Nowler's Trading Journal

After reading this journal, do you think Nowler will be a successful trader?

  • Yes

    Votes: 3 21.4%
  • No

    Votes: 4 28.6%
  • Not enough information yet

    Votes: 7 50.0%

  • Total voters
    14

itspossible

Senior member
2,796 569
Nowler after about 5yrs of trading shares and spreadbetting on a 20k account i managed to have some wild swings and ended up in profit a little-
strong advice after all that is to just trade small and never swing for the fences-just try to make the odd few hundred here and there.keep losses small and use stops-be in control.the trend is usually your friend mate-dont short the spike lol.also news can destroy your account if you aint got a stop(im pleased you had them)TRADE small mate.just imho.
when i was very green i once made 3k in one day-i then lost the 3k and another 3-i then swung back to the 20k mark.
That was a massive shock and a lesson and i learnt from that.i went on to drop a few clangers after that but not to that extent.
 
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Nowler

Experienced member
1,515 225
Nowler after about 5yrs of trading shares and spreadbetting on a 20k account i managed to have some wild swings and ended up in profit a little-
strong advice after all that is to just trade small and never swing for the fences-just try to make the odd few hundred here and there.keep losses small and use stops-be in control.the trend is usually your friend mate-dont short the spike lol.also news can destroy your account if you aint got a stop(im pleased you had them)TRADE small mate.just imho.
when i was very green i once made 3k in one day-i then lost the 3k and another 3-i then swung back to the 20k mark.
That was a massive shock and a lesson and i learnt from that.i went on to drop a few clangers after that but not to that extent.



No worries Nowler, we all have done it, that's why you'll have to have a written plan and have to follow it to the dot... to avoid mistakes like this one...


Thanks for the support folks (y)
It's comforting to know that this is indeed a part of the process for many if not all traders. I'll take this for what it is and then use it to avoid doing it again.

If I am going for a prop job then there's no need for me to be risking 2% per trade.
The elevated risk size is a response to my financial situation. Making less than 1% per trade on an account that I could afford to fund would be nothing more than a hobby with my savings. I simply don't have 20k to put into an account...I could probably stretch to 2k initially and then it would be monthly deposits of very modest amounts.

If I scale back my risk and try to forget making my mark with my own account then I have a better chance of establishing a record which would open the door of a prop firm to me. As someone here rightfully pointed out, if I could get a job in a prop then after 1 year I could afford a bigger account. AND I will have been trained by people who have an invested interest in me making money (for them).

I wouldn't leave after 1 year but you get my point.
What's more realistic? Turning 2k into 30k or building a nice smooth record and getting hired in a place that could very likely see me earn 30k/year after a year or so of training... :)
 

David Knight

Established member
946 213
Thanks for the support folks (y)
It's comforting to know that this is indeed a part of the process for many if not all traders. I'll take this for what it is and then use it to avoid doing it again.

If I am going for a prop job then there's no need for me to be risking 2% per trade.
The elevated risk size is a response to my financial situation. Making less than 1% per trade on an account that I could afford to fund would be nothing more than a hobby with my savings. I simply don't have 20k to put into an account...I could probably stretch to 2k initially and then it would be monthly deposits of very modest amounts.

If I scale back my risk and try to forget making my mark with my own account then I have a better chance of establishing a record which would open the door of a prop firm to me. As someone here rightfully pointed out, if I could get a job in a prop then after 1 year I could afford a bigger account. AND I will have been trained by people who have an invested interest in me making money (for them).

I wouldn't leave after 1 year but you get my point.
What's more realistic? Turning 2k into 30k or building a nice smooth record and getting hired in a place that could very likely see me earn 30k/year after a year or so of training... :)


http://www.telegraph.co.uk/music/artists/20-facts-about-leonard-cohens-hallelujah/

'Cohen once told Bob Dylan that it took him two years to write the song'

I just saw an interview this week where he mentions that he liked a Dylan song and Dylan liked one of his songs and they asked each other how long did it take you to write?

Dylan=15 minutes
Cohen=2 years

Then Cohen says to the interviewer ' I can't write songs quickly. I just go with it. You have to play the hand that life deals you'

Doesn't mean you can't reach your goals..
 
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mpups

Experienced member
1,024 143
Thinking to myself after the market kicking my ass...

Isn't it amazing how we can warp our own reality!
About 2 months ago I thought I was ready to deposit far more into my account and then one day I got myself into a mess on a trade and lost about 15% of my account.

While I did learn some lessons from that, I ended up making a similar mistake last night.

1) I made a decision to make a trade but I didn't wait for it to quite get to the best probable entry.
2) Price did eventually reach the desired level so I jumped on again with another 2%
3) Then the price went insane on the news release (which I was totally out of my depth with anyway) and ended up hitting my stops.

If I had left it at that then I could have just dusted myself off and told myself off for the less than surgically executed trade, but nooooooo...

4)Mr. Im-understanding-trading-fast decided to sell into the upward spike, using about as much careful planning as a hillbilly puts into brushing their teeth.

5) Paid no attention to the spread that was now as wide as that Kimdashian's big fat ****. This pretty much put my entry where I was putting my take profit :sneaky:

...if I had left it at that...but I didn't!

6) I went along and sold into what I "thought" (but more like hoped) was the top of the spike.

Long story short... price went against me another little bit over the next while and I just closed out the lot because I came to my senses that I had no idea what I was doing.

I am laughing at it now but I'm not underplaying the seriousness of what I did. It may have only cost me 6% this time as opposed to the 15% that the similar trade cost me 2 months ago but the point is, I thought I was developing very well but in reality, I made the same rookie move as a while back.

Granted my risk/money management was much better this time, so progress is visible, but still...c'mon like! What was I at! I only made a thread yesterday asking about prop firms and I made out like my 1 month smoothly positive equity curve was indicative of the future... what a muppet :LOL:

It's a mini live account and even if I was to lose the max against the 50/1 leverage I am using, it would not ruin my life but I need to take this more seriously! I am taking it more seriously than before and I can see so much progress but I had almost convinced myself, like I did 2 months ago, that I am almost ready to put some significant money on the line (relative). Tsk tsk Gavin. Tsk tsk.

Again I got some invaluable experience, i've reinforced old lessons and my account lived to fight another day. But this needs to stop happening...

Great post nowler its interesting to read your description of what we suffer from sometimes: losses that are incredibly hard to take and lead to further losses!
 

Nowler

Experienced member
1,515 225
Great post nowler its interesting to read your description of what we suffer from sometimes: losses that are incredibly hard to take and lead to further losses!

I did manage to cut my losses sooner than I did before but the simple fact of the matter is, I shouldn't have need to cut those short... I shouldn't have been in the subsequent trades!

I did put some planning into the initial trade (not enough, but some) and getting stopped out of that was fine...we will lose many many trades in our trading careers but active throwing money away... silly Gavin.

I have not traded since that... I sickened myself for making such a stupid move. I decided that I didn't deserve to even try trade the BoE hike or the NFP. Sort of a punishment for my error. (Probably best as my news trading skills are "a little off")

I'll be back in the market Monday though because you can't keep a good man down :)

I really hope this journal gives other new traders some insight and hopefully they can avoid my mistakes. Unlikely, but maybe :)
 

Brumby

Established member
593 139
I did put some planning into the initial trade (not enough, but some) and getting stopped out of that was fine...we will lose many many trades in our trading careers but active throwing money away... silly Gavin.

I am afraid you will repeat those mistakes again, again and again. You and I know those mistakes were psychologically induced. Unfortunately in trading, there are specific instances when we are stressed or emotionally compromised we tend to make those mistakes that you experienced. It is a common trading problem and wishing or willing it to go away will not work. You should know better because your major is in psychology.

A trader's mind in making trade decisions is governed either deliberatively or intuitively. Our training is build upon a deliberative process in making trade decisions. This domain is challenged when our psychologically state is upset when stressed and the intuitive mind overrides the deliberative mind. This is when you make silly mistakes and post reflection will tell you so. The challenge is at that moment how do you stop the intuitive mind from overriding your deliberative mind? Just as in developing your trade skills, developing your trading mind requires a process. It doesn't happen by willing it. It requires specific defusion techniques that you practise and practise to become second nature.
 
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mpups

Experienced member
1,024 143
I am afraid you will repeat those mistakes again, again and again. You and I know those mistakes were psychologically induced. Unfortunately in trading, there are specific instances when we are stressed or emotionally compromised we tend to make those mistakes that you experienced. It is a common trading problem and wishing or willing it to go away will not work. You should know better because your major is in psychology.

A trader's mind in making trade decisions is governed either deliberatively or intuitively. Our training is build upon a deliberative process in making trade decisions. This domain is challenged when our psychologically state is upset when stressed and the intuitive mind overrides the deliberative mind. This is when you make silly mistakes and post reflection will tell you so. The challenge is at that moment how do you stop the intuitive mind from overriding your deliberative mind? Just as in developing your trade skills, developing your trading mind requires a process. It doesn't happen by willing it. It requires specific defusion techniques that you practise and practise to become second nature.

Yes Dr Brumby i like it.. "developing the trading mind", and "defusion techniques"
 

Nowler

Experienced member
1,515 225
I am afraid you will repeat those mistakes again, again and again. You and I know those mistakes were psychologically induced. Unfortunately in trading, there are specific instances when we are stressed or emotionally compromised we tend to make those mistakes that you experienced. It is a common trading problem and wishing or willing it to go away will not work. You should know better because your major is in psychology.

A trader's mind in making trade decisions is governed either deliberatively or intuitively. Our training is build upon a deliberative process in making trade decisions. This domain is challenged when our psychologically state is upset when stressed and the intuitive mind overrides the deliberative mind. This is when you make silly mistakes and post reflection will tell you so. The challenge is at that moment how do you stop the intuitive mind from overriding your deliberative mind? Just as in developing your trade skills, developing your trading mind requires a process. It doesn't happen by willing it. It requires specific defusion techniques that you practise and practise to become second nature.

Agreed.
Interestingly, this mistake came at the same time as the last one. That is, when I got my account back to a certain seize.

Perhaps it wasn't the stress of losing that trade... Maybe it was an immediate reaction to not drop back below that milestone...

Either way, it was definitely an emotional reaction and I will need to focus on reducing the likelihood of it happening again. Or implementing measures that take me out of the equation in those instances.

At the very least, I am aware that this can be a very dangerous thing to happen and it needs immediate attention.
 

Nowler

Experienced member
1,515 225
Today's happenings...

I posted this in my prop firm thread but feel it's appropriate for this thread also.

"I applied to Maverick Trading and almost immediately my spidey senses were tingling. I couldn't quite put my finger on it but I continued...what harm?
I was required to watch a 48 min video during the application process and I did attempt to do this immediately but I had to pop out. I had gotten to about minute 10 at this stage and by then I could sense something a little off. I actually had to skip a part of the video because they were wasting my time talking about their tinder profiles and driving while taking selfies... I know right...wtf has this got to do with trading. I was in a bad mood this morning, so maybe that's the only reason I got the hump over that but still...get on with it :)

In hindsight I probably should have just moved on there, haha.
When I got home I had an email from them saying that my application was received and that I was required to finish the video. Reasonable request. Throughout the whole process it was made abundantly clear that I had to pass a few week training/education period and prove that I possessed the ability to move to firm capital. Again, reasonable. They went into grand depth about how good their guidance was during this education period and beyond. I still felt something was off and I was waiting for it to pop up...and it did!

It wasn't until toward the end of the video that it shot up. Once I have passed their fantastic educational period (of a few weeks) I then develop my strategy/s and prove it. Once I prove a profitable strategy then I move to level one live capital of €25,000. But there's the catch...I have to deposit 5k and then they will add the 20k :)

Pwahaha... I immediately stopped the video (when I finished laughing) and emailed them back, stating that I saw their video and was no longer interested.

Maybe this is how it is...but they won't be getting my money or ability :)
I knew I smelled a rat!

If their education is so great at ensuring I am going to be a profitable trader, then why do I have to put up 5k of my own money? :)

I just found this now :)
https://www.glassdoor.com/Reviews/Employee-Review-Maverick-Trading-RVW7178589.htm


PS: I realise that it would be smart to do a check up on these places first. I just didnt this time
 

Fill_Or_Kill

Member
93 19
Today's happenings...

I posted this in my prop firm thread but feel it's appropriate for this thread also.

"I applied to Maverick Trading and almost immediately my spidey senses were tingling. I couldn't quite put my finger on it but I continued...what harm?
I was required to watch a 48 min video during the application process and I did attempt to do this immediately but I had to pop out. I had gotten to about minute 10 at this stage and by then I could sense something a little off. I actually had to skip a part of the video because they were wasting my time talking about their tinder profiles and driving while taking selfies... I know right...wtf has this got to do with trading. I was in a bad mood this morning, so maybe that's the only reason I got the hump over that but still...get on with it :)

In hindsight I probably should have just moved on there, haha.
When I got home I had an email from them saying that my application was received and that I was required to finish the video. Reasonable request. Throughout the whole process it was made abundantly clear that I had to pass a few week training/education period and prove that I possessed the ability to move to firm capital. Again, reasonable. They went into grand depth about how good their guidance was during this education period and beyond. I still felt something was off and I was waiting for it to pop up...and it did!

It wasn't until toward the end of the video that it shot up. Once I have passed their fantastic educational period (of a few weeks) I then develop my strategy/s and prove it. Once I prove a profitable strategy then I move to level one live capital of €25,000. But there's the catch...I have to deposit 5k and then they will add the 20k :)

Pwahaha... I immediately stopped the video (when I finished laughing) and emailed them back, stating that I saw their video and was no longer interested.

Maybe this is how it is...but they won't be getting my money or ability :)
I knew I smelled a rat!

If their education is so great at ensuring I am going to be a profitable trader, then why do I have to put up 5k of my own money? :)

I just found this now :)
https://www.glassdoor.com/Reviews/Employee-Review-Maverick-Trading-RVW7178589.htm


PS: I realise that it would be smart to do a check up on these places first. I just didnt this time

Nowler I'd be very surprised if you found a legit prop doing general intakes any more and since I like your attitude, it's tough to watch.

Optiver/Jane Street/First NY/Oak Cap/T3/even Met are all essentially mini quant funds now. They only want quant minded/quant educated people. The remainder are garbage educators for the most part.

You're about 10 years too late (actually more tbh) for props looking to give manual hopefuls a "shot" where they can actually then go on to earn serious money. I'm sorry. Did you try applying to Mandara for a laugh? Can't hurt. I know you lack experience, but they might be kind enough to give you some feedback at least, and they are for real. If you pursued a position there over the coming years you could end up earning some serious scratch and I think you are pretty young. It's about the only serious one I can think of that doesn't have an immediate bar to entry w/ high qualifications.

http://careers.mandaracapital.com/junior-commodity-derivatives-trader-london

Good luck with it all.
 
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Nowler

Experienced member
1,515 225
Nowler I'd be very surprised if you found a legit prop doing general intakes any more and since I like your attitude, it's tough to watch.

Optiver/Jane Street/First NY/Oak Cap/T3/even Met are all essentially mini quant funds now. They only want quant minded/quant educated people. The remainder are garbage educators for the most part.

You're about 10 years too late (actually more tbh) for props looking to give manual hopefuls a "shot" where they can actually then go on to earn serious money. I'm sorry. Did you try applying to Mandara for a laugh? Can't hurt. I know you lack experience, but they might be kind enough to give you some feedback at least, and they are for real. If you pursued a position there over the coming years you could end up earning some serious scratch and I think you are pretty young. It's about the only serious one I can think of that doesn't have an immediate bar to entry w/ high qualifications.

http://careers.mandaracapital.com/junior-commodity-derivatives-trader-london

Good luck with it all.

Thanks for the suggestion mate but I have a bit of a dilemma.
One of my core principles is to not waste people's time, and in return I expect the same from them. They have explicitly stated "Essential: 2-5 years’ trading experience", so since I am aware that I have only 6 months, then I am knowingly wasting their time by making them read my application.

On the other hand...feedback would be amazing!
But again... even my 6 month record is nothing worth showing anyone...with it's 64% drawdown and is currently in the red from the initial deposit. I mean... if I was looking to hire someone and they applied to me, totally disregarding what I said was essential, I wouldn't trust them with my capital. If I can't trust them to follow simple guidelines, then I couldnt expect them to take money from a complex market

I think what I will do is wait another few months to a year before applying to them. In the meantime I will focus on my record on this mini account. I have an application in with a firm willing to pay trainees to complete their program. It's very VERY small money but they are hitting all the right buttons for me. What sort of a scammer elects to pay €12k/year to train the future employees? I also realise that this place I speak of is probably almost as rare as hens teeth.

I am at a crossroads right now. I have that application in, but if I don't get an interview date by Christmas (program starts next Summer) then i'm out of this sh!thole! I renewed my passport last week because this firm says i'll need it (if successful) but regardless of whether I am successful, i'll be using that passport soon. Likely i'll go to the UK, but I have no children, no partner, no belongings... the world is my oyster...well...the parts that I can afford anyway :LOL:
 

Nowler

Experienced member
1,515 225
Basically her take on how she dealt with her dyslexic condition in trading. As for EW, unless you want to spend 10 years of your life learning it.

Also on price action I suggest you check out this website as there is a free course offered on trading. It is not those draw you in to buy stuff site. There are plenty of quality stuff in there.

https://adamhgrimes.com/marketlife-free-trading-course/

@Brumby

I have to draw attention to this again.
This is very helpful!
I have started the second last module and so far it has been hugely beneficial!
Admittedly, I haven't really been doing the homework after each module but I will start it over again after I give it the once over. The homework makes logical sense. I can see what he's trying to instill.

The course reinforces some of the things that I learn myself and it teaches me new ways to look at things, but possibly just as important as both of those, it provokes thought! I highly recommend that anyone new to trading definitely have a careful look at this! So if you are learning anything from this journal, let this be one of those things you pick up.

I have on occasion disagreed with him but then think more about it and perhaps he's right. I think he even says something about it at one point. About feeling free to disagree with him, but at least know exactly why you disagree. Same with agreeing I guess...

Anyway, I was just doing the second last module and I found myself thinking about how beneficial this has been so far and wanted to highlight it to any new or somewhat struggling traders and to say thanks to you again.

So thanks! :LOL:
 

Nowler

Experienced member
1,515 225
Just a quick update:

Not really much to report for the last 2 weeks...just been reading, watching, learning.
I did lose another bit out of my account but that was me mucking around on the oil markets :)
It was educational but it was also just a bit of fun too.

It's got me thinking though...perhaps I should put another little bit on the account because at my current balance (mini account) the smallest unit of oil I can trade is about 4% of my account, which is breaking my 2% rule and is also playing on my psychology. Obviously when I am trading oil and I know I am over extended (4%) I act different...I am spooked more easily.

I just think putting another little bit of the account will help me out. I like trading oil markets too, but I don't want to be putting 4% on my trades as standard.

Apart from that, I am just experiencing and learning.
I have been looking for positions I can build in to over 2 days to a week. It's a different perspective I guess...

Anyway,
That's all I have to say.
I might not bother updating every week like I was doing. I'll just give you the direction I am going in and then update when I have something I feel is worth adding.

Tight lines, folks!
 

Nowler

Experienced member
1,515 225
Suggestion to readers:

In my best commercial voice...

"Is your wife unsatisfiii....*cough cough* wrong commercial..."

"Do you use a variety of web sources to refine your knowledge about the financial markets? Would you prefer to avoid having to thrall through so many sources BUT still get all of the same information, from the sources you prefer?

Well today is your lucky day! Ladies and germs, I have for you today this revolutionary but simple life hack! No more you'll go waltzing matilda! For folks, I have for you this gift from the gods!!... *gather around..*

R..S..S.."

Description: RSS is a type of web feed which allows users to access updates to online content in a standardized, computer-readable format. These feeds can, for example, allow a user to keep track of many different websites in a single news aggregator.

I am not tech savvy!
So if I can easily do this, then so can you.
Your web source must have RSS feature enabled but basically all I did was downloaded/installed (Free) a widget from the Play Store/App Store and then opened it up. I went to favourite web sources of market information and located their RSS button somewhere on the page, copied the links for the pages of information updates I wanted (Can choose all, or individual. eg. fundamentals, technical analysis, Gold/Oil/Currency market etc..). Paste that link into the widget you just installed on your home screen of mobile device and save! Do that with all the ones you want and presto! No more going through multiple sources for your info! You can set your widget to continuously check your sources or periodically. Now all your information comes through the one terminal.
 

Nowler

Experienced member
1,515 225
Looking for your input:

Can someone give me a good reason why I shouldn't, when I find a high probability move, enter with 1-2% and then add .5-1% on every pullback on the 1-5min chart? Spread betting forex.

I always use stops and after each pullback, I would move the previous stops up to the next pullback level.
In the few times I tried it, I was risking more than I was making, but I was aware of this. I wouldn't use that strategy on just any trade. Only the highest probabilities I encounter.
Obviously having more risked than I intend to gain is going against one of my 2nd tier rules, but should something being outside of my core principles mean I shouldn't play with it, manipulate it, see if I can make something good of it?

I understand that slippage is something that will come to a few minds, but my broker doesn't show gaps for some reason, and takes the opposite side of my trades...so would that mean my stops will always take me out at the predetermined level? Disregard widening spreads for a moment.
 
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