How good are you at trading - just be honest

This is a discussion on How good are you at trading - just be honest within the Psychology, Risk & Money Management forums, part of the Methods category; Originally Posted by Doomberg Thanks for the replies guys, i had another **** up today.... had a £25 a point ...

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Old Apr 16, 2013, 3:06pm   #16
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Re: How good are you at trading - just be honest

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Originally Posted by Doomberg View Post
Thanks for the replies guys, i had another **** up today.... had a £25 a point short on the Dow Jones since last night, got in to healthy profits by this afternoon and closed.... then longed Gold that had fallen a huge amount, longed at £40 a point with a 'great' entry. Once again, wonderful profit but then it goes against me (as usual) and i lost all my gains, and a significant sum.... i don't know how to feel, i could of walked away earlier 4 figures up but instead i got bummed by the market again
the market is the market ...........its nothing personal......its always right.........build systems that are more in tune with the market(s) you trade......and only trade on really good signals with rising momentum....and remember that a market doesnt ever straight line .........it will cut up and down like a knife.....so give yourself room to breathe.... or alternatively cut and run more on specific and realistic targets per trade ....or both !

N
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Old Apr 16, 2013, 3:55pm   #17
 
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Re: How good are you at trading - just be honest

Doomberg started this thread
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the market is the market ...........its nothing personal......its always right.........build systems that are more in tune with the market(s) you trade......and only trade on really good signals with rising momentum....and remember that a market doesnt ever straight line .........it will cut up and down like a knife.....so give yourself room to breathe.... or alternatively cut and run more on specific and realistic targets per trade ....or both !

N
Thanks for the advice buddy and after a good day my chins a bit higher, just spotted a good Dow trade as below, hope it hits target but may close early
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Old Apr 16, 2013, 4:33pm   #18
 
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Re: How good are you at trading - just be honest

Doomberg started this thread Spoke to soon, i just lost all of todays profits... in fact i blew the entire account (again)
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Old Apr 16, 2013, 4:35pm   #19
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Re: How good are you at trading - just be honest

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. . .then longed Gold that had fallen a huge amount, longed at £40 a point with a 'great' entry. Once again, wonderful profit but then it goes against me (as usual) and i lost all my gains, and a significant sum.... i don't know how to feel, i could of walked away earlier 4 figures up but instead i got bummed by the market again
Hi Doomberg,
I'm assuming that you didn't exit your Gold trade when it was showing a good profit because your analysis suggested there were further gains to be made? That understandable. What I'm struggling with is why you didn't cut the trade when it returned to break even or there abouts? From what you say, it sounds to me as if you need to work on your risk and money management approach. At £40 p/p, you could easily have taken half off the table and moved your stop to b/e on the remaining half. How about trying something along the lines discussed in this post: Phil Newton's Range Break Out strategy Alternatively, hedge your position with another instrument. If you'd done that at any time between the trade being in profit and returning to b/e, you'd have closed out at b/e at worst and, quite probably, with a small profit. Given what you've said, you could even have closed the Gold leg around b/e and allowed the hedge to continue to run.

I understand perfectly that all this is much harder to do in practice than it sounds in theory but, equally, if you're letting good trades turn bad - then you really need to do something, IMO.
Tim.
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Old Apr 16, 2013, 4:38pm   #20
 
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Re: How good are you at trading - just be honest

Doomberg started this thread Thanks Tim, you're right... i need to learn when it's time to let go of the trades... i don't really understand hedging tbh, but i need to learn when it's time to let go, and also when it's time to stop trading when ahead, once again today i made great profit and gave it all back -.-
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Old Apr 16, 2013, 4:39pm   #21
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Re: How good are you at trading - just be honest

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Spoke to soon, i just lost all of todays profits... in fact i blew the entire account (again)
Give up mate, that's what I'm about to do
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Old Apr 16, 2013, 4:50pm   #22
 
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Re: How good are you at trading - just be honest

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Give up mate, that's what I'm about to do
SPARTAAAAAAA

Don't know why i said that, but that' s how i feel about not giving up
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Old Apr 16, 2013, 4:55pm   #23
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Re: How good are you at trading - just be honest

How many accounts have you blown so far this year and for how much money? It looks like you're just hoping to get a trade go 1000 points in profit with only a 10 point stop. Give up until you have at least a decent plan and realistic expectation.
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Old Apr 16, 2013, 5:05pm   #24
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Re: How good are you at trading - just be honest

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... i don't really understand hedging tbh,. . .
Hi Doomberg,
Take the chart of the Dow short you posted earlier. The screen shot is around the low of the day. When it started to reverse back up - what did you think? As you watched price creep towards b/e and your nice profit gradually eroded away - what did you think then? If you were sitting at your screen with your fingers crossed, hoping and praying it would reverse back down - then you're likely to be disappointed with the outcome more often than not. You need to be prepared for that to happen. Indeed, expect it to happen and have a plan of action for when it does.

A hedge is just one possibility. You could have neutralized the effect of the reversal back up by taking a long position on the June future (SB firm's version of the YM). So long as IG's spread isn't silly (and they can be with some SB firms - e.g. 6pts with Cap' Spreads!) you'll lock in some profit - no matter what price does. Try it. It might not work for you: you might not be comfortable with it. However, at the very least, it should help to cap how much you lose.
Tim.
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Old Apr 16, 2013, 5:14pm   #25
 
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Re: How good are you at trading - just be honest

Hi Doomberg,

Do you compile stats and if so are you willing to post them here?

Lee
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Old Apr 16, 2013, 5:15pm   #26
 
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Re: How good are you at trading - just be honest

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Spoke to soon, i just lost all of todays profits... in fact i blew the entire account (again)
Is this a joke? I think it probably is, but I have zero sense of humour and I don't really know your posting style well, so just checking.
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Old Apr 16, 2013, 5:21pm   #27
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Re: How good are you at trading - just be honest

Doomberg, why are you trading at such an amount - you seem pretty lucid, so I don't understand what you're doing. This has been really interesting for me because I didn't even know people traded like that - I'm absolutely astonished.

Please stop, you're losing fortunes - please don't keep giving it to the brokers.
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Old Apr 16, 2013, 5:40pm   #28
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Re: How good are you at trading - just be honest

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Hi Doomberg,
I'm assuming that you didn't exit your Gold trade when it was showing a good profit because your analysis suggested there were further gains to be made? That understandable. What I'm struggling with is why you didn't cut the trade when it returned to break even or there abouts? From what you say, it sounds to me as if you need to work on your risk and money management approach. At £40 p/p, you could easily have taken half off the table and moved your stop to b/e on the remaining half. How about trying something along the lines discussed in this post: Phil Newton's Range Break Out strategy Alternatively, hedge your position with another instrument. If you'd done that at any time between the trade being in profit and returning to b/e, you'd have closed out at b/e at worst and, quite probably, with a small profit. Given what you've said, you could even have closed the Gold leg around b/e and allowed the hedge to continue to run.

I understand perfectly that all this is much harder to do in practice than it sounds in theory but, equally, if you're letting good trades turn bad - then you really need to do something, IMO.
Tim.
controversial. the content manager recommends a vendor. The hare will be licking his chops.
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Old Apr 16, 2013, 5:53pm   #29
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Re: How good are you at trading - just be honest

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controversial. the content manager recommends a vendor. The hare will be licking his chops.
Hardly controversial.
I was recommending he reads a post about scaling out of a profitable trade. That said post is by a vendor is neither here nor there. Being a vendor does not preclude one from making interesting and worhwhile posts choc-a-bloc full of good ideas.
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Old Apr 16, 2013, 5:58pm   #30
 
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Re: How good are you at trading - just be honest

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Is this a joke? I think it probably is, but I have zero sense of humour and I don't really know your posting style well, so just checking.
I was thinking the same
Obviously, this can't be a post about "trading" if any position you take has a realistic chance of wiping you out.
It doesn't matter how many charts you look at to pick out entry and exit, if you have no money management whatsoever it's still "punting"
In which case don't even bother about technical and/or fundamental analysis. Just log in, buy or sell anything liquid, set fixed stops and limits, and hope that time is the one.

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