I like this post, shows honesty and the ability to see weakness in your doing... I will be reading more....
I like this post, shows honesty and the ability to see weakness in your doing... I will be reading more....
well i have nothing to sell,at the moment!
so from 13.00-1500.2hrs,a half arsed effort even by my standards but managed to scalp about 25 points on the ftse and euro.which i will be happy with as sometimes i can be sat for 10hrs and end up negative but feel like ive tried.
2)no trading in bed-pretty self explanatory.i could wake up,look in on the markets and be tempted to try and scalp a quick few points on a set up that looks tempting only for it to go the other way and then have to try and scalp back over hours.
3)no more mobile trading(i can say im 99.9% there with this one) but still sometimes tempted,once again on setups which look good but arent as good once other markets are considered which i cant see simultaneously on mobile.so i have a new mantra for when im tempted to take a trade on mobile -CUT OFF YOUR FKING HAND BEFORE YOU TAKE ANOTHER MOBILE TRADE and i also remind myself how i might scalp the odd point or two but usually in the past its resulted in big losses and hours of pain,so in the grand scheme of things,its not worth it.
some things i am doing better which are saving me a few points,not to mention pain/stress/time is
no news trading,staying away from open/close-charts dont conform around these times,closing out before close saving on roll charges,increased spreads and dividends.
my strategy has also evolved where i look for trades with a 2-5 point risk.now the challenge is to accept that risk and cut the loss and not want to be right all the time.and also not just to take trades out of boredom.one thing for sure this year i will be keeping my sh1t?(stops) tight
2)no trading in bed-pretty self explanatory.i could wake up,look in on the markets and be tempted to try and scalp a quick few points on a set up that looks tempting only for it to go the other way and then have to try and scalp back over hours.
3)no more mobile trading(i can say im 99.9% there with this one) but still sometimes tempted,once again on setups which look good but arent as good once other markets are considered which i cant see simultaneously on mobile.so i have a new mantra for when im tempted to take a trade on mobile -CUT OFF YOUR FKING HAND BEFORE YOU TAKE ANOTHER MOBILE TRADE and i also remind myself how i might scalp the odd point or two but usually in the past its resulted in big losses and hours of pain,so in the grand scheme of things,its not worth it.
some things i am doing better which are saving me a few points,not to mention pain/stress/time is
no news trading,staying away from open/close-charts dont conform around these times,closing out before close saving on roll charges,increased spreads and dividends.
my strategy has also evolved where i look for trades with a 2-5 point risk.now the challenge is to accept that risk and cut the loss and not want to be right all the time.and also not just to take trades out of boredom.one thing for sure this year i will be keeping my sh1t?(stops) tight
Self control is key and you seem to be working that way.
Keep in mind, the market never beat any trader, they beat themselves. The market just moves blindly up and down, it doesn't see us in its way. If we fail to adapt to what it does, it steamrollers over us.
The 3 key elements of discipline I have learned are -
1) always use TA to find a rational stop loss level - only a tiny percentage of the dissenters are winners
2) always set a limit order - when price reaches your profit target, take the profit
3) learn about how price behaves in the losing trades - when I realised that whenever price got more than 50% of the way to my TA stop level, it usually would not recover, I started setting my stop at only halfway to the level identified by my immaculate TA - radically improved my r:r rate overnight.
Keep in mind, the market never beat any trader, they beat themselves. The market just moves blindly up and down, it doesn't see us in its way. If we fail to adapt to what it does, it steamrollers over us.
The 3 key elements of discipline I have learned are -
1) always use TA to find a rational stop loss level - only a tiny percentage of the dissenters are winners
2) always set a limit order - when price reaches your profit target, take the profit
3) learn about how price behaves in the losing trades - when I realised that whenever price got more than 50% of the way to my TA stop level, it usually would not recover, I started setting my stop at only halfway to the level identified by my immaculate TA - radically improved my r:r rate overnight.
try not to be too close to the market, she will numb you..... working hard does not mean better results in trading... you cannot control the market.... if you have to work harder work on your plan, on your creativity in creating your plan/vision/objectives. You need to create a strong foundation before you do anything else, then it does not matter what will happen during every day, it will not shake you and if it does it will not blow you away.
fugazsy/tom i totally get your points.
i have been getting in my own way and tripping myself up.the main problem has been that i have not wanted to take a loss and always thought i could trade myself out of a losing position.
before i didnt like stops and didnt even know where to set them but now i do and just have to learn to accept them,which i am getting better at doing.
so apart from being insane and thinking i should win every trade,the other thing i was doing without really conciously knowing it,i was trying to call the exact tops and bottoms and then inevitably being wrong and adding to them.its a wonder im not far deeper in the red than i am.
but my strategy has evolved and now rather than trying to catch the exact tops or bottoms,i let the market tell me what my risk is before entering.the strategy is still not infallible but on back testing in previous instances where i would be -300-500 points,with this i could get out for -30-50 as long as i stuck to it and not get frustrated by having 1-7 losing trades in a row(extreme scenario)
i have been getting in my own way and tripping myself up.the main problem has been that i have not wanted to take a loss and always thought i could trade myself out of a losing position.
before i didnt like stops and didnt even know where to set them but now i do and just have to learn to accept them,which i am getting better at doing.
so apart from being insane and thinking i should win every trade,the other thing i was doing without really conciously knowing it,i was trying to call the exact tops and bottoms and then inevitably being wrong and adding to them.its a wonder im not far deeper in the red than i am.
but my strategy has evolved and now rather than trying to catch the exact tops or bottoms,i let the market tell me what my risk is before entering.the strategy is still not infallible but on back testing in previous instances where i would be -300-500 points,with this i could get out for -30-50 as long as i stuck to it and not get frustrated by having 1-7 losing trades in a row(extreme scenario)
A HOLISTIC APPROACH
getting stuck in bad positions and putting the rest of your life aside,your family,friends,even health.
im putting my trading aside this year.i'll be putting in a good few quality hours(between 1-8hrs/day) and then forgetting about the markets and focusing on those areas ive been neglecting.
1)get a good nights sleep(7/8hrs)-no need to pretend your superhuman and can get by with 4hrs because your all consumed by your passion for the markets.doesnt matter how much your making because it really isnt necessary but your choice if you want to just dont expect any sympathy or comfort or kudos (going off topic,but you will know who these masters of the universe are)
2)no scrolling through mobile in the middle of the night
3)cut down on salt/sugar(better diet)
4)make better use of gym membership
5)drink more water
6)read more(not about trading)
7)meditate
8)take a daily multivit-cant believe how much of a chore i made of this.they are not to be taken on an empty stomach. i used to think i'll take one after dinner and then forget.now i just have one in the morning with gulps of water and its out of the way
9)less procrastination.just get on with what needs doing rather than have it linger on your mind and be reminded of it during a bad trading session adding to your stress.
some of my new years resolutions.
but all should be eased this year as i finally come to accept stops which means i will not be held hostage by the markets for endless hours.this aspect is the most demoralising and its like a relief as i will not be allowing it to happen any longer(i think!)
getting stuck in bad positions and putting the rest of your life aside,your family,friends,even health.
im putting my trading aside this year.i'll be putting in a good few quality hours(between 1-8hrs/day) and then forgetting about the markets and focusing on those areas ive been neglecting.
1)get a good nights sleep(7/8hrs)-no need to pretend your superhuman and can get by with 4hrs because your all consumed by your passion for the markets.doesnt matter how much your making because it really isnt necessary but your choice if you want to just dont expect any sympathy or comfort or kudos (going off topic,but you will know who these masters of the universe are)
2)no scrolling through mobile in the middle of the night
3)cut down on salt/sugar(better diet)
4)make better use of gym membership
5)drink more water
6)read more(not about trading)
7)meditate
8)take a daily multivit-cant believe how much of a chore i made of this.they are not to be taken on an empty stomach. i used to think i'll take one after dinner and then forget.now i just have one in the morning with gulps of water and its out of the way
9)less procrastination.just get on with what needs doing rather than have it linger on your mind and be reminded of it during a bad trading session adding to your stress.
some of my new years resolutions.
but all should be eased this year as i finally come to accept stops which means i will not be held hostage by the markets for endless hours.this aspect is the most demoralising and its like a relief as i will not be allowing it to happen any longer(i think!)
never try calling the tops or bottoms
what does this statement mean? everything is already implied in it but i think it should be broken down further to make it even simpler and even more glaringly obvious.
if a market is up 200 points or down 200 points,it does not mean it cannot go up or down by another 200 points.this is when its at its most dangerous.
what does this statement mean? everything is already implied in it but i think it should be broken down further to make it even simpler and even more glaringly obvious.
if a market is up 200 points or down 200 points,it does not mean it cannot go up or down by another 200 points.this is when its at its most dangerous.
a0
Regarding TOPS/BOTTOMS.
Sorry I have a different perception..... markets get tired and traders needs to take profits.... here I am happy to enter, I am entering with the majority at that tome in my view, of course I will be quick in my trailing stop....... and I may also take some profit on the way..... if I am stopped out not a big deal...... but if I am right and the market turns for a bit and I have the balls to stay sit, I will probably made my month, I only need a few of those in a month.
The trick is to be able to read when the above will happen.....anyway it may not be your way..... they are many way......markets are neither wrong or right they just are.
Please take my post as an act of showing you something from a different angle and ask any questions if you like.
Fugs
Regarding TOPS/BOTTOMS.
Sorry I have a different perception..... markets get tired and traders needs to take profits.... here I am happy to enter, I am entering with the majority at that tome in my view, of course I will be quick in my trailing stop....... and I may also take some profit on the way..... if I am stopped out not a big deal...... but if I am right and the market turns for a bit and I have the balls to stay sit, I will probably made my month, I only need a few of those in a month.
The trick is to be able to read when the above will happen.....anyway it may not be your way..... they are many way......markets are neither wrong or right they just are.
Please take my post as an act of showing you something from a different angle and ask any questions if you like.
Fugs
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different perceptions is what makes the markets.
perhaps my view was more for a beginner trader.as for myself,i used to think a market was up 10 points,now it had to drop.then i realised it could go up 50-now it must drop.150,250,500,1000! ive held for mins/hours/days/weeks waiting for this exhaustion.
but now i know its best to have a stop!
someone asked about % returns
all i can say is % returns dont concern me.it seems a wasteful exercise calculating it,you could go on to draw pie charts or graphs to show your % returns if you so desired.im interested in points(dont like the word pips)
people say you need a 50k account to start with.i say thats a surefire way to blow it.
this is what im working towards
start with £500 play £1pp build it up/blow it(repeatedly)
get to £2000 increase stake £2
get to £5000 increase stake £3
£10000 £4
£15000 £5..........
looking for 10-20 points a day(not refusing more should they come your way)
if your account falls below the level of the previous tier,reduce your stake size.
SO with a £500 acount you might make 20 points ie £20 a day. are you one to say thats only £20 or are you one to say whoopee thats a whopping 4% in a DAY
at £5 you make £100 or only 0.6%
so as i say to me % doesnt matter.
all i can say is % returns dont concern me.it seems a wasteful exercise calculating it,you could go on to draw pie charts or graphs to show your % returns if you so desired.im interested in points(dont like the word pips)
people say you need a 50k account to start with.i say thats a surefire way to blow it.
this is what im working towards
start with £500 play £1pp build it up/blow it(repeatedly)
get to £2000 increase stake £2
get to £5000 increase stake £3
£10000 £4
£15000 £5..........
looking for 10-20 points a day(not refusing more should they come your way)
if your account falls below the level of the previous tier,reduce your stake size.
SO with a £500 acount you might make 20 points ie £20 a day. are you one to say thats only £20 or are you one to say whoopee thats a whopping 4% in a DAY
at £5 you make £100 or only 0.6%
so as i say to me % doesnt matter.
another milestone and seminal moment
ive now put in about 10k hours and taken 10k trades in the last 6yrs.
yet sometimes i feel like im right back at the beginning,after another loss which i let get out of hand.so i decided it was time to pause and regroup.
1747 trades this year.1267wins,59 draw,421 loss net -£1750
so the ******** arent getting much more than the spread out of me.they wouldnt be even getting that out of me if i damn accepted my stops.
i have somewhat of a strategy,only i have yet to fully allow it to work by accepting the stops.
i realise i have more work to do on the emotion side.rather than accept a small loss,i take it too personally and end up adding to it.70-80% of the time ive managed to work my way out of a big loss and the other 20% of the time i end up giving back weeks of gains and more.
i wanted to write a lot more and now its just escaped my mind!
ive now put in about 10k hours and taken 10k trades in the last 6yrs.
yet sometimes i feel like im right back at the beginning,after another loss which i let get out of hand.so i decided it was time to pause and regroup.
1747 trades this year.1267wins,59 draw,421 loss net -£1750
so the ******** arent getting much more than the spread out of me.they wouldnt be even getting that out of me if i damn accepted my stops.
i have somewhat of a strategy,only i have yet to fully allow it to work by accepting the stops.
i realise i have more work to do on the emotion side.rather than accept a small loss,i take it too personally and end up adding to it.70-80% of the time ive managed to work my way out of a big loss and the other 20% of the time i end up giving back weeks of gains and more.
i wanted to write a lot more and now its just escaped my mind!
one more thing i wanted to write about....
over the years ive reached out to about 6 people(met on forums like this)
and i have proposed a collaboration.
ive said lets discuss and take live trades together in real time. no one has taken me up on this offer.
so you would assume they must be doing well and didnt need to collaborate with anyone but months or years later they are still going round in circles,clutching at everything else but my proposal.
i wasnt guaranteeing that a collaboration would work.it was merely to have someone to talk to during live trading which would perhaps stop one another from making silly mistakes one makes out of simple boredom.
........anyway that deals off the table.i am more secure in my mind and dont need the distraction anymore
but you will be able to subscribe to my signals service in the future!
over the years ive reached out to about 6 people(met on forums like this)
and i have proposed a collaboration.
ive said lets discuss and take live trades together in real time. no one has taken me up on this offer.
so you would assume they must be doing well and didnt need to collaborate with anyone but months or years later they are still going round in circles,clutching at everything else but my proposal.
i wasnt guaranteeing that a collaboration would work.it was merely to have someone to talk to during live trading which would perhaps stop one another from making silly mistakes one makes out of simple boredom.
........anyway that deals off the table.i am more secure in my mind and dont need the distraction anymore
but you will be able to subscribe to my signals service in the future!
i will if im still at your level in another 8yrs
its masterfull women i like.not men
dbphoenix
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If you're looking at another 8 yrs, 14 altogether, wouldn't it be wise to put together a trading plan?
Precisely,Sherlock.
