How to win trading & when not to trade (I have 1 month real live record so far)

[ez0770]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

but I also get scewed by my avg down techniques. One market that is scewing me the most was Gold.
other than that other was alright. I think it's because gold is due for correction so scaling on the buy side was so stupid of me. its so overbought i know that but i just need someone to remind me the level.

but I tried my best to keep capital preservation. I went down below 10k like three times this month just because of gold!! I tried to keep my account above 20-27k.

so far I have profitable month & I dont need additional capital,but this month was my worst performance. hope i can survive by end of the month
good luck with ur trading

being a day trader, everytime you average in against a reasonably strong short term trend, the risk is obviously higher. it might make sense to use a martingale approach and try to capture the small retracements. Whats important in my opinion is that you consider the worst case scenario and keep ur total risk in check.

Best of luck to you as well

 

[tommason]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

yes risk is the most important but i do not use stops at all. that's my problem.
thanks for the heads up.

being a day trader, everytime you average in against a reasonably strong short term trend, the risk is obviously higher. it might make sense to use a martingale approach and try to capture the small retracements. Whats important in my opinion is that you consider the worst case scenario and keep ur total risk in check.

Best of luck to you as well

 

[tommason]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

I'm just updating since its pretty slow nowadays.
I also attach some of my important trades this 1st week of November 2010.
I cannot believe I made more than >10K twice (one in october and this month november) and it is all on Friday when the volatility is highest & great for heavy scalper like me.
I withdraw 14k from my winning last month and this month I withdraw 10k winning already. further the November month is not over yet.

still any doubter over there with my averaging up/down ??
I am proud to be against of those people. wanna be succesful ? never do what average people do and think. That's me Tommason.

let me know if u have question or need proof of my statements

 

[rathcoole_exile]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

13,000 minus 1500 so net 12500.

great Maths !

you must be the bookkeeper at Lehman Bros ?

 

[tommason]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

lol im just estimating and forgive me I got excited and was off haha and I have not get my day statement yet. hope u understand.

by the way i found 4 great videos from mike baghdady (Egypt name). I suggest u download the videos before it is taken off.
http://www.trainingtraders.com/price-behaviour-pt1.html

he is looking for 10 trader apprentice in London without any fees & each selected trader would be given 100k. maybe u guys should apply. http://www.newturtletraders.com/

its't the best free trading video without any bull**** indicator.

I just finished my overnight trading make over 8k again. gees my trading has been very profitable. I already withdrawed more money than last month and have higher trading balance too.

I made slighlty more than 10k this week and more than 10K as well last week. i felt so awesome because I trade less this month. I need to study for final and write my final thesis this semester. However tonight's trade was easy because most of the currency already sold off like hell so i was scraping on the long side. LOL

great Maths !

you must be the bookkeeper at Lehman Bros ?

 

[redart]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

10k per week keeps the Dr. away.

 

[tommason]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

thanks redart. I cannot believe it myself i can do it WOW. biggest profit in my life so far. im getting better each month.
hey red what is ur margin for futures market spread betting ? i am very interested because my thesis is about pair trading actually. lemme know how it goes.

 

[tommason]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

HERE is my October 2010 monthly statement.
i just cut to two pages of total 106 pages.u can see total check withdrawn in the last 2 pages.
my statement is delivered with my broker not with dorman clearinghouse anymore. so u will see different symbol.

I'll try to post the September too later. i need to cut paste it because it has different format so the check withdrawn not shown in last 2 pages like my current statement, which is more convenient to show off. hehe:clap:

 

[tommason]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

Hi guys just wanna show off my awesome November 2010 monthly trading statement.:clap:

why awesome ?
I never had any losing day in November at all!
I trade less hours and day.
I withdraw 50,488 for just this November 2010.
my biggest monthly profit of the year!

My new broker have different format. I have about 169 pages. But I cut paste few pages so you can see how many checks i withdraw this month with all the net profit for the whole year.

any questions or critics on my averaging up and down ?

 

[tommason]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

dame i had my first loss on thursday and today b/c i tried to make it back, but I will bounce back.
up and down like hell. my balance is about 28-29k from high 44k.
yea stupid me, but again i will try my best to make it back. ill keep you guys posted.
for now i have short position in aussie and crude oil. yes it is not closed yet.
how are you all ? i never had any comments come on!
im not perfect i always try my best

 

[forker]

Is that all?

 

[tommason]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

yea I did not discuss a lot cause I was winning the whole November. Now I had lost for the first time so i think it's important to mention. I wanna keep my mentality constant. cause I was emotional. for example, I lost on Thursday then on Friday I tried to make it back and I gain more than half of it back before the market open, but I was to greedy so i overtraded then i ended up loss more than my gain. besides i trade too late during the day.
everytime i do this i always fail. so i wanna prove you that i can bounce just like before (especially October month when I was down like 4 times) from 27k to 8k over and over.

 

[aversano]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

The size of your balls is impressive....

 

[tommason]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

hahah not sure what you mean by that, but I do have confidence and tough mentality!

The size of your balls is impressive....

 

[aversano]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

All it takes is just a few consecutive days of you trying to fade a strong trend...

I am pretty sure you have that fear....

 

[tommason]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

yes I did fade u can read my mind! hahahaha

I played since 5AM Central time on Sunday thru 3AM and make ~net 9K and I did not play during the day as I was exhausted. I made my account back up from ~29K to ~40k before comm and fees. but I took 2k profit so my balance would be around 37k after comm and fees. but still I am down from ~44k initial.

I was shorting scalp 20 cents n crude oil about 24 contract hahaha around market open on sunday. Then I bought on the sell off currency futures(almost got screwed haha). But again as long as there is plenty of time left, market always give me chance to get back especially with my averaging down/up technique.

I hope I managed my emotion. I might have a little fear but been there done that so I got used to it. plus I already make >100K for the year, so I'm a little bit too relaxed.

 

[aversano]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

My mental issue with averaging down -
A position with a MAE(how much it went against me) of 1 tick yields 4 points.
On the other end, another position goes 2 points against me, I add, another 1 point, I add. and then at the end yields 2 points for the position. I add at specific places with information that it might get there. Not just because I am losing. at some cases, i will close a position without adding.

My lost lucrative positions aren't with the most number of contracts.

 

[tommason]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

try to get averaging down where the price is really close. the closer the more comfortable and the more probable to get filled. it depends on the situation and the time.
for me 10 ticks off are fine especially if I have still buying power to average more. buying power is really important as it keeps your mental from stalling.

second but most neglected, is that you want to see the time, is it a volatile time or not ? you know opening trading hours, important news etc where prices could retrace back to overnight level, etc. try to trade overnight on simulation to get the feel of support and resistance. this helps me a lot. then after u sure u can do live when the market is about to open.

thirdly, how far has the price been going in few days ? what's the angle ? is it steep or normal angle ? and look at the the monthly, weekly, daily chart to answer this third questions. the steeper the more probable the reversal. its law of gravitation.

fourth, is to set your target, personally I take 10 ticks target most of the time if you see my statement.

My mental issue with averaging down -
A position with a MAE(how much it went against me) of 1 tick yields 4 points.
On the other end, another position goes 2 points against me, I add, another 1 point, I add. and then at the end yields 2 points for the position. I add at specific places with information that it might get there. Not just because I am losing. at some cases, i will close a position without adding.

My lost lucrative positions aren't with the most number of contracts.

 

[tommason]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

update guys,
I recently screwed up back to 6-8k range it happen when crude was selling off. i was on the right side of the market but decided to counter the short and lost big time. I lost because of my mentality. so this week i try to make it back up close to 19k not including withdrawing 3k profit this week even though my balance dropped significantly from 33-36k. I'm just so stupid. this even worse than October when my balance drop from 27 to 8k. this one was bigger drops. thanksfully i dont need to put up new capital yet. so far this month I took out ~6k.

to sum up is I think i need to take trade with lower balance to keep my mentality normal and i want to show you that I can get back again and again after being crushed to 6-8k trading balance!

another question, I saw that most people view my May 2010 trading statement (259 views!!). any idea why ? I am just curious what so special on my May trading statement !! explain people!

 

[meanreversion]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

another question, I saw that most people view my May 2010 trading statement (259 views!!). any idea why ? I am just curious what so special on my May trading statement !! explain people!

May 6 was the date of the "Flash Crash", this might have something to do with it?