reminiscence of(yet) a (novice)trader

aag100

Established member
613 35
First 'bad' needs to be defined. The only bad trades are those where you have broken your own rules. Aside from that there are only winning and losing trades.

Any reason for entering has no bearing on the outcome. Exits make or lose money, nothing else.
i find that either beyond my comprehension or absurd.
an entry has to be a part of the plan.just as you might have a reason to exit with a win or loss you must have a reason to enter.if you have reason to enter then surely it must have some importance.unless you decide on entering with a flip of a coin then start up your trading platform,fire up your charts and then see where you are and decide whether you should exit or not with either a win or loss.
 

nunrgguy

Established member
656 118
:LOL:

At the moment after you hit the enter button are you in profit or loss? Answer: loss: your entry loses you money INSTANTLY.

The market will then do whatever it does, no matter what your reason for entry. You cannot predict the future and your entry has no bearing on the market whatsoever.

The only thing you control is your position, your risk and your exit and it's your exit that will win or lose you money. Until you believe otherwise you will bleed money.
 

aag100

Established member
613 35
:LOL:

At the moment after you hit the enter button are you in profit or loss? Answer: loss: your entry loses you money INSTANTLY.

The market will then do whatever it does, no matter what your reason for entry. You cannot predict the future and your entry has no bearing on the market whatsoever.

The only thing you control is your position, your risk and your exit and it's your exit that will win or lose you money. Until you believe otherwise you will bleed money.
opposing views is what makes a market.
what if there is zero spread so after youve hit enter your not in profit or loss.
the market will do whatever it does,you can not predict the future but isnt this exactly what you are trying to do.
ok by controlling the exit will prove whether you were right or wrong so you might attach a greater importance to exit but without an entry the exit wouldnt exist....
so to me they are equally important.
 

nunrgguy

Established member
656 118
opposing views is what makes a market.
what if there is zero spread so after youve hit enter your not in profit or loss.
the market will do whatever it does,you can not predict the future but isnt this exactly what you are trying to do.
ok by controlling the exit will prove whether you were right or wrong so you might attach a greater importance to exit but without an entry the exit wouldnt exist....
so to me they are equally important.

No, you aren't trying to predict the future. You can't. Tell me otherwise :LOL:
 

aag100

Established member
613 35
No, you aren't trying to predict the future. You can't. Tell me otherwise :LOL:
i cant predict the future.i bet one way or the other,if im correct perhaps i did.
 

aag100

Established member
613 35
week ending 24/10/13

trades points avg
win 37 120 3.24
draw 12
loss 17 -144 8.47
total -24


tired of taking small wins the past couple of weeks i let patience and discipline slip,wanting to hit home runs.
practically every trade i took i could have entered and exited by 5-10+ points better.i really need to address this inefficiency and then there was some losing trades of -32,-20,-17 which should have been cut sooner.
i used to think paper trading was a waste of time but that was when i didnt know that you were supposed to paper trade to a plan.it could just be what i need to try.will see how the next couple of weeks turn out.
choose between the pain of patience or the pain of defeat!
 

aag100

Established member
613 35
still in the game,havent blown my account yet.
had a few slow boring weeks where i grinded out 20-30 points and then i did it again,two disasterous weeks of -250 and -150.due to the 2 same mistakes i keep repeating and cant seem to help myself from making.1)entering when i know i shouldnt but telling myself i'll cut it if it goes against me and then 2)not cutting.sometimes 3)doubling/tripling up.
grinded out +50,+60 last 2 weeks by trying to remember not to make those same mistakes.
its a slow painful process but each time im knocked back i like to think im rebuilding myself to come back stronger.
 

Pat494

Legendary member
13,758 1,383
You certainly have earned A+ for effort.

My advice having read some of your pages is to take the emotion out of it and trade like a robot following The Rules.

I was thinking of buying a punch bag and writing markets all over it.

:)
 

aag100

Established member
613 35
You certainly have earned A+ for effort.

My advice having read some of your pages is to take the emotion out of it and trade like a robot following The Rules.

I was thinking of buying a punch bag and writing markets all over it.

:)
and a U for discipline but im getting there.i am less emotional but still hate cutting those losses early.i try to keep reminding myself that winning back a loss of 10-20 points is easier than trying to win back a loss of 50-100 points but it hasnt quite reached the subconcious competent level yet.
last week i was short dax from the previous wednesday.i watched the positions go against me to -200 points.extremely annoyed with myself for not cutting it sooner,i calmed myself down and started scalping telling myself id cut if the new positions went against me more than 20 points.i kept that focus and scalped back 120.the dax finally came back and i got out with a net loss of 25 points.then it went down another 250 points(SOB) but i was relieved to have got out with a minor loss.theres nothing like the pain of losing to help focus the mind.
i must have markets written all over me,i seem to be that punch bag in my mma classes!
 

cerberuz

Newbie
3 0
aag, great post. i've been in pretty much the same situation as you for the past year or so, so i'm far from being successful. but here's my 2 cents anyway

i'm trading using 10m frame as well (in combination of 15m and sometime 30m). i reckon there are on average 2 or 3 good opportunities every week for a decent entry, or even less. i too traded between 5 to 10 times a week, which, with no exceptions, make up the causes for my losses.

but recently i've started to trade much less, and started to break even. so, in this business, less is definitely more.

you talked about the market being rigged. well. of course it is. but not quite in the same sense that you said.

the whole place is a casino, with everything, everywhere, designed and executed to take money out of your pocket. does you vendor have a hand in it? probably. mine certainly is a bit naughty every now n then, flashing couple of pips more than it shows on the chart. but being a casino, your vendor is the dealer, the last man in the line of commands. his main job is to keep you playing. Deliberate 'un-sporting' behaviour is unnecessary, and ruins his reputation in the long run, which will see him losing his job.

So why is it that time and again the market hits your (and my) stop loss before resuming your predicted direction? Why is it that you are (and I am) lured into entering at what turned out to be the worst place for an entry and bailing out at the worst exit so often?

I don’t have any actual data to back my answer to that question, but I’m pretty certain that you and I represent the average of such a large group of yet-to-be-successful traders, and our behaviours have been so extensively studied that the ‘house’ knows EXACTLY how to make us leap at an entry and an exit. and it will treat us like lemmings by doing it again and again, but we do behave like lemmings and keep on jumping. I know this sounds like all the other ‘trading know how guides’ and ‘trading psychology need to know’ stuff (seems hardcore advice, but really is unsubstantial non sense), but maybe you should (I am certainly trying) think about not just what the market is going to do next, but also what the market, or the house, want YOU to do next.

On a different subject. This is my own preference, and many people are indeed making a living out using indicators. But personally, I think trading using indicators is like waiting for the bank alarm to ring before jumping into your patrol wagon – you always get there a step too late and end up in a chase. Only the car you are chasing is driven by professional, and you only just got your driving license and had a few crash courses at the academy. The chances are, you’ll crash, and the getaway car keeps on skipping into the distance. And if you paper trade, it’s like giving chase in a video game - if you crash, there’s always a reset button.

Anyway, happy new year and happy trading.
 

spreader_legger

Well-known member
447 38
Indicators are always historical in their very nature. The market is forever evolving, with an infinite possible future outcomes available. From my understanding, the main drivers in terms of short-term movements are the Central and Tier 1 banks - bucket shops and spread betters will also control their own synthetic markets to a point.

Although Systemic systems do work - and some will, but not in every market condition or market situation, I am intrigued by the notion of "dancing with the market" .... so no fixed stop-loss or take profit in place. Being flexible and being able to adapt is in my opinion the most profitable and sustainable way to be ..... so jump in early on a trend, keep adding to your winners, take profits on some of the position when price action stabilizes .... add again after retracement.

Money management is ultimately the key IMHO ... this is how I'm learning to trade short-term. Note that to date, I have mainly traded medium to longer-term strategies.

Wishing you guys a prosperous and happy new year!
 

aag100

Established member
613 35
tally for 2013.

trades points average
win 1100 4099 3.72
draw 191
loss 381 6740 17.69
total -2641


i'll write that off as the cost of doing business.surprised it actually wasnt more with some of the ridiculous trades i took and then didnt cut as i watched them go against me.-630 points alone in the last 2 weeks of 2013.
2 shorts in ftse and 2 in dax finally throwing in the towel at -630.would have lost another 400 if i had held.it was nice to see them continue the rally as normally the SOBs reverse as soon as i cut.
2014 will be totally different as ive resolved to cut losses at 10-20 points with a maximum loss i'll allow of 200 points for a month and the following month i'll just paper trade working on strategy.
happy new year all.
 

rsh01

Experienced member
1,184 299
tally for 2013.

trades points average
win 1100 4099 3.72
draw 191
loss 381 6740 17.69
total -2641


i'll write that off as the cost of doing business.surprised it actually wasnt more with some of the ridiculous trades i took and then didnt cut as i watched them go against me.-630 points alone in the last 2 weeks of 2013.
2 shorts in ftse and 2 in dax finally throwing in the towel at -630.would have lost another 400 if i had held.it was nice to see them continue the rally as normally the SOBs reverse as soon as i cut.
2014 will be totally different as ive resolved to cut losses at 10-20 points with a maximum loss i'll allow of 200 points for a month and the following month i'll just paper trade working on strategy.
happy new year all.
If you dont mind me stating the bleeding obvious, you have some serious MM issues which need to be resolved, however lets move onto the easy fixes.......stop trading equity indexes if you want to 'swing' day trade (scalping no doubt is viable, trading the trend wld be also) unless your MO is buying pullbacks (shame it wasnt).....try smthg which actually does fluctuate ie fx (not the best mkt but v liquid....allegedly), or commods......perhaps then you can understand price for what it shld be known as.... just a number.......or cash all your assets in and buy stocks at any price til the ctrl +p ends sometime towards the end of this year for US (guess), or 2015 for euro stocks.


To edit and mirror others, sterling work rate......just need to adjust the crosshairs slightly and continue....g/l.


Take all of this with a pinch of salt, sounds familiar though hence my 2p's worth.
 
Last edited:

aag100

Established member
613 35
If you dont mind me stating the bleeding obvious, you have some serious MM issues which need to be resolved, however lets move onto the easy fixes.......stop trading equity indexes if you want to 'swing' day trade (scalping no doubt is viable, trading the trend wld be also) unless your MO is buying pullbacks (shame it wasnt).....try smthg which actually does fluctuate ie fx (not the best mkt but v liquid....allegedly), or commods......perhaps then you can understand price for what it shld be known as.... just a number.......or cash all your assets in and buy stocks at any price til the ctrl +p ends sometime towards the end of this year for US (guess), or 2015 for euro stocks.


To edit and mirror others, sterling work rate......just need to adjust the crosshairs slightly and continue....g/l.


Take all of this with a pinch of salt, sounds familiar though hence my 2p's worth.
i dont mind at all.i will be taking a serious look at all aspects of my trading.i know i can win if i just stop repeating the same 2/3 mistakes i make.
 

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