Working on improving my C Game

Traits that I display when I am trading at my worse. My  C game, as opposed to my A and B game.

These are the low hanging fruits to work on. These do not show up every day but the reduction / elimination of these tendencies will improve my whole trading game.

 

2016-04-16_1757

The C Game

Does not update journal

Looks at P/L and works out how many trades to get back flat

Gets distracted after entry

Easy distracted before entry

Does not update mini plan

Doses not look at hypos after session starts

Get a loser and starts to look for another trade straight away

Trades on setup with no attention to plan or context

Does not look at where stop and target until after entry

No TM – either going for Big winners or very small winners

Don’t pull the trigger

Breakdown

1. Describe the problem in as much detail as you can. Include thoughts, feelings, actions, and associated tactical decisions.

2. Explain why it makes logical sense to think, feel, react, or play that way. In other words, why does this problem occur?

3. Figure out how the logic in step 2 is flawed. Come up with a correction to that flawed logic. This correction can be used as an injecting logic statement. You can also write out a strategy that you can use to learn the correction.

4. Ask yourself why the correction you came up with will work. This is an extra step that reinforces the rationale behind the correction, and helps to firmly implant it in your mind

Grouping

Trading without a plan Revenge Trading Setup trading without thought to context
Does not update mini plan

Doses not look at hypos after session starts

Get a loser and starts to look for another trade straight away

Looks at P/L and works out how many trades to get back flat

Does not update journal

Trades on setup with no attention to plan or context

Does not look at where stop and target until after entry

No TM – either going for Big winners or very small winners

These can be grouped together as they tend to follow a string of losses or a down day

My thoughts are that of the depressive type and cannot be bothered.

A lack of focus and what focus is on the LTF rather than the big picture or context time frame.

Looking for the next quick set up to make the money back.

No plan on context or plan overall for the trade.

No clear thinking.

Take too many trades instead of 3-5 it can become 10-20. Over trading.

Don’t want to update journal or update plan in case I miss a trade and entering it into journal will recognise that I am taking trades that have no edge and / or I am over trading, and I do not want to spoil the journal with loads of shit trades.

Why does it happen

I do not like to lose, especially when they are shit trades. So I do not want to recognise that it is a shit trade by entering it into the journal thus avoiding the reality. Just want to make a good trade to make the money back and then enter it into the journal. Thus I become risk seeking.

This is flawed thinking because the eagerness to recover from a shit trade is that I break the trade process of having a plan and taking the best trade, which means I am more likely to make another shit trade thus compounding the situation and making it worse.

After a shit trade (any trade that is less than a B Grade), I will make a fresh mini plan including context, as this will give me the best opportunity to recover from this loss or string of losses.

Why will this work

Even if I miss a trade because I am doing a mini plan, it will give me a chance to take a break from market, and re assess the context. Most of the shit trades are from OK set ups but they are fading the context when I should be going with the context.

Logical statement

The hard work I have done to find an edge is not destroyed when I take a single bad trade, it is destroyed by trying to win the money back by taking subsequent trades without context and without a plan.

Fear of Loss
Gets distracted after entry

Easy distracted before entry

Don’t pull the trigger

These can be grouped together as these tend to happen after a string of winners.

Why does this happen

These feeling start to come after a couple of good trades back to back, which were profitable. And becomes stronger, the more trades that I take that are successful.

I do not want to spoil the results by taking another trade in case it is a loser. Or if I take the trade, I am uncomfortable with knowing the result and get distracted and poorly manage it.

I am still more focused on the results than the process. I do not want to lose. I want to be seen a successful and not a loser. Which again is a focus on results rather than the process.

Thus I becoming risk avoiding.

It is easy for me to say I will take every trade opportunity that presents itself. Obviously I am not doing that when I am playing my C game.

Logical statement

After every 2 good trades that are profitable, I will read the following logical statement out loud.

My ideal future will not be become a reality, if I don’t concentrate on taking the trade opportunities, which are presented to me now and during this session. Remember the Fastnet Rock.

Why will this work.

I need to remain myself that because I have done well, it is not a time to click down a gear and not follow my process. The Fastnet Rock reminder is that I did the exact thing in one of the Fastnet Races, I got to the rock with a clear lead in my class, and eased up the focus on the return to Plymouth and ended up 3rd. This still hurts, and I never did that again in racing, so I need to focus on that lesson from sailing into a motivation not to repeat this in my trading.

 

This process in improving my process and overall trading come from a recommendation on Twitter. Which fits in nicely if what I have learnt from Golf is Not a Game of Perfect.

2 thoughts on “Working on improving my C Game

  • 17/04/2016 at 15:02
    Permalink

    Excellent.
    It reminds me of another book called Trade Mindfully by Gary Dayton who adopted the processes from sport psychology to trading. I would recommend the book, however I think it is along the same lines as the ones you read.

    Thanks.

    Reply
    • 17/04/2016 at 15:11
      Permalink

      Hana, thanks for the recommendation. I will check it out after I get the though the current 3 books. Hope you are well.
      Adey

      Reply

Leave a Reply

Your email address will not be published. Required fields are marked *