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thalestrader

The Race

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Just a thought - I would be game to pitching in to buy Attila an iPad (or equivalent device, since my personal opinion is iOS is beginning their decline). The effort it took to continue documenting the real struggles with a challenge like this, especially on a psychological level, should be commended.

 

 

This competition should be frequently referenced for other newbies thinking they are going to strike it rich quick (which most of us thought, at some point in the beginning). To ALL Newbies reading this in the future: You think you are different. You aren't. Be Prepared.

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Statement for 08/20...

 

Back to Square one.. Stood at the edge of the abyss hopefully for the last time. Need to implement a structured, measurable action plan otherwise just blowing in the wind.. Impossible without discipline though.

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5aa71029c3045_AttilaEquity.png.1a83fb77e1bf48d3f3c7276c1237be07.png

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Plan:

1840 to 1842 area was a VERY obvious short area due to intersecting Trendlines AND a price level.. As good as it gets. My new game plan is to trade only breaks of lower time frame Trendlines when the Longer looks exhausted and close to something that should stop it..

 

Reality:

Shorted 3 times BEFORE the break (the fear that if I wait for the TL break I either won't catch it or if I did, the back-wash will kill my account based but silly stop), went long once (don't ask). Did do well on the short, but again did not wait for the TL break so left 6 points behind. Took the long on the break up for 3 or so.

 

By and large the day can be labeled "The anatomy of a small stop". THE question is should one be trading ahead of the break even with a larger account? For small account the answer is clearly no.. I know thalestrader would have shorted even lower for a 1-2-3 break of the second swing low but that terrifies me but likely does better over time with less trade losses.

 

Will post account tomorrow as usual. Ahead nearly 10 and other tasks await so calling it a day...

5aa71029ca619_8-23-201010-33-44AM.png.c9e3dd3e06e6d75a5a9c8845bbfc6162.png

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Ahead nearly 10 and other tasks await so calling it a day...

 

Returned to the well and surely was different from earlier.. Overall handle things ok.. a 5 on a 10 scale for the day.. KEY error was placing stop after 1814.75 short at 1817.5 instead of 1820.5.. maybe not a error actually but rather a consequence of playing at a $100 table with $5. Stopped out there and somehow was immediately long (software glitch..).. Anyway salvaged an afternoon that threatened to take it all back and some.

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Keep it up Attila. Loving your spirit.

I keep wanting to join you in posting, but I really want to get my recently funded mini account upto about £500 before I begin posting, I guess mainly for psychological reasons.

Im trying to learn to trade and I feel that posting my daily blotters would help maintain my discipline

 

Good luck

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Laz,

 

Please join in.. I need an occasional shoulder to weep on.. What will you trade?

 

I've opened a little account with smartlive (UK spreadbet firm)

I'll mainly be TRYING to trade GBPUSD and SPX

I'll be trading at miniscule stakes. Probably 20pence per point or so, so as to stop me blowing up too quickly!

I started with £300 the other week and I managed to get it near £500, but then couldn't seem to put a foot right and am back to about where I started again now!

I want to get the account back to near its 'high' and then join you with the daily blotters, but getting back to the high might just be wishful thinking!

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I've opened a little account with smartlive (UK spreadbet firm)

I'll mainly be TRYING to trade GBPUSD and SPX

I'll be trading at miniscule stakes. Probably 20pence per point or so, so as to stop me blowing up too quickly!

I started with £300 the other week and I managed to get it near £500, but then couldn't seem to put a foot right and am back to about where I started again now!

I want to get the account back to near its 'high' and then join you with the daily blotters, but getting back to the high might just be wishful thinking!

 

Laz,

 

Hope you do well.. I wish we here in the US could trade the indexes in such small bites as anything less than a $2500 account at unhealthy risk. Remember, markets have "enough" structure to do VERY since the majority of traders "CONSISTENTLY" lose their money. That proves those that consistently oppose this losing group can make a mint. Why else would I bear this pain this long? So do what others don't do, and we all know what others don't do. All you have to do is sit there and wait for fear/greed extremes. Easy as pie!

 

 

Statement for 08/24..

Never trading wireless again. It cost me a few days back and it started me off badly with a fill that was 4 points away (always against the trade of course). TOS was very slow for the first 30 minutes or so. Anyway from the attached chart we can see "enough" structure to make money so why did I lose? Nothing new.. anticipating the close of candles that haven't closed... i.e. impatience. A trendline break means A CLOSE, not the thieving reaches (seeming randomness) that happen frequently occur.

1.thumb.png.5f7d3d13de6447e4f364145605c24070.png

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5aa7102ad8614_8-24-20104-12-15PM.png.6b4ee4d17dc73ed948b919ae074cc2b6.png

Edited by Attila

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Bill Gross of Picmo said something to the effect of "you get paid for doing the nauseatingly mundane tasks other could not bear to do".. These tasks can be very dull but you just never know when that morning review you didn't do will be the difference. NDX mid 1750's ("flash crash" low area) was expected to have decent odds of bouncing.. Didn't do my morning review and traded without this in mind..

 

OR a trader could establish a time frame that he uses to determine direction and follow it dogmatically regardless of anything else.

 

Both probably will do well. What is common in the above is the trader DOES SOMETHING CONSISTENTLY REGARDLESS OF EXTERNAL INFLUENCES. Reminds me of discipline!

 

Statement for 08/26

1.thumb.png.9b77dafa39ba5f219a746e4c8658a128.png

2.thumb.png.5abf8e3f90649e97d59faba4e1b33266.png

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Hey Attila,

 

If I may ask, how would you describe your approach, methodology, strategy, etc.? I'm not asking for details...just the basic idea.

 

Also, in regards to your equity curve...

 

22132d1282525388-race-attila-equity.png

 

...have you been able to successfully identify what's different now from when you more than tripled your account?

 

Forgive me if my questions have already been addressed/answered...I do follow this thread but not as closely as I could...I could have missed something...

 

Thanks,

 

Cory

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Hey Attila,

 

If I may ask, how would you describe your approach, methodology, strategy, etc.? I'm not asking for details...just the basic idea.

 

Also, in regards to your equity curve...

 

22132d1282525388-race-attila-equity.png

 

...have you been able to successfully identify what's different now from when you more than tripled your account?

 

Forgive me if my questions have already been addressed/answered...I do follow this thread but not as closely as I could...I could have missed something...

 

Thanks,

 

Cory

 

Very good question...

 

1. My personal financial/work life has greatly declined. To say I am distracted lately is an understatement. Sometime in the future I will fill in the blanks here.

 

2. I now trade with a bias - some dislike for the markets for frequently manipulating newbies... The so called discounting mechanism idea is crap to me. The shorter the time frame, greater the manipulation. I knew all this coming to the table so not accepting it is futile. As MM mentioned, I now to some degree expect the markets to do something to me. Now I need to keep all these thoughts out of my trading assuming if I am in it to make money.. All irrational for sure but show me a rational human.

 

Bottom line, in life, and especially in trading, the first step to happiness/financial rewards is accepting what is happening. Only then can you function enough to improve your condition..

 

METHODOLOGY...

 

Basically take trendline breaks close to price levels with Daily/Hourly Structure in mind.

 

You asked..

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ekshay and daVinciLite... are you trading? Seems like trading and posting is that stressful?

 

Naw. Only simmed for 2 months, until I really knew what I was doing. I was hoping it to end in 2 weeks. :rofl:

Didnt pay much attention to any forums during this time.

 

From the sidelines every few days, I'd see your posts. And all I could think was "where do you get those guts from?". :)

I could never follow a strategy with these fluctuations, and if I wasnt following the rules, I'll just move to sim.

 

At the risk of making a joke out of myself, this time I really believe I know what I am doing :haha: ...

and will resume live trading this Monday.

 

My goal is the same ... to take the $2500 account to $25000 in the next 4 months.

Here are end-of-day results till now.

Starting Balance --- 2500

June 21 --- 2498

June 22 --- 2498.98

June 23 --- 2402.94

June 24 --- 2086.94 (This is where I chickened out :roll eyes: )

August 26 --- 2107.54

2010-06-21.thumb.png.fbc7aa14250db186d72e8be8e5889e34.png

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2010-08-26.thumb.png.29fb5d2fb91d4e2433b9e0069b5f8330.png

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ekshay,

 

Amazing how we get attached to our Internet Characters.. you'll be making a fool out of ekshay, not you:) Looks like you have reached my level on your trading which is STAY ALIVE, now WE move on!! Looking forward to your return.. Maybe competition will help me??;)

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Statement for 08/27..

 

As I mentioned to ekshay I have learned how to not kill the account.. Now have to learn not to do the one thing I do 99% of the time: As soon as I am in a profitable trade, I IMMEDIATELY move my target sell IN, REDUCING my profit.. (Sold a 1872.5 long for 2 points just as the move up resumed) Basically due to fear, I am trying to minimize my time in the markets, during which I can be hurt by the markets. May be time to re-read The Disciplined Trader. Markets hurt the UN-disciplined, so what to do to avoid being hurt? Markets REWARD discipline. All assuming a viable system with proper money management of course.

 

The fear well founded though... imagine trading a 100k account with 100 NQ contracts. Both blowouts (and risk/stupidity levels) if they happen don't feel very different.

 

Still VERY optimistic. My "Uncle" point still a year (or blowout.. will not re-fund) from my start date.

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5aa7102c33ce7_AttilaEquity.png.215d66184732983ba00b6b384e46b609.png

Edited by Attila

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Amazing how we get attached to our Internet Characters..

 

Thanks. Every few months someone reminds me of it. Darn I take life so seriously. :crap:

 

Statement for 08/30.

 

As per my money management plan, if I can make net $100 everyday, I'll reach my goal smoothly.

By that count, a successful day. :)

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5aa7102cb1cf4_2010-08-30B.thumb.png.e840e9ce39219d5cf691439604d3d7ae.png

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08/31.

 

Wow.

 

This is what knowing you have an edge feels like...

I have my single biggest losing day, and all I do is grin ear to ear. For the first time, it didnt make me run around looking for the next holy grail. :rofl:

 

Its I who failed the system & not other way round.

 

Discipline with Entries = Good

Discipline with Profit Targets = Excellent

Discipline with Stops = Pathetic

 

Lesson of the Day:

When Mr. Market offers you a Small Loss, accept & rejoice, for if you reject, he is fully capable of handing you a Big one. :haha:

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5aa7102cd0c19_2010-08-31B.thumb.png.763ad47201289137078fbf6fb651c997.png

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Statement for 08/31..

 

Let me get over the usual.. OVERTRADING IS A KILLER.. The only thing worse than the price action yesterday is how I traded it. I allowed 3 over 7 point profits become scratch/small losses. This is the perfectionist in me not wanting to be wrong as I unfortunately see my relationship the market as VARYING LEVELS OF ERRORS.. i.e. I will be wrong all the time, even when I am right. This is a very difficult thing to deal with when you are a rear view mirror trader. Soooo, just stop doing these wrong things right?...

 

Next point.. I posted a little "slow Learner" chart yesterday day.. need to refine that a bit... On an entry time frame that is the BEST thing to do, in my hallowed opinion. On the other hand if due to liquor or other issues you must, DO NOT give away your stop... The price WILL get to that S/R price.. Since it's a trade you shouldn't be taking, absolutely take it on your terms.. As if you actually do not want the trade. I repeat, price will get there so getting in early is usually a waste of your stop money...

 

The odds of 1855 holding were VERY high so I took the trade.. poorly.. Went long 1859 and such a small account cannot afford a 5+ NQ stop. Stopped out at 1855 and 1854.5 was the low. The pain of this trade...:angry: (This mental state carried through the day) The point is If I was going to fade, buy no higher than 1855.5 as the price WILL get to the price level.. If it doesn't, FINE!. Another way to put this is place your order where you originally planned to put your stop IF FADING as they will come to get you. The greed/fear button is usually pressed as hard as possible till those suffering puke their positions.

 

Now ekshay.. let's cry together.. glad to have you around and hopefully we are around longer. At least you traded less than I and are better funded to withstand these losses:)

 

Move forward!

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Attila, at my current rate, I'll catch up with you soon enough. :D

Lost some more today. No decent signals before nor after the news. Great chart, no trades. :(

 

Oh. And no further trading for this week. Gotta respect loss limits.

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