Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

thalestrader

The Race

Recommended Posts

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.

1.thumb.png.d1d748c90697115359528e1ceebfc11b.png

2.thumb.png.e8ea2635578f8168a6f582e62bd7d51c.png

3.thumb.png.b7e41846616020299af4dd50326f4a9b.png

4.thumb.png.e1efd4ac6c62be76d6aa0c4cf5b4d499.png

Edited by Attila

Share this post


Link to post
Share on other sites
  Attila said:
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

Share this post


Link to post
Share on other sites
  MightyMouse said:
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.

Share this post


Link to post
Share on other sites
  sevensa said:
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..

5aa7101be9d6e_7-9-20104-12-15PM.png.43a6860374b7a171e46228569f2fae5b.png

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites
  Attila said:
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.

Share this post


Link to post
Share on other sites
  bathrobe said:
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

Share this post


Link to post
Share on other sites
  Head2k said:
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.

1.thumb.png.4dfa8fcfc9639d0aa0da65b6dfc9749d.png

2.thumb.png.051a9388eff54a16b0d7f3a6f8eb5e01.png

3.thumb.png.bd98fdd3c62d44bc0632a057453d6bfa.png

Share this post


Link to post
Share on other sites
  sevensa said:
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

Share this post


Link to post
Share on other sites
  Attila said:
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

Share this post


Link to post
Share on other sites

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:

5aa7101ce531c_7-14-201011-50-25AM.png.4424b4b995cbf34c6d9df0f15be2a346.png

Share this post


Link to post
Share on other sites

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.

1.thumb.png.4abaa1c355cacdaf98588242dfcb00a8.png

5aa7101d5e673_AttilaEquity.png.897df2a530390b5da8ea9f6adf39c1b2.png

Share this post


Link to post
Share on other sites
  Attila said:
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.

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites

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...

01.thumb.png.36cdd856463f91d57d52c0390927fd35.png

02.thumb.png.2fe242ed9c3b1e82de574eaad4e3d5e7.png

Share this post


Link to post
Share on other sites

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..

01.thumb.png.a62ee893db25e38b85930b61c3e7567f.png

02.thumb.png.1fc9f2629798665f2cd3ed60ec0374ce.png

03.thumb.png.69f6853be89e5fce2aa372db8b5bb162.png

04.png.53da5580336e53a52092900e4e12184a.png

Edited by Attila

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • PTCT PTC Therapeutics stock watch, trending with a pull back to 45.17 support area at https://stockconsultant.com/?PTCT
    • APPS Digital Turbine stock, nice rally off the 1.47 triple+ support area, from Stocks to Watch at https://stockconsultant.com/?APPS
    • Date: 20th December 2024.   BOE Sees More Support For Rate Cuts As USD Strengthens!   The US Dollar continues to rise in value after obtaining further support from positive economic and employment data. However, the hawkish Federal Reserve continues to support the currency. On the other hand, the Great British Pound comes under significant strain. Why is the GBPUSD declining? GBPUSD - Why is the GBPUSD Declining? The GBPUSD is witnessing bullish price movement for three primary reasons. The first is the Federal Reserve’s Monetary Policy, the second is the positive US news releases from yesterday and the third is the votes from the Bank of England’s Monetary Policy Committee.     Even though the Bank of England chose to keep interest rates unchanged at 4.75%, the number of votes to cut indicates dovishness in the upcoming months. Previously, traders were expecting the BoE to remain cautious due to inflation rising to 2.6% and positive employment data. In addition to this, the Retail Sales data from earlier this morning only rose 0.2%, lower than expectations adding pressure to GBP. Investors also should note that the two currencies did not conflict and price action was driven by both an increasing USD and a declining GBP. The US Dollar rose in value against all currencies, except for the Swiss Franc, against which it saw a slight decline. The GBP fell against all currencies, except for the GBPJPY, which ended higher solely due to earlier gains. US Monetary Policy and Macroeconomics The bullish price movement seen within the US Dollar Index continues to partially be due to its hawkish monetary policy. Particularly, indications from Jerome Powell that the Fed will only cut on two occasions and the first cut will take place in May. However, in addition to this the economic data from yesterday continues to illustrate a resilient and growing economy. This also supports the Fed’s approach to monetary policy and its efforts to push inflation back to the 2% target. The US GDP rose 3.1% over the past quarter beating expectations of 2.8%. The GDP rate of 3.1% is also higher than the first two quarters of 2024 (1.4% & 3.0%). In addition to this, the US Weekly Unemployment Claims fell from 242,000 to 220,000 and existing home sales rose to 4.15 million. Home sales in the latest month rose to an 8-month high. For this reason, the US Dollar rose in value against most currencies throughout the day. Analysts believe the US Dollar will continue to perform well due to less frequent rate cuts and tariffs. The US Dollar Index trades 1.65% higher this week. Bank of England Sees Increased Support for Rate Cuts! The Bank of England kept interest rates unchanged as per market’s previous expectations. The decision is determined by a committee of nine members and at least five of them must vote for a cut for the central bank to proceed. Analysts anticipated only two members voting for a cut, but three did. This signals a dovish tone and increases the likelihood of earlier rate cuts in 2025. The three members that voted for a rate cut were Dave Ramsden, Swati Dhingra, and Alan Taylor. Advocates for lower rates believe the current policy is too restrictive and risks pushing inflation well below the 2.0% target in the medium term. Meanwhile, supporters of keeping the current monetary policy argue that it's unclear if rising business costs will increase consumer prices, reduce jobs, or slow wage growth. However, if markets continue to expect a more dovish Bank of England in 2025, the GBP could come under further pressure. In 2024, the GBP was the best performing currency after the US Dollar and outperformed the Euro, Yen and Swiss Franc. This was due to the Bank of England’s reluctance to adjust rates at a similar pace to other central banks. GBPUSD - Technical Analysis In terms of the price of the exchange, most analysts believe the GBPUSD will continue to decline so long as the Federal Reserve retains their hawkish tone. The exchange rate continues to form lower swing lows and lower highs. The price trades below most moving averages on the 2-hour timeframe and below the neutral level on oscillators. On the 5-minute timeframe, the price moves back towards the 200-bar SMA, but sell signals may materialise if the price falls back below 1.24894.     Key Takeaways: The US Dollar increases in value for a third consecutive day and increases its monthly rise to 2.32%. The US Dollar Index was the best performing currency of Thursday’s session, along with the Swiss Franc. US Gross Domestic Product rises to 3.1% beating economist’s expectations of 2.8%. US Weekly Unemployment Claims read 220,000, 22,000 less than the previous week and lower than expectations. The NASDAQ declines further and trades 5.00% lower than the previous lows. The GBPUSD ends the day 0.56% lower and falls more than 1% after the Bank of England’s rate decision. Three Members of the BoE vote to cut interest rates. The GBP was the worst performing currency of the day along with the Japanese Yen. Always trade with strict risk management. Your capital is the single most important aspect of your trading business.   Please note that times displayed based on local time zone and are from time of writing this report.   Click HERE to access the full HFM Economic calendar.   Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE!   Click HERE to READ more Market news. Michalis Efthymiou HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • Date: 19th December 2024.   Federal Reserve Sparks NASDAQ’s Sharpest Selloff of 2024!   The NASDAQ fell more than 3.60% after the Federal Reserve cut interest rates, but gave hawkish comments. The stock market saw its largest decline witnessed in 2024 so far, as investors opted to cash in profits and not risk in the short-medium term. What did Chairman Powell reveal, and how does it impact the NASDAQ? The NASDAQ Falls To December Lows After Fed Guidance! The NASDAQ and US stock market in general saw a considerable decline after the press conference of the Federal Reserve. The USA100 ended the day 3.60% lower and saw only 1 of its 100 stocks avoid a decline. Of the most influential stocks the worst performers were Tesla (-8.28%), Broadcom (-6.91%) and Amazon (-4.60%).     When monitoring the broader stock market, similar conditions are seen confirming the investor sentiment is significantly lower and not solely related to the tech industry. The worst performing sectors are the housing and banking sectors. However, investors should also note that the decline was partially due to a build-up of profits over the past months. As a result, investors could easily sell and reduce exposure to cash in profits and lower their risk appetite. Analysts note that despite the Federal Reserve's hawkish stance, the Chairman provided a positive outlook. He highlighted optimism for the economy and the employment sector. Therefore, many analysts continue to believe that investors will buy the dip, even if it’s not imminent. A Hawkish Federal Reserve And Powell’s Guidance Even though traditional economics suggests a rate cut benefits the stock market, the market had already priced in the cut. As a result, the rate cut could no longer influence prices. Investors are now focusing on how the Federal Reserve plans to cut in 2025. This is what triggered the selloff and the decline. Investors were looking for indications of 3-4 rate cuts by the Federal Reserve in 2025 and for the first cut to be in March. However, analysts advise that the forward guidance by the Chairman, Jerome Powell, clearly indicates 2 rate adjustments. In addition to this, analysts believe the Fed will now cut next in May 2025. The average expectation now is that the Federal Reserve will cut 0.25% on two occasions in 2025. The Fed also advised that it is too early to know the effect of tariffs and “when the path is uncertain, you go slower”. This added to the hawkish tone of the central bank. However, surveys indicate that 15% of analysts believe the Federal Reserve will be forced into cutting rates at a faster pace. As a result, the US Dollar Index rose 1.25% and Bond Yields to a 7-month high. For investors, this makes other investment categories more attractive and stocks more expensive for foreign investors. However, the average decline the NASDAQ has seen before investors buy the dip is 13% ($19,320). This will also be a key level for investors if the NASDAQ continues to decline. NASDAQ - Technical Analysis Due to the bearish volatility, the price of the NASDAQ is trading below all major Moving Averages and Oscillators on the 2-Hour chart. After retracement the oscillators are no longer indicating an oversold price and continue to point to a bearish bias. Sell indications are likely to strengthen if the price declines below $21,222.60 in the short-term.       Key Takeaways: A hawkish Federal Reserve cut interest rates by 0.25% and indicates only 2 rate cuts in 2025! The stock market witnesses its worst day of 2024 due to the Fed’s hawkish forward guidance. Economists do not expect a rate cut before May 2025. Housing and bank stocks fell more than 4%. Investors are cashing in their gains and not looking to risk while the Fed is unlikely to cut again until May 2025. The US Dollar Index rises close to its highest level since November 2022. US Bond Yields also rise to their highest since May 2024. The NASDAQ’s average decline in 2024 before investors opt to purchase the dip is 13%. Always trade with strict risk management. Your capital is the single most important aspect of your trading business.   Please note that times displayed based on local time zone and are from time of writing this report.   Click HERE to access the full HFM Economic calendar.   Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE!   Click HERE to READ more Market news. Michalis Efthymiou HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • SNAP stock at 11.38 support area at https://stockconsultant.com/?SNAP
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.