End of Day Journal (8-13-10)

Summary:

Finishing up early today as I have meetings for the rest of the day.  The day ended at +$545 (trading 200 share lots of TNA based on the Q's):

I only traded the morning session as I had several meetings to attend during the afternoon session.

Today marks 5 days since I have been back at it - and a milestone: 5 days w/o losses. Go figure.

Funny thing about it, it wasn't a big deal until I started thinking about it, then I got excited, then I got apprehensive about being able to keep it up. This is another thing I am going to have to work thru. My mantra goes something like: Just a student; always a student. No expectations. It is not me making anything happen, it just being in a position to take what the market has to offer.

Another emotional remedy I re-hashed today: remembering to be thankful eliminates a lot of anxiety. I read this tip on Scott's blog awhile back and it helps. When I feel anxiety creeping in, I take a deep breath and think about what I am doing: sitting in front of a computer clicking buttons and watching money roll into the account. It might not work out this particular trade, but it will. This is just what I want to be doing; and I have the opportunity to practice as much as I want/need to.

Logistically - I ironed out the hotkeys and minimized the Chart Trader window. Interestingly enough, this didn't keep me from doing quick calcs in my head using the current position and current price numbers. In a lot of ways, the quick mental check on the profit is only me looking for confirmation, another reason to hope or fear. I am not sure what is driving me to this, today it may have been the 5 day milestone, but I need to figure out a way to let it go. Maybe just a simple matter of working on diversionary tactics - shifting the focus back onto the price and volume. The more I think about it, the more I believe that the power behind keeping things simple is that there are fewer distractions to appeal to my hopes and fears. 

I am also beginning to believe that keeping things as simple as possible is opening up/freeing me to experience and get in touch with the market in a different and real way. For example, while trading today I noted a discrepancy between what was happening in the markets (Q's) and TNA. The market was headed down, and it looked somewhat strong, TNA however was having a difficult time following suit. I was short, and added late in the sequence, but TNA's hesitancy prompted the cover and then the reverse on the 8:45, it just seemed like the thing to do. There was nothing else to look at, nothing else to use to try and confirm my gut, just the candles unfolding. Which is what this is all about anyways - right?

Hunches like this one are the goal of the entire trading exercise.

After 5 good days, I feel like the question of when to move from paper to live is looming. With respect to the length of training, I am leaving that question pretty much wide open. The only time frame I have is a maximum (2 years), if I still do not feel ready by then I will move onto something else. And as far as knowing when I am ready? I think I will just know. But there is at least one criteria: I will need to have a healthy sense of confidence in my edge and confidence in my ability to implement my edge. I believe this will only come thru repetitive exposure to market action: all types and kinds, any and all conditions.

I am going to have to say it again - I think simplicity is key. Nothing to distract. Unfiltered price action and volume.

(Who else says this? =) It is incredibly affirming when I start seeing the value in what I have been reading about. It is not valuable because Scott says it, but because it is right. That is when it starts becoming my own. An 'I should of had a V8' moment.) 

Charts are included today, not because I am free of the whole emotional trip yet, but because I traded pretty well - and I wanted to showcase the simplified setup.

Have a great weekend.

Details:

 Here is the TNA chart - exactly what I am trading off of. The chart trader is minimized:

Here is the center monitor shot (watching Q's and SPY for entry exit. For the FnG/Bank Robber devotees: I only use SPY because I am too cheap to upgrade my data subscription to get the S&P index, plus SPY has volume):

And for good measure, here is three monitor layout (the quality is rather poor, but you get the idea. I don't have all the image processing apps on the new comp yet):