MC's House of Mirrors

[mcichocki_]

	Quote:	Soultrader
	Thanks mcichocki. It appears like there is a bug in our system in which it displays the latest threads. Apparently the url's to your charts are expanding our column. Do you think you can save the chart and then use the attachment feature for now until I find a fix to this? Sorry about this.

NP, I pulled the charts for now and left the descriptions.

[waveslider]

MC, I noticed you use a lot of indicators. Do you have a favorite, and why?

[mcichocki_]

	Quote:	waveslider
	MC, I noticed you use a lot of indicators. Do you have a favorite, and why?

For futures the market internals and candles with bias on volume.
I'm still learning the tape reading slowly but surely.

I also like to watch rsi and macd because thats what most fairly new traders focus on and I like to know what the masses are looking at.

[mcichocki_]

VMC
Good volume and candle groupings...especially weekly...might bounce soon IMO.

PANL
In a weekly squeezer...I like the looks of it for a possible breakout.

WWAT
Lookin good though it does have some solid resistance ahead.

[mcichocki_]

How can you take 50% accuracy and lose $200 bucks?
Easy, just override your systems target and lock in early profit.
The point of a system is to let the winners run and cap the losers at your stop point fairly early. Then the winners on a 50% model should have a positive net expectancy which IS profitability. Discretionary traders will be outperformed by a mechanical trader 8/10+ times. Maybe not day in and day out, but long term things work out in favor of a non emotional trader. To trade on discretion means you are trading on interpretation which is emotion influenced if not emotion driven.

So I can either die a slow but sure death by trading emotions, which will kill my equity. Or the discretionary trader in me can die and that will lead me to profitability. From my tone you can tell which trader I want to die in me. :p



A few of the losses came from trading the pre-market and opening 10-15 minutes which I knew better but somehow got sucked in...won't happen again!

Some others were due to trading without pivot points and thus trying to go through the pivot instead of fading the pivot or using it as a profit taking point.

And DAMN the psyche is fragile at first!!! Due to this factor I missed many thousands of dollars in sound trade profit because my losses made me gunshy. :mad:



Prime example of WHY YOU LET WINNERS RUN!
This was todays trade. I had a mechanical exit, just saw weakness and some profit being at risk and pussed out. This means the next trade that goes against me eats into equity not profit money and gives me further drawdowns.

[waveslider]

I've done the same, over-ride the system and the profitability suffers. My opinion is that if the system works, use it and then you can play around when you are rich.
Discretion is more fun.
What are those cool colors you colored your candlesticks with. I didn't know you could color candlesticks with TS

[mcichocki_]

	Quote:	waveslider
	I've done the same, over-ride the system and the profitability suffers. My opinion is that if the system works, use it and then you can play around when you are rich. Discretion is more fun. What are those cool colors you colored your candlesticks with. I didn't know you could color candlesticks with TS

Discretion is fun, and like you said when I have more free money to play I'll do just that. Till then I need to get my head out of my a$$ and trade the plan.

That's a macd gradient. I believe its stock in Tradestation 8.3 actually.

My other favorite is the volume gradient I found here on TL. I disable the trend feature cause I like to see the candles true color...I love that indicator too.

[mcichocki_]

WOOOOHOO!!!
At this rate I'll be blown out in no time.

There's more indicators I won't give out but rest assured I took some good trades and managed to make the day VERY ugly.

The 1st trade was up 20+ points and I was trying to trade a system rule that in reality had me counter trend trading. That will be changed as of today.

The 2nd trade was a sound trade BUT the 1st trade got into my head and I sold before the real move. Part of the issue was Tradestation totals your daily P&L and I thought that single position was up the number I was seeing. Still not an excuse, cause I should have traded the trade not the profit.

The 3rd was my breaking point...I got mad I sold before the move on trade 2 and took a revenge trade. Then I proceeded to raise my stop because it "had" to dip soon. This set me back pretty badly and I am probably taking the rest of the week off because that SHOULD NOT have happened.

[waveslider]

http://www.screencast.com/users/Leav...2-86209331c33b

leavitt brothers have some good insights from time to time. This ones on psychology, maybe you could use it?

[mcichocki_]

	Quote:	waveslider
	http://www.screencast.com/users/Leav...2-86209331c33b leavitt brothers have some good insights from time to time. This ones on psychology, maybe you could use it?

I'll check that out. Thanks.
I can use anything to get my head out of my a$$. LOL

I try to outsmart the signals...then of all things a revenge trade with no signal and moving the stop to hang myself even more.

Equity isn't bruised but my ego sure is.