Bint_Crusher
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I put some links on here that would help yer masochistic tendencies but I got banned for a week for doing so.
I put some links on here that would help yer masochistic tendencies but I got banned for a week for doing so.
but with fx you also got loads of stuff behind the scenes that u r never goin to know about like big orders into fixes or if someone is short a load of gamma before a cut or sumthin, and obvious all the flows of normal day things that u r just never goin to know about.
with index futures it would be dead easy just to get somethin like ninjatrader (not great but ok) and a datafeed for the constituent stocks and be able to have set start and finish times and better quality informaion like volumes and stuff... because like just having graphs up all day long and occaisionally lookin at them and goin "oh thats a head and shoulders" is not really trading goodly IMO
If you want to reduce complexity, trade individual FTSE100 stocks. These are much more predictable and the trade finishes at 4:30 on the dot. Although, on occasions you'd still get run over by the macro economic freight train.
I put some links on here that would help yer masochistic tendencies but I got banned for a week for doing so.
How do I know I have a winning system? Does anyone ever really know? What size sample do you need to definitively say you have a winning strategy? Some may argue that 1000 trades isn't enough, is 5000 trades enough? What's the long run? Some of these position traders may take a handful of trades over the year and make less trades in a decade than i've made in a week. Does that mean they have a winning system or are just cheating variance? So the point is: to the best of my knowledge, I think I can do something in the market which will yield a profit in the long term.
What size sample do you need to definitively say you have a winning strategy?
Masq, you can argue about significance and so on, but that's getting off the point. You started the thread because you recognise there is a problem with your trading. It's irrelevant whether new_trader, me or anyone else has a significant trading edge. What -is- relevant, is that you're not sure if your own trading method has one. You don't trust it, because you break the rules, repeatedly. You know that averaging down can give you a good return some days, and you reinforce that by trading that way. You then blame the inevitable large loss on not following the rules, and fool yourself. Is that a fair assessment?
But is your sample size significant? It doesn't matter if it's worked for a few years or a decade. Is it a significant sample & where do you draw the line?
P.S. Heading to bed now but tomorrow get in touch - I've been banned from pokerstars for collaboration
I am nothing.
full tilt poker is where the sh*t is at !
full tilt poker is where the sh*t is at !
I'll be unbanned from stars eventually I think, they continue to investigate...
rite this is my guess (im rly a v perceptive person). Lucozade this mite sound bad against you but its no personal its just what i rekon.
* you don't actually have any trading rules - I have some trading rules, I have nothing specific as in wait for X & Y to happen and then do this. I don't have a daily stop loss which perhaps would be an idea to look into...
* you dont have a solid record of your trades - I have access to all my trades from my broker, I don't go through them after the event and see if there's something I could have done differently. I just try and make the best decisions for the time
* you watch screens all day waitng for inspiration 4 a trade - I'm by the screen waiting for a good opportunity to occur. Some days I turn up with no fixed strategy per se and will see how the day unfolds before committing. I don't think that's really a terrible thing although i'm sure some people would be uncomfortable in doing that
* you thank that doing that is what trading is
* you are afraid to commit to one strategy in case it doesn't work (fear of failure) - There's only a few things I do and they're somewhat based on the same strategy. Do you think i'm better off just doing one thing and then maybe trade it over a few pairs instead?
* you probably mope about all day doing f*ck all, but because the screens are on you "trading" - I don't know about mope, but I am by a screen most of the day because I don't want to miss something and I don't exactly have reports to be writing. I'm not trading all the time, but i'm trying to keep informed of what's going on in the market so I have an idea for those few minutes/hours that I have a trade on
* you are waiting for something external to turn your trading around - Nothing external to turn it around - hence this thread and my implementation of a hard stop loss and vowing to not average. Now it's up to me, it always has been.
* you prolly give to much credit to what other people say - If I follow that point then surely you must appreciate that I shouldn't give you too much credit I listen to what people say, think about it and see if there's value in what is being said. Not all advice is good and it's up to me to filter out some of the rotten stuff. I am in occasional contact with a successful trader and some mind person. Obviously not everyone on the forum are trading multi millionaires, but then again Tiger Wood's golf coach isn't necessarily the best golfer in the world
now this is what I think u can do
* write down your trading rules good and proper. Like opening, opening range, close, etc - Yes, I can write down some of that stuff
* switch to futures - I'm trading FX, are you recommending I switch to something else? Any reason in particular to trade futures? Also what size would I be required to trade and how much do I need to trade futures? It may turn out that i'm under-financed to pursue that route
* have plans for a trade BEFORE the open... so like look at overnight action, mark out areas of interest and have a few plans lined up - I'll definitely check out the areas before I go to sleep. Sometimes in the day I see a good trade and find myself looking for areas to get to and I could do some of that in advance.
* wait until one of them comes up, and then look at the tape to see if u like the trade or not
* follow plan on trade management and exit
* keep a journal!! - An actual journal on T2W or one for myself? I was thinking of doing one on T2W but a friend of mine said I should keep my trading my own business. Also, if things go well I don't want to reply to hundreds of PM's and people asking me to trade their money and there's the issue that although a journal may help me with responsibility/accountability it may place the wrong sort of pressure on me.
* dont look at markets after hours - I'm trying not to, I closed my platform about 6pm and I have looked at the price online every now and then but trying not to look. Just I have some weird curiousity that I always want to know where the market's trading.
* dont go in chat rooms where eberyone is doing the same thing - The only chat room I go to is full of the pros and they're not trading the same thing as me. Most of the stuff they're talking about is pretty irrelevant and meaningless to me. I only pop in there occasionally to make a guest appearance