spanish89's Daily Trading Journal!! Whooooo ;)

[gooseman]

i know mate-i trade it. so far you have mentioned 2 reasons correctly but do you understand them

 

[spanish89]

i know mate-i trade it. so far you have mentioned 2 reasons correctly but do you understand them

You caught the $8 fall??

Im still so woundup about cashing-in too soon, and am holding a losing long at the moment, waiting for the oil inventories, but have bernanke speaking half hour before that again n so scared he will ruin the oil for me again:!:


The brail stuff was ridiculous as speculation as its only 5days long, thats 1 the main reasons why i sold the oil yesterday because the price was ridiculously over hyped.

Hurricane seasons comin though, although not sure owmuch higher that could make people actually be willing to pay for the oil.


Just got to wait n hope on the inventories today to be worse than expected so we get above 140.43.

 

[gooseman]

don't trade direction.

hedge fund liquidated all futures positions, singapore flattened its reserves, iran agreed to sit down on nuke deal, bernanke and opec.

 

[shadowninja]

There we have it. Writing a thesis for a PhD involves numbers and science but doesn't use logic or reasoning.

And you can have a degree in psychology by staring at charts. Useful, though. I know someone who's an alcoholic and addicted to gambling. Reckon you can help him?

Oh, and yes, you should go big. Get a loan for £10k (credit cards?). There's something called Rio Trading. You get the biggest loan you can, risk it all on one trade, cash in if it's profitable or take a flight to Rio if it fails.

 

[porph]

Atleast im now really starting to understand the mindset of how traders brains do actually work though, and so this is going to be a great advantage when i pyscho-analyse them and how they will react in the future, so i can make my trades accordingly.


So here is my view and definition of how traders are, you can all completely oppose me if you want and ignore it, but i hope this will help the few who are following my trades and trying to learn to use pyschology as the main indicator when trading.

Traders are all just thick skulled, bullheaded, jumpy, nerdy little snobs and toffs!!

They can n most do have a whole ****** paragraph of degrees and doctorates after their names, but yet this is their biggest curse as it means they have absolutely no skills of pure logic and reasoning, instead to them everything is just numbers and scientific graphing, nothing else.

That is why they all just follow the mob and all do the same, so trends form.


Thye dont actually ever like to look ahead though even when they are trading futures contracts, they only foucus on whats happening that 1day, not on the future.



And they do not listen to anyone else except politicians, as they are all snobs n toofs, or rumours they hear floating around that scare them, as they are very jumpy!!



I saw 3weeks ago that the oil price would fall down to 136 a few times before ever getting upto 150, let alone even trying to stay there yet.., and so i posted that on this forum countless times.

Thye could have easily come on here and read that, some probably did, but cos its me they completely ignored me cos to them im just some 18 year old ctunt with no degrees or any of tht nonsense, and so even though everytime i make a forecast its coming true, they wouldnt ever liste to something anyone like me said.


So they all kept on buying and buying their contracts in the mid to high 40s, even though i was saying they were going to lsoe money as no-one could afford too buy that oil for that price.

(But they are so out of touch with relaity that they dont even think of it as oil. they dont care what the **** it is, to them its all just numbers and scientific charts, and so they just do what the charts say without actually thinking about what they are actually buying and so will ahve to eventually try selling).


But then today Ben Bernanke opens his mouth and says the exact same thing i was saying weeks ago!

But because he is a rich politician they all jump to obey his words, and so all the people who bought millions of quid worth of the oil futures contracts in the mid n high 40s all lots millions n hundreds of millions today!!

That is hilarious. Just how many IB /& Hedge fund traders have you/do you come in contact with? Considering your wonderful 100% foresight on the markets, you don't seem to be particularly well off. You run your losses and cut your profits.. well done.

 

[north5]

I have a question. Why if you called Oil short did you open a long position?

Would you not have been better off watching for the best high price to get in at short rather than trying to catch every move. You would make far more money for far less work.

You make these calls, but I'm not sure you follow them but then you claim them as successes. How can they be successes if you haven't traded them yourself? You want people to believe they should have put their money on what you said when you didn't even do that?


So why not listen to yourself and concentrate on pulling the maximum from each of your calls - rather than jumping from trade to trade trying to catch each move?

 

[spanish89]

You run your losses and cut your profits.. well done.

What losses???

 

[trader_dante]

What losses???

I'm not sure why you cut your profit either. If you claim it was due to a price reaction at a support or a price target being reached or any other technical factor then fair enough but knowing you it was probably due to the price having fallen "too far, too fast" or some other ridiculous notion.

A trade that goes offside 300 ticks and is then eventually cut for a 100 tick profit is not a success, spanish.

One way to judge a good trader is to see how much risk they take for a given reward.

You often speak of others on here like they are foolish for not trading your way but what you seem to fail to realise is that most already have done, early on in their career as a trader. Some lasted longer than others on that stage but most will have finally realised its a fools game and moved on. I certainly did.

I was like you, first I started off with the giant stop losses and I made money like you until that one time wiped me out. Next I tried hedging between the cash and the futures so that when one price came back I was on the right side of the momentum and could get out of both for breakeven. You may find yourself at this stage next. It worked really well for a good amount of time and I used to be on the forums wondering why all these "idiots" didn't do what I was doing and stop losing money. It worked a treat until I got caught on the wrong side of the trend in USD/CHF and ran out of margin. Weeks and weeks of pain I suffered on that one before it bankrupt me.

Having a "giant, untouchable stop loss" doesn't work mate because eventually there will be a sustained move that will take you out. When I've argued this before you have told me that you will have made enough money by the time that comes along to be able to take the loss and so you might that time. But what if the next sustained trend comes along quickly after that before you have had time to get your capital up again?

I think, unfortunately, that you are still too early in your development as a trader to see this.

 

[spanish89]

I'm not sure why you cut your profit either. If you claim it was due to a price reaction at a support or a price target being reached or any other technical factor then fair enough but knowing you it was probably due to the price having fallen "too far, too fast" or some other ridiculous notion.

A trade that goes offside 300 ticks and is then eventually cut for a 100 tick profit is not a success, spanish.

One way to judge a good trader is to see how much risk they take for a given reward.

You often speak of others on here like they are foolish for not trading your way but what you seem to fail to realise is that most already have done, early on in their career as a trader. Some lasted longer than others on that stage but most will have finally realised its a fools game and moved on. I certainly did. I was like you, first I started off with the giant stop losses and I made money like you until that one time wiped me out. Next I tried hedging between the cash and the futures so that when one price came back I was on the right side of the momentum and could get out of both for breakeven. This worked really well for a good amount of time until I got caught on the wrong side of the trend in USD/CHF. Weeks and weeks of pain I suffered on that one before it bankrupt me.

Having a "giant, untouchable stop loss" doesn't work mate because eventually there will be a sustained move that will take you out. When I've argued this before you have told me that you will have made enough money by the time that comes along to be able to take the loss and so you might that time. But what if the next sustained trend comes along quickly after that before you have had time to get your capital up again?

I think, unfortunately, that you are still too early in your development as a trader to see this.

I tried the other way of traidng normally though but lost so so much doing it the 'standard way'.

 

[spanish89]

And i cashed in because it was hitting lots support, and there were no fundamentals to give warning off that plummet, since i saw dollar weakening but oil also falling it was kinda spooky so i just wnated to cash in because i though that would be as low as oil would go since that what teh charts showed.

 

[trader_dante]

I tried the other way of traidng normally though but lost so so much doing it the 'standard way'.

OK but I worry when you come on here bragging that newbies are going to say "wow, this Spanish guy is cleaning up, this is the key".

If you make money with this strategy and you manage to keep it then you are the outlier event. The 500-1 that comes in.

I don't want to come across as if I'm preaching although I probably do. It's just that I don't want you to fail mate because I know what it's like to want it badly enough and I also feel like I know what you are going through because, without being patronising, I feel like I've been through your stage.

I talked the same a few years back: the "I'm trapped in an all or nothing" trades...the huge stop losses...the praying the market would reverse...the wondering how a trend could continue when something was so blatantly overbought/oversold in my opinion...

I do wish you all the best Spanish.

 

[Vrothdar]

I tried the other way of traidng normally though but lost so so much doing it the 'standard way'.

Spanish I've got to give you a big thank you for all your posts on these forums. I'm currently going through the slog of learning to trade properly and reading your posts has made it blindingly obvious that I'm doing the right thing - getting lazy and deluding myself into thinking I know better will get me into a right old pickle....

 

[gooseman]

i think what's irking members spanish is your dismissive attitude to what experienced guys have to say. despite what you say or think you know-there is a hell of a lot for you to learn. i'm not preaching-i could always know more about the market-it pays to listen. really.

just because people don't post P&L on a public website doesn't mean you don't have to listen. nor does everybody rtade directionally-me for example.

i admire you for puttijng your c*ck in the custard but have a little humility. if you continue to trade this way it is inevitable you will blow up-as has been mnetioned several times long term capital management is a fund you should familiarise yourself with-they did a scaled up version of your method and almost took down the US banking system.

 

[arabianights]

Atleast im now really starting to understand the mindset of how traders brains do actually work though, and so this is going to be a great advantage when i pyscho-analyse them and how they will react in the future, so i can make my trades accordingly.


So here is my view and definition of how traders are, you can all completely oppose me if you want and ignore it, but i hope this will help the few who are following my trades and trying to learn to use pyschology as the main indicator when trading.

Traders are all just thick skulled, bullheaded, jumpy, nerdy little snobs and toffs!!

They can n most do have a whole ****** paragraph of degrees and doctorates after their names, but yet this is their biggest curse as it means they have absolutely no skills of pure logic and reasoning, instead to them everything is just numbers and scientific graphing, nothing else.

That is why they all just follow the mob and all do the same, so trends form.


Thye dont actually ever like to look ahead though even when they are trading futures contracts, they only foucus on whats happening that 1day, not on the future.



And they do not listen to anyone else except politicians, as they are all snobs n toofs, or rumours they hear floating around that scare them, as they are very jumpy!!



I saw 3weeks ago that the oil price would fall down to 136 a few times before ever getting upto 150, let alone even trying to stay there yet.., and so i posted that on this forum countless times.

Thye could have easily come on here and read that, some probably did, but cos its me they completely ignored me cos to them im just some 18 year old ctunt with no degrees or any of tht nonsense, and so even though everytime i make a forecast its coming true, they wouldnt ever liste to something anyone like me said.


So they all kept on buying and buying their contracts in the mid to high 40s, even though i was saying they were going to lsoe money as no-one could afford too buy that oil for that price.

(But they are so out of touch with relaity that they dont even think of it as oil. they dont care what the **** it is, to them its all just numbers and scientific charts, and so they just do what the charts say without actually thinking about what they are actually buying and so will ahve to eventually try selling).


But then today Ben Bernanke opens his mouth and says the exact same thing i was saying weeks ago!

But because he is a rich politician they all jump to obey his words, and so all the people who bought millions of quid worth of the oil futures contracts in the mid n high 40s all lots millions n hundreds of millions today!!

Can I nominate this for the post of the year award?

 

[rags2riches]

I tried the other way of traidng normally though but lost so so much doing it the 'standard way'.

Out of curiosity Spanish, how long did you try for and what was your trading method doing it the "standard way"?

 

[Hoggums]

Traders are all just thick skulled, bullheaded, jumpy, nerdy little snobs and toffs!!

You really have reached an unparalleled level of arrogance now Spanish.

 

[spanish89]

You really have reached an unparalleled level of arrogance now Spanish.

Thats the pit traders and the big guys who must have lost millions when they kept buying oil at $146!!

Not directed at many of the people on here.., although there are a few..

 

[spanish89]

Out of curiosity Spanish, how long did you try for and what was your trading method doing it the "standard way"?

Tried it for 3weeks, lost almost £2,000 at £1 point, and it was just using 20 t 30point s/l trading ftse, trying to follow trends.


Im now making over £100 profit, everyday, day after day... :cheesy::cheesy: (until/unless this big wipeout comes)

 

[gooseman]

have you heard of, or looked at Long Term Capital Management?

 

[shadowninja]

have you heard of, or looked at Long Term Capital Management?

That would be too much like hard work to do any research. He's a hands-on kind of guy. Not an educated one.