Ideas for increasing trader performance

[trader_dante]

yeh thats what i mean, 3 years of being proftible and uve got a tenner a point etc on? ive traded over 100 corn contracts before and 50 crude contracts..

You trade corn?

Respect.

 

[trader_dante]

yeh thats what i mean, 3 years of being proftible and uve got a tenner a point etc on? ive traded over 100 corn contracts before and 50 crude contracts..

these attacks are nothing personal and i think you know that! but i think you need to hold your hands up and admit your not quite the trader you like to think you are and make out you are..

With all due respect, if I was making myself out to be something bigger than I am, you think I'd let you all know I'm trading that size?

Regardless of what I come across like, I'm tiny in the great scheme of things and happy to admit it.

I think some people on this site have a massive chip on their shoulder.

All I wanted to do on here was show people how I made a living trading.

Have I earnt the right to say "listen to me and try it like this?".

If you consider most people lose money and I make it, I'd say I have.

I'm not earning Ronaldos wages but I don't do too badly for someone in my situation!

 

[N Rothschild]

i do indeed trade corn i love it, you can unleash massive size on it! so you know im not blowing hot air. 1000 odd contracxts traded on 8th january (prolly biggest day ive had to be fair, not every day is 1000 contracts lol)

(those 1,2, 1 contracts above etc are just split order matches, there is pages of them lol)

 

[advfntrader]

£10pp is big in my book and for many many on here. I for one enjoy reading TD's posts and they have helped me and others immensely

 

[swedendenmark]

Irrespective of some needling comments at this forum on how good trader you are, Tom, there are hundreds of faceless people who you will never know and who have benefitted from you. To them it matters a lot that you have shown them a direction in this whirlpool. They all quietly thank you in silence.

 

[nine]

Good post Tom.

And a good continuation of your history of helping others improve. Nice to see that there are some good folk still here.

 

[SuperDriveGuy]

yeh thats what i mean, 3 years of being proftible and uve got a tenner a point etc on? ive traded over 100 corn contracts before and 50 crude contracts..

these attacks are nothing personal and i think you know that! but i think you need to hold your hands up and admit your not quite the trader you like to think you are and make out you are..

Hi N Rothschild,

With regards to your corn trades, do you spread or do you trade outrights?

Regards,

SDG

 

[N Rothschild]

synthetic long calls mate. so long futures contracts hedge with in the money puts

 

[Black Swan]

£10pp is big in my book and for many many on here. I for one enjoy reading TD's posts and they have helped me and others immensely

Is right, £5 pp, ave. 1,000 pips per week, quiet, efficient, under the radar, week in week out... be OK eh?

 

[Jonathn Devine]

A great way to improve trading performance is to invest in your own education, follow a strategy that 'suits' you and your risk profile & also be very careful whose advise you follow, there are always plenty out there offering advice, but even fewer who get the results that you want. Don't rely on anyone else for your wealth creation, because no-one will ever care as much about your trading success as you will.


Cheers
Jonathan

 

[trader_dante]

A great way to improve trading performance is to invest in your own education, follow a strategy that 'suits' you and your risk profile & also be very careful whose advise you follow, there are always plenty out there offering advice, but even fewer who get the results that you want. Don't rely on anyone else for your wealth creation, because no-one will ever care as much about your trading success as you will.


Cheers
Jonathan

LOL.

Hypocrisy.

 

[Mr Flibble]

Rothschild care to give a little? Its easy to shoot down anothers work. I'm seeing a general theme to your posts. They usually consist of 3 lines and are usually negative. How about a post where you attempt to give an example of your methodology or isn't it tangible enough to attempt to put it in writing. I don't want to sound personal here rather I'd like to learn from all.

 

[trader_dante]

I wanted to post this link that I think drives home a very valuable message to traders.

If some of you play poker you may find the hand more interesting than others but even if you don't you can get the gist of what is going on from the commentary.

In particular, I think the whole video is worth watching for the final interview.

Tom Dwan (arguably one of the best poker players in the world), loses a $500,000 pot in a single hand and although he does look physically sick the point is...

- He know he has an edge over time

- He plays his edge fearlessly

- He loses this particular hand

Bear in mind this is real money on the line and it's the players own money.

Check out the interview with him at the end.

His attitude is excellent and what he says is 100% relevant to trading.

 

[arabianights]

To add to the excellent post above, would suggest that retail traders unfamiliar with poker take a look at durrr's (tom dwan's screen-name online) career... I'm sure TD will agree with me that many will find inspiration and ideas in that...

 

[trendie]

TDs post about poker reminded me of this:
(scroll down to bottom of page, and select
"Poker pro Howard Lederer on poker & trading the markets.")

http://www.trendfollowing.com/

 

[jefftheripper]

USD/JPY

Here is a trade I made today. This is a 1 hr. chart and had been in a sideways channel for a while. It broke upwards today and broke hard. I figured I'd wait for a retrace and go long. When it looked to be running out of steam I saw this setup and decided to go short with the target being the top of the channel it just broke (about 200 pips). Here is why I took this trade.

1. Pin Bar (though not perfect, the shadow on the bar to the left is tall)
2. Nose of pin bar touched a S/R pivot drawn from the daily chart
3. Price had also just crossed over a longer term trendline

I followed the rules and shorted 1 tick below pin with stop 1 pip above top of pin bar. I got stopped out and as of now the trade is well on it's way in the direction I expected. My question is this: Is this a "good loss"...one that just happens with a good setup. Or is this not a good setup? If so what did I miss? All I can see is that it is against the trend which TD does and that the pin bar isn't ideal.

Thanks

 

[jefftheripper]

usd/jpy daily chart

here is the daily chart showing a birdeye view.

 

[trader_dante]

USD/JPY

Here is a trade I made today. This is a 1 hr. chart and had been in a sideways channel for a while. It broke upwards today and broke hard. I figured I'd wait for a retrace and go long. When it looked to be running out of steam I saw this setup and decided to go short with the target being the top of the channel it just broke (about 200 pips). Here is why I took this trade.

1. Pin Bar (though not perfect, the shadow on the bar to the left is tall)
2. Nose of pin bar touched a S/R pivot drawn from the daily chart
3. Price had also just crossed over a longer term trendline

I followed the rules and shorted 1 tick below pin with stop 1 pip above top of pin bar. I got stopped out and as of now the trade is well on it's way in the direction I expected. My question is this: Is this a "good loss"...one that just happens with a good setup. Or is this not a good setup? If so what did I miss? All I can see is that it is against the trend which TD does and that the pin bar isn't ideal.

Thanks

My personal opinion is that this is not a good setup. Taking the top down approach, the market had just experienced a significant breakout.

Considering the sharpness of this breakout, I would not have expected a pullback to retest previous resistance so soon.

After such a run up, any signs of the move running out of steam is likely to lead to more of a pause for breath rather than an outright reversal.

Combine this with the fact that you will have every amateur that witnessed the move but missed getting in will be looking for any pullback to get long for the next leg up, makes this a no go for me.

I don't trade breakouts and I don't fade them once they've broken hard. The only high probability trade here is, in my opinion, to buy 90.80 if and when it gets back there, depending on the PA.

 

[DHB]

The pin, even though it was located at a position where the chance of getting a runner was slim to none, did what it was supposed to do, i.e. retest the resistance created by the previous few candles (see white line @ chart).

Upon reaching that area, it would have been prudent to move your stop to breakeven and/or take some or total profit, especially considering you were fading a strong breakout that many people were anticipating over the last couple of days (i.e., lots of orders in place, so that when it did break out of its range, the momentum behind it was going to be huge).

However, the best thing to do in cases like this is to stay on the side if you've missed the initial breakout, or wait for a pullback to enter in the direction of the prevailing momentum. Don't try to catch a falling knife, especially with small pins like that. On the other hand, had the pin been 4 times larger, it would have been a different story...

 

[jefftheripper]

Thanks TD and DHB,

I too had been waiting for a breakout, but I was watching for a break then a retracement to the 90.80 but when I saw the pin I thought it was a good setup. I had read early where TD had said after a big candle is a good place for retracement with the right signal. I guess this one was too big. As far as moving my s/l to BE it only moved 5 pips and that was on the entry for a very short period. Of course it did retrace a little later.

edit: I guess the other ameteurs got it right by jumping on board. It might be wise for me to concentrate primarily on trading with the trend for a while. Most of my losses seem to be against it. Or a least a more gradual trend reversal.

Thanks for the analysis that really helps.