Maintaining Persistance

There were a  few things in the last week or so that all seem to relate to the title...Particularly after today's missed SAR.

 Started with a post chat with Trin Cafe on google plus last week...

Saw JMF3 had added a bit to the Mark Douglas bit on his blog....

Finally saw this in "Fighters Only" magazine, an article for fighters trying to get out of a slump the 5 tips seemed applicable to trading.

R+0: Great Routine, No Setups

Bingo! Much better day, Got up did some callisthenics,  a little math to wakeup the head,  worked the LOA, did prep and then wrote game plan for each pair on chart (and by chance C had all the windows open in the flat so lots of fresh air). Worked a treat.

Screen looked like this...

EU Obs: Mark and Update trigger line to avoid missing the eventual setup. Add to guide!

BUT was this even easier to trade with no 20EMA?!

GU Obs: Got a little confused and was still looking to short rather than the SAR...

 BUT would this have been easier to see had I not had the 20EMA on the chart?!

R+0: Still Missing Plays (Lack of Order)

As opposed to yesterday I felt good this morning (no fuzzy head) despite having a heavy night. Again got up on time and did prep so I clearly wanted to trade, but again I missed setups. 

I'm starting to think that I'm actually lacking direction/clarity during the session. After I've done my prep there's honestly not much order in my trading day. I keep my "game plan" for each pair in my head, but as I'm looking at 4 pairs this can get confusing and I probably end up skipping through the pairs, analysing PA for trades far more than is needed(ie when PA is in a range!). I often feel by the time a setup occurs my eyes and objectivity are exhausted and end up passing on/missing the setup. 

So it seems clear and completely obvious that I need to add to my prep a short written game plan (on chart or blog) for each pair. This way I will be able to spend less time analysing the charts and more time glancing at them, so that when PA meets my setup criteria I will be fresh and able to exploit my edge.

Technical NB: Noticed that inside bars create nice S&R!

EU Obs: Hi wave triggers can be traded! AND Inside bars make S/R levels

EJ Obs:

R+0: Missed 2 Plays, Physiological Effect.

TBH head sludge hit from the outset, I wasn't really entirely with it and wasn't really ready to trade when I started. I'm not saying I didn't want to trade, I got up and did the prep, so clearly had the impetus. I just wasn't ready by which I mean I wasn't completely awake, patient, calm and concentrated.

This seems to be one of the cruelty's of trading that: if you aren't on the ball you don't just have a less productive day (like most people/jobs) you lose money and/or the opportunity to make money!

The last couple of weeks I've been getting up and starting at a very specific time like I've done for practically the whole of my trading "career".  But I noticed those 2 weeks of joyful trading (some weeks ago) occurred when I started trading when I felt ready to trade (completely awake, concentrated and relaxed) rather than when I felt like I should trade.

The interesting thing is that what I'm describing is physiological not psychological. I'm not having negative thoughts I just found it hard to concentrate on all things (emails and reading included). But my initial thoughts are that its psychological because the physiological symptoms are in my head.

Classic case of over-thinking rather than looking to the most obvious reason first? Probably!

Anyway what are the fixes? Not sure, going to try the following...

1. Work mindset:  Doing this LOA stuff first thing, to think positive. (happy mind)
2. Do a little physical exercise, yeah I've let this slip recently! (warmed up body)
3. Do a little mental exercise,  never done this but stands to reason to warm head before expecting it to work. I'm thinking maybe a long multiplication/division sum. (warmed up mind)
4. Healthy breakfast and hydrated (happy body)
5. failing that Coffee!!

Feel there's something I want to say about taking part and winning. It's true that I should be trading/playing to win but if I can't/dont take part in the correct manner I'm never going to be able to achieve this!

NB: also took off the 8 SMA today and changed the 20EMA so its a little more subtle, find PA stands out better.

EU obs:

UJ Obs:

R+0: Missed a Play, a Little Tentative

Honestly I don't think the PA on any pair was that nice this AM however this happens and does not invalidate a setup that meets its criteria.

Truth is I didn't really want to play today and lo and behold I ended up missing a setup and not playing (I got exactly what I wanted).  This is of interest as I clearly wasn't thinking of trading in a fun way, otherwise I would have wanted to participate.

If I'm honest I was thinking about "how not to lose money", which is innately stressful, rather than "how to make this moment/session profitable",  which at its heart is an entertaining and fun challenge. I guess ultimately today I failed before I started because my mindset was one of preservation instead of Playing to Win.

EU Obs:

No Plays in my Session

NB: Felt weird all day, low you could say.  I got up and did my work this AM but nothing setup so didn't bother writing a journal as I had nothing of "note" to say. Mentioned this feeling to the GF and got talking about how much of my work can be unquantifiable (ie if I haven't had a trade or made any observations of note) and thus at the end of day's/session's like these I can end up feeling a little "blah".

And I think the act of not even writing up a post actually compiles this feeling and so here I am at the end of the day writing a post to attempt to negate this feeling and as a record that I did try. This ironically is of course of note as it a is a telling insight into my psychology.

Psychology of "Trading to Win"

I think I might finally understand "Trading to Win". Tbh to me it sounds better as "playing to win" because win implies a competition and I find it far easier to think of that as a game rather than a war (This is probably because I'm not a huge fan of confrontation).

Anyway I have been getting up for years wanting to trade and that is exactly what I've gotten. I've bought and sold money, the net result has been a loss but I got exactly what I set out each day to do. In recent weeks I've been playing to win which has meant using a little more insight. Not in terms of avoiding trades, these are almost always valid however my management of each will change, widening ISLs to the next tipping point (placing then were they need to be rather than where I want them to be or look best) also my willingness to SAR should a good trade go against me. These actions are ones that are trying to keep me in potentially profitable moves or immediately trying getting back to BE should one go against me (not in a revengeful way, simply in terms of probabilities, if a high prob play fails then something is clearly up and taking the other direction in all this weakness is probably the best idea IMHO).

25-29th Aug 14 : R-1.4

Monday: On Holiday

Tuesday: Over tired from weekend away decide not to trade.

Wednesday: Short session as had to do maintenance at flat,  no setups

Thursday: Needed a slightly wider ISL. Range highs not prior high.

Friday: Some apprehension creeping in. remember the play not trade!

NB: Friday night - Saturday I had a full blown fever. Thought I wasn't feeling quite myself on Thursday but didn't have have any clear syptoms.

Summary: Listen to body, turns out you were run down.  Stretch your ISL to the best tipping point.  it may not be the prior high/low but a bit further. Remember to Play not Trade!

R+0: Some Apprehension Creeping In

Definitely some wariness coming in this week.  Not felt myself since a last weeks row with good friend. Mindset definitely off,  certainly not thinking in probabilities.

EU Obs:  Scared myself out of this. My mindset should have been that this is a high prob long trade and if my ISL was taken out there would be great probability that the next level of S (Y Lo) would be tested making a great SAR. Which is a far more positive attitude than saying "what if" all day!

18th-22nd August : R+1.4

Monday: Simple with trend trade (short) off multiple R

Tuesday: Another simple with trend trade (short) off multiple R

Wednesday: Again another simple with trend trade (short) off multiple R

Thursday: Stinking hangover: fight with an old friend, interestingly he's also a trader. Don't know if this is going to effect my trading. I don't want it to.  There could be an element of wanting to do better than him to" rub his nose" in it, despite the fight having nothing to do with trading.

Friday: On Holiday

Psychology: Should mention I've been working the LOA (law of Attraction ) before starting trading each day, basically making sure I feel good before I start.  This has meant that my start time has varied a lot as I will lie in if I feel I need it, or will spend longer on certain exercises until I feel good. But clearly this has not had a negative effect on my PL, or may be more to the point..."clearly this has had a positive effect on my PL".

Summary:  Getting head feeling good before I start, makes trading the plan easier. I didn't do anything other than read PA, wait for it to PB/RL and trigger as my plan states but the results have been complete different because I'm more relaxed!

R-0.1: Perfect Read but "Adapted"

Been seeing a therapist recently.  Got chatting about trading, particularly how I either do all the work but don't enter a trade or cut the trade short. Yes this is basically fear. But more interestingly he said that I'm very adaptable in everyday life and that probably carry it through into my trading. For example i f I'm having chat with someone I measure their mood and will often adapt what I say depending on how I find them.  I might want to tell them some home truths but if I find them depressed I will often abandon the plan. And this "abandoning the plan" behaviour I very likely carry through into my trading just like today.

EU Trade.  Looking to short into 0.50 level (a test of prior low) saw "W" and during the making of entry bar it formed a HM momentarily so adapted plan to just get out BE.  Just as in life I've got to stick to the plan!

R+0.6: Playing (not trading) By The Rules

Saw a trade on the EU first however PA just wasn't as nice as on the EJ, so waited for that instead.  Actually both would have worked, but EJ was clearer and therefore more fun to play.

EJ Trade:  Short, stretched the ISL a little to prior high.

EU Obs:  would have been a short, ISL would have needed stretching to prior high also.

4th-8th August 2014 : R-0.9

Monday: On Holiday

Tuesday: Rusty and too intense a mindset made process unenjoyable and probably lead to missing a trade.

Wednesday: Correct trade, slightly incorrect ISL placement. Main fault not SAR when 1st trade failed. Serious mindset continues, not enjoying trading.

Thursday: Again Correct trade, just should have SAR'd when it failed. Mindset still too serious.

Friday: Correct Trade, read chart well. Mindset was one of "play" rather than "trade"made process far more enjoyable.

NB: Going to continue to "play (by the rules), not trade (as a job)" next week. 

R+1 : Having A Bit Of Fun

Personal Note:  Yesterday I mentioned wanting to have some fun.  Today was far less stressful /  intense,  I found myself chatting to myself a little about the markets ("what's going on here?",  "don't like that" etc), first signs of madness I know. But it felt lighter, more enjoyable and fluid. As I entered I noticed 136 was just below the trade so stretched my ISL wider to avoid an early stop, which this action did.  Don't know if i would have been so fluid had I not been having fun, in fact I probably would have scraped the trade and beaten myself up for taking it. So at the moment I'm happy to embrace insanity.

EJ Trade:  A nice trade and nice reactions, stretching the ISL on realising 136 just below.

R-0.9 : Correct Trade, Should Have SAR'd For BE

Personal Note:
I'm not enjoying my trading,  I don't mean the results (although they're not exactly making me smile) I mean the actual process.  I wasn't before my holiday and thought a break was all I needed, apparently it wasn't.
Trading feels like a chore: something I've got to do,  rather than want to do. I guess it feels like a job, when I want it to feel like a vocation. I've mentioned this in my other blog today and ultimately have come to the conclusion that: I need to stop trading and start playing. I need to treat it like a game to find the joy in it again. I've got to play, play by the rules, but nonetheless play and have fun!

Trading:
Today was racked with apprehension. I'm reading Bob Volman at the moment and this line seemed to be waiting there for me. "Even slightly favourable odds should theoretically pay off in the long run". Which is something I often forget, that a single trade is immaterial, it is a number of trades viewed together that is tells the truth. And I need to get those numbers up.

GU Trade: Correct Trade, just should have SAR'd when I got stopped out.

EU Obs: "Ummed and Arrrhed" over this trade,  eventually skipped it because of the HL prior to it. However price was at 2 levels of R and the 20ema  making this a strong setup.  So think my observation regarding HL's weakening short setups (and LH's long setups) yesterday might not have much weight.

7th-11th July: R+0 No Trades, Being Too Hard on Myself

I have not been able to trade this week, I have had the time but not the inclination. I mentioned earlier in the week that I was feeling pressure from external sources but I have also been very busy in my other line of work, which has lead to me being pretty tired and struggling to get up each morning.

Last week I felt great, relaxed, happy go lucky, chilled out and willing to go with the flow.  This week I have not once felt that way so decided that it was probably best not to attempt to trade, as it would likely only lead to mistakes and frustration.

 This doesn't mean I haven't been stupidly beating myself up for not trading. I often forgot that trading is exhausting. It feels like it shouldn't be as I'm just sitting in front of a computer screen for something to happen. But being docile and observant for large chunks of the time and then having to suddenly become wide awake and proactive is tiring and stressful (an enjoyable stress , but stress none the less).  I feel like we all have to go to work when we don't feel like it. But my action this week was almost certainly correct as I really wasn't in a state of mind to perform the tasks well enough to trade successfully.

Summary
I have to accept that when I am exhausted not trading is the correct thing (When others go to work tired, they're just less productive, when i go to work tired I lose money). When I don't trade I need  a back up for what I am going to do with my day, something enjoyable ( a relaxed morning and then some study ./blogging). God if I'm lucky enough to be able to take a day off work when I want to I should be taking advantage of it, not watching day time TV and getting depressed that I'm not trading. 

R+0: Too much Pressure and Lack of Drive

Put a bit of pressure on myself to get up "on time" and "do the work" this week and the result is bugger all.  I didn't feel like trading yesterday, and forced myself out of bed this AM and missed 2 trades because I wasn't in the zone. Not sure if the answer is really that simple but last week I wasn't putting pressure on myself in trading or life in general and I had a lot of fun trading the market ( and did it relatively well for me).

I'm not saying that I don't need discipline, I actually think quite often I apply too much to myself which often has an adverse effect on me and ceases me up.

Another thing last week I was working some CBT stuff about longterm and Short term goals. Over the weekend I eased up on this and started Monday in a sort of  funk.  Perhaps I need to do some CBT stuff on Sunday Eve too...

UPDATE: Yeah the above is all true but the major fact is last week was the first normal one I've had in a month because I been moving and doing all the shit that entails. Then spent this weekend doing shit at mum's house which has now clogged up my flat and fucked it up and so now I feel (and want) to get this sorted before I start trading again because its a fucking tip. Duh?!

EU obs

R-2.0 Pressuring Myself To Trade = Not Trading Freshest Levels

Had some fear issues last week resulting in missed trades and was tentatively working on something to overcome this on the weekend. Idea was pretty much to "trade every strategy that meets my criteria regardless of emotion". I implemented this mindset this AM.  However my PL has blown up and the trades I took weren''t "perfect", suggesting that at least for the time being "trading every setup" is putting too much pressure on me, thus inducing panic and resulting in reduced performance / I don't perform well under pressure.

EJ Trades:  Favoured a short.  "1" was too early, "2" didn't TSL,  "B" had lost confidence for.

Levels explained...

GU Obs: Easily the best trade, had I been concentrating...

Recent Apprehension

As mentioned I have been experiencing quite a bit of apprehension manifesting in an ability to enter trades. Just wanted to remind myself that.

1. I am trading a high probability setup...A PB/RL to 20 is a high probability trade as is a PB/RL to S/R. Therefore combining these 2 together will increase the probabilities further of trade success.
2. I can always SAR..If it the above trade fails its not an issue because it sets up an SAR trade. Which in turn will be a high probability trade as it is a failed 20ema and S/R PB/RL.
3. Perfection doesn't have to look ordered. PA may look choppy but if the 8/20 are clearly aligned, the trigger touches both the 20 and S/R and doesn't O/C against the 20 and is not a doji/NRB. This is a perfect setup!
4. Not to forgot the 5 truths! Ultimately.... "There’s no stress because nothing is at risk other the cost of doing business/the amount of money I need to spend to make myself available for the winning trade."

R+0: Short Session , No Trades, Too Tentative

Had a lot on out of the house today so a short session. Saw and avoided this EU trade, worrying to much about the future rather than acting in the present.