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torero
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Everything posted by torero
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This is the reason why demo accounts can't be real. You have to recreate the demo account as exactly real as possible, the same stake as you would start out in the real world. The more real you make it, the more seriously you can take it and imagine yourself more in that trading. I think the 2nd part about sleeping better with big damage is most likely denial and not owning up the loss. Now acknowledging it will recreate these same losses/damage account.
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One thing we can be sure of is that with more automation, the possibility of time of day will be crucial. Say right on the dot at 2pm, you may notice a burst of volume. On the hour seems to be auto systems going off. I do believe that scalping and extreme short-term trading is very difficult against computerized trading, especially news trading in forex. I think trends may happen but in bursts because as soon as a system becomes profitable, the market assimilates it and make it stop becoming profitable so there's constant optimizing and re-optimizing and new strategy out in the market. It's true the patterns still exist even after the players have changed.
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Welcome Vic. Hope you find your renewed vigor with success this time around. Markets do change and we're already have to be prepared for that next change so constant search for new ideas and rules are the norm. Good luck!
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Of course it's not enough compared to other index futures emini. But it's enough if you're not trading more than 10 lots at a time. Scaling in and out is best strategy.
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Except soybean meals, which has the same tick value and movement as ER2. Good alternative to ER2 imo.
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grains is doing pretty well in terms of volatility. I'm managing to stay away from index futures a bit to try my hands at commodities. Big moves today on Soybeans and Wheat. Nothing to complain here.
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I agree that you can do your best to advise and help but it's finally each person's own burden to take the advice and carry it out to succeed. Failure comes from not following their own rules, not because the books and forums didn't give the right answer. We give what we can but nothing can be done after it's imparted. Some will find let in and absorb the advice and change accordingly to merge with the markets' expectations. We also fail and fail again despite knowing all the rules and remind ourselves not to do it again. 90% fail because they cannot meet such high expectations of themselves.
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Merging the two worlds is very difficult. This is the reason why moving from demo to real trading is difficult because the stakes are real and perishable. To overcome that, it's matter of time to give in to accept that fact that (all is unpredictable and perishable) is when we stop hallucinating and look at charts the way we look at charts when we're NOT in a position.
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mrPaul, I assume you scalp on all markets? The strats work on eminis and metals?
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Welcome and good luck, Zach. Some of us are more gung-ho than others but we get along ok (at least we'll try). Have fun!
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Not yet but I'm watching silver and gold along with developing some strategies around these markets. Will let you know once I'm serious with it.
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Let us know how it goes. Sometimes we were all in the same boat but different times and seems a waste of time not to tell someone about the experience. But then again, anyone can describe and persuade you until he's blue in the face until you realize you've just got on that boat too. Sweat, blood and tears (experience) are more valuable than gold in trading. I think you might be well on your way now that that part is over.... maybe (it'll creep back from time to time).
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For me, paper trading is really to develop a performance results and evaluating them more than a simulation. In trading, this word "simulation" is an oxymoron since it doesn't really simulate the real trading due to factors not existent during demo trading. Real trading is the only way to go I agree.
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Ask the traders who pyramiding up or down while in winning positions or losing positions and read Market Wizards how these guys become rich. It was pyramiding while their positions were winning, not losing. Evidence is proven everyday that Martingale don't work. I think the Dot Bomb Bubble years were an extreme major example but no one can last forever fighting the market when proven wrong (even the Bank of England couldn't do it vs Market and Soros).
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In addition to paper trading, put down some rules and trading plan with details. Because once you're on the battlefield, that's your bulletproof vest and helmet. Why? Paper trading is nothing like real trading, bullets are real and they kill so these rules will keep you focused and put emotions and stress aside. Remember, day trading is no walk in the park, everything happens fast and you'll be tempted to participate and before you know, you're committing mistakes already (i.e. overtrading, a very common trap, long, then short, then long, then short, etc. vicious cycle). Get John Carter's book "Mastering the Trade", there's a sample trading plan at the end of the book that's very helpful. It should give you an idea how to go about getting started and modify to your own preference. Long-term investment may or may not use trading plans, but day trading, it's your life vest to survival. The biggest obstacle to success is not knowledge or skills, but psychology. Good luck.
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Well, steph has limits and commitments so he has to work around that. I think if he puts on more pressure on himself by slacking off his obligations, his trading will show sooner or later. I learned that the hard way. Make your trading as comfortable as possible, slow as possible. Right mindset is the only way to trade profitably. If you have 3 hours, then use that time to trade (but don't rush it and trade because you have 3 hours to kill). Use the 3 hours wisely each day, even watching the market without trading is already useful toward your future trades. Video recording is definitely the way to go in learning. This technology is extremely helpful, wish it's been around earlier. Not sure if anyone saw the erratic jump in the ER2 early in the morning when it was dropping to the new of the day 836 and jumped right back to 840 in matters of a few seconds. I haven't seen that time and sales movement like that in a long time. I was in a trade and recorded it. I had get out quick with a small profit but man, that was scary. I'm going to replay it this weekend to see what happened.
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These are some great stuff you're building james. I like the way where this forum is going, especially for premium traders. Lots of great ideas here, keep it up!
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I agree. Lots of people seem to be skeptical with the "gee, why is he helping me? what's in it for him?" As long as there is no money or favors involved, then the help is genuine. I think there is always an ulterior motive, but the one I can think of is in the end, teaching others your method or belief reinforces them into yourself, making them stronger, in the end, help you become a better trader of your own method. Not sure if anyone understands that, but it does for me. I complete agree with what Walterw says above because I perceive the same way when helping others.
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Brown, I know you want to hear from the good doc but I learned it from somewhere that the best way to get rid of some of unwanted unhealthy thoughts would be to rationalize them. So here it is: When you were a stockbroker, were you able to get every single account from all the sales pitches you've made? Were there some typical profiles you know it would be easy or difficult for you to land win them over? Think about it hard and you'll see why these thoughts don't make sense. It's possible but baby steps by drawing out new goals and plans in achieving those goals. So maybe you can draw up a new trading method in order to capture these goals/points?
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I totally agree, like I said, this is my secondary indicator, based mostly on important levels where I would use to how much or little commitment at these areas for possible reversals or breakouts. If I have to give up one, it ain't the charts.
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My turn in the chair - Ego,Validation and bad behaviour
torero replied to BlowFish's topic in Trading Psychology
Thanks for the site. This looks like something I've been looking for to get into a state or zone to get me further in concentration and focus. Thanks. -
I don't claim to be tape reading expert and don't use it as my primary tool of trading, charting is. But having it as a companion tool will help see the pace of the buying and the selling. So this would give a good context when charts are not showing such pace. I usually look for pullback/rallies accompanying slow pace to check if it's a good spot to get in with the trend. This is especially helpful to see if the trend's pace is exhausting or not.
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This is an excellent assessment of the price action, waveslider! I manually draw these S/R areas but not incorporating WRB in doing so. This is an interesting approaching in seeing the S/R clearer. I'll give it a try. Thanks for your generosity!