Weekly Review

Misc Blogging
I've noticed that boosting my overall productivity through habits manipulation has been awesome.  But habits are only a part of my overall day and it's said that habits makeup of just under half of decisions throughout the day.  A huge chunk of the time wasting that I want to start targeting is mind wandering and distractions.  Learning more about mindfulness and starting to meditate again is going to be of priorities. **I've noticed that i've fallen prey this past week to the old "learning knowledge but not applying syndrome".  I have to make more emphasis on doing the exercises and applying techiniques learned this week than just reading.

2 weeks ago I missed 4.5 days of 5min journaling
Last week I missed 2.5 days of 5min journaling (which was my off days) but 100% during work days

** New things to apply this week **

1) Audiobooks only and no youtube vids during my drive to work

2) Experiment inserting meditation somewhere during my day

3) Apply a DON'T DO list whn planning my day

****** Reading through my whole blog I noticed:

The strategy is already proven to give you an edge, the MAIN thing I really need to focus on is trying to be as objective and an impartial trader as i can. Finding a way to not be swayed by emotions such as fear, greed, fear of missing out, anger/revenge trading, boredom, etc.. should and IS NOW my main goal for trading since these are exactly what i see between the novice traders and all the successful/profitable traders i've followed so far...

Having a patient, disciplined, objective and impartial trading mindset/attitude is what i'll be working on this next 2weeks-1month .. Once i start on a path on being consistently being in that state.. Only then can I expect myself to be a consistent profitable/successful trader. ................

Computers can't accurately judge huge portions of the market because the market itself are just a huge blob of emotions. It's very irrational like everyone keeps saying, cause what moves the market at it's core is human emotion. If people stopped going to sbux, how would it affect its stock? If people's emotions towards buying each new iphone that comes out changes, what would happen to the stock of Apple for each new gen release of the iphone? lx21 says show me someone with no emotion, i'll show you someone with no passion.. On the other hand, there's been successful traders out there that says to trade as if you have no emotion, just like a robot.. Humans have the edge in analyzing the market because the market itself is irrational and made up of emotions.. humans are at heart, irrational/emotional beings... Computers have the edge in the act of trading, because they don't let the emotions of a human affect/disrupt the plan/strategy. I think I can refine those two opposing schools of thought even more in one sentence...

tldr: Analyze like a human prior to the trade but once in a trade, analyze and manage the trade like a robot would.

Further, I love the 90/10 rule for traders. 90 percent of your effort is spent each day focusing on your existing trades with edge. 10 percent is spent on experimenting with new setups, with small risk. Record your results on these new setups and size up those working for you. A consistent effort to expand your trading PlayBook allows you to trade with edge in more market environments. This minimizes forcing trades when market conditions change. For example, if you have Market Play edge, you might have been less likely to force Low Float trades this past week, thus minimizes a negative effect of overconfidence. - Mike Bellafiore

**** Gamblers think about profits, Traders think about Risk ****
Shifting my attitude/mindset from making money and towards:

1) Risk Management
- Know risk prior to trade
- Know stop loss prior to trade
- Size position accordingly to the stop loss

2) Managing Emotions
- No more zombie trading
- No more revenge trading

Mandatory Weekly Goals....
A) Zero (0) Zombie trades
B) Zero (0) Revenge trades
C) Trade only quality/Go-To-Setups.. (Think retired trader)

** Something I want to do in the future--Watch a stock's price action with NO indicators
Rule: If I have either 1 zombie trade or 1 revenge trade during February, I will sit out from trading for a mandatory 1 week cooling off. This will be a negative incentive that will turn me off from making those type of trades since almost all my motivation and raison d'être currently is daytrading.
Habits Update

I'm at a point where I'm getting NO STUDYING done on my day's off but to compensate, I'm able to consistently get a chunk of the challenge DVD's at work.  I know I've been slowly going through the content since I have the Seinfeld X's but I haven't been tracking the overall progress to see how far exactly I've gone through.  Starting this week, I'll have specific days for the coming week planned out and targets for at least 4 weeks out.  I will also have a printed out version taped to my wall to constantly remind me of it.

I missed my first morning brushing my teeth but that was because it was a training day and I haven't had a training day in months.  I picked right back up however and have been successfull in attaching new habits to brushing my teeth such as drinking a full glass or water/recording my blood pressure/taking vitamins/planning out my day.  My goal here is to slowly morph it and create a morning ritual that i can stick to and set me on the right path to consistency.

Rituals (For Work Days)

As soon as I wake up (Morning Ritual)

- Drink Water/Take Vitamins

- Floss/Brush Teeth/Listerine

- Record Blood Pressure/5min Journal/Plan out my day

On the road to work

- 30mins of Audiobook

Once I have downtime at work

- Challenge Content

On the road from work

- 30mins of Audiobook

As soon as I get home (In progress)
- Workout til 0700
- Study til 1130, 5min Journal
- Bed routine by 1220 Asleep by 1300-1330

Rituals (For Off Days)

As soon as I wake up (Morning Ritual)

- Drink Water/Take Vitamins

- Floss/Brush Teeth/Listerine

- Record Blood Pressure/5min Journal/Plan out my day

Anything goes on my off day

Schedule for the Upcoming Weeks (3-5hrs per day)

Monday

PS Disc 1/2 + 1 Webinar 

Tuesday

PS Disc 3/4 + 1 Webinar

Wednesday

PS Part Deux Disc 1/2 + 1 Webinar

Thursday

PS Part Deux Disc 3/4 + 1 Webinar

Week of Oct 1
Learn Level 2 Disc 1-8

Week of Oct 8
New Rules of Pennystocking Disc 1-3

Week of Oct 15

New Rules of Pennystocking Disc 4-6
Week of Oct 22
Learn Level 2

Weekly Review

1)  Revenge traded on TRIG/BTC, missed a play that I was stalking for 4hours.  It went off 10minutes after I stopped stalking.  Chased high and instead of cutting it for a small loss, justified holding it til friday night since there's a news play even though it was two days out.  I at least took only a partial size since I was aware I was chasing / hot headed, the best behavior there was just to sit out.  I went in just to fill the emotional needs of FOMO and revenge.

I'm alot more self-aware than I am a few months ago and paused just enough to only take a partial position.  I still haven't applied a system for this so even though this was still a preventable mistake, I feel better since at least I knew what I was going into.  This was my biggest % loss in trading in whole--50% loss in 2 days, 0.43 BTC to .21BTC.  I eventually climbed back to where I was but this was a very, very good lesson in cutting losses quickly, never going for homeruns and that I HATE news plays with a passion now.  PRICE ACTION > NEWS always !!

2)  Revenge traded on EDGE/BTC, this one wasn't as bad.  Still lost 15%--0.7BTC but this was because I chased a stock after missing getting filled by a fraction of a penny. I was away from the computer and I need to accept that being away from the computer I will miss plays.

I actually feel good that I lost money this week cause there was nothing to learn from other than how it feels to be consistent.  It felt too good that in the first two weeks, I had an 85%+ winning percentage.  I lost about 1-3% max on losses while I gained a range of 5-10% when I won.  No more experiments and just going to stick with what I know and i'mma always set a risk of 3% max on every play.

The more I'm in crypto the more that I realize I'm not liking it as much as stocks.  There is alot more potential and %gains in cryptos but I don't think i'll be in it for the long term.  I'mma stay in cryptos for til I move back to stocks in December just because there's more plays for me to apply what i've been learning as far as controlling my bad habits/developing good habits and learning to read the price action.

Stopping Crypto Trading for a week:

Biggest things to apply fixes on:

Actually set up a system for my bad habits:

1) Revenge trading

2) FOMO/Chasing

3) Boredom/Zombie/Over--Trading

I've had come up with a system for revenge/fomo trading in the past but I haven't applied a system to fix the habit itself.  That's what my focus on this coming week.

4) Mental Exercises:  Visualize the trade prior to the trade. This is something that I had been planning but haven't had the chance to apply yet.
-  Flat Top Breakout

- ABCD

- MA Pullback/Ascending Triangles

- What to do when the chart is not working

- What to do when I missed the play and experiencing FOMO

- What to do when I get mad and want to revenge trade

- What to do when I get bored and there's nothing moving


Habits Update
- Setup a Morning Ritual to help with discipline/consistency

- Setup a Bedtime Ritual to help with consistency

(Last weeks Marks for the week:)*
Need to work consistency with 5min daily journaling
I'm still way off on it. On the mornings where I have to rush to get to work i'll miss the journaling. I tried for a week waking up an hour early from work to get the important things done but I have just been too lazy to do so since I prefer not to wake up early prior to work. After my PT Test this week i'mma change it up to an hour early and just suck it up since it's what's best for me.
Getting better on the Morning Ritual, even though I hate it--i'll be waking up an hour earlier for work so that I have enough time to prepare for the day.  This'll help me setup for trading, i'll actually have a habit of preparing and being prepared for the day instead of winging it when I trade.

As far as the end of day journaling, I'mma test attaching it to a cue that I already do every night before I go to sleep which is: (Insert something that I do before I go to bed here). Yep, that's my problem--I will test stuff up this week.

Still in progress

Need to work on reading pages of actual books and not just articles of the intended topics
Haven't read up on pages of actual books but as a backup, I've been very consistent in listening to 1hr of audiobooks / day on the way to work/on the way home.

Not bad, I found a computer at work where I can access the profitly as well as my books.  I was able to put some study hours in at work and will be pumping up the numbers this coming weeks.

Need to work on studying off the actual challenge material and not just general stocks/cryptos
yessshhh. Been a lot better this week since I've put the challenge material in front of everything else other than my flossing.

1 hour a day !!! That is my goal !!!

Weekly Review

(Comments on last week's review)
Trading Pairs in Crypto

Gonna try to learn pairs trading in Crypto again with some new insight from a childhood buddy of mine.

Main obstacles I can think of right now:

1)  Thinking in the base pair's currency vs USDT
    - I never really gave it that much effort in the past to begin with, I think i'll get the hang of it after two weeks.
I've pretty much gotten the hang of it.  It still weirds me out that me playing 0.5BTC size has much much less of an emotional impact than me seeing 2000$.  Although it doesn't take much to convert btc sizes or 0.00027000 (BTC-TRIG) into $, i'm too lazy to do so and actually has a positive impact on me.  It's pretty much similar to hiding my P/L in stocks except that I can't cheat peeking into my P/L because I have to manually convert the BTC to see it in USD.

Since I think about the money a lot less, I can stay objectively much better in trading pairs than in stocks.

2)  Haven't daytraded in months.. I have to make sure to focus on setting up the trades correctly prior to trading and not just jump in just the mere fact that the crypto sector is in a huge bull run.
Overtrading is still somewhat an issue but it's not as bad, the biggest problem I'm running into is the holding on/hope.  As long as I specify my risk prior to the trade and manage my risk instead of focusing on the gains, I will be golden.

Minor obstacles:

1)  Sooo many plays, have to prevent myself from scalping and overtrading.
Same as above

2)  Getting used to a whole different set of tools/scanners than stocks.  Two weeks and i'll get the hang of it.
I still have yet to comb through the different coins and have only focused on TRIG/BTC/LTC

Things to apply in Crypto:

1)  Visualize the trade prior to the trade.  This is something that I had been planning but haven't had the chance to apply yet.
A lot better this week, and much better than in stocks.

2)  Utilize setting hard stops / hard profit targets until I finish working on replacing my bad habits which gets me out of my objective state of mind.
A lot better this week as well.


No Stock Trading til December

Daytrading stocks is going to be put on hold but the studies goes on.
At least until I finish the DVDs and caught up to half the Challenge Webinars


Habits Update

Been really good in applying:

1)  Doing the most important task in the beginning of the day
2)  Seinfeld's X's
3)  Never miss than 2 days in a row

The biggest boo boo for the week is that I was consistent during days of work but my routine crashed once my off days hit.  I try to fit my schedule in with Thi's and it fails miserably throwing me off,  imma tweak it a bit next week and see if i can find something better.
My day's off this week was better and was able to put some hours into studying, big problem was that I missed a huge move in OK Cash/TRIG while I wasn't watching cryptos.  I feel less emotionally distraught that I missed OK cash from 6k to 18k (300%) move than I have been in the past missing moves.  Not where i'd like to be at emotionally yet but at least " a step better than yesterday".

Marks for the week:
Need to work consistency with 5min daily journaling
I'm still way off on it.  On the mornings where I have to rush to get to work i'll miss the journaling.  I tried for a week waking up an hour early from work to get the important things done but I have just been too lazy to do so since I prefer not to wake up early prior to work.  After my PT Test this week i'mma change it up to an hour early and just suck it up since it's what's best for me.

As far as the end of day journaling, I'mma test attaching it to a cue that I already do every night before I go to sleep which is: (Insert something that I do before I go to bed here). Yep, that's my problem--I will test stuff up this week.

Need to work on reading pages of actual books and not just articles of the intended topics
Haven't read up on pages of actual books but as a backup, I've been very consistent in listening to 1hr of audiobooks / day on the way to work/on the way home.

Need to work on studying off the actual challenge material and not just general stocks/cryptos
yessshhh.  Been a lot better this week since I've put the challenge material in front of everything else other than my flossing.

----------------------------------- NEW POST----------------------------------------
Cryptos pros:
- 24/7
- Plays for days
- Much higher % gains than in small caps

Cryptos cons:
- 24/7 Hard for me to unhook/busy with other stuff to be able to fully focus on cryptos right now
- Much higher % loss than in small caps if I don't set my risk properly before the trade or if i'm in a position while i'm not watching/asleep

Smallcap Stocks pros:
- Much higher liquidity than in cryptos
- Usual trading times for me is 8AM-10:30AM CST, and sometimes 3pm-4pm CST <4hrs/day leaving me a ton of time to spend elsewhere

Smallcap Stocks cons:
- Boring since plays aren't every day.
- I'm usually tired when I get home from work to try to trade and I'm asleep during the afternoon.

MCO/BTC, TRIG/BTC

MCO/BTC (Paper Trade)

This is prolly the first day i've looked at cryptos other than the BTC/ETH/LTC and I've got to be careful since the smaller coins act slightly different.. This looks good at the 24kish mark.

Aaaaand exit just above 26k.. might revisit if it hits 24k again..

TRIG on 1hr chart has similar pattern as MCO on 5min chart..
Nom nom nom cloud... rebuy the bottom of cloud 24.4kish and sell just below the top of cloud around <26kish.. very speculative/quick scalp.. I wouldn't do this in real life..

* Update 2hrs later.. MCO did hit the top of the cloud and eventuall through it to 27k most likely a false breakout but enough.. i'm going to sleep.

TRIG/BTC

Trig's bounce off support was beautiful with volume at 14.5kish to hitting 19k.  It had a weird looking support at 16ish and flagged funny with bids popping in to support the 17k.  I got the 17k speculative scalp and set the sell just under 18k--5%ish.  This breaks the most recent 1h downtrend if I remember but will be ranging until volume or a catalyst pops in.

* Normally, I wouldn't scalp that but it's a small size and I did it so that I can find out how to efficiently put orders in on the bittrex website.. I gotta be careful though cuz it wasn't an ideal setup and that usually vaults me into overtrading like an idiot.

Weekly Review

Trading Pairs in Crypto

Gonna try to learn pairs trading in Crypto again with some new insight from a childhood buddy of mine.

Main obstacles I can think of right now:

1)  Thinking in the base pair's currency vs USDT
    - I never really gave it that much effort in the past to begin with, I think i'll get the hang of it after two weeks.

2)  Haven't daytraded in months.. I have to make sure to focus on setting up the trades correctly prior to trading and not just jump in just the mere fact that the crypto sector is in a huge bull run.

Minor obstacles:

1)  Sooo many plays, have to prevent myself from scalping and overtrading.

2)  Getting used to a whole different set of tools/scanners than stocks.  Two weeks and i'll get the hang of it.

Things to apply in Crypto:

1)  Visualize the trade prior to the trade.  This is something that I had been planning but haven't had the chance to apply yet.

2)  Utilize setting hard stops / hard profit targets until I finish working on replacing my bad habits which gets me out of my objective state of mind.



No Stock Trading til December

Daytrading stocks is going to be put on hold but the studies goes on.




Habits Update

Been really good in applying:

1)  Doing the most important task in the beginning of the day
2)  Seinfeld's X's
3)  Never miss than 2 days in a row

The biggest boo boo for the week is that I was consistent during days of work but my routine crashed once my off days hit.  I try to fit my schedule in with Thi's and it fails miserably throwing me off,  imma tweak it a bit next week and see if i can find something better.

Marks for the week:
Need to work consistency with 5min daily journaling
Need to work on reading pages of actual books and not just articles of the intended topics
Need to work on studying off the actual challenge material and not just general stocks/cryptos