spanish89's Daily Trading Journal!! Whooooo ;)

[shadowninja]

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

I'm sure he could surprise you further.

 

[prop]

quote "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!!"

a bold statement indeed from somebody who has in reality probably never even met another trader !

now i appreciate that you are revolutionising trading with your trading system, and are obviously exceptionally pleased with your results, but dont start making assumptions about people that you really know nothing about !

what big traders have you actually met and sat down with had a beer talked about the trade,the markets, their thoughts, their approach to life etc, i would hazard a guess and say "nothing done"

 

[new_trader]

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

Spanish89,

With enough hard work, study and practice you would eventually be able to do this with a close stop AND without ever needing to worry about a big wipeout.

 

[shadowninja]

hard work, study and practice

Not sure these are phrases S89 likes.

 

[spanish89]

Spanish89,

With enough hard work, study and practice you would eventually be able to do this with a close stop AND without ever needing to worry about a big wipeout.

I dont ''never'' use a stoploss.

Last week when i was in that oil short i had used a stoploss of about $1.50, just above strong resistance level, and accepted being taken out, cos the oil then went up $2s more.


So i do use stoplosses when it is necessary for the market that day...,

But when its not necessary, there not gna be a long days t weeks straightline trend, its just another choppy day i then dont use stoplosses, as i monitor the rtades myself, and my results have now shown enough that the combination im using works for me better than tight/mid stops.

 

[rags2riches]

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)

If u were constantly getting stopped out doesn't that mean u need to improve your skill in timing the entry?
Doesn't acquiring a skill take a lot of time (more than 3 weeks mate), dedication, repetition and practice?

If you carry on with ur massive stops method, good luck in dodging the black swan.

 

[spanish89]

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

Like ive said before im not going to retaliate to you shadow mate.

But just so you know and in reply to when you asked why i dont sleep much im not just sitting there looking at porn or watching tv..

I dont sleep much cos i stay awake during the nights researching mate.


But i doubt you will believe me, but thats your choice.

 

[spanish89]

quote "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!!"

a bold statement indeed from somebody who has in reality probably never even met another trader !

now i appreciate that you are revolutionising trading with your trading system, and are obviously exceptionally pleased with your results, but dont start making assumptions about people that you really know nothing about !

what big traders have you actually met and sat down with had a beer talked about the trade,the markets, their thoughts, their approach to life etc, i would hazard a guess and say "nothing done"

The thing that sparked this view and opinion of big traders is about how when it was so blatantly obvious that oil was overbought and that there was going to be a big drop in demmand very soon...
But they still kept spending more n more of their money all buying it at the mid to high 40s, without looking at the longerterm and relaising that demmand would fall.

It was only when bernanke spelt it out for them that they did then react and react in a giant way as all trying to shift those contracts tehy had for as little loss of their money as possible.


Im not just trying to insult all traders in general cos im feeling bored or have a personal dislike for them or anything like that...

The view n opinion i have of how they trade n respond/fail to respond are my own personal views that i have formed about them, and so im entitled to have any view i want.

Just like im sure you have a really nice insulting low view of me.. :cheesy::cheesy:

 

[gooseman]

spanish. once more, long term capital management. familiar?

somehitng i feel i should point out to you-do you understand that not all traders in the market are directional. Just because someone pays 145 for an oil contract in augy doesn't necessarily mean they want the future to go up per se.

 

[new_trader]

Many have given you good, sound advice so I feel like I am adding a drop in the ocean (If anything at all). However, phrases like this "when it is necessary for the market that day" mean utterly nothing to a proficient and efficient trader. You don't decide when to use a stoploss. The only decision you should be making is when to do one of the 3 things I mentioned once before.

1) When to go long
2) When to go short
3) When to abstain.

The stoploss is to protect you against misjudgement. This is why it is dangerous to say "When it is not necessary"!

 

[shadowninja]

Like ive said before im not going to retaliate to you shadow mate.

But just so you know and in reply to when you asked why i dont sleep much im not just sitting there looking at porn or watching tv..

I dont sleep much cos i stay awake during the nights researching mate.


But i doubt you will believe me, but thats your choice.

Well, that's great news if you are. What areas are you looking into, though? Improving your entry technique? Better analysis of the market and wide economy?

 

[trader_dante]

Well, that's great news if you are. What areas are you looking into, though? Improving your entry technique? Better analysis of the market and wide economy?

Improving your EXIT technique with bigger stop losses?

 

[spanish89]

Improving your EXIT technique with bigger stop losses?

Aloha mate, ive been thinking lots about what you and new_trader have been saying, as i really respect both of you alot..

And so ive decided im going to stat to focus alot more on my entry reading and technique.., and so try using slightly smaller stoplosses.


Since at the moment when i get into an oil trade cos i think its going to fall down that day, im right about that happening 90% of the time, but often it can go up $1 t $3s even before it does fall down to make me in profit.

I use such a big stoploss of like $20s (2000ticks), so unless the market crashes/peaks and stays i will make money everytime and not lose it...

But if i get in and then the oil goes up $2s against me 1st, and then falls down $3s..,
im just missing out on 200+ pips every single time every trade! :-0
And so instead of making £300 or £600, i only making £100 or £200.


So i am going to start working alot more on my entry, since im currently in a long on oil that i entered at 140.43, right at the ultimate peak after yesterdays crash, and so now holding a £250 loss and scared the oil bubbles over if inventories arent worse than expected..

 

[shadowninja]

:clap:

 

[trader_dante]

So i am going to start working alot more on my entry, since im currently in a long on oil that i entered at 140.43, right at the ultimate peak after yesterdays crash, and so now holding a £250 loss and scared the oil bubbles over if inventories arent worse than expected..

I just hope it's not too late.

A lot of people are very bearish oil here...that doesn't mean much in and of itself but that sharp drop yesterday would have me worried...

 

[Hoggums]

It's like a rollercoaster this thread..

from this

Ive Had ******* Enough Of ****** Playing It Safe N Not Being Greedy Enough!!!

Im Missing Out On A Few 100quid Every Single Day Just Because Im Not Being Greedy Enough And Its ****** Winding Me Up Now!!!

and this...

[I]If id used a tight stoploss i would have lost my money + been out of the market, and so would need to make money back just to break even for the day!! [/I]:twisted:

But instead i just let it roll and rolled into a nice £236.. :lol::cheesy::lol:
[/quote]

to this...

[quote]So i am going to start working alot more on my entry, since im currently in a long on oil that i entered at 140.43, right at the ultimate peak after yesterdays crash, and so now holding a £250 loss and scared the oil bubbles over if inventories arent worse than expected.. :cry:[/quote]

 

[arabianights]

I just hope it's not too late.

A lot of people are very bearish oil here...that doesn't mean much in and of itself but that sharp drop yesterday would have me worried...

I've been hearing exactly the same thing today - sense a turning coming?

 

[gooseman]

put skew has been bid up of late

 

[ivantchourilov]

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.

ive been there too lol. as i said before. haha. its very rare for a good trader not to blow up a few times. how many people interviewed in market wizards didnt blow up? i think there was one? haha.

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

this is the best post of the decade man

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..

haha you see the pit traders who were buying at 146 most likely were buying at 100 before due to the nature of their trend following strategies, if not earlier. so losing a few million is not that big of a loss when much more has been made..

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

reading is hard..

The thing that sparked this view and opinion of big traders is about how when it was so blatantly obvious that oil was overbought and that there was going to be a big drop in demmand very soon...
But they still kept spending more n more of their money all buying it at the mid to high 40s, without looking at the longerterm and relaising that demmand would fall.

It was only when bernanke spelt it out for them that they did then react and react in a giant way as all trying to shift those contracts tehy had for as little loss of their money as possible.


Im not just trying to insult all traders in general cos im feeling bored or have a personal dislike for them or anything like that...

The view n opinion i have of how they trade n respond/fail to respond are my own personal views that i have formed about them, and so im entitled to have any view i want.

Just like im sure you have a really nice insulting low view of me.. :cheesy::cheesy:

a lot of futures contracts are for hedging reasons..

Well, that's great news if you are. What areas are you looking into, though? Improving your entry technique? Better analysis of the market and wide economy?

exit technique is more important for him i think. he needs to realise when to jump out of a trade and take a loss.. and when to take profits. timing/execution are important and need work too, but i think in this case, as most others, exits are still more important..

 

[shadowninja]

reading is hard..

Stop reading that utter filth, then. Does your mother know?