journal of trader formally known as wasp

[dbphoenix]

If you're generally satisfied with your plan and are confident in it and in yourself, then your best bet may be to increase your size. If the trade then continues without you, to hell with it.

However, if the idea of increasing your size makes you too uncomfortable to stick to your plan and your discipline would suffer, then consider SARs and re-entries. However, these are to a large extent entirely separate strategies, and the first option may be far more to your liking.

Db

 

[wasp]

If you're generally satisfied with your plan and are confident in it and in yourself, then your best bet may be to increase your size. If the trade then continues without you, to hell with it.

However, if the idea of increasing your size makes you too uncomfortable to stick to your plan and your discipline would suffer, then consider SARs and re-entries. However, these are to a large extent entirely separate strategies, and the first option may be far more to your liking.

Db

For the meantime I am going to stick with current plan and current size. The returns from the current strat are enough whilst applying discipline and I don't really fancy the idea of SARs or re-entries.

I would be looking to increase at the start of each month (capital dependant obviously) so September will see a rise to £30pp and so on...

 

[dbphoenix]

For the meantime I am going to stick with current plan and current size. The returns from the current strat are enough whilst applying discipline and I don't really fancy the idea of SARs or re-entries.

I would be looking to increase at the start of each month (capital dependant obviously) so September will see a rise to £30pp and so on...

Then that's what you should do. The advantage in increasing your size is that you can generally quit sooner than you would otherwise and have more time for other things. However, you have to be able to shrug off whatever the market does after you quit for the day.

Db

 

[wasp]

Moved no higher today and actually came down below the 1st S/R level so closed the trade before the close.

 

[wasp]

week One:

M > -5
T > +5
W> +43
T > +154
F > +18

TTL > 215

week Two:

M > +16
T > +64
W > +74
T > -3
F > +32

TTL > 183

Stats:

2 weeks
10 days

Trades - 44

Won - 26
Lost - 18

Total pips - 398

________________________________________________


W:L - 59%

Worst run - 4 (-44)

Best run - 7 (214)

Average win - 23.5
Average lose - 12

Daily average - 39

 

[wasp]

Monday

mixed feelings today

After a choppy morning giving me immediate reversals I was on edge on the run up especially as there was little S/R to put my SL behind. Thankfully it got above the 45 level so I relaxed and discipline paid off.

Then 2 trades this afternoon too choppy again so ended up with losing half the decent run and glad I ran that trade correctly. Every single part of the plan is vital for it to work out in the long run so in theory, a good day.

 

[firewalker99]

________________________________________________

W:L - 59%
Worst run - 4 (-44)
Best run - 7 (214)

Average win - 23.5
Average lose - 12

Daily average - 39

I was wondering... do these numbers compare with what you come up during backtesting?

 

[wasp]

In backtesting the daily average is 52, the worst run is 9 and the best 32 but that is based on a lot more data...

To be honest, and in no way am I trying to confuse you and the sterling work your doing with db but these figures don't interest or concern me all that much. I actually draw up an excel sheet and plot each month and what I care about is whether the figure at the end is bigger than the one at beginning. As long as I don't wipeout en-route (nigh impossible) I don't mind all that much.

It is important to ensure you lose as little on the way as possible but I gave up long ago searching for perfection, my tight stops and max daily trades take care of my downside.

 

[firewalker99]

In backtesting the daily average is 52, the worst run is 9 and the best 32 but that is based on a lot more data...

To be honest, and in no way am I trying to confuse you and the sterling work your doing with db but these figures don't interest or concern me all that much. I actually draw up an excel sheet and plot each month and what I care about is whether the figure at the end is bigger than the one at beginning. As long as I don't wipeout en-route (nigh impossible) I don't mind all that much.

It is important to ensure you lose as little on the way as possible but I gave up long ago searching for perfection, my tight stops and max daily trades take care of my downside.

Just being curious didn't mean to but any cosmic meaning or whatever to the numbers, just wanted to see if there was a discrepancy... I would feel quite comfortable in your situation.

 

[Priceman]

well, I'm well impressed wasp. As long as each day's a winner it don't matter how you get there as long as you keep doing what works ! Almost there myself, just got to tighten up on the discipline a little before I go to any bigger positions.

great journal !

 

[wasp]

Just being curious didn't mean to but any cosmic meaning or whatever to the numbers, just wanted to see if there was a discrepancy... I would feel quite comfortable in your situation.

Didn't think you did, just my point of view, yours will be completely different and what is important to some may not be important to others...

Like I say, the backtest results are higher but there is alot more data involved and also in hindsight

 

[wasp]

Discipline

well, I'm well impressed wasp. As long as each day's a winner it don't matter how you get there as long as you keep doing what works ! Almost there myself, just got to tighten up on the discipline a little before I go to any bigger positions.

great journal !

Cheers Priceman,

It is the discipline thats making the difference and always will make the big difference between success and failure. Its not just taking the signals but limiting my trades, taking each trade regardless however I feel about it, sticking to the same trailing and exit rules, not getting out eraly or late, not changing anything en-route or increasing leverage or anything not part of the original plan...

Run years worth of backtests and see great results but when your in the trade your emotions and desires can play with your results but stick with the plan and happy days, hence the journal to see whether I do...

So far so good... :cheesy:

 

[wasp]

Head and shoulders

Now I have a nasty habit of being eager in my pattern setups but heres one that could be good if it plays out.......

 

[wasp]

eric

worked out well

Had one PM explaining WHN? and it did, how I am yet to discover and learn, but using S/R and trendlines as it played out it worked out well...

Now to see if I can do it with something else?!

 

[wasp]

one of them days...

Early finish but not for the good reasons...

worst day since the start of the journal but I'm not fazed, roll on tomorrow.....

 

[wasp]

Not quite sure how I feel about today.

Started off really well but then the middle flag section really bothered me. After it broke I got too carried away and started hoping we would see a break finally from the channel and so was dissapointed when it dropped.

I traded the plan which is always good but after a few unexciting days it would have been nice to have a real mover. Its been a while since a 100+ pips profitable day but I know they will come.

They will be mine, oh yes, they will be mine...... :cheesy:

 

[dbphoenix]

Are you familiar with what Yoder calls the "pay-out/pay-in cycle"?

 

[wasp]

Are you familiar with what Yoder calls the "pay-out/pay-in cycle"?

Nope. Not a big Star Wars fan :cheesy:

 

[dbphoenix]

Not Yoda; Yoder. Bo Yoder. Has to do with market rhythms. He points out that the trader can expect to ride series of wins and series of losses. If he becomes so upset by the series of losses that he loses the confidence to take advantage of the series of winners, his account will gradually but inexorably deteriorate.

Therefore, it's important to recognize when one is entering or is in a "pay-in" cycle and lighten up on positions, possibly keeping tighter stops, possibly nearer targets. Thus when the market is ready to "pay out", he will be in the best possible position to take advantage of the cycle.

As a sidenote, this is much the same idea that forms the basis of the NR4, NR7, and NR9.

 

[wasp]

Not Yoda; Yoder. Bo Yoder. Has to do with market rhythms. He points out that the trader can expect to ride series of wins and series of losses. If he becomes so upset by the series of losses that he loses the confidence to take advantage of the series of winners, his account will gradually but inexorably deteriorate.

Therefore, it's important to recognize when one is entering or is in a "pay-in" cycle and lighten up on positions, possibly keeping tighter stops, possibly nearer targets. Thus when the market is ready to "pay out", he will be in the best possible position to take advantage of the cycle.

As a sidenote, this is much the same idea that forms the basis of the NR4, NR7, and NR9.

I have found myself fighting to take extra trades today and yesterday, as the gains were small and the losses plentiful and partly due to boredom and partly a desire to increase profits I wasn't willing to accept the days outcome.

Very much like Yoder says, the confidence slips and emotion takes over and discipline goes out the window.

I am reluctant to chage anything form my plan (lot size, stoploss etc) as they have all been painstakingly worked out to the last detail to minimize losses yet not eradicate possible gains.

Rather than that, I have just got to learn to accept, and keep rigid to my plan and accept, some days will just suck.

Besides, whenever I make a decision to reduce size or tighten stops or scalp instead of run the plan, sods law steps up and does the opposite and that, is also something that has been considered when deciding the finer details of the strategy.

Like not taking good runs too early, this is just another part of the discipline I need install as I DO know it'll all come good in the end.