reminiscence of(yet) a (novice)trader

This is a discussion on reminiscence of(yet) a (novice)trader within the Trading Journals forums, part of the Reception category; Originally Posted by aag100 its definetly not excitement anymore and too much is bad for the old heart anyway. nearly ...

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Old Sep 23, 2013, 3:56am   #76
 
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Originally Posted by aag100 View Post
its definetly not excitement anymore and too much is bad for the old heart anyway.
nearly bored myself to death today instead.
Quote:
yet i still want to win every trade!
Ok, but now we've narrowed it down to being right based on your recent post.

So you want to be right. That's what you want from the market. The market can give you this, but it won't also give you money. It will take money to compensate for the cost of making you right. This is what you want, until you decide that's not what you want.
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Old Sep 23, 2013, 10:14am   #77
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Ok, but now we've narrowed it down to being right based on your recent post.

So you want to be right. That's what you want from the market. The market can give you this, but it won't also give you money. It will take money to compensate for the cost of making you right. This is what you want, until you decide that's not what you want.
quite a conundrum.
now i have to bring myself to accept that i cant win them all and to cut losers early for a smaller loss, especially when i know ive gone wrong.
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Old Sep 25, 2013, 5:39pm   #78
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Originally Posted by Shakone View Post
Ok, but now we've narrowed it down to being right based on your recent post.

So you want to be right. That's what you want from the market. The market can give you this, but it won't also give you money. It will take money to compensate for the cost of making you right. This is what you want, until you decide that's not what you want.
heres another conundrum i thought up while having my balls squeezed in a losing position - it waits for you to close out your trade before it continues to go in the direction you wanted.
just closed out -23.was up 19 having worked my ass off scalping 1s and 2s so ending the day -4,fk it for today.
anyhow,this -23 i had an opportunity to cut at +1 but having taken 1s and 2s all day i wanted more this time,even though the bias had changed.now looking back i understand why i did this.i was blinded by wanting more and stopped asking myself wheres support/resistence/energies etc etc.got to keep asking those questions,you cant get blinded with greed just wanting more.want more by all means but in the direction of the market,not against it.
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Old Sep 25, 2013, 5:50pm   #79
 
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heres another conundrum i thought up while having my balls squeezed in a losing position - it waits for you to close out your trade before it continues to go in the direction you wanted.
just closed out -23.was up 19 having worked my ass off scalping 1s and 2s so ending the day -4,fk it for today.
anyhow,this -23 i had an opportunity to cut at +1 but having taken 1s and 2s all day i wanted more this time,even though the bias had changed.now looking back i understand why i did this.i was blinded by wanting more and stopped asking myself wheres support/resistence/energies etc etc.got to keep asking those questions,you cant get blinded with greed just wanting more.want more by all means but in the direction of the market,not against it.
You should try to forget these sorts of things. The market doesn't care who you are or where you got in or out. It didn't wait for you to close out your trade before moving.

The more emotional your decisions, the more you'll think the market is out to get you.

I also strongly recommend that you stop aiming for 1 or 2 pips as a profit.
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Old Sep 25, 2013, 7:50pm   #80
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Originally Posted by Shakone View Post
You should try to forget these sorts of things. The market doesn't care who you are or where you got in or out. It didn't wait for you to close out your trade before moving.

The more emotional your decisions, the more you'll think the market is out to get you.

I also strongly recommend that you stop aiming for 1 or 2 pips as a profit.
im still on the road to enlightenment,havent attained zen yet.
believe me i dont intentionaly look for 1s and 2s.there was also a 3/4/5 and thats all it seemed to want to give me today.
i know the mistake i made with the -23.now its a case of trying to remember it and not to repeat it.one small step in the right direction - i didnt double up.
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Old Sep 26, 2013, 1:33am   #81
 
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.

Last edited by Shakone; Sep 26, 2013 at 10:49am.
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Old Sep 28, 2013, 2:31pm   #82
Joined Jul 2010
aag100 started this thread week ended 27/9/13

trades points average
win 33 94 2.84
draw 5
loss 13 -108 -8.31
total -14


made one or two stupid mistakes which i should know not to by now,mainly to cut losses early( -25,-23 biggest this week,but a nice change from the 100s) and secondly not to get in for just a possible few points.
also working on an anti system to my system which works just as well as my system (makes me wonder whether if i have a system at all!).the premise of this system is to go against the original system but to keep(or try to keep) tighter stops.
the key to both systems i realise is to act on the stops which is slowly now sinking in.
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Old Sep 28, 2013, 2:43pm   #83
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.
what happened to this post? was about to reply.
the house has the edge,of this there is no doubt.
even with a 1 point spread,a 10 point move in your favour gives you 8 points and against you gives you a loss of -12.this is only one of the handicaps we know of,who knows what other tricks they employ.
do we know how lagging the data we see is? tried taking a trade and it had moved in my favour by a few points and was rejected.took another and the price had moved against me and ofcourse it was accepted.
ofcourse brokers will give you BS of if they didnt do that then they would be requoting all the time.Where is this liquidity these god damn algos are supposed to be providing
alas we fight on.you only lose when you quit.only in this game you lose less the sooner you quit when youve realised your wrong.USE STOPS!
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Old Sep 28, 2013, 3:16pm   #84
 
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what happened to this post? was about to reply.
the house has the edge,of this there is no doubt.
even with a 1 point spread,a 10 point move in your favour gives you 8 points and against you gives you a loss of -12.this is only one of the handicaps we know of,who knows what other tricks they employ.
do we know how lagging the data we see is? tried taking a trade and it had moved in my favour by a few points and was rejected.took another and the price had moved against me and ofcourse it was accepted.
ofcourse brokers will give you BS of if they didnt do that then they would be requoting all the time.Where is this liquidity these god damn algos are supposed to be providing
alas we fight on.you only lose when you quit.only in this game you lose less the sooner you quit when youve realised your wrong.USE STOPS!
I realised I was being too critical when it's not really any of my business, and so I deleted it.
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Old Sep 28, 2013, 3:24pm   #85
 
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Sounds like you're over trading. Not sure what market you're in but I'd say, in no particular order:

1 market only

1 trade per day maximum, win or lose

2 timeframe charts maximum (OK, maybe 3 later on but the 3rd is only to make sure you're not trading into something and to give you some idea where your trade might go if you're right).

Place your stop based on the larger of your 2 charts: if your stop is based on the smaller chart you are asking for trouble, especially with Forex

Draw 1 line on the larger chart and observe on the smaller chart: you will learn where to draw your line

If you're day trading, longer term TA and trend etc is debatable. Believe what you want to believe

Try to capture as much of the daily range as you can. The market can and does move hundreds of pips every day, a small retail trader is generally doomed to failure trying to scalp a couple of pips here and there.

Your entry and reason for entry has absolutely no bearing on the outcome of a trade. Your exit is what makes or loses you money.

Just take it as read that you are always wrong, the market is always right: gets you started on the right foot.

If you have no patience and need action, I'd look seriously as to whether trading is for you as it's about the most boring endeavour imaginable....until you are losing money, then it gets very VERY exciting.

If you're day trading get very used to the phenomenon of the move of the week occuring 2 hours before you've woken/when you've gone to the loo/while you're making lunch/after you've finished for the day, on the day you didn't trade after three losing days etc etc etc....and for these reasons all the backtesting/expectancy stuff can't help you

It's great this trading lark isn't it
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Old Oct 5, 2013, 3:09pm   #86
Joined Jul 2010
aag100 started this thread week ending 4/10/13

trades points avg
win 37 142 3.83
draw 11
loss 29 -172 5.93
-30

terrible start to the week,first 6 trades were losses which was demoralising and disheartening.the funny thing is i knew why - not the best of entries, then not cutting losses and then blinded by rage and revenge trading(same old mistakes,not quite ironed out yet).
after calming and settling down,things improved.i began to cut losses,still hating it but becoming more accepting of it.
perhaps still over trading but now will address that too.
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Old Oct 5, 2013, 3:13pm   #87
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Originally Posted by Shakone View Post
I realised I was being too critical when it's not really any of my business, and so I deleted it.
im not one to mind criticism.helpful points i try to take onboard and discard the others.
this game isnt just about trading,its also about the thinking of the minds of others and thinking about that can be beneficial to trading.
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Old Oct 5, 2013, 3:26pm   #88
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Originally Posted by nunrgguy View Post
Sounds like you're over trading. Not sure what market you're in but I'd say, in no particular order:

1 market only

1 trade per day maximum, win or lose

2 timeframe charts maximum (OK, maybe 3 later on but the 3rd is only to make sure you're not trading into something and to give you some idea where your trade might go if you're right).

Place your stop based on the larger of your 2 charts: if your stop is based on the smaller chart you are asking for trouble, especially with Forex

Draw 1 line on the larger chart and observe on the smaller chart: you will learn where to draw your line

If you're day trading, longer term TA and trend etc is debatable. Believe what you want to believe

Try to capture as much of the daily range as you can. The market can and does move hundreds of pips every day, a small retail trader is generally doomed to failure trying to scalp a couple of pips here and there.

Your entry and reason for entry has absolutely no bearing on the outcome of a trade. Your exit is what makes or loses you money.

Just take it as read that you are always wrong, the market is always right: gets you started on the right foot.

If you have no patience and need action, I'd look seriously as to whether trading is for you as it's about the most boring endeavour imaginable....until you are losing money, then it gets very VERY exciting.

If you're day trading get very used to the phenomenon of the move of the week occuring 2 hours before you've woken/when you've gone to the loo/while you're making lunch/after you've finished for the day, on the day you didn't trade after three losing days etc etc etc....and for these reasons all the backtesting/expectancy stuff can't help you

It's great this trading lark isn't it
some interesting points.
my market is mainly the euro/dollar and occasionally ftse/dax.
i definetly need to take fewer trades.
the multiple time frames seem to add to the confusion so i base my entries/exits on just the 3min.
i have to disagree with you on the exits just making/losing the money.why enter a bad trade just to cut it with a loss?
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Old Oct 8, 2013, 10:00am   #89
 
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Originally Posted by aag100 View Post
some interesting points.
my market is mainly the euro/dollar and occasionally ftse/dax.
i definetly need to take fewer trades.
the multiple time frames seem to add to the confusion so i base my entries/exits on just the 3min.
i have to disagree with you on the exits just making/losing the money.why enter a bad trade just to cut it with a loss?
First 'bad' needs to be defined. The only bad trades are those where you have broken your own rules. Aside from that there are only winning and losing trades.

Any reason for entering has no bearing on the outcome. Exits make or lose money, nothing else.
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Old Oct 11, 2013, 4:54pm   #90
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aag100 started this thread week ending 11/10/13

trades points avg
wins 39 102 2.61
draw 4
loss 13 -53 -4.08
+49

a little better.beginning to cut and accept losses.almost a eureka moment,now actually thinking of where i should get out of a trade if it goes tits up before i get in.
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