But you've been at this point before, not least 3 years ago. I can see you know the rules, you know the tactics, you understand trading psychology (even if you can't apply it), you understand the game.
But it is the wrong game.
But you've been at this point before, not least 3 years ago. I can see you know the rules, you know the tactics, you understand trading psychology (even if you can't apply it), you understand the game.
But it is the wrong game.
everything is now in place.i just have to execute the strategy according to the plan and remember to cut losses without letting ego and emotions get in the way,this has been my biggest downfall.
ive been looking for too much action too.now i know i have to wait for the right setup.before i didnt even know what my risk was.lately ive known it but chosen to ignore it.
thank you for holding me up against your high standards.ive seen too many there theres,your doing great.not to me personally but this site will be littered with such sentiment.
im coming back stronger and better!
tokyojoe
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I had a good read of this thread aag100, you are one battle hardened mother-lubber, quite a journey mate.
For what it's worth all I can say is I realised after about 2 years in that this game is a vacuous time zapping endeavor & the only way for me to stay in the game was not to devout my life to it, no matter how well I did or how disastrous the outcome.
I simply don't care for it enough to let it consume me. I personally know one poor bugger who left a great job as a quant (of all things) in London & spreadbet full time using his savings, 5 years later he is £10k down, it's not the £10k down that is the problem it's the fact he has not earned a single penny since leaving a well paid job 5 years ago & is now so hell bent on making it work that he's drifted worryingly into the mad delusional zone.
Something that may help you, I only trade (well synthetically trade/SB) part time, when I'm in, max 3 hours. I know I miss loads of opportunities at say 10.30am etc, but I simply don't care. This has helped me stand completely remote from the market, I get involved when it favours my conditions.
I've had days when the market has told me I've cracked the enigma code, then it's put it's DM boots on, sounds like you've been there.
Do I always make money ? no
Do I always hit the sweet spot ? no
Do I care ? no
Do I think many people genuinely make a good consistent living at this ? err that'll be a resounding no.
I make some, I lose some, main thing is I just don't care, it's a great second potential income stream, nothing more, I never intend for it to be so thank God.
For what it's worth all I can say is I realised after about 2 years in that this game is a vacuous time zapping endeavor & the only way for me to stay in the game was not to devout my life to it, no matter how well I did or how disastrous the outcome.
I simply don't care for it enough to let it consume me. I personally know one poor bugger who left a great job as a quant (of all things) in London & spreadbet full time using his savings, 5 years later he is £10k down, it's not the £10k down that is the problem it's the fact he has not earned a single penny since leaving a well paid job 5 years ago & is now so hell bent on making it work that he's drifted worryingly into the mad delusional zone.
Something that may help you, I only trade (well synthetically trade/SB) part time, when I'm in, max 3 hours. I know I miss loads of opportunities at say 10.30am etc, but I simply don't care. This has helped me stand completely remote from the market, I get involved when it favours my conditions.
I've had days when the market has told me I've cracked the enigma code, then it's put it's DM boots on, sounds like you've been there.
Do I always make money ? no
Do I always hit the sweet spot ? no
Do I care ? no
Do I think many people genuinely make a good consistent living at this ? err that'll be a resounding no.
I make some, I lose some, main thing is I just don't care, it's a great second potential income stream, nothing more, I never intend for it to be so thank God.
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its a difficult game.more chance of becoming a brain surgeon(pass rate 27% or so,compared to this 2-5%).
Your friend is of similar experience to me and could be someone I can work with.
Let him know.
tokyojoe
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I don't want to sound too negative about it, I know another guy who made a fortune in web start ups back in the day & now trades full time, he loves it. I thought my £20pp (which I no longer do) was billy big b@llocks, he does between £80 & £200pp & often holds long term
At the end of the day it's just not my idea of a future sat in front of monitors. I guess it depends on peoples life stage, relationship with money, personal relationships etc.
You mention working with the ex Quant, if a quant can't make a dime after 5 years while dwindling his savings I don't imagine he will after another 5 years. People talk about putting in a gazzilion hours, blood sweat & tears, but to my mind it reaches a stage where it is simply addiction.
It's like this at the end of the day........... you place a "trade" the SB will without a shadow of doubt take your position to an uncomfortable place (or worse simply take your hard stop that you've broadcast to them if it's too tight) while their "wrapped price" does what it likes (to a degree) unless you have entered with true market traction.
No amount of studying the market or 50 million hours of screen time is going to change this very real & very important fact. The quant will not make a jot of difference.
I don't want to sound too negative about it, I know another guy who made a fortune in web start ups back in the day & now trades full time, he loves it. I thought my £20pp (which I no longer do) was billy big b@llocks, he does between £80 & £200pp & often holds long term
At the end of the day it's just not my idea of a future sat in front of monitors. I guess it depends on peoples life stage, relationship with money, personal relationships etc.
You mention working with the ex Quant, if a quant can't make a dime after 5 years while dwindling his savings I don't imagine he will after another 5 years. People talk about putting in a gazzilion hours, blood sweat & tears, but to my mind it reaches a stage where it is simply addiction.
It's like this at the end of the day........... you place a "trade" the SB will without a shadow of doubt take your position to an uncomfortable place (or worse simply take your hard stop that you've broadcast to them if it's too tight) while their "wrapped price" does what it likes (to a degree) unless you have entered with true market traction.
No amount of studying the market or 50 million hours of screen time is going to change this very real & very important fact. The quant will not make a jot of difference.
I don't care if he's quaint or queer.put it to him.let him decide if it's not too much trouble.
tokyojoe
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well since you asked so nicely, how can I refuse
Thank you
No cos the probability of that is non existent.but the little I do know would equate to genius next to a dumb ass like you
darktone
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The reason I ask is cos
I remember when I was around 5-6 years in that I really started to question if I knew much at all about trading. I mean sure I was well versed the usual tarder bullcrap, but the problem with bullcrap is, well, its bullcrap innit
Trading has become much easier since I dropped the bullcrap and fully embraced how much of a dumbass I am when it comes to 'being right' in the market.
I did a post on it somewhere, brb
Reuben Blamey
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Jesus this thread is very entertaining, but also painful to read. You should really re-evaluate whether trading is the right path for you. You're making the same mistakes as you were 6 years ago it seems.
after great pains,better come the great glory.
and yes most of the pain has been self inflicted by the repeat of some of the same mistakes i was making years ago.
mainly its been my inablity to accept a smaller loss by accepting the stop and then compounding it.
this has to change and i am working on it.
this one last fking aspect i have yet to accept.ive never given it a chance.my thinking has been ok i cut this loss -10(or whatever) then i cut the next one -10,then the 3rd and the 4th and the 5th....
this would be maddening.so where i might have 5 losses in a row equating to -50,
ive kept adding and lost -150+
but ive never given losing less a chance!
i could spend hours writing but u get the gist.
so now to lose less!
i think i owe you an apology.i misread the tone of your sage advice.
darktone
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No worries man
i would like to write a little about something ive repeatedly read.sadly its how many (aspiring)traders put in many hours a day into trading at the expense of their health/wealth/sleep/family/relationships/social life.....perhaps its a right of passage.
if your putting in countless hours and making gazillions of moolah(is that how u spell it,im not going to google it) then maybe its worth it.but if your putting in countless hours and its having all that detrimental effect then ***s sake reduce the amount of time your spending at the casino in fact take a break.a week or two or a month or two.use that time to think about what you have been doing.then come back and put in maybe an hour.if u still do sht,reduce it to 30mins,still sht-15mins.
still doing sht but u have now only lost 15mins.focus on doing better in those 15mins and once you are,begin to increase that,30mins,1hr,....maybe even build it up to putting in a days shift of 7-8hrs or even a full shift of uk open 8.00-16.30 close
there is absolutely no fking need to do 19hr days as these pretencious master of the universe cnts would have you believe
now back to my battle of accepting those god damn stops
if your putting in countless hours and making gazillions of moolah(is that how u spell it,im not going to google it) then maybe its worth it.but if your putting in countless hours and its having all that detrimental effect then ***s sake reduce the amount of time your spending at the casino in fact take a break.a week or two or a month or two.use that time to think about what you have been doing.then come back and put in maybe an hour.if u still do sht,reduce it to 30mins,still sht-15mins.
still doing sht but u have now only lost 15mins.focus on doing better in those 15mins and once you are,begin to increase that,30mins,1hr,....maybe even build it up to putting in a days shift of 7-8hrs or even a full shift of uk open 8.00-16.30 close
there is absolutely no fking need to do 19hr days as these pretencious master of the universe cnts would have you believe
now back to my battle of accepting those god damn stops
i was asked if i am a scalper or swing trader and i was quick to respond scalper because i dont hold the trades for too long and usually only take the odd point or two.
i then looked at this further and realised this was not true.my winning trades are scalps but my losing ones turn into swing trades,holding much longer(longer as in hours now and not as previously,days and even weeks,so a little better)
so the point is i havent known what i actually am!
.....on the road to accepting stops and not letting losing trades turn into swing trades
i then looked at this further and realised this was not true.my winning trades are scalps but my losing ones turn into swing trades,holding much longer(longer as in hours now and not as previously,days and even weeks,so a little better)
so the point is i havent known what i actually am!
.....on the road to accepting stops and not letting losing trades turn into swing trades
THE LAST TEMPTATION OF THE JEZEBEL TRADE
i have succumbed to this,what i shall call the jezebel trade,too often but wont be anymore.
the jezebel trade goes like this(on short side)
price goes up 10,20,30,40,50 points and you think it has got to reverse now to lets say the 20ma which is 50 points below.so you want to cash in on these 50 points and go short.instead the price keeps moving up another 50,100,150..so that now its 200 points above the 20ma and your position is -150.
instead,the thing to do is to go long with your stop at the 20ma.but i wouldnt want to risk 50 points.
so in short,the thing to do is to wait for a risk you are comfortable with.this is now what i have come to understand what the pros mean by getting in as close as you can to where you would be wrong.
i have succumbed to this,what i shall call the jezebel trade,too often but wont be anymore.
the jezebel trade goes like this(on short side)
price goes up 10,20,30,40,50 points and you think it has got to reverse now to lets say the 20ma which is 50 points below.so you want to cash in on these 50 points and go short.instead the price keeps moving up another 50,100,150..so that now its 200 points above the 20ma and your position is -150.
instead,the thing to do is to go long with your stop at the 20ma.but i wouldnt want to risk 50 points.
so in short,the thing to do is to wait for a risk you are comfortable with.this is now what i have come to understand what the pros mean by getting in as close as you can to where you would be wrong.
Thanks for sharing aag100. I'd like to throw up some comments if that's alright.
If we're chart traders, everything can be justified by the TA.
On the face of it, going short at p+50 sounds unjustified by the TA. Going long at p+50 might be justified by the positive momentum but its effectively a gamble on the fastest horse to stay in the lead.
Placing the stop at the 20MA might(!) be justified by prior price action that has found support or resistance along this line or at this price level but the line is otherwise meaningless.
Trend-following would be TA-based but you would want to wait for a higher-highs/higher-lows sequence - all we have now is one higher-high - then go long (or place a long order just above the new higher low). And then the TA will show you where to place a stop, such as below a previous higher low.
If we're chart traders, everything can be justified by the TA.
On the face of it, going short at p+50 sounds unjustified by the TA. Going long at p+50 might be justified by the positive momentum but its effectively a gamble on the fastest horse to stay in the lead.
Placing the stop at the 20MA might(!) be justified by prior price action that has found support or resistance along this line or at this price level but the line is otherwise meaningless.
Trend-following would be TA-based but you would want to wait for a higher-highs/higher-lows sequence - all we have now is one higher-high - then go long (or place a long order just above the new higher low). And then the TA will show you where to place a stop, such as below a previous higher low.
