scholfield
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I'm gonna do another hundred.
See if it clears my head at all...
See if it clears my head at all...
100 trades
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scholfield
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First batch of 'new' hundred trades. (27 of them)
Looks like i'm missing my lucky laptop now that i'm back on the PC
What about some fancy charts for show and tell?
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scholfield
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sorry..charts..
scholfield
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charts of trades taken?
Wouldn't be much to look at from this current batch of trades so far!
besides, there really isn't much point (as I learnt in the earlier part of the journal)
We are all on our own and it's clear that those who eventually 'worked it out' are certainly not gonna be giving any of their valuable knowledge away. I accepted this fact around Christmas time, lol. (after years of 'fishing' for help, mainly at elitetrader)
Wouldn't be much to look at from this current batch of trades so far!
besides, there really isn't much point (as I learnt in the earlier part of the journal)
We are all on our own and it's clear that those who eventually 'worked it out' are certainly not gonna be giving any of their valuable knowledge away. I accepted this fact around Christmas time, lol. (after years of 'fishing' for help, mainly at elitetrader)
so what is the point of having a public journal now?
scholfield
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Good question.
Partly my OCD kicking in, probably!
Partly boredom.
But Also so that people can easily get a half decent idea about me as an aspiring trader if I happen to be in a conversation on a separate thread without me having to keep repeating things...
piggybridges
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update?
scholfield
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The latest batch has lost nearly as much as the first batch made.
It seems as though my method is likely no better than random entry. The first
100 trades must have just been a lucky spell
I've been trying to do this for a number of years now.
Wasted years of time/life on something that might not be possible.
I've not lost much money, but the time element is one which deeply saddens me.
I'm taking a break for now.
what about moving away from 20risk30reward? try initial SL as low of 2-3 bars ago (for long trade), and move it to the low of the next bar as it goes up..and let trade run..there is no TP, eventually from moving your SL up it gets hit, hopefully in profit though..
S
sonofcablemonster
we have all been through bad patches, take some time out and then come back but this time I recommend finding a niche, something specific that you know inside out where you can develop an edge. I note you were trading CL as well as GC.
I will tell you a story about 4 years ago which happened on my journey. One of my ex clients entered as a grad working for a large US IB in London. He was on the oil desk, he spent about 5 years there before moving to another desk. Anyways on my quest to glean as much info about how to trade profitably from him I asked him if he traded CL. He struggled not to laugh and called it a 'punt', his words not mine. This is someone who is working at an IB and has access to technical and fundamental daily/ongoing briefings plus more order flow than you can shake a stick at. He explained to me that they trade custom spreads, basically exotic and not so exotic mixes of oil contracts. Different expiries , Different Countries, Different grades, jet fuel this, heating oil that, sulphur that, you get the picture. He said they would only ever trade front month CL if they were bored and the market was real quite and only for small size as in his eyes it was a 'punt'.
So since you like oil why dont investigate some oil spreads, get to know how the react to news/flows in your timeframe of choice. Something like the WTI/Brent spread would be a good place to start. I know the longer term relationship has broken down for various reasons but intraday there has to be opps especially if you know the market inside out. There is no shortcut, it will be hard work but that's what I would do, find a niche and get to know it inside out.
Barriers to entry are much lower now and you can trade these things with lower capital. Decent Futures firms like Advantage will get you going for $10,000, spread margins are low, low, low.
just my 2c.
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piggybridges
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Shouldn't there be a cut-off point, though?
I know someone who's been trying(and failing) for 27 years. Yes.....27 years.
scholfield
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I've not logged on t2w for the best part of a month.
Suprisingly, people still seem interested and i've had a few pm's.
After lots of years trying, I have more or less quit.
Just out of boredom I will be trying a random entry idea with tiny stakes.
Something i've never tried, but always told myself it was next on my list after reading posts by people
like 'the hare' a year or so ago.
I also see that my old mate 'purplebrain' has also quit
Saddens me, as he was clearly a very intelligent chap.
(although maybe that intelligence meant that he could quit before wasting years of time and money
like most others!)
Anyway, wasn't gonna post again, but it's quicker than replying to pm's
cheers
Suprisingly, people still seem interested and i've had a few pm's.
After lots of years trying, I have more or less quit.
Just out of boredom I will be trying a random entry idea with tiny stakes.
Something i've never tried, but always told myself it was next on my list after reading posts by people
like 'the hare' a year or so ago.
I also see that my old mate 'purplebrain' has also quit
Saddens me, as he was clearly a very intelligent chap.
(although maybe that intelligence meant that he could quit before wasting years of time and money
like most others!)
Anyway, wasn't gonna post again, but it's quicker than replying to pm's
cheers
S
sonofcablemonster
I've not logged on t2w for the best part of a month.
Suprisingly, people still seem interested and i've had a few pm's.
After lots of years trying, I have more or less quit.
Just out of boredom I will be trying a random entry idea with tiny stakes.
Something i've never tried, but always told myself it was next on my list after reading posts by people
like 'the hare' a year or so ago.
I also see that my old mate 'purplebrain' has also quit
Saddens me, as he was clearly a very intelligent chap.
(although maybe that intelligence meant that he could quit before wasting years of time and money
like most others!)
Anyway, wasn't gonna post again, but it's quicker than replying to pm's
cheers
Hi Schofield
It's a shame you are going to quit but it may be the best thing for some people (not suggesting this is you). As i stated previously I don't think fixed stops and targets work for point and click traders. The reason is I know I could enter a perfectly good trade long and then someone could come along and drop size on the market causing me to get out instantly. You need to track the big buyers and sellers in your chosen market whether they are in at market or it's an absorption play for them. If you don't do this you you will end up being the markets play thing (as you have found out). imo you are looking at the wrong things to qualify exits and I dont know what you are doing to qualify entries.
GTTY
S
sonofcablemonster
yep it's tough to convert intelligence into trading profits. It doesn't always work that way. I can be a mind f***.
darktone
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Before you do, if you havent already. Read trading in the zone (PDF link in sig).I've not logged on t2w for the best part of a month.
Suprisingly, people still seem interested and i've had a few pm's.
After lots of years trying, I have more or less quit.
Just out of boredom I will be trying a random entry idea with tiny stakes.
Something i've never tried, but always told myself it was next on my list after reading posts by people
like 'the hare' a year or so ago.
I also see that my old mate 'purplebrain' has also quit
Saddens me, as he was clearly a very intelligent chap.
(although maybe that intelligence meant that he could quit before wasting years of time and money
like most others!)
Anyway, wasn't gonna post again, but it's quicker than replying to pm's
cheers
In trading, I believe that the smartest folks can sometimes have the biggest problems. Shame about PB, seemed a cool, very smart dude to me.
Anyways, time for you to find who you really are. A quitter? Or something else?
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S
sonofcablemonster
I like Trading in the Zone but it talks about discipline and mindset and there is nothing on method, some good stuff on uncertainty though. Discipline and mindset is absolutely necessary but as the departed Random12345 correctly pointed out method trumps all the psychology all day long. imo scholfield needs to examine the method in his trading. i.e. why is he entering, why is he exiting where he does. Once the method is solid and refined it's easier to cope with the psychology. if you are taking a daily beating in the market then psychology is unlikely to help imo.
Forexmospherian
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I agree with you piggybridges - you do need a cut off point - but I don't think it should be in terms of years.
Personally - I see the correlation with actual time spent with live charts - watching price action movements - even though for many hours it will be so boring - just like watching paint dry - or even plants grow
The ideal goal is 10k hours - but by 4k hours - you should be seeing progress and starting to understand wave movements and how the market normally works.
For a part time trader with say 15 hrs a week spare - he may spend 3- 7 hrs reading and studying theories etc - a few hours a week on forums on trying to get tips off the internet and probably less than 5 hrs a week actually watching live charts under 1 hr time frames to see how they are link together with the 4 hr - 8hr - daily - weekly - monthly etc.
So 5 hrs a week actually watching price movements and may be trading a few trades on demo or a small live account. At this rate allowing for holidays and time off - lets say 45 weeks a year at 5 hr chart watching a week - 225 hrs a year.
Therefore to get to even basic 4000 hrs on live charts - that' going to take approx 17 -18 yrs and I am sure 95%+ of all traders have given up by then lol
Lets look at the part time traders who have more free time on their hands and can actually spend 20 hrs a week - watching and studying live charts and even trading. They should be at a good intermediary level by 4 to 5 yrs and then actually seeing a way forward as they should be making profits - if not consistently - at least seeing their account going the right way.
I think after a couple of years - unless you can find a profitable trader trading a way that would also suit you - and he or she is happy to act as a mentor for 3 - 6 months etc then you will after accept it going to be how quickly can I get to 4000+ hrs and by then something will start clicking - and you will see more ways of finding successful strats or method to make you money.
I am happy to assist any trader who's got at least a 1000 live chart hrs and say at least 250 trades - ( live or demo) behind them and they are welcome to spend a few hrs a day for a month or two in the "Intraday short term trading " thread to see if that helps them turn the corner.
Unless you know that you have the time, devotion, patience and persistence to get to a successful trading level - you are correct to throw in the towel ideally under 6 -12 months. If you are past 3- 5 yrs - you surely should be on your way - please work out how much chart time you have actually spent.
Hope that helps and all the best what ever decision you make take
Regards
F
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darktone
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Ive got nothing but respect for random, obviously a very clever boy whos done his time on the other side of the screen. Most important (if all is true) is hes a winner! Regardless, he like the rest of us will have beliefs shaped by his experience/environment. BSD who i also respect greatly, also a winner (if all is true). Pair these two up on psychology discussion hour and its at handbags at dawn, both have different views on methods, what is possible, importance of psychology.
Imo, getting the mind right is by far most important, regardless of the method/management, you will lose if you become disturbed by ~enter here what disturbs you personally~ and cease to function in an appropriate way, a way thats in your best interests.
Having a good mindset and a realistic view of what the market is before you build you method is also important imo, without it we are likely to 'delete' any possible elements of a method that dont align with what we believe (Guilty your honor
, maybe this is true for scholfield to).Ive always, well i think ive always seen myself as a 'fearless trader'. After reviewing my journal caused in part by what imo was a poor public performance, its obvious that when im cold, im trading scared. Hard to admit to myself!
After taking a beating (and this can be anything the traders the sees personally as a beating. £ loss/ being wrong / being wong in public :whistling / win~loss ratio etc etc etc) then the one thing that will save him is a calm, rational, objective mindset, that help evaluate and get him to plate, to do it all again.
Another way of looking at it. What are near all losing / be (80%) traders looking for? A method most likely. By the same token, how many of those would consider that they might need to work on themselves psychologically? Im guessing not very many.
Trading imo, shouldnt be a mind fk, it should be as easy on the mind as trading demo. If not then maybe the trader hasnt accepted the risk, has trouble being 'wrong' or some whatever else that i havent quite got my arms around yet.
fascinating stuff for me man.
Ramble ramble.
