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thalestrader

The Race

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I want to be like you when I grow up.. Believe me all you may be missing is more losses.

 

Thanks for the compliment.

And I agree with you.

 

All we need, is enough losses to uncover our personal patterns of losing, and then STOP doing those things either by changing the system or by managing personal behaviour.

 

In June, when I made my first major loss, ... it took me 6 weeks to get to the heart of the problem...

What looked like a psychology/discipline problem, actually was a natural symptom of following a Discretionary method.

As an intelligent person, discretion hurt my ego/self-esteem both ways... when I'd let go of an entry & it would work; and when I'll take one & it'd fail.

 

It took me 6 weeks of testing various systems to realise that this pattern was a System Error, and not a psychological one. For me, it was present in all discretionary methods, no matter the Win rate. I needed a Mechanical system. ;)

 

So, this time, I have no emotional pain. Losses occur, but they don't hurt me in a way where I question my future as a trader.

 

Now the only question, as you rightfully pointed, ... whether this current funding can sustain the remaining issues. But, a successful trader, I shall surely become. :)

 

The losses on 08/31 were behavior problems. I'll do my best not to repeat them.

 

Yesterday's losses [09/01] were normal system losses on a weird trading day. Zero emotional reaction. :cool:

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Ekshay - "All we need, is enough losses to uncover our personal patterns of losing, and then STOP doing those things either by changing the system or by managing personal behaviour.

"

So for Attila and Ekshay....

This sentence just reminded me of something I did years ago with a mutual trading friend. we analysed each others trading history, and did not really ask why we did certain things, but we looked at it to analyse from the point of view to give a new approach/an alternative way of thinking to the historical analysis.

 

eg; while a public forum may just add to the confusion, or make it too public to be honest, possibly its worth actually swapping trading histories with only one or two others who are in a similar situation and giving each other feedback. (without all us)

Such feedback could be - "you seem to be running losses", or "you seem to be taking trades too early", and then having to explain it to the other.

 

While I think the thread of the race is a very good documentation of the reality of some trading and I hope it continues, I also feel this little bit of private extra feedback can help.:2c:

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Statement for 09/03

 

Thursday and Friday are days to be repeated as often as possible simply because I was in control. I did what I intended and nothing else. Controlling what I feel about what was left behind may never happen but learning to accept what is and moving on is key to my growth as a trader. Seeing an equity chart such as mine hopefully reminds me of what I can do as a trader but must block out the second half of it.

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Edited by Attila

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I have received a few PM's asking what changed from the peak of my Equity chart....

 

The market became very choppy killing the breakout system I was using. The markets are better again now but the psychological cost (confidence) during that chop was quite high. So the answer is the markets changed and I wasn't smart enough to trades less or not at all. I was trying to keep making hay when it was no longer sunny.

 

I was made before, therefore can be made again. Hopefully those twin peaks will look like pebbles someday..;)

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Probably could not have done better today.

 

I'd say, as long as you are not overtrading, you are doing just awesome. :)

Keep up.

 

For all of September, I have disturbance around my trading hours. So, will mostly scalp.

Took no trades yesterday. Today is still on.

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Statement for 09/08.. Anytime there is a three page statement the result is a given.

 

Bias, Top/Bottom picking, impatience, stupidity... etc. All can be resolved with a Repeatable trading system with proper money management.. So rather than saying "I won't over-trade" (you will do what you fear), find and stick to a system. I did well yesterday due to picking a top.. is that repeatable? Nope.. tried it today and it began my day badly.

 

Also there is an opportunity cost to over-trading a small account. If you can't make money by Noon it is usually a slippery slope down from there on, wasting time better spent elsewhere. The clearest consistency in my good days is they always ended before lunch time.

 

Apparently I have not suffered enough..

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Statement for 09/08.. Anytime there is a three page statement the result is a given.

 

Bias, Top/Bottom picking, impatience, stupidity... etc. All can be resolved with a Repeatable trading system with proper money management.. So rather than saying "I won't over-trade" (you will do what you fear), find and stick to a system. I did well yesterday due to picking a top.. is that repeatable? Nope.. tried it today and it began my day badly.

 

Also there is an opportunity cost to over-trading a small account. If you can't make money by Noon it is usually a slippery slope down from there on, wasting time better spent elsewhere. The clearest consistency in my good days is they always ended before lunch time.

 

Apparently I have not suffered enough..

 

Hi Attila,

 

I admire you tenacity at trading and your continuous posting. I know I would have trouble keeping up the posting.

 

You remind me of myself not to long ago. I would make a mistake, and then get vengeful and try to make it back, but not at a time of my chosen plan, I would just buy or sell while I was mad, and expect the market to give it back. It didn't work out so well:crap:

 

Two things I ended up doing. In the aftermath of the day I decided if I traded properly, and if I didn't I lost my PRIVILEGE to trade the next day. I had to earn the privilege to trade the next day. The next thing I did was place a small post-it note next to my order screen. A simple word "Responsibility", to make proper decision, and if it was a well arrived decision, I didn't take the trade. Responsibility, just a small reminder why and what I was doing this for. Just a hint it's not for money, it generally never is. It is about what that money is able to do for you. As long as your why is a worthy cause and you keep your mind on it, I believe it will help you as it did me.

 

Good luck, and I wish you the best at mastering yourself,

 

Jands

Edited by jands
Forgot to sign name

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Thanks Jands... Similar to what you suggested, I have begun today to limit my trades.. Index cards with 3 trade boxes.. Once they are all checked I am done (weight watchers). If I don't hold a trade long enough to do what it should and as a result I "run out of trades" I am done. There will be pain, but less pain in the long-term. To fight so hard against controls that CAN lead to unlimited profits is insanity. Thanks again..

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Important for newbies... This is my morning.. Hope this is educational.. And by the way no mentor can save you from this, only you can... or not.

 

Excellent share, Attila - a printable post if ever the was one.

 

... At least I didn't over-trade...:roll eyes:

 

Was that the result of discipline, or insufficient margin?

 

Best Wishes,

 

Thales

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Was that the result of discipline, or insufficient margin?

 

That's cold Thales... Of course the former! Couldn't sneak that one by you... i.e. why I couldn't "afford" the stop.

 

The key here is I went from praying I get my money back to "I want more" which is the core problem with undisciplined, small account traders with the "forced awareness" just a trade away.

 

I WILL crossover...

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Excellent share, Attila - a printable post if ever the was one.

 

 

 

Was that the result of discipline, or insufficient margin?

 

Best Wishes,

 

Thales

 

Thales,

 

I haven't seen you around much recently.

 

Have you given any thought to the race that we briefly discussed at the beginning of this race? A race starting with a larger account balance to accommodate holding positions overnight or trading other securities like stocks, option strategies, etc. And, instead of the $1,000,000 goal, have the goal be simply the highest rate of return for a period of time. This way anyone who trades live can simply trade their account rather than trade a separate account with a starting balance of max $3k of funds. Something like that. Any other ideas?

 

Regards,

 

MM

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Statement for 09/10... It's darkest just before dawn.... or just before everything goes black..

Is this normal for 'darkest just before dawn' accounts?

:helloooo: You have been charged all-in Commissions of $9.95 per round-trip yesterday for all 3 trades,

instead of the usual $3.09 on EUR/USD and $4.50 on NQ (as per your past statements) ???

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Sharp eyes here.. Sub $500 accounts at Global can be extended more rope (at higher commission no less) should the trader elect to do so.. I did and they applied it retroactively. I am adamant not to re-fund this account. Once back over 2k it will revert to the lower rate.. Since I am no longer over-trading matters somewhat less.

 

Thanks for noticing..

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Important for newbies... This is my morning.. Hope this is educational.. And by the way no mentor can save you from this, only you can... or not.. At least I didn't over-trade...:roll eyes:

 

One thing I have always found is that if I read/watch stuff that isn't closely related to how I trade/want to trade it influences my real time behaviour.

 

It looks like you are trading very much in the style of Al Brooks (or would like to be). If you are not then you could add his stuff to your part time reading. There is a web site with some videos at: Brooks website

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Kiwi,

 

I do have his book but haven't read it. Some have told me it is a slow read but changed their trading. No doubt interpreting psychology through bar recognition VERY important.. Will take a look... Thanks.

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Statement - 13th Sept.

 

A failed attempt at a scalp. Unfortunately, not a system entry.

 

I need to control my desire to "do something so as to post on this thread". :haha:

If I couldn't be at the pc when my setups occurred, oh well.

 

This will be my "Tortoise" month for "The Race". :)

2010-09-13.thumb.png.16db45d38ec2b05068554ed2fb9fdd20.png

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