matty_dunn
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matty_dunn
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Really didn't feel like posting these charts and the bonehead decisions on my part they highlight. However, I'm trying to develop some kind of accountability, and I'm hoping by posting ALL my trades - the good, the bad and the downright ridiculous - it will help me bring about the changes in my trading that I am working towards, regardless of how long they take me to make. Just like Bob says - it's just so easy to live in a fantasy world and fool oneself over and over again into believing the profits will suddenly and miraculously start falling from the sky.
I must admit that in the past I have been selective at times as to what I have posted. I have just been too embarrassed to expose myself, and perhaps also deluding myself to a degree about my current state of proficiency, which, well... let's face it, is not very good at all.....YET!!!
However, it must be noted, that even though consistently successful trading is not something I have attained at this point, I have noticed significant positive changes in my trading decisions, and in other areas of my life, since taking up this challenge; it just often happens to be a case of three steps forward, two steps back.
I also would like to post EVERYTHING I do in the hope of being totally transparent and documenting the development of a trader with all of his/her trials and tribulations so that others might learn something, and also to provoke discussion.
Anyway, the biggest struggle I'm having at the moment is with myself - with becoming self-aware. I really believe this is the cornerstone to everything.
Now, regarding Monday's trades - the first entry was premature. I was too focused on the S-H-S type pattern that was developing and not the overall conditions. The trend was up from the open and there was clustering support immediately below to the left. The second entry was better; still not top-shelf, but better. However, I didn't exit when the market had clearly stalled in support. I had the opportunity to exit with minimal damage, but hung on in hope (that terrible word) that prices would again fall.
I really need to release myself from the grip of each individual trade's outcome. Any advice is most welcomed.
I'm also very interested to hear how others are travelling with their development if anyone cares to share.
I must admit that in the past I have been selective at times as to what I have posted. I have just been too embarrassed to expose myself, and perhaps also deluding myself to a degree about my current state of proficiency, which, well... let's face it, is not very good at all.....YET!!!
However, it must be noted, that even though consistently successful trading is not something I have attained at this point, I have noticed significant positive changes in my trading decisions, and in other areas of my life, since taking up this challenge; it just often happens to be a case of three steps forward, two steps back.
I also would like to post EVERYTHING I do in the hope of being totally transparent and documenting the development of a trader with all of his/her trials and tribulations so that others might learn something, and also to provoke discussion.
Anyway, the biggest struggle I'm having at the moment is with myself - with becoming self-aware. I really believe this is the cornerstone to everything.
Now, regarding Monday's trades - the first entry was premature. I was too focused on the S-H-S type pattern that was developing and not the overall conditions. The trend was up from the open and there was clustering support immediately below to the left. The second entry was better; still not top-shelf, but better. However, I didn't exit when the market had clearly stalled in support. I had the opportunity to exit with minimal damage, but hung on in hope (that terrible word) that prices would again fall.
I really need to release myself from the grip of each individual trade's outcome. Any advice is most welcomed.
I'm also very interested to hear how others are travelling with their development if anyone cares to share.
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matty_dunn
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matty_dunn
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Wednesday Charts. 2 Trades.
I'm often missing the more volatile periods of the day due to the hours I have available to trade (around 9/10am - 1/2pm London time). The s*#t really hit the fan later on...
Been thinking about bull and bear traps, their importance in trading, and how to read them. I remember seeing an interview with Linda Raschke and she was asked about chart formations, bull/bear flags etc and she said she doesn't see the market that way. Instead she interprets price action in terms of bull and bear traps.
I find this interesting and have been thinking about their relationship to subsequent set-ups. For example if you see a strong bull trap then showing more aggression on a short signal may be in order. I'm noticing this quite a bit, especially when there is a sudden reversal after trapping many traders. And often, to get in on the action, one has to take on a set-up that is perhaps not 'valid' according to Bob's methodology.
Anyway, interested in what anyone else has to say on the matter. And, as Bob points out - it's all about reading pressure. There are many ways to skin a cat...
I'm often missing the more volatile periods of the day due to the hours I have available to trade (around 9/10am - 1/2pm London time). The s*#t really hit the fan later on...
Been thinking about bull and bear traps, their importance in trading, and how to read them. I remember seeing an interview with Linda Raschke and she was asked about chart formations, bull/bear flags etc and she said she doesn't see the market that way. Instead she interprets price action in terms of bull and bear traps.
I find this interesting and have been thinking about their relationship to subsequent set-ups. For example if you see a strong bull trap then showing more aggression on a short signal may be in order. I'm noticing this quite a bit, especially when there is a sudden reversal after trapping many traders. And often, to get in on the action, one has to take on a set-up that is perhaps not 'valid' according to Bob's methodology.
Anyway, interested in what anyone else has to say on the matter. And, as Bob points out - it's all about reading pressure. There are many ways to skin a cat...
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Giorrgi
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Great charts
matty_dunn
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Thursday's charts. No trades.
Yesterday was difficult for me emotionally. After turning on my platform around 9:30am London time and seeing the volatile movements of the morning, which in hindsight seemed to present a number of good opportunities for profit, and then missing a trade because it was very soon after I turned on my platform, coupled by the fact I then declined on a trade I intuitively felt good about, I felt highly agitated and upset.
There was this real sense of "missing out" on opportunities I "should" have taken. But when reflecting on this later I realised that I cannot "miss" anything that I am not there for. I can only "miss" a trade that I am present for, watching the price action unfold and then choosing not to enter on a set-up. So all the morning's movements that occurred while I was having dinner with my family etc. are irrelevant, out of my control and not able to be acted upon.
The other trade I "missed" because it was just after I turned on my platform was also not a "miss" because I had made a decision not to jump into trades hastily after turning on my platform without ample time to accurately asses the current conditions of the market and tune in to the rhythm of the day. So really, this was actually a good decision for me even though I did not profit from it financially.
The IRB I declined afterwards stung - by this time, in the moment, I was really annoyed at seeing all this voluptuous movement in the market, with many opportunities (whether or not I was present for them) for a trader to make a profit.
As the session progressed I decided the best option for me was to turn off my platform as I was concerned about my mental/emotional state and that this might lead me to make poor decisions.
The reason I'm going into so much detail here is to highlight the inner struggle that can go on within a trader as he/she observes the market meander on its way.
The inner turmoil can be intense - and I didn't even place a trade. The expectations, the judgements, the "what ifs?"....
It's all very well to know one must think in probabilities and act accordingly, but to actually live and breathe it is a whole different ball game. I'm just hoping with time and experience, and heightened self-awareness, this will slowly start to be my modus operandi, and will not even need a second thought. However, at the moment it feels like a real trial by fire.
On a positive note, despite not taking any trades I did stay out of some dodgy ventures. Plus I called it quits when I was not in a state conducive to good decision making - something I never would have done in the past. Progress IS being made.
"Experience teaches slowly, and at the cost of mistakes." - James A Froude
Yesterday was difficult for me emotionally. After turning on my platform around 9:30am London time and seeing the volatile movements of the morning, which in hindsight seemed to present a number of good opportunities for profit, and then missing a trade because it was very soon after I turned on my platform, coupled by the fact I then declined on a trade I intuitively felt good about, I felt highly agitated and upset.
There was this real sense of "missing out" on opportunities I "should" have taken. But when reflecting on this later I realised that I cannot "miss" anything that I am not there for. I can only "miss" a trade that I am present for, watching the price action unfold and then choosing not to enter on a set-up. So all the morning's movements that occurred while I was having dinner with my family etc. are irrelevant, out of my control and not able to be acted upon.
The other trade I "missed" because it was just after I turned on my platform was also not a "miss" because I had made a decision not to jump into trades hastily after turning on my platform without ample time to accurately asses the current conditions of the market and tune in to the rhythm of the day. So really, this was actually a good decision for me even though I did not profit from it financially.
The IRB I declined afterwards stung - by this time, in the moment, I was really annoyed at seeing all this voluptuous movement in the market, with many opportunities (whether or not I was present for them) for a trader to make a profit.
As the session progressed I decided the best option for me was to turn off my platform as I was concerned about my mental/emotional state and that this might lead me to make poor decisions.
The reason I'm going into so much detail here is to highlight the inner struggle that can go on within a trader as he/she observes the market meander on its way.
The inner turmoil can be intense - and I didn't even place a trade. The expectations, the judgements, the "what ifs?"....
It's all very well to know one must think in probabilities and act accordingly, but to actually live and breathe it is a whole different ball game. I'm just hoping with time and experience, and heightened self-awareness, this will slowly start to be my modus operandi, and will not even need a second thought. However, at the moment it feels like a real trial by fire.
On a positive note, despite not taking any trades I did stay out of some dodgy ventures. Plus I called it quits when I was not in a state conducive to good decision making - something I never would have done in the past. Progress IS being made.
"Experience teaches slowly, and at the cost of mistakes." - James A Froude
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Nestor2022
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Hello,
I am new in this method (a few weeks now, but not every day), and i just want to say that i am passing through the same experience / feeling of missing things (it happend just 5 minutes ago on a RB as i turned on my plateform).
I will try to post charts as well. you seemed a bit lonely on this thread. is nobody interested on volman's method ? it's surprising for me...
see you soon & work hard.
I am new in this method (a few weeks now, but not every day), and i just want to say that i am passing through the same experience / feeling of missing things (it happend just 5 minutes ago on a RB as i turned on my plateform).
I will try to post charts as well. you seemed a bit lonely on this thread. is nobody interested on volman's method ? it's surprising for me...
see you soon & work hard.
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matty-dunn I think you may be working way too hard. Like you I am frustrated when I don't take a trade that goes on to win and then have an argument with myself trying to convince myself that I was right to skip the trade. I know intellectually that it is imperative to trade with a carefree state of mind, and these inner battles preclude that so I decided to track all my skipped or missed trades (missed because although I was present I was distracted or trying to multitask)as well as trades taken. My reason for tracking them all was to ascertain my maximum draw down. My instinct is that I must move on from being judgmental of my actions and knowing my max draw down will give me the confidence to trust the probabilities and take all valid trades.
I began doing this on 6/3/2013. I did not trade "live" this week for personal reasons, but my real earnings for the period were 23 pip. During that same period had I taken all the trades I skipped or missed as well my pip count totaled 262. I am attaching the distribution of these trades. the times are US CST or GMT-5.
On reflection I have decided that I have been overly concerned about 20 level this and 50 level that. It would seem from this small sample that those fine points work against you as often as they help you.
One observation is that the first two weeks of this period were exceptionally active so this sample is still too small to take action on. But I am encouraged to give it a few more weeks with the goal of determining my max draw down. If I can be (A) confident of my maximum loss. and (B) Totally willing to loose that much I believe I can attain that elusive care-free state of mind I need to take "ALL" valid trades. The attached data says that is the way to go. Plus I can stop beating myself up about it all.
matty_dunn
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Welcome Nestor, and yes there are others interested in Volman's method, they've just been a bit quiet of late. BLS and Giorrgi usually post quite frequently. Don't know why they've been laying low. I've been posting more than usual because I'm on school holidays at the moment and have more free time to do so. Will be back at work next week though and that will mean I won't be able to contribute nearly as much.
Regarding the range break in your chart. If you took this trade the stop would normally be above the last arch so that pop back up after the break would have stopped you out. Hopping back in again on the subsequent break would have the the initial tipping point too far out for my liking. I'd let it go.
matty_dunn
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Hey Datamold, thanks for the feedback. Maybe you're right, but is there any other way to work than hard??? But seriously, I know what you mean. When not at work I have a lot of time to think about my decisions, and maybe "over-think" the whole process. Anyway, it's in my nature to do so. When back at work next week my time will limited again. We'll see what difference it makes.
You must be encouraged by the records you have kept. It really is a slow process. I keep coming back to the fact that to begin working in a given profession one must undertake training - often many years worth. Then once on the job it can take many more years of experience before one can be considered truly good, let alone great, at what they do.
There's no two ways about it - a LOT of hard work is required, and this includes the development of a mental/emotional state conducive to consistent profitability in the trading arena.
Gotta love a challenge!!!
PS - No trading for me on Friday. Out celebrating.
JRS
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I definitely agree. When I first started on this trading journey, I was not looking for any kind of personal insight. And as I've gone further, it's become clear that I cannot be a good trader without first knowing and disciplining myself. In many ways, the personal process and improvement is far more rewarding than a few pips.
I've been trying to approach trading without excessive self-analysis (leads to analysis paralysis) and without too much self-reproach. It's a skill that takes a long time to master.
I have young kids - I watch them struggle for weeks to sit/crawl/stand/etc then (it seems) one day they've got it and it's on to the next feat. But during that process, they fall, bump heads, scrape elbows innumerable times.
Show up, do the work, have an attitude that you're going to learn more about how the market behaves and let the process happen. Humans are amazing pattern recognizing machines. One of my favorite Volman lines, "Great traders are not born and they are not created, either. They create themselves."
matty_dunn
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Thanks for that JRS, I really appreciate your words mate. I needed to hear that. I can especially relate to the analogy of how young children learn as I have some of my own and it certainly hits home.
And yes, love that quote of Bob's. I repeat it to myself often. Also need to remember to be kind and encouraging to myself - only way you learn is by making mistakes...
JRS
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BLS
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Week 28 charts from Bob:
https://www.dropbox.com/sh/1amxmi9af0fk6ej/VA5_ZrjQF1
https://www.dropbox.com/sh/1amxmi9af0fk6ej/VA5_ZrjQF1
garageboyFUJI
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Nestor2022
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Yes, one more thanks. these files are a gold mine.
@matty_dunn
thanks for your comment on my last chart. confronting point of vue is helpful... even if i do not (yet) completely agree with you on the stop. It makes me search what you saw different than me, and why.
I will give more details in my pressure reading in the next charts.
to every one, work hard.
@matty_dunn
thanks for your comment on my last chart. confronting point of vue is helpful... even if i do not (yet) completely agree with you on the stop. It makes me search what you saw different than me, and why.
I will give more details in my pressure reading in the next charts.
to every one, work hard.
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matty_dunn
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matty_dunn
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No problem. Have a look at Bob's charts - he took that trade and got stopped out as I indicated - if the initial tipping point was placed over the last arch.
Yorkshire Terrier
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