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thalestrader

The Race

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Statement for 07/08....

 

MK,

 

I did not trade 2 last statement.. However, I did yesterday, as you can see the 2's on this one. The statements are horrid I agree, not even in order. You won't be seeing more 2's on NQ my statements either until the 7k mark as it was mental hell trying it. Had a 2 unit short at 1794 that I pulled 5 seconds before the plunge to 1786's. The bad emotions with 1 unit simply doubled with 2. Some will scoff the thought of someone having trouble with 2 units but there are valid reasons behind this, believe me.. I am trying to push a HUGE rock uphill like Sisyphus, at least I feel that way.

 

Though my reason for upping the units still stands, the increased risk too dangerous, considering my occasional lack of control when chop activity begins. Though my daily $$ loss is now capped, it's not the real solution. You can almost look at a chart and predict how I will trade it. That's the problem. More than a single page statement and I am very likely losing that day. 1 unit got me from 1k to 3k even with all the points I leave behind and it will get me to 7k and surely my comfort level will be greater then. Taking 30% of volatility a day on average, long term is great to have and I will have to live with leaving money behind. There will ALWAYS be some agony in trading and leaving money behind while growing an account is better than the agony of a blowout. To push a huge rock uphill while you are weak, better to move it up a bit, wedge it, rest, move it again... etc. Trying to move it in big moves without rest and the rock wins.

 

Thanks.

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Edited by Attila

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Statement for 07/08....

 

MK,

 

I did not trade 2 last statement.. However, I did yesterday, as you can see the 2's on this one. The statements are horrid I agree, not even in order. You won't be seeing more 2's on NQ my statements either until the 7k mark as it was mental hell trying it. Had a 2 unit short at 1794 that I pulled 5 seconds before the plunge to 1786's. The bad emotions with 1 unit simply doubled with 2. Some will scoff the thought of someone having trouble with 2 units but there are valid reasons behind this, believe me.. I am trying to push a HUGE rock uphill like Sisyphus, at least I feel that way.

 

Though my reason for upping the units still stands, the increased risk too dangerous, considering my occasional lack of control when chop activity begins. Though my daily $$ loss is now capped, it's not the real solution. You can almost look at a chart and predict how I will trade it. That's the problem. More than a single page statement and I am very likely losing that day. 1 unit got me from 1k to 3k even with all the points I leave behind and it will get me to 7k and surely my comfort level will be greater then. Taking 30% of volatility a day on average, long term is great to have and I will have to live with leaving money behind. There will ALWAYS be some agony in trading and leaving money behind while growing an account is better than the agony of a blowout. To push a huge rock uphill while you are weak, better to move it up a bit, wedge it, rest, move it again... etc. Trying to move it in big moves without rest and the rock wins.

 

Thanks.

 

Attila,

 

FWIW, look at your avg time in a trade. The the next time you have a trade set up, take your trade set up with 2, put in your stop and target, and take a walk for exactly 2 x your avg time in a trade. And in time, increase the time you take a walk. Your anxiety will dissapate even if you get stopped out. You will quickly be able to sit there and follow the rules of your plan without the desire to botch it up.

 

 

Regards,

 

 

MM

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Attila,

 

FWIW, look at your avg time in a trade. The the next time you have a trade set up, take your trade set up with 2, put in your stop and target, and take a walk for exactly 2 x your avg time in a trade. And in time, increase the time you take a walk. Your anxiety will dissapate even if you get stopped out. You will quickly be able to sit there and follow the rules of your plan without the desire to botch it up.

 

 

Regards,

 

 

MM

 

And then hope you do not come back and find you lost internet connection, or your trading software terminated for some reason while you were away as this will not have the desired affect on your anxiety level.

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And then hope you do not come back and find you lost internet connection, or your trading software terminated for some reason while you were away as this will not have the desired affect on your anxiety level.

 

LOL!... People would never leave their trading stations thinking this way. I think I will take up Mouse's suggestion.. In the past year I think I have had zero PC/Software/Internet feed issues so a risk I don't mind taking.. My stops are GTC so my house could burn down and the stops will remain live..

 

If I am present watching a slow, jerky trade (wait till you see today's statement:() I will very likely take it off, put it back, take it off.... etc.

 

Day trading may not be for me who knows.. Strange the Euro trades I have made I have rarely looked at them and they worked out fine.. There is simply very little value watching every tick once a trade is in, target set, stop set... Unless you plan to meddle... can't imagine any other reason. The only other is you have not really accepted the stop.

 

Trade below a classic... After suffering the whole day in the worst, slowest PA I have seen, the break comes and I dutifully take the trade, BUT.... Pathetic.

 

A week to forget..

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Besides nerves, I feel a key issue for me is to learn to trade in one direction only (at least for the first half of the day) and not be swayed by price fluctuations. I will develop a method to determine this and apply it next week.

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I will develop a method to determine this and apply it next week.
That's what I don't get. How can you develop something over a weekend and apply it next week? How do you know what the result will likely be?

If your exits are also "developed" over a weekend and then just "applied", it is no wonder that you are not quite sure whether what you are doing is right. Perhaps MM's suggestion will work, but I think the problem is in insufficient testing.

If there is not "test thoroughly on several months of data" between "develop" and "apply", then you cannot have enough confidence to stick to your plan like a machine. No walks can substitute the test, IMHO.

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I am sad to say I have to drop out of the race. My trading from January 19 through mid May was very poor and I need to get back to basics as trading is my only source of income. The Race brought out the gambler in me which I thought had been put to rest but it was a good learning experience on sticking to my plan.

 

I wish you all the best of luck.

 

Chris

 

I came to the exact same conclusion about a month ago - just did not have the dignity to announce it as you did.

 

Best to all.

 

-e

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That's what I don't get. How can you develop something over a weekend and apply it next week? How do you know what the result will likely be?

If your exits are also "developed" over a weekend and then just "applied", it is no wonder that you are not quite sure whether what you are doing is right. Perhaps MM's suggestion will work, but I think the problem is in insufficient testing.

If there is not "test thoroughly on several months of data" between "develop" and "apply", then you cannot have enough confidence to stick to your plan like a machine. No walks can substitute the test, IMHO.

 

I am not a fan of back-testing.. sorry. The only test I know of is actual practice. Admittedly my recent trading is very contrary to mechanical use of anything to arrive at any useful conclusion but it is what it is. Testing will not resolve what I went through this week nor the next. In a nutshell I respond to Chop way too much. I am also not thinking of some complex strategy but rather a minor tweak to my base system that does well but not ehough of the time.

 

It was a bad week and one week not enough to draw any conclusions though my whinging suggested the ship was listing badly.

 

Statement for 07/09---

 

Rough seas for the week. Next week a clean slate.

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And then hope you do not come back and find you lost internet connection, or your trading software terminated for some reason while you were away as this will not have the desired affect on your anxiety level.

 

These are issues that should easily be converted to non-issues if you carefully select your FCM and the individual broker, i.e. the actual human individual Registered person who is your "account executive." If you broker is set up to enforce a loss limit, so much the better. Transact, for example, can have your positions auto-liquidated and all orders canceled if an open loss runs to a pre-determined limit.

 

Best Wishes,

 

Thales

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Well Sicko has nothing to be threatened about after my day today. Returned to my newbie roots..

 

I'd say that it looks like Sicko left the building, got drunk, and has been unable since to find his way back.

 

Well, Attila, I am pulling for you - I think as far as it goes, that unless one of the original Racers comes back actively, you will be the winner by default. I am only able to catch up here on the weekends, but I am enjoying your posts.

 

Best Wishes,

 

Thales

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Nearly unbearably irritated... Bought low Trendline yesterday (1822.5) and today (1841).. Yesterday I took 5 points and left.. Today I took 6 or so points and commenced to start shorting the 50 area.. CLEARLY the thing channels so when the bottom is bought, set stop and quit fiddling!! Have got to use stops on prior bars on this time frame only.. I frequently watch 3 minute and 1600 tick charts that have too much movement...

 

Without resolving this there is no hope.. Sorry Mightymouse I didn't go for the walks..:angry::angry:

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Statement for 07/17........ A bit of a fail Friday as I had planned to short 1848 but when markets opened I hesitated, then took the 46's which resulted in a stop out .25 from the high at which point I was thinking, "I should re short right here in the 48's".. Well, ended up chasing into the 42's, which became a nervous trade... The 48's were presented twice and knuckle head didn't act. Lesson, I decide to take a trade someplace, put the order in to prevent the rat mind interfering when the time comes to stand and deliver.

 

Next step is to swing trade a bit, especially Euro.. The 1.2582 entry could have been kept as a swing as well as the NQ entry yesterday as these were potentially the beginnings of significant new trends due to wedge breaks from key price areas. With NQ the bad news also spelled doom. Markets go up, I lose money. Markets go down, I make money. Most likely because falling markets drop too fast for me to meddle. Also I trade better after taking a serious account hit... Would be nice to simulate this mentally as I lose focus after a good run-up.

 

Good to end week at account closing high after the debacle last week.

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Statement for 07/17........ A bit of a fail Friday as I had planned to short 1848 but when markets opened I hesitated, then took the 46's which resulted in a stop out .25 from the high at which point I was thinking, "I should re short right here in the 48's".. Well, ended up chasing into the 42's, which became a nervous trade... The 48's were presented twice and knuckle head didn't act. Lesson, I decide to take a trade someplace, put the order in to prevent the rat mind interfering when the time comes to stand and deliver.

 

Next step is to swing trade a bit, especially Euro.. The 1.2582 entry could have been kept as a swing as well as the NQ entry yesterday as these were potentially the beginnings of significant new trends due to wedge breaks from key price areas. With NQ the bad news also spelled doom. Markets go up, I lose money. Markets go down, I make money. Most likely because falling markets drop too fast for me to meddle. Also I trade better after taking a serious account hit... Would be nice to simulate this mentally as I lose focus after a good run-up.

 

Good to end week at account closing high after the debacle last week.

 

Nice, man. I did something similar in Es and ended up having a really good day. One of the hardest things to do is take that trade when the ideal trade has already passed. The fact is that you got in short at 42 and you are not a knucklehead for doing that. A knucklehead thinks he is going to catch the ideal trade every time. The real knuckleheads are the traders who didn't get in at 42 kept trying to buy the bottomless bottom on a day like yesterday.

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Mighty.. Thanks for the reminder to forgo perfection. Will also not go for any swing trades until the meat of earning season is over next 2 weeks.. This week quite heavy.

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Statement for 07/21..

 

This is QUICKLY getting old. Yesterday I went to drink from Friday's well even though it was labeled "do not drink".. and I insisted on Staying there...

 

Got system long on the nicest break at 1794 but exited and quickly got short.. Heading out to a meeting for the day I knew a break of 1811 would usher in 1821 at the minimum but what did I do? Short and put a stop in.. The thought of a buy stop at 1811 and change never crossed my short mind.

 

Hello, my name is Attila... I am short. I was born this way and hope someday to be long...

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Statement for 07/22...

 

No Pain, No Gain.. I hope I am gaining mentally because pain I am feeling now and it will continue until I learn/find/steal emotional control. The anxiety build the 15 mins before and into the open causes man to toss the system, believing the open that 5% of traders that takes from the other 95% has crafted for us emotional mini minds.

 

As I went to bed I thought at least something positive happened yesterday, I bought the Euro during the Bernanke dump at 1.2757... genius. Stop was below swing low at 1.2725.. great. Then I decide to move it to break even before I crash for the night.. genius. Well, that 5% came specifically for my position and last time I checked 1.2838 was the print.

 

Looks like another sizeable gap up.... there is a serious battle going on that decides the rest of the summer in the markets and when Elephants fight the ground suffers... woof..

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Edited by Attila

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