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thalestrader

The Race

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+1. Huge props to you for continuing to post your statements. That's more than 99% of us were willing to do on here which means one way or another you've got something most don't and if that's nothing more than the determination to fight through it then that's something very valuable.

 

Keep at it!

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Guys... Thanks for the kind remarks.. much appreciated.

 

Statement for 07/23.. A recovery of sorts to end the week. Good.

 

Week summary... I read somewhere the key job of a trade/Money manager is to avoid loss. After that assuming reasonable respect for market direction and low turnover the equity graph will be kind to the trader over time. Take my equity chart and cut the dips in half and the result so far would be quite different. Granted I may never know what that may do to the climbs but the dips need to be better managed.

 

Lesson for the week.. When down at an established day loss limit avoid thinking you can "correct" the day because the thinking that put you in the predicament rarely reverses that day, and least likely once the morning's better predictability is exchanged for afternoon chop. Every trader will have periods when they haven't a clue and are like a leaf blowing in the wind as I felt much of the week... Therefore it is borderline Asinine....

 

Pronunciation: \ˈa-sə-ˌnīn\

Function: adjective

Etymology: Latin asininus, from asinus ass

Date: 15th century

 

1 : extremely or utterly foolish <an asinine excuse>

2 : of, relating to, or resembling an ass

 

asinine. (2010). In Merriam-Webster Online Dictionary.

 

.... to trade without a safety net for the day. Like a walking a tight rope.. you can break all sorts of rules and live to try again as long as when you fall avoid falling all the way to the ground.

 

Equity looking like a double-top!:helloooo:

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Edited by Attila

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Sicko hasn't even logged in to TL in almost a month, so I would guess he is permanently out. If not for Attila, The Race would be a long dead thread.

 

I must say that while I am not at all surprised by sicktrader's disappearance, I am disappointed that he did not try to make more of a show of it.

 

If Attila wants to continue this thread as his own public journal after the initial twenty week period, I'm sure there are a few TL members who would follow it with interest.

 

And Attila, I'm still pulling for you to hit the million!

 

Best Wishes,

 

Thales

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Thalestarder...

 

At 6 months (from my start... hopefully account still lives by then) in, I will decide whether to continue posting and will definitely stop at the 1 yr mark. It doesn't take a lot of time, plus there is some accountability that is useful to me. Hopefully there is something useful to others as well.

 

Statement for 07/26... VERY dull trading as I've heard trading should be.

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Statement for 07/28... Low Volume days tough when you don't get the high or low trades early.. Got the ideal short just under 1892 but the post report wiggle immediately stopped me out..

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Statement for 07/28... To capture the most of the day there is a key morning entry which is sometimes clear, sometimes not. Yesterday it was (1890 area short) but the mid day chop drove me batty! Second unit would have been INCREDIBLY useful as I saw 1878 repeatedly and really wanted to cover there but didn't as a break was possible anytime to the expected sub 1870 destination. Good day anyway.

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Statement for 07/29..

 

The remaining change that will make a night and day difference in my trading is not to focus so much on the vibrating price. When I do EVERY plan in my head is crowded out. It is really incredible.

 

My plan to short 1883.5.. moved it to 1884 as the price rose, missed trade by .25

My plan to hold 1877 (perfect entry!) for the day... ANTICIPATED 1864 holding, covered 1877.

My plan to re-enter on 1864 break.. completely froze.

My plan to keep the 1843.5 2 unit long to 1859 (went to 1872).. after the dip back to 1840, gladly took 1845.

 

All decisions based on fear rather than any technical reasoning. Seems such a small problem to resolve... All I need to do is to for one day trade perfectly (meaning no emotional trades) and build from there. Mighty's walks would have really helped yesterday..

 

If as a trader you did not do very well yesterday, when are you going to do well?

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Don't sweat it - in hindsight it looks like we all should have made mega bucks yesterday. Forget about it and concentrate on the next trade.

 

And if I could take my own advice I would be a wizzard! ;)

 

Lol...!.

 

I will start putting up a Morning Prep chart if there is anything interesting.. Overnight NQ Trendline in control.. Until that is broken and held, short. Planning to short 1847 to 1850 area.. Stop 1853. If that Trendline goes, then it's rally.. HARD. Last day of Month also, so such a rally could be fake but still to be traded.

 

ES and NQ both sitting on the bottom rising Trendline on large wedges (ultimately they usually break down) so MUST rally or else.

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Statement for 07/30.. Good day due to mentally entertaining all possibilities.

 

 

You saw a double top a few days back, but with the new low slightly undercutting the prior pullback low, I see a potential double bottom base forming. I am hoping to see an upside breakout this week!

 

Best Wishes,

 

Thales

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You saw a double top a few days back, but with the new low slightly undercutting the prior pullback low, I see a potential double bottom base forming. I am hoping to see an upside breakout this week!

 

Best Wishes,

 

Thales

 

If you can arrange a top in ES/NQ around 1130/1938 my account will likely experience a breakout.. ;)

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Statement for 07/29..

 

The remaining change that will make a night and day difference in my trading is not to focus so much on the vibrating price. When I do EVERY plan in my head is crowded out. It is really incredible.

 

All decisions based on fear rather than any technical reasoning. Seems such a small problem to resolve... All I need to do is to for one day trade perfectly (meaning no emotional trades) and build from there. Mighty's walks would have really helped yesterday..

 

If as a trader you did not do very well yesterday, when are you going to do well?

 

Attila - I could not agree more. Having a plan of attack is only half the battle, the rest is between your ears as the saying goes.

 

For example, I cut my day short today after I got comfortable / scared to take a loss. I had a good morning on the CL and decided to shut it down after a trade took awhile to play out (even though that was not part of the plan). About 10 mins later an easy HOD short showed up and I passed b/c of that fear your speak of. It was what I call an instant winner - no heat, straight to profit target; meanwhile I spent 30 mins in the previous trade only to get 10 ticks...

 

So we are all there w/ you, even if not posting daily like you are. Putting together the plan AND then following it are 2 unique things that are not easy every day. Some days it's easier than others, you just have to fight your way through the mental battles as best as possible.

 

Keep up the great work and I agree w/ Thales that we should be long Attila via the double bottom. ;)

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Yes brownsfan, sometimes chop is so clear you can even feel it.. but still trade it.

 

Statement for 08/02...

 

Missed the early breakout of 1886 to avoid the ISM report volatility and that was it for the day.. Financed my brokers kids trust funds a bit trading the chop which I can't believe lasted the entire session. Must be summer. These 9:45 to 10:00 reports should be moved to the next day at 8:30 so Attila can have smooth trading ok? Didn't enter earlier, lower as I have a 15min no trade window...

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Statement for 08/03..

 

How many times can a man dash his toe against the same rock before changing course. Recent activity clarifies why traders take Summer off and most don't make it at short-term trading. Such a waste of time AND money. Still confident I will right the ship.

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Statement for 08/05

 

I have not adapted to the new market behavior.. Changes would have been:

 

1. Larger Stops

The stop outs I've experienced this week have been cruel. Tuesday I managed 1896 long (.25 from the morning low). allowed a 10 pt profit become a scratch. Yesterday an 1905 Short was a decent trade but moved mt stop early and stopped out 1907.25 before the slide to low 1890's, the original target. The recent large bars (Yesterday morning was the worst, bouncing 5 points within a bar), greater than my typical stop have meant I get stopped out just as the price reverses, frequently within .25 yo .50.

 

2. Take/Accept smaller profits

Daily Range has definitely narrowed and should be taking the 7 to 10 points profit I have seen and ignored all week.

 

3. Said "seeya!" to many trades. An ongoing problem for me but more dangerous in a less predictable environment. The large intraday bars have made most trades this week risky relative to prior bars to manage.

 

The PA has been so messy if I don't get an extreme entry early AND take what I am given early I am in for torture. Hope to manage until something happens to jog markets out of this range.. today is the day with the 8:30 report, hopefully. Wasting precious emotional energy counter-productive.

 

Also relax... it's a micro account, there is no rush to grow and if lost not the end of time.

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Statement for 08/06

 

That 0 to 5% that make it big day-trading fully deserve it as the pain is great getting to that level, if at all. Friday I will (SHOULD!) remember for a while. Granted some things were out of my control but the dangers of not respecting the markets and the importance of humility were underscored..

 

All began with the poor Jobs report, which I read against my better judgment and started thinking short..(gap fills are at least attempted over 50% of the time). The second one at 1890 (I thought) should hold but was premature as there was no reverse confirmation.. All this time my charting app was 5 points off my trading platform and had no clue which was right. So, 2 errors.. fighting trend with 2 contracts. Well, third blunder... I canceled my stop in the confusion that ensued.. By the time I called the broker I was 14 point in the red with 2 contracts.. over 30% account loss. Also traded inside the first 15 minutes, another rule broken.

 

I sat tight and the decline began, more viscous than the rise was and soon I was looking at a 35% account gain. At this point I was sure 1867 was a given but was not to be..

 

Key problem is my inability to mentally handle the endless levels of wrongness of every trade caused by randomness. A trader that can bracket, say, 3 for 10 (assuming a decent system), as an example, and never mentally waver regardless of stop outs (FEAR) or money left behind (GREED) I think has the key to doing well.

 

Ended up slightly up for the day but badly down for the week. Have definitely mentally lost the plot and look to dramatically change my trading. Current plan is not working any longer. KEY is I am handling profit taking very poorly and the range trading really aggravating this.

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Statement for 08/10.... Catastrophe..

 

I am developing an unfortunate skill of pasting these statements without looking at the ending balance.

 

All began with a long Euro trade at the Hourly Trendline it HAD been bouncing on forever but as luck would have it, it was broken this time.. Added at 1.3147. In the morning a bounce to 1.3180 area almost reaching my limit exit at 1.390 would have saved the trade with a small profit. The deer-in-headlights dive that followed resulted in an over 100 pip loss, selling of course very near the bottom. To add insult to injury, the market reaction to the FED's worry about the weakening economy wiped out a 10 point gain in a later NQ short from 1892.5 (down to 1870 this morning)... Most of these trades either were without stops or stops move away/canceled after trade was on.

 

By and large my TRADE MANAGEMENT has been zero. A different environment a few weeks ago probably was friendlier and no longer is so unless I intend to meet a zero balance very soon I must manage trades. All large losses are the result of poor money/trade management as the market is capable of anything.

 

Ominous as must journals I have seen with traders with these problems rarely correct their issues.

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Gaps everyday.. not easy for me to deal with.. The goal of this market is to break you down.. then take your account. Working so far. If you don't have and stick to (including leaving when they are not playing your game) a VERY well defined action plan you repeat like the sun rises day-in-day-out you (I) are toast. So many different random moves are thrown out there to soften you up. I am in the paranoid "the market's out to get me stage"...

 

Another nice wedge broken in the overnight session which is frequently more organized lately..

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Edited by Attila

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