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Progress Thread: Consistently Profitable Trader

A detailed account of a Fastlane process...

Jonleehacker

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It's my goal to be a consistently profitable, professional stock and FX trader by May 1, 2013

This has been my goal for a number of years, and I feel like I am at a place where in my head I am sick of thinking about this goal and not taking any serious action towards achieving it.
Hence this post.


In order to achieve my goal, I have done an analysis of my past efforts at trading, determined what worked and what didn't and will formulate a strategy and plan to reach my goal.


There are two primary reasons that this goal has not been accomplished.


1. LACK OF FOCUS


I have never made a serious commitment to it. For the past 7 years I have been involved in Internet marketing, and have only dabbled at stock trading, even though it was what I always saw as my real passion and my most likely fastlane vehicle.


2. LACK OF DESIRE TO DO THE REAL WORK


I used to play a lot of golf. And at one point I was taking it quite seriously. The fact is that if you want to improve as a golfer, you need to be on the range a lot, which isn't the most fun. Actually the golfers who are successful, do find practicing on the range fun. But not only that, it requires ruthless self examination. If you analyze your play and you are losing strokes from the second cut of grass, you must spend hours working on shots from the second cut of rough, and guess what, those are the shots you hate practicing the most.


A trader's job is to create hypothesis about the market and the opportunities that it is presenting, to take trades based on those hypothesis and then to manage risk. That's it. But there is still so much that can go wrong in that simple job description.


My analysis of my last few years of trades and hypotheses is that I am very good and developing trading ideas and good enough at managing risk, but where I have my biggest opportunity for improvement is with actually executing the trades based on my analysis.


It seems as if somewhere between the perfectly viable ideas that are based on my years of learning technical analysis, and the actual act of placing a trade that is in harmony with my idea, the wires get crossed, and I either talk myself out of my idea (most likely due to fear) or neglect it due to having too many distractions and other things going on in my business life.


The evil step sister of talking myself out of my solid trade ideas is to take reactionary trades, based on spur of the moment emotions like fear of missing out on a big move, or greed, which are the trades that end up being complete traps set by more professional traders.


So unlike almost any other professions, I believe the primary work of becoming a professional trader, at least for someone with my make up, it between my ears. Finally I get this fact. I've read at least 10 books on the importance of being consistent, having a plan, being disciplined, etc in trading... but HOW?


I believe the answer is to work with a trading psychologist and unblock or rather re-wire the emotional patterns that scramble the signals from the original viable trade ideas, to their execution that results in my fingers clicking the mouse to move my money into or out of the trade.


THE PLAN


So going forward, my strategy is to develop a structure to focus as much of my energy as possible to trading between now and May 1. 2013.


The reason for this public post is to ask for help in holding me accountable to my goal. I am in a financial situation where it really does matter that I make it (which is also probably why I didn't ever take it seriously in the past).
Abraham Lincoln reportedly said that, given eight hours to chop down a tree, he'd spend six sharpening his ax.

The plan is broken into two parts. The first is from now until Dec. 31, and it consists of sharping the ax. This involves clearing distractions, writing a trading business plan, refining my tracking systems, creating a timeline for goals and milestones, and creating a support structure to give myself everything I need to succeed. I may be trading during this time, but it will not be my primary activity.


The second part of the plan, the 120 days part, is part where I focus entirely on the trading process. The plan is set, the strategy for improvement is in place, the money is budgeted and I just strap into my system and go until I can pronounce myself as a professional trader.


The other important thing I realized is that if I want different results, I need to stop doing the same things. One example from this week is that I have started printing out and marking my charts on paper rather than staring at the computer screen. This seems to be much more relaxing and enjoyable and has a nice side benefit that I can refer back to them, to build confidence in my analysis.


I DONE THIS - Week 1's Accomplishments



  • Created the timeline spreadsheet from now until May 1, 2013 and started filling in milestones and goals
  • Found at least one person willing to keep me accountable (hopefully more will result from this post)
  • Developed a plan for measuring trader performance based on questions that I asked professional traders that I know on Facebook (profit and loss is a poor measure of trader performance since luck does play a part in trading. You can make money and still be a bad trader, and you can lose money, even with a perfect trade - so a good measure of trading must be based on other variables).
  • Pulled out my previous trading plan, ripped it apart, boiled it down and started re-drafting it into something that will get me to my goal.
  • Organized my office, my goal is to have a Zen-like trading zone to enable focus and mental clarity
  • Read my old business plan docs and put notes on them to carry to new one
  • Printed out some charts and did market structure exercise on paper for the first time
  • Started purging and cleaning Firefox bookmarks and unsubscribing from any internet marketing newsletters
  • Started compiling links to trading psychologist resources and put them on my blog with the goal to find someone to work with during my 120 day challenge
  • Started to do exercises to develop more awareness of my current feeling state (being unaware of feelings is the hidden saboteur in trading)
  • Met with a friend who it looks like will take over and grow my affiliate business as a Joint Venture project (big goal accomplished to have this off my plate).
  • Started learning about Auction market theory and volume at price analysis
  • Listened to my first trader psychology webinar
  • Did a market structure exercise on RIMM, AAPL and SPY
  • Outline of new trading plan completed and started on first draft
  • I sold almost half of my investment in a startup that I am involved in, to raise funds and to allow me to de-stress, reduce my responsibility and focus

NEXT WEEK


Simple goal this week, and a big one. Complete the first draft of my trading plan. This will be a lot, all goals, money management, trading systems etc need to be at least roughed in.


Do market structure exercises for SPY, SLV and EURO and formulate trading hypotheses for these markets
Do more trader psychology study and exercises.


.... If you read this whole thing, thank you very much, I'm impressed. My commitment is to update once a week on Saturday from now until May 1, 2013. Even if things are not going well, I will do that. Feel free to kick my virtual a$$ (via PM, on FB or my blog) if you don't see an update by end of day on any Saturday between now and then. Words of support, encouragement and wisdom are also highly appreciated.


If you have any questions, let me know.
Thanks,
Jon
 
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The-J

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I considered this, actually.

Problem is, I simply don't have the capital to throw away in order to learn the game.

Good luck!
 

Jonleehacker

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Problem is, I simply don't have the capital to throw away in order to learn the game.

Yes, becoming a trader has to be thought of just like any other well paying career, like a doctor or lawyer, there is a cost to get the education. If you take that attitude, then it de-stresses the losing that happens while you learn the business.
 

CarrieW

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I would like to follow you and join in. :)

I have been trading for awhile now too and need to get my a$$ in gear...

I was at a point a few months ago that I was essentially even and then I got all screwed up again. I haven't been spending any time on trading lately and that HAS to change. its coming up to the slow season in forex and it is the perfect time to regroup and put everything down on paper, just like you are doing :)

so if you dont mind I will follow along :)
 
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Jonleehacker

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so if you dont mind I will follow along

Go for it Carrie. In next week's update I will post my schedule/timeline of goals.

So your task this week is to complete the first draft of your trading plan and do an honest assessment of why you haven't stayed with it consistently (the key here is to not blame any external factors) ;)
 

CarrieW

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:) I love homework! (I am such a dork!)

I really do better with specific goals and projects to work on, I have been so dead set against doing that and that is probably the biggest thing holding me back.

I will see what I can come up with :)

thanks!
 

Jonleehacker

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Week 2 Update.

Overall, a very successful week, I really feel like this week was a big victory as I stayed on track in the face of a big headwind. The most interesting thing was the motivation that knowing that I HAD to update this thread provided - it was a big part of me moving forward this week... so thanks to everyone who is reading along.

I posted all the grisly details and play by play commentary on my blog, but here are the highlights:

I Done This List Week 2

  • reviewed trading psychology webinar, and took notes
  • bought the full trading psychology course and downloaded
  • called immigration for clarification of bringing Edit here
  • got charts setup with indicators for my trades trades
  • created trade entry checklist for system
  • created pre-trade self awareness checklist
  • printed out and completed structure charts exercise for SPY
  • watched and took notes on trader psychology course module 1
  • worked on schedules, and review section of trading plan
  • organized goals in Project Plan
  • revised and simplified weekly review process
  • completed first draft of trading plan! Woot!
  • revised all related trading documents

Next Week, Next Steps

In the upcoming week, I have a lot of things to accomplish. The most important is to re-establish a mentor relationship and have my trading plan reviewed. Then get started on back-testing scripts. My trading system is discretionary, but I believe there is a lot to be learned from programming at least part of it – with a focus on tuning exits (which was the most challenging section of my trading plan).

Besides that I will continue to work on my trading psychology course, which I am LOVING, and then start to ease into some of the routines that I will use when I am trading, by doing my market preparation scenarios for 2 days.

Looking forward to next week's progress.
 
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craig1928

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If you haven't got the book trading in the zone by Mark Douglas yet I'd highly recommend it.
 

CarrieW

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I am sorry that I was not able to start with this yet. I wont make excuses, but there were other far more pressing family matters that I had to attend too and am still not done with :(

this situation that is going on is not likely to be resolved anytime soon unfourtunately...

right now I have to focus on what is going on :(


sorry... I will be following along and once this is done I will be able to go thru them myself.

life! ugh!
 
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Jonleehacker

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If you haven't got the book trading in the zone by Mark Douglas yet I'd highly recommend it.

Thanks, yes I've read it at least 3 times. Very important book, but I am finding that there is an even deeper level to trading psychology that is covered in that book. The stuff I'm learning now about how unresolved and unacknowledged emotions cause us to make decisions and actions that are not in our best interest.

If you consistently keep up following your plan and achieve it I have no doubt you'll be successful. I'll follow and watch you ;-)

Thank you very much. It has surprised me how much motivation I have received by knowing people are following this thread.
 

Jonleehacker

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Week 3

Another very successful preparation week towards my goal.

Feeling much more solid, as I'm so happy that I'm spending my time building strong foundational systems around my trading before I re-enter active trading.

The highlights for me this week were:

  • having a professional experienced trader review my trading plan
  • implementing changes in my plan based on his feedback (expanded markets)
  • setting up and committing to 1 year of having all my trades reviewed by a mentor
  • wrote some killer scanning scripts that will save me hours finding setups

Next week, the goal is to see if I can automate my scripts further to send me SMS on setups. Also to begin my final trading routines and lastly to mark support and resistance lines on all the time frames of all the markets I will be trading.

If you want the details, it's all on my blog:

Prep Week 3 of 120 Days to Profitable Trading | Jon Symons

I really appreciate any comments, encouragement or feedback.
 

Jonleehacker

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Week 4

Highlights this week were a continued improvement in focus and confidence.

Discovering a new trading system that was completely unexpected (that went 4 for 4 - which I do realize is completely unsustainable over the long term).

And adding a new metric to my self evaluation as a trader. Going along with the concept of focusing on process over results, I realized that missing a great trade was, in my current processes, something that could happen and would not have any consequences.

So I refined my system to produce a "trader rating" each week. It is heavily weighted on method adherence, meaning getting into only trades that follow my checklist, and skipping trades that don't follow my checklist, no matter how close. But also, my rating will be punished for missing trades that I should have taken.

Since my goal is a perfect trader rating, this new metric will force me to step up my game.

For a full review of the week: Prep Week 4 of 120 Days to Profitable Trading | Jon Symons

Any comments or suggestions are welcome.

Jon
 
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Jonleehacker

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Some good progress this week, including my first 3 trades and almost losing my shirt when I put in an order for 10 times the number of contracts I actually wanted (at least I didn't create a flash crash ;) )

Not sure if anyone is actually following along with this thread, so I'll just post a link to the full write up on my blog

Prep Week 5 of 120 Days to Profitable Trading | Jon Symons

If you are following and would like more details or whatever, ask a question here or reply and I'm happy to elaborate.

I am a member of a trading group on facebook and some very experienced and successful traders have been giving me great feedback on the process steps that I'm taking, which is nice validation.
 

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keep up the good work. I have been following along. I used to trade options back in college, gave me something to do in class.
 

Jonleehacker

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Thought this was a perfect quote to add to my progress thread:

Perspective on trading expands when you get more experience. First, you think that trading is all about understanding how the markets work. You see this as 100% of the knowledge you need. Later, you realize that it is part of a 1000% system with money management, entries, and exits. Finally, you find out it is all the inner you.
- S.Christakos
 
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Jonleehacker

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Okay, this week's progress report it up, the final week of preparation for my 120 days to professional trading challenge...

The highlight this week was my "Trader's Manifesto"

My job is to find big trends, get on board, and ride to the end. Losing and break even trades are nothing more than a business expense in the process of finding the next big trend.

Always play to win big!

Cut losers short, let winners run. NEVER remove a stop.

Don’t miss big moves… If you do miss, get to a lower time-frame and hop on board.

This is no limit to how much money I can make (free my mind from the tyranny of limitations, especially in numbers and percentages). Exit trades based on charts, not P&L.

Size positions based on predetermined percentage of equity

Always look for a place to add more to a winning trade. Once you have your stop at break even if there is another valid entry- take it.

Always look at higher time frames for confirmation.

Full update here: End of Prep - 120 Days to Profitable Trading |Jon Symons

...Any comments and feedback welcome as always!
 

MonTexan

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Nice summary in your manifesto...lots of nuggets in there. I especially like the ALL CAPS in the "never remove a stop" part. I have done this before and learned the hard way. Sounds like you have as well! Congrats on taking action and I look forward to following your progress, Jon.
 

Jonleehacker

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I especially like the ALL CAPS in the "never remove a stop" part. I have done this before and learned the hard way. Sounds like you have as well!

When I looked back at my track record as an amateur, it was shocking to see, that if I had just never let my losses exceed my predefined risk amounts consistently, I would have been very profitable.

I think that's the point when I realized what trading was all about... money management!
 
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Jonleehacker

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This week's update:

Making the transition from prep weeks to plan execution and promptly shot myself in the foot, but makes for a decent read with some good lesson's learned.

Day 4 of 120 Days to Profitable Trading |Jon Symons

Dust myself off and vow to do better next week. The market is actually the best teacher there is, instant feedback!
 

MonTexan

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"Missing a trade is also a big no-no in my plan to become a professional trader, as I imagine myself getting paid to trade for some big company, and I can see my boss chewing a decent strip off of me for missing a trade like that."

I don't think you should be so worried about missing an opportunity. Good opportunities come around all the time, and the simple fact of confirming your trading system's validity by reviewing market action is worthwhile.

Also, it's easy to sit and say "I should have made that trade, that was so black-and-white, I missed easy money there" etc. But confirming your suspicions after the fact is the easy part. Being so confident on the front end while not knowing the eventual market is the tough part...that gets to the heart of your self-identified problem of execution. Knowing when to enter a trade, where to place stops, when to take profits, etc. is all about execution and where all the money is made and lost.
 

Jonleehacker

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This week's trading goal update: An important lesson this week, sometimes the hardest part of being a trader is doing nothing...

Sit on Hands

If you want to understand what it’s like to be a stock trader, imagine that moment when you’re driving, approaching an intersection and the light is green.

Just as you get to the place where it is about 50/50 whether you should stop or run the intersection, the light turns yellow.

Imagine your entire day/week/year being in that moment and you’ll get what trading is like.

This entire week was like having the right decision be to hit the brake.

The entire update Day 11 of 120 Days to Profitable Trading
 
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Jonleehacker

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This weeks update, including advice from a pro on how to go broke chasing 48,000% returns and updates on two trades that I was in this week.

Why I love trading… Jan 125 NFLX calls, yesterday .05, today $24… only a matter of time before I catch one of those and make enough with three mouse clicks to own a private island.

I have a few very successful trader’s as FB friends and one of them, called me out:


But don’t forget the headwinds you face in the market every day. You are fighting commissions, vig, market friction, slippage, mistakes, and the bid/ask spread. It all sounds easy, but in reality is like walking barefoot over hot lava. Your first comment particularly bothered me when you said, “only a matter of time before I catch one of those and make enough with three mouse clicks to own a private island.†Catching one of these is the mentality of keno and lotto ticket buyers. You don’t ever catch anything, and get that phrase and idea behind it out of your head. It’s very destructive to your bankroll to even have that thought in your head. Trust me on this one as I’ve been there, done that.

Day 25 of 120 Days to Profitable Trading

trade-shakeout.jpg

Overall, my confidence and determination are growing steadily. The two trades pictured in my blog post are probably my two best ever, not in terms of results, but in terms of process and being under control. I sincerely feel for the first time that my goal of being a full time professional trader is achievable.

Any comments, questions or feedback is welcome.
 

Pete799p

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This weeks update, including advice from a pro on how to go broke chasing 48,000% returns and updates on two trades that I was in this week.


Why I love trading… Jan 125 NFLX calls, yesterday .05, today $24… only a matter of time before I catch one of those and make enough with three mouse clicks to own a private island.

I have a few very successful trader’s as FB friends and one of them, called me out:

But don’t forget the headwinds you face in the market every day. You are fighting commissions, vig, market friction, slippage, mistakes, and the bid/ask spread. It all sounds easy, but in reality is like walking barefoot over hot lava. Your first comment particularly bothered me when you said, “only a matter of time before I catch one of those and make enough with three mouse clicks to own a private island.” Catching one of these is the mentality of keno and lotto ticket buyers. You don’t ever catch anything, and get that phrase and idea behind it out of your head. It’s very destructive to your bankroll to even have that thought in your head. Trust me on this one as I’ve been there, done that.
Day 25 of 120 Days to Profitable Trading

This trade reminds me of a missed opportunity a few years ago. I was looking to short the banking sector and was trying to decide between citi and bearstearns. I noticed for some reason there was a strange amount of volume on puts that were at a %50 devaluation but for some dam reason I went with citi as the option price fit better with my 1-3% portfolio per trade max. The puts were about $0.25 for about a $25 put with a trading price around $50. A few days later the company dropped to about $2/share. I still made exactly what I had expected to make off of my Citi trade it would have been just insane to have caught that deal. In the end I did learn a lot, if the economy starts to melt down and you see a troubled company see a 1000% growth in put volume at a deep discount you might want to consider jumping on the bandwagon.
 
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^eagle^

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I have recently over the past four months become consistently profitable as a part time trader. I'm rooting for you! Plenty of pips to go around.

Is this face book group a private group? Do you have to be invited? I would like a professional to look over my trading plan.

I have a lot of positive comments at forex factory about my method. Not a lot of band wagon jumping as I make them do a lot fundamental analysis. I get the feeling that most traders are Tech heavy and think when indicator X is blinking and indicator Y is green you pull the trigger and make millions.

Another thing I really liked was your talk about exits and reentries. Good stuff. Here's to becoming pros!
 

Jonleehacker

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January Month End Review

In the Stats
  • Method Adherence (how well I followed my systems) = 74.5% (my goal was 80%)
  • Total Profit / Maximum Loss = 5.7
  • Average Time in Winning Trades / Average Time in Losing Trades = 6.3 days
  • Overall: Winners: 3, Losers 3
  • The newsletter Trades: Winners 1, Losers 2
  • My Own Trades: Winners 2, Losers 1
  • Expectancy - Overall (expectancy is the average amount you can expect to win (or lose) per dollar at risk) = $.60

Positives Steps:
  • avoided some bad trades, that were close, so good discretion shown
  • did productive work on emotional self awareness
  • had 2 grade A trades, one was managed exceptionally well
  • developed processes for stock trading so this will allow me to scale into hundreds of more trading opportunities
  • progress on scripts to minimize scanning time
Areas for improvement:
  • trade management – knowing the difference between high volatility and end of trend
  • missing trades – do rehearsals, is it self-sabotage, or just something I need to loosen up about?
  • need to be better at anticipation
  • go beyond the hard right edge, and into the future, and run possible scenarios
  • expand into stock trading. refine scripts to be more accurate

A more detailed analysis and for the plans going forward, see my blog: Journey to Profitable Trading - January 2013 Review
 
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fsna.hartley

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I recently knew somebody who does this, and yes he earns double the money just in two hours and he was like in college or something because that's what I saw from his Facebook page. I don't really know how this kind of trading works but I admire your will power on reaching that goal of yours. Good luck and keep it up! You're doing a great job!
 

Jonleehacker

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Another week in the books.

More good progress going forward with the completion of a market scanning script which allows me to find trades that would be too time consuming otherwise.

3 new trades outlined in this week's update, and the addition of my "dead fish rule" to my trading plan.

Ford.png

And a new quote, from me:

I know now that the point of the markets, and trading in general, is to teach me to be in my inner perfection, and the more I can do that, the more money I will make.

To read the entire update: Day 39 of 120 Days to Profitable Trading
 

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