Do I go for it ?

jmreeve

Well-known member
432 13
That way trading does become mechanical - I am no more than a monkey clicking a mouse or hitting some keys - thats it

So why not just automate and do something less boring instead?
 

jimmy1jag

Active member
226 7
Well that was a really good read.

I was originally looking at data feeds and having entered "data feed" in the engine higher up this screen and this thread came up. I very often find myself reading threads from beginning to end anyway and have just spent the last couple of hours reading this one from beginning to end. The storyline could have been fiction... except of course it's not.

And then there are a couple of cameo appearances (Skim's being the one that sticks in the mind)!

I'm in a different position to Hopefull in that I was made redundant in very similar circumstances in June 2002 but went straight back work but contracting rather than being a proper employee. Money's fine as the day rates in the type of consulting I do are good, so the knack is to get continuity. However, with a very extended Xmas break I've had the opportunity to start learning about trading. And I've started with a very small pot indeed.

To cut to the quick, the key lesson I take away from this thread is the need to reevaluate my strategy, and strip it down and rebuild and to stop the "oh look that one's moving let's trade it" dickings around (which of course I take a small loss on- small because I do always place a stop loss); to focus on one or two markets with movement and to learn that/ those markets inside out.

So I say thank you to you guys who have inadvertently helped me a great deal to force me to re-think what I'm doing.
 

s-a

Active member
111 0
jmreeve said:
So why not just automate and do something less boring instead?

jmreeve,

I believe what hopeful is trying to say is that to him, his system seems mechanical but that doesn't mean it can be clearly expressed within the verbose limitations of a programming language. How do you program intuition? IMHO, not all strategies are programmable so they can run on autopilot. Some people take in so many inputs into their models and call them mechanical but can't sufficiently express how it works to a precise enough level of detail to be a programmable system.

HG
 

DaveT

Well-known member
434 6
Interesting thread.

Well, 'hopefull', you went for it.... :p

It would be interesting to find out how you have fared on your trading journey.

How are you doing now ,18 months on?
 

hopefull

Member
57 0
Hi Dave

Blimey - 18 months :LOL: I can hardly believe it.


In Summary:-

1st 3 months were hell - probably more psychological than anything else in the sense that I had difficulty coming to terms with what trading was all about.

I had my set ups pretty well nailed down (only use two, reversal and continuation signals off a 60/5/1 combo) but I was cutting the winning trades far too fast and also trailing my stops way to close..Basically I possessed that futile quality (in trading) of needing to be proved right as much as possible.


Then I got my head around what I perceived I was - and still stand by it now - I am a gambler and that is how I earn my living. It don't sound glamourous but once I accepted it, I got to grips with money management and that was probably the "turning the corner moment"

I designed a money management system that 'sat well' with the set-ups which I trade and use a paring out approach to assist me in removing the 'emotional' detachment from the trade and I found it helped in trading the chart in a more clinical and brutal manner.

I take on the same trades day in day out now - my strat. works so I feel no need to change anything.I trade some longer term swingers but cut my teeth off the fast time-frames on Cable - it can be a wild beast at times - but its one that I am comfortable with and understand the rules of engagement.

So I am still primarily an intra-day clipper..using price action only.

Thankfully the "do I go for it post" received an excellent response and I am still grateful to this day I posted it..it also connected me with some other full time traderswho 'held my hand' during those first few months and have gone on to become trading buddies as time has progressed.

Funny how things change though - the mornings of coming to the desk with butterflies in the pit of my stomach have gone,as has the 'excitement' - markets continue moving and there is always another trade to be made....

Soo - HTH

Are you also a full-time trader Dave ?
 
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DaveT

Well-known member
434 6
hopefull -

Thanks for your reply. I appreciate your comments and sentiments about trading.

I do trade full-time - though I take a longer term approach to my trades than yourself.

Basically I am a swing/position trader, who specialises in the commodities. I do scan the currencies , and may take a trade there from time to time. I started about 3 years ago, so I guess I got into the commodities scene just as this current secular bull market was starting.

Like you, I apporached the set-up phase as any other business, and wrote a detailed business/trading plan which I still refer to on a daily basis.

My methodology (entry/exit rules) were carefully designed and back-tested, and serve me well, though at first I needed to work on the DISCIPLINE to religiously stick to these rules, and not take a trade otherwise. The system is based on SET-UP and TRIGGER points:

SET-UP - uses Seasonal Charts,monthly and weekly chart TA.

TRIGGER- uses a combination of Bollinger Bands/Keltner Channel/RSI and Daily Chart TA Patterns - eg ascending triangle, S/R, etc

I may take a small or large position, depending upon probability of set-up, volatility and other factors, some personal. Generally I have done well, but have to admit to the periodic 'setback' which may have come from over-leveraging. Discipline in this area is very important, and must be related to account size, IMO.

I can relate to your story of the early 'excitement' giving way to something more sober, but I find I have a never-ending enthusiasm for the markets and can't wait to get to my desk each morning to update my charts, etc. I think maintaining a long-term enthusiasm and love of the game is key to longevity/long-term success in this business...

I am currently trading Coffee and Lean Hogs, looking to enter Cocoa and Crude again soon. Did very well out of Coffee last year.... :cool:
 

Directional

Experienced member
1,992 251
Hopefull,
another year down the line since your last post.

I enjoyed reading this thread - wondered if you could update us on your progress?
 

scotty_dog

Junior member
32 3
Arbitrageur said:
Hopefull,
another year down the line since your last post.

I enjoyed reading this thread - wondered if you could update us on your progress?

I'd be interested to hear from you as well....
 

rizwanuk

Member
66 2
Yes Hopefull let the journey of hope continue, please update us so that one hopeful may lead many to hope and the hope of the dream may reign.
 

timsk

Legendary member
7,604 2,377
Yes Hopefull let the journey of hope continue, please update us so that one hopeful may lead many to hope and the hope of the dream may reign.
I thought hope was a four letter word to traders! As it's been a full year since Arb's request for an update and 2 years since Hopefull last posted, I think you'll need more than a little hope for the journey of hope to continue. I suggest we take our lead from his last post which was both upbeat and positive. Let's assume that he has made shed loads of wonga and is now enjoying a life of luxury on a tropical island with each and every whim catered for. As for trading and these boards, well, he has more pressing matters to attend to, such as trying to decide which of his beautiful handmaidens will have the honour of massaging his tired muscles after a long day sunbathing . . .
:p
Tim.
 

rizwanuk

Member
66 2
I thought hope was a four letter word to traders! As it's been a full year since Arb's request for an update and 2 years since Hopefull last posted, I think you'll need more than a little hope for the journey of hope to continue. I suggest we take our lead from his last post which was both upbeat and positive. Let's assume that he has made shed loads of wonga and is now enjoying a life of luxury on a tropical island with each and every whim catered for. As for trading and these boards, well, he has more pressing matters to attend to, such as trying to decide which of his beautiful handmaidens will have the honour of massaging his tired muscles after a long day sunbathing . . .
:p
Tim.

Well relying on hope in a trade is a four letter word perhaps, but the hope of the dream is what keeps us going. Lets hope what you are saying is right and Hopefull is having good time. If we are lucky we would hear more from him some day. Maybe...
 
 
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