Monday: Off
Tuesday: R+0.7: Long on a PB and Short a M Top (EU) Just trading the plan. But still missed some trades on UJ
Wednesday:R-0.0: Lots of Trades But Quit Early As Not Obeying Plan. Problem was I was keeping up with the highs and lows (that dictate my trades) but I wanted to trade against what they recommended so I quit early as I recognized this and I only create a huge hole when I do this. This actually felt like progress to me... I guess real progress would be telling my brain to shut up and to trade plan, but as any reader of this blog knows I seem to prefer take a million tiny steps instead on one big one...
Thursday:R-1.8: Poor (Doji) Trigger (EJ), Failure to SAR (UJ). Good day despite loss as I finally clarified in my mind what a good and bad doji is but again failed to follow plan (missed trades).
Friday: Off
Summary: The fact is I have been avoiding loads of trades and I need to trade more, to enable me to learn and earn more. Recently I read this email from Paul Wallace
"Whether you’re a Greed Based Trader (GBT) or a Fear Based trader (FBT) you need your discipline to consistently follow either your Risk Management principles (in the case of a GBT) or the discipline to consistently follow your trading plan (in the case of an FBT).... unless someone manages risk or follows their plan with discipline and consistency they're wasting their time."
In all the trading books on psychology I have (Mark Douglas, Ari Kiev etc) I don't believe any have put it as clearly and succinctly, if at all. To be honest I couldn't always understand why I was struggling to move forward. I sorted my risk management out from the start but because I'm risk averse/ FBT, risk management was never really going to be a problem. This email laid it out for me, that my issues are going to be around NOT getting enough exposure to the market... I am a fear based trader and if I am failing to follow my plan (to take the trades it tells me), I am planning to fail! This was a major turning point for me.
Personally I believe my issues derive from what I call the 3P's (psychology, physiology, plan). This weekend I want to address... 1. Psychology: this weekend I want to spend sometime focusing on the positives of taking risks as I obviously gravitate towards the negatives!. 2. Plan: Not changing it but just getting it all down so there's no excuse for not following! (and adding not to trade indecision doji).
Goal For next Week: Really very simple....
Follow the plan for the entirety of my session Monday to Thursday (don't trade Friday's as work late Thursday night). Take every trade it indicates. Never argue with what the High's and Low's say, If I do, don't enter (you will be fighting the market)! Better still fight the urge and do the opposite. Be Realistic with PTs. And keep updating charts in trade!
In all the trading books on psychology I have (Mark Douglas, Ari Kiev etc) I don't believe any have put it as clearly and succinctly, if at all. To be honest I couldn't always understand why I was struggling to move forward. I sorted my risk management out from the start but because I'm risk averse/ FBT, risk management was never really going to be a problem. This email laid it out for me, that my issues are going to be around NOT getting enough exposure to the market... I am a fear based trader and if I am failing to follow my plan (to take the trades it tells me), I am planning to fail! This was a major turning point for me.
Personally I believe my issues derive from what I call the 3P's (psychology, physiology, plan). This weekend I want to address... 1. Psychology: this weekend I want to spend sometime focusing on the positives of taking risks as I obviously gravitate towards the negatives!. 2. Plan: Not changing it but just getting it all down so there's no excuse for not following! (and adding not to trade indecision doji).
Goal For next Week: Really very simple....
Follow the plan for the entirety of my session Monday to Thursday (don't trade Friday's as work late Thursday night). Take every trade it indicates. Never argue with what the High's and Low's say, If I do, don't enter (you will be fighting the market)! Better still fight the urge and do the opposite. Be Realistic with PTs. And keep updating charts in trade!
No comments:
Post a Comment
Note: only a member of this blog may post a comment.