25 points as soon as you see them
I will almost always do this when the opportunity arises. Then I will risk up to half of that booked profit in trying to make more. Anything over $200 and I'll lock in $150 or so.

However as my temparament is best suited to scalping (I dislike trends - now that may be a handicap I have to work on!) I am apt to take a lot of three quarters, halves, even quarters, and like to monitor price action constantly to adjust limits, reverse, reconsider etc. if needs be. Capital protection is paramount so I'm apt to work with very tight stops which also suits scalping. I have tried leaving wider stops in the market and walking away but I just don't feel comfortable doing this with IB. I run a system using hourly charts thru SB in the background and this satisfies my need to swing

Quote:
If you do post, then there must be consistency. Otherwise you will just be lying to your self. Do you really need to do this? Will it just put more strain and pressure on your self?
I hope there will be consistency. The exercise will do me no good if there isn't. Certainly no shirking or forgetting to post losses. I used to have a thread on FillYaBoots where I'd post all my swing trades in advance and I found that having them in public view made me select each trade with more care and reason. I hope this will hold true for ES daytrading too.

Quote:
Why not paper trade for a while, while you resolve your issues. It will be a lot cheaper!
To be frank I do not trade in the same way on paper. I am naturally indolent and I need to have money in the market to learn properly. Yes, this is probably a big fault but one at least I'm aware of.

Quote:
Either way, good luck. You're in a stronger position for knowing you weaknesses and are now in a position to do something about them. You're not the first to have troubles, and will not be the last!
Cheers for the support

Last edited by frugi; Jan 22, 2004 at 2:36am.
frugi is offline   Reply With Quote
Old Jan 21, 2004, 10:13pm   #5
 
frugi's Avatar
Joined Mar 2003
frugi started this thread Fought the trend all the way with nervous scalps. Too much commission, not enough points. But happy at least to have a +ve p/l given I was facing the wrong way like a stubborn silly Pushmepullyou


Running total:

$112.50 - (22 * $2.40) = $59.70
Attached Thumbnails
untitled.gif  
frugi is offline   Reply With Quote
Old Jan 21, 2004, 10:16pm   #6
 
frugi's Avatar
Joined Mar 2003
frugi started this thread Should have gone long at 1133 on those tasty PDs and just held it till the ND top...ah well. Still find distinguishing between trend and range days hard, but given China's predicted McClose I should definitely have favoured the trend today.
Attached Thumbnails
clipboard.gif  
frugi is offline   Reply With Quote
Old Jan 21, 2004, 10:25pm   #7
 
mombasa's Avatar
Joined May 2003
Good thread frugi - keep it up.

I didn't get in on the action today - was down in the pub - just as well really - pretty sure that I'd have spotted the trend early on and gone short
mombasa is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
Trading the YM with Time and Sales lurkerlurker Indices 4 May 31, 2007 11:16am

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)