Trader P/L 2009

[brownsfan019 17]

You guys do what you want here. If it's helping, then do it. I have no concerns; nor do I plan to be an overzealous moderator that is seen elsewhere around here.

 

Plus, it's the wknd, so I guess it's ok to stray a little bit from the initial topic.

 

:rofl:

 

Have a good one guys, I'll be back at it in the foreseeable future. Been nice to take a little breather from checking TL daily and posting.

[HAL9000 10]

Last week I started to look at the 6B as well,

and liked it somehow.

 

Last Friday I mostly simulated, but did another scalp in the 6B a small 25 $ net.

I had trouble to find into the market, somehow it was the wrong time of day and I don't felt prepared. So I stopped after that.

 

During the weekend I examined more 6B charts and think I have found my system to trade the 6B.

 

During this morning I did some simulation trades, and it went well.

 

 

Then in the afternoon I traded real, on larger frames with larger stops compared to last weeks trades.

 

My fear always was (and is), that I will start trading real with a looser, and guess what happened.

 

In hindsight, this first trade might have violated my entry rules, but maybe it was just the one that had to fail.

I also missed to exit this trade on BE. This was clearly my mistake.

 

Then I had to decide: One more (and only one more!), or ...

 

I did one more, as it was where.

 

And then I was tired and stopped (as planned before).

 

Now I have to analyze, what I have done wrong (and right),

but the first step is done,

even if I don't know, what will happen tomorrow.

 

[thalestrader 14]

My fear always was (and is), that I will start trading real with a looser, and guess what happened.

 

In hindsight, this first trade might have violated my entry rules, but maybe it was just the one that had to fail.

I also missed to exit this trade on BE. This was clearly my mistake.

 

Then I had to decide: One more (and only one more!), or ...

 

I did one more, as it was where.

 

And then I was tired and stopped (as planned before).

 

Now I have to analyze, what I have done wrong (and right),

but the first step is done,

even if I don't know, what will happen tomorrow.

 

Hi Hal,

 

I see two things you did right:

 

1) Your winning trade was 1.5x's your losing trade. If you can find a way to average that R/R you should be able to lose 2/3's of your trades or so and still breakeven.

 

2) You could have exited your losing trade at breakeven, and you chose not to exit it early. So long as the opportunity was taken in accordance with your rules, then you were right to let the trade ride. I have had some very nice winning trades that chopped back and forth across my entry point. If I had exited all of them at breakeven when I had the chance, I'd not have done nearly as well.

 

You sem to be doing fine. Just keep doing what you are doing - work hard, trade your plan, and study those charts!

 

Best Wishes,

 

Thales

[thalestrader 14]

Hi folks,

 

I have family visitng and so I'm on a kind of vacation this week. My daughter also is on vacation, but hers apparently includes her showing her Pop Pop how its done (Pop Pop is equity and options trader from way back).

Anyhow, she did well. Again, she traded the EURJPY only, and she entered the trade last night, and her profit limit was filled before she awoke.

 

I attached two charts: The first was her four hour chart from last week, and the second is the same time frame as updated by her at the end of last week, and showing price action up to a few minute ago. You should be able to see where she took a long last night and why, as well as her profit objective. I don't have the exact entry and exit, she entered right around 1.3350 (I think it was 1.334x's) and her profit limit was around 1.3475, her actual profit was 124 +/- ticks on 3 microlots.

 

She is on her way.

 

Best Wishes,

 

Thales

[thalestrader 14]

Hi folks,

 

I think for the rest of the summer I may cut my pnl posts back to a weekly summary.

 

Anyhow, I'm not trading this week at all. My daughter, on the other hand, is still going strong. She did three trades today, three microlots each, and each for 100+ ticks. In other words, she had a very, very good day.

 

Best Wishes,

 

Thales

[pimind 10]

she is well ahead of schedule to hit that million dollars... That would be awesome ...... wish her luck.

 

 

btw ..I am sure you are aware that if her account is at least $500 before august 1 she is automatically entered in the king of the micro contest.

 

i am not trading this week after last weeks losses.....

[thalestrader 14]

she is well ahead of schedule to hit that million dollars... That would be awesome ...... wish her luck.

 

 

btw ..I am sure you are aware that if her account is at least $500 before august 1 she is automatically entered in the king of the micro contest.

 

i am not trading this week after last weeks losses.....

 

I don't know about a million, but $500 looks doable by the end of the summer. Her original goal was $250. At $250 she earned the right to trade a small futures account next summer day trading one lots. That idea seemed a lot more exciting to here a month ago. Right now, she seems like she really wants to stick with forex (who could blame her).

 

You told me about the micro contest, and I told her. I may have to physically "push the button" on the trades she comes up with, though, because I'm sure she is too young to be considered for the contest. So if she makes it to $500, it will have to be a "collaborative" effort. I wouldn't want them to cheat her out of a prize if were to win something.

 

 

Also, I too found that after a series of losing days its good for me to step back for a few days. As for myself, I know that I am susceptible to the "I got to get it all back on this next trade" metality to which if one succumbs only leads to more heartbreak. Enjoy the time off and clear your head. You'll know when your ready to get back on the screen.

 

Best Wishes,

 

Thales

[HAL9000 10]

First of all,

 

I like to thank Thales.

 

You might not know it, but you (and Brown too) have helped me a lot,

within the last weeks.

 

Maybe its premature, but something has changed a few days ago

(i.e. guessing has gone, IMO).

 

The last days I haven't traded at all, because I had some other things to do,

and currently I decided to analyze further until Sunday (the AUD, JPY and CAD vs. USD).

 

Analyze means, that I look at the setups and ranges needed, the stops, as well as R/R, and money management in general.

 

The outcome will be visible here next week.

 

I am currently very confident,

and maybe it is just that.

 

BTW. I see myself as a pullback trader (some might say bottom fisher :crap:), with a tendency to scalp.

 

So next week I will know more, we all will know more,

and hopefully I will not end up as fool of fools.

 

 

Regards,

 

Hal

Edited July 23, 2009 by HAL9000
;-)

[thalestrader 14]

First of all,

 

I like to thank Thales.

 

You might not know it, but you (and Brown too) have helped me a lot,

within the last weeks ...

 

Hi Hal,

 

It makes me very happy to hear that I may have said something in my ramblings that you have found useful, especially if it really makes a positive difference in your trading. I don't mean to speak for him, but I'm sure Brownie feels the same way.

 

I was fortunate to have found a few folks who helped me get my head on right and turn my trading in a positive direction. My hope has been that I'd have the opportunity to "pay it forward," as I believe the saying goes, by helping others as others have helped me.

 

I wish you and yours all the best that life and this business have to offer.

 

Best Wishes,

 

Thales

[thalestrader 14]

Hi folks,

 

I've been busy having fun with family and friends this week.

 

My daughter traded yesterday and did well. She had no trades today as we do have visitors. I felt terrible, but I had literally to forbid her from the comuter today. She ended up having a fun day, so I think she'll forgive me for it.

 

I have attached yesterday's equity run as well as today's, just so no one thinks I was trying to hide a losing day from you folks. I have to admit, I'm right here watching her with my own eyes, trading right next to me, and I hardly beleive her success myself.

 

Best Wishes,

 

Thales

[bathrobe 10]

Hello, was gone this week. Several longs today buying support and then buying again later in day. Good day all around.

[thalestrader 14]

Hi Folks,

 

Still on a little vacation. My daughter traded and did well, but I am not sure what her trade(s) was/were as I was too busy posting and yakking with folks and didn't pay as much attention to her trades as I would usually do.

 

Best Wishes,

 

Thales

[Gabe2004 10]

Hi Folks,

 

Still on a little vacation. My daughter traded and did well, but I am not sure what her trade(s) was/were as I was too busy posting and yakking with folks and didn't pay as much attention to her trades as I would usually do.

 

Best Wishes,

 

Thales

 

Would it be possible for you to post a few charts with markers to indicate your daughter's entries and exits?

 

Thanks

 

Gabe

[thalestrader 14]

Would it be possible for you to post a few charts with markers to indicate your daughter's entries and exits?

 

Thanks

 

Gabe

 

I will try to post some of her trades to the real time thread in coming days.

[bathrobe 10]

After the move down I faded the retracement. Only was able to trade half the day.

[bathrobe 10]

Attached is a chart with reasons for taking first trade. Second was a scalp.

[HAL9000 10]

I think I made already a fool out of me.

 

This week hasn't started for me as I have planned.

There was still more things to do, not related with trading.

So today I did my first real trade this week.

 

The trade wasn't planned as scalp, and the entry signal was a good one,

but for some reason (fear) I exited nearly at BE.

 

Somehow I wasn't in touch with the market today.

This might have two reasons:

- That I really have spend my time with some other things during the last week.

- Still too many potential setups/trades. So I have to work on this one next.

[thalestrader 14]

Hi Folks,

 

Basically a vacation week for me as two of my good friends (also traders) and our families have met up to see some Northeastern sites. My daughter did trade Monday - Wednesday mornings. One of my friends, whom I mentioned in another thread, trades currencies only (spot and futures). He sat and watched my daughter trade, was delighted to see that she was basically taking the same trades that he would have taken. He laughed himself to tears. He was a lot like me. We were both slow learners. He figures it took him close to four years to teach himself to get to where she is today after just a few months. (It took me longer).

 

I've attached the EOD equity runs for continuity's sake. She traded cautiously as she had a money goal in mind for the week: She wanted to get to $500.00 so she would qualify for the FXCM contest in August. I've looked at the winners at FXCM's website from last month. It looks like you need a 1000% return just to show, let alone win or place. That is alot of leverage! I told her that taking $25 to $500 is a lot different than taking $500 to $5000. She asked how so, after all, $500 is 20 times $25, and $5000 is only 10 times $5000.

 

She's a bit to smart for my own good, I say.

 

At any rate, she is done trading for the week and any free time she has apart from our vacation activities is being spent reading a book called The Mysterious Benedict Society. It is good to take a break from the screen.

 

Best Wishes,

 

Thales

[pimind 10]

Well today i traded for the first time since my huge loss for me anyway. The charts speak words for trading with zero confidence.

 

Total of 2 trades 1 tick each. The irony is the runs after .

 

 

 

HAL i feel your pain.......

 

 

thalestrader don't poison her mind..... after all she is right, paul tudor jones said 10% is 10% it doesn't matter if it's 10,000 of 10 million. I really believe that to be an extremely successful trader you cannot have a ? in your mind about that . It is after all the root of money management. i wish i could still think that way.

[thalestrader 14]

thalestrader don't poison her mind..... after all she is right, paul tudor jones said 10% is 10% it doesn't matter if it's 10,000 of 10 million. I really believe that to be an extremely successful trader you cannot have a ? in your mind about that . It is after all the root of money management. i wish i could still think that way.

 

I know, I know ... as I said in my post ... she basically outsmarted me (and revealed my own weakness at the same time).

 

I told her that if she wants to compete that is fine, and I'll let her lever up a bit in the beginning to see how she goes. We'll be discussing a money mangement plan for a $500 forex account tonight over dinner with our friends.

 

I'll let you know what, if anything, we come up with.

[thalestrader 14]

Well today i traded for the first time since my huge loss for me anyway. The charts speak words for trading with zero confidence.

 

Total of 2 trades 1 tick each. The irony is the runs after .

 

HAL i feel your pain.......

 

I remember having taken a devastaing loss in June 2005. It took months to recover psychologicaly, even after I recovered financially by knocking the proverbial cover off the ball on a gigantic bet, long several hundred Amgen July 65 calls into the earnings announcement.

 

The good news is that it is now but a painful memory.

 

Fight through the fear. You will win out.

 

Best Wishes,

 

Thales

[JBWTrader 10]

Hi Bathrobe

Mate they are some srious size contracts you are trading...if you dont mind me asking how long have you been trading for ?

 

I found it interesting on the first set how you started with 1 contract and kept adding and then you seemed pretty sure of something and then went for it....I like that approach...

 

well done

 

all the Best

John

 

Attached is a chart with reasons for taking first trade. Second was a scalp.

[Hlm 10]

thalestrader-

 

After talking to a few people on the forum, it seems like it would be really helpful if you could post a snapshot of the entries and exits of your daughter's micro account as well. Members could then transfer them over to their charts for a better understanding of what she is actually trading. Now of course I wouldn't ask for this from most traders since it can come across as nosy and impolite, but since it's just a micro account and straight forward simple S/R (no fancy "holy grail") that has found a following...I think it's a legit request that would be beneficial for everyone. Again, there is no negativity associated with this request. It's only for a better understanding and to truly help others.

[bathrobe 10]

Hi Bathrobe

Mate they are some srious size contracts you are trading...if you dont mind me asking how long have you been trading for ?

 

I found it interesting on the first set how you started with 1 contract and kept adding and then you seemed pretty sure of something and then went for it....I like that approach...

 

well done

 

all the Best

John

 

I have been trading or investing in some way for about 8 years, I have been profitable for the last 5. Regarding the first trade, I had a limit order for 30 ES at support, NT shows on the chart how they are filled (several single contracts and then 10's or 20's).

 

Chris

[thalestrader 14]

thalestrader-

 

After talking to a few people on the forum, it seems like it would be really helpful if you could post a snapshot of the entries and exits of your daughter's micro account as well. Members could then transfer them over to their charts for a better understanding of what she is actually trading. Now of course I wouldn't ask for this from most traders since it can come across as nosy and impolite, but since it's just a micro account and straight forward simple S/R (no fancy "holy grail") that has found a following...I think it's a legit request that would be beneficial for everyone. Again, there is no negativity associated with this request. It's only for a better understanding and to truly help others.

 

Do you mean something like "USDJPY sell stop 95.41, stop loss 95.61, 50%Buy Limits @ 95.11 & 94.81" in real time, or annotated charts after the trade is complete, win, lose, or draw?

 

EDIT: The USDJPY is not a real trade by the way, it is just the closest thing I could find to a real opportunity at the moment to use as an example.

 

EDIT 2: I've annotated and attached the chart of the USDJPY example

Edited July 31, 2009 by thalestrader
added text after "EDIT:"