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Showing content with the highest reputation on 04/05/2019 in Posts
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2 pointsHi folks, here is a copy of the playbook template I discussed in the Feb 14 recap. The file is obviously a sample meant for each individual trader to complete with their own strategies, patterns, and setups. https://drive.google.com/a/bearbulltraders.com/file/d/1bmu3XzT_KtzTfya2Fo7Uqc7DZG_N7q-B/view?usp=sharing Please download a local copy as .xlsx
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2 pointsApril 5, 2019 - $AMD (Missed Entry) I was hesitate and missed an entry on $AMD for a 5 min ORBD. I was worrying about being wrong instead of just taking the trade that had a great setup. I think the rough week of trading errors and just not executing well contributed to my hesitation today. Overall though I was pleased that I did not compound it more by chasing a trade or entering a trade that did not meet my setup criteria. I will call it a win this week. Sample Set Results P G S P E 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
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2 pointsFriday 4/05/2019 I had a well-being score of 4.5/10 this morning. So I can finally trade live today!! Nerves good, eager to trade. I actually took two trades today and the first one was a loss. This was the first time in 10 weeks I allowed myself to do this!! The plan for April is to control my emotions enough by the end of April to start trading more. Hopefully by the end of the month I can trade up to 3 times a day and allow two losses. This week I was waiting for the right day. Monday nerves were high and trading was a disaster. Tuesday-Thursday I was on SIM. But today nerves were good and my first trade was a loss. Now the plan was, if I had a 1st trade loss and to me it looked like a good trade that just happen to get stopped out, I will take a break come back to the platform and if I still think the first trade was a good one, look for another opportunity. Both my trades were with AAPL. I already knew today was an interesting day when it was 9:33am and I hadn’t taken a trade yet!! I can count on one hand the number of days, in the last 3 months, that I did not take a trade in the first 3 minutes. But I didn’t see any good 2min ORB setups, so I waited. Then AAPL set up really nicely with a “Vish” setup. Plus I liked the two bullish looking previous 1min candles. You must wait for it to break a major TL or the setup is not complete. I waited for it to break the 196.50 level then went long. Got a good fill. The forming 5min candle looked like this when I took the trade: Though the setup was good, I got quickly stopped out. Since my well-being score was only 4.5/10 I only took half shares, so it only cost me -0.5R. Then I evaluated my trade which looked fine and stepped away from my platform for less than a minute. When I arrived back the same setup was still valid. I waited for the price to break 196.50 again and went long. This time the price popped. I took a first partial at a minor premarket tech level. Then two more partials before price dropped to B/E. I let the S/O slide a few pennies. This was decided a few day ago. What I keep seeing is when there are multiple TLs right next to each other, just below my B/E I S/O at my B/E and the price bounces back a couple of pennies below my B/E. So I let it drop below the TL to make sure then stopped out. Most of my shares were already sold so it didn’t cost me much to confirm the S/O. So I am quite happy with my day. It’s nice to go into the weekend with a good trading day. What I did good today: I was patient!! I actually waited when I didn’t see a 2min ORB setup. I didn’t force the trade. How did I challenge myself today? Made a second trade after a loss, feeling no revenge. What I did bad today: I am worried that I am trading AAPL too much lately. What can I do better tomorrow/next week: I am hoping I can keep going with the 2 trade/day max rule to replace the 1+1 trade/day max rule.
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1 pointFriday April 5th, 2019 Sleep: 7.5 hours, Mood: good, much better than yesterday, ready to trade. First trade of the day was an ORBD in SNAP. i thought it would break down to the PDC with the levels and MAs above, that was wrong. i should have got out earlier than i did but i held on for a full R loss. GOOD: not a bad setup. RFI: should have bailed earlier MOOD: not happy about it. CONSISTENT: yes, got out at planned loss. Next, i tried to take a double bottom in AMD twice, chased my entry on the first one and got out for a 0.5R loss when I realized i got in too early. tried the trade again with a little better price but i should have bailed on a new 5min low, instead i held for a full R loss. GOOD: some what of a setup, it did work the second time, it just didn't follow through. RFI: too early, FOMO chasing entries. MOOD: frustrated with my trading. CONSISTENT: yes, got out at planned stop. Finally saw it was a short and i got in on a pullback after a big selloff. i put my stop loss way too far and only got 50 shares so i got out when it wasn't going any lower. GOOD: realized i was wrong to try and force a long and saw a good short RFI: stop was way too far so i had to get all the way to the PDL for this to be a good trade which is too far MOOD: ok CONSISTENT: yes, i got out when it wasn't going lower. Last trade of the day was the worse one. i decided AMD was a long now but i only had a couple minutes before a meeting so i chased an entry and had to put my range way too far. i was right, but again, too far on my risk/reward for the trade to make sense for it's range and by the time i got back to my computer, it had already broke VWAP and came back down. should have got out at b/e but i held it for a little over a 05.R loss. GOOD: got out of the trade. RFI: don't take trades with 1 minute of thought and not be able to watch the price action. MOOD: frustrated. CONSISTENT: yes i got out on the price action. What i did good today: not much. didn't totally blow up today. What i did bad today: FOMO trades, chasing entries, stubborn losses. amateur trading yesterday and today. What can i do better tomorrow: I'm counting this as a max loss day even though it's under the dollar amount. so only two losses on Monday before stopping. i'm considering instituting a rule where if my first trade is a loser then just quit for the day. i' haven't looked at the data but i'm willing to bet if my first trade is a full R loss, the rest of day only gets worse. need to do more research on this first. Other comments for tomorrow: I lose two days of trading traveling and i'm back to making the same beginner mistakes i was making in January.
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1 pointApril 4, 2019 - $SGMO (Unsure how to classify it) I took a 5 min ORBD on $SGMO, my first entry was a hotkey error and I went long instead. I exited and re-entered, when I checked my open positions I had (1) share. At that point, I exited the trade and moved on to looking for 15 min Orbs. I didn't find any, so I switched to simulator to sim if I could replicate the issue on $SGMO. I could not, so I have no idea why I only got filled with (1) share. Sample Set Results P G S P E 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
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1 pointI remember my -1k loss day very well. That was the day that I can pinpoint that things got better. That day was my 4th episode of going hulk and my worse one. Each time was the same. 2-3 weeks of good trading and all the money gained out the window in a few minutes. I tried a few different methods to rid myself of my over-trading and going hulk with only short-term success. Instead of going hulk I was going to daily max loss about half the days.Then I made a few changes: - Changed my platform back to DAS, mainly for risk controls. - Held myself to a $25/trade risk - Posted my journal on the BBT website everyday. I think about this on almost every trade, "am I sure I want to take this trade and have other traders read and think, what the heck was this newbie thinking"? The trades I don't think that are usually my bad ones. - And the big one. Hold myself to one trade a day maximum. Now I am pretty sure my level of discipline is much weaker than the average trader so I needed to be more strict. Plus, I have a real over trading issue that I need to address. So I needed to be much more strict. Can I say I overcame my revenge trading quickly, Heck no, it was very painful to walk away after a winning trade and excruciating to walk away after a losing one. It hurt every day for weeks. But it did finally change things. After almost a month at 1 trade/day I allowed myself a second trade if the first trade was a winner. And after 2 months I still have that rule because I still can't recover from a loss quick enough to trade again. Then today I traded terrible and I had zero instinct to trade again. No feeling of revenge at all. I broke many rules on the trade and my first instinct was, "that was too painful for me to even SIM trade, I going to walk away and help my wife get the kids ready for school." The good news. You do forget about the loss as soon as you set goals that don't pertain to that loss. My goal was to have the discipline to walk away after one trade. After a couple of days that was my new goal and the -1k lost all importance. As Andrew and the rest of the BBT instructors say, "it was part of the tuition." All of us could have had very happy, satisfying lives without reaching inside of ourselves, to our deepest part of our psyche and pull out our darkest demons and confront them. Who does that? I spent the previous part of my life making an effort to avoid doing that. But, we are doing it and I finally feel better that I am.
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1 point@Sheela A friendly reminder that you are not alone. I have been there over a handful of times. And I personally know how hard it is to recover from it. A couple ideas of insight on what to do going forward 1. Do you have risk controls and a max loss to prevent this? If not, search this forum and our youtube channel for "Risk Controls" and consider implementing them on your account 2. Forget about it. Take the lesson learned, never do it again, but do not agonize over it going into tomorrow 3. Some of my BIGGEST losses are the next day AFTER a somewhat big loss, so consider doing a no trade or 1 trade challenge tomorrow 4. This is a silly one in terms of trading insight, but I promise you it has helped me every single time . . . . Do Something randomly nice for a loved one or stranger. Go out of your way to help someone else or show compassion to someone that needs it. After doing that you might be reminded that Trading isnt everything in Life and there are so many more important things in this world. It really helps me to put everything in perspective . . .
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1 pointThanks guys, for the words of wisdom. As Robert mentioned what is the point of sharing a P&L that came from an unusual risk? To give a false impression to people? Then what is my difference from other educators out there? In all honestly I should not have gone so big on FORD, and Brian later mentioned this to me as well.