Dow 2007

Flat. Out of that trade +1.

Net total -62, -£62 (I know, pips not pounds, but at least I didn't lose my shirt!) I have £375 of my starting £500 left, down from a high of £988.

Tomorrow, I am going to go out for lunch, read a book, perhaps have a beer. Tonight, I am going for a walk. Later on tonight, after food, I'lll finish the journal. Bring sack cloth and ashes along for my use, since I can't afford my own!

Tomorrow evening, I'll look at some charts and refine my system, rules, etc.

No trades until Thursday.

Off for food now.
 
One more thing I did wrong (covering the short prematurely)

jacinto said:
interestingly, you may have shorted a double top.
Click to expand...

I did, but I didn't have the will or the strength to stay in it. Anyway, I got out at +1, and the current price has me breakeven, so...

Looks like I'm the type of trader who catches the tops and bottoms sometimes, but not enough to make up for the losses. I wish I were the type of trader who could take chunks out of the moves, and was never in the market at a top/bottom.

This will be a relief for some of you here - I'm only trading £1pp. There were times as recently as a few weeks ago where I was routinely trading £4 and £5pp on the FTSE and Dow.

Oh dear - It''s at 557 now. I covered at 74.

Right, enough with the traders remorse, I need to turn this screen off for my own good. I just made another mistake (covering at +1 for no reason). At one stage, my average trade price was short from 45 and my banked loss was a mere £20. Maybe I could have got out of this one flat if I had just held on. This really isn't helping me. Chalk it up to experience I suppose.
 
jacinto said:
lurker,

think any feedback or comments from my end should be in your journal. I can only tell you one thing right now:

now you are in a trade. it is under water. you have a stop. when and if it is hit, go out for a walk. leave it alone. forget about it. dont trade again.

dont trade tomorrow. use the time to think.

all the best.

j
Click to expand...

Yes, I'm sorry.
Most of my posts belong in Lurker's journal.

I will move them now. They can be found at http://www.trade2win.com/boards/showthread.php?p=332191
 
Last edited:
Evening all, after a dismal start to the day for me, had a break, back to see if I can pull a few points out the bag.

LL, take it easy mate, have a day off, you still seem to be chasing the trade and perhaps overtrading.
 
lurkerlurker said:
Flat. Out of that trade +1.

Net total -62, -£62 (I know, pips not pounds, but at least I didn't lose my shirt!) I have £375 of my starting £500 left, down from a high of £988.

Tomorrow, I am going to go out for lunch, read a book, perhaps have a beer. Tonight, I am going for a walk. Later on tonight, after food, I'lll finish the journal. Bring sack cloth and ashes along for my use, since I can't afford my own!

Tomorrow evening, I'll look at some charts and refine my system, rules, etc.

No trades until Thursday.

Off for food now.
Click to expand...

You'll regret it.

Why not stick to your original plan which I thought was very good.

Re-read it and stick to it tomorrow. Outline your max loss you are prepared to accept and go with it.

I agree with most of the advice here. Set you SL and Limit and go off and cut the grass or something.

To join you if it's any consolation, I still feel this market is going down. 13500 or 13400+ regions at least. If it's not today it's tomorrow. My plan was to trade one way or another at least once with max 25 pip SL. Did that went away and came back and walked away again.

Also, try trading something else. Doing well on gold and fx today. Some markets are different and respond differently too. At the end of the day it's just technics... I'm up on the day despite the loss on the DOW. If one thing isn't working try something a little different.

You are displaying obsessive tendencies. A little like Lord of the Rings if I may suggest :eek: . The ring is dominating you and if you don't throw your obsession into the fire you will wither away.

Why not trade the NASDAQ. On CMC you have less margin and less risk?

Good trading all.
 
jacinto said:
hi FW, dont think you need to apologise about anything. I think your comments were with the best of intentions, and think the rest would agree.

j
Click to expand...

No worries jacinto, no offense taken :)
You were right though, most comments were specific to lurker's trading, so perhaps we should post more in his journal. After all, that's why he created it for.

Okay back to DOW, I've exited the second part of my long at breakeven...
Tomorrow I would expect a break out of this 50-point range the DOW is in from yesterday & today.
 
Atilla said:
To join you if it's any consolation, I still feel this market is going down. 13500 or 13400+ regions at least. If it's not today it's tomorrow. My plan was to trade one way or another at least once with max 25 pip SL. Did that went away and came back and walked away again.

You are displaying obsessive tendencies. A little like Lord of the Rings if I may suggest :eek: . The ring is dominating you and if you don't throw your obsession into the fire you will wither away.
Click to expand...

Not making fun of you Atilla, but you are starting to sound obsessive about shorts ;)

It can be dangerous getting fixed on a certain idea though. Just think of the number of days you've been shorting in anticipation of the big plunge. We all would like to nail it and catch if but I doubt any of us (in the least myself) will ride it whole the way down. The last couple of 7-8 weeks the market has been giving very little to shorters and now that the Nasdaq and Russell are making new highs, I think the bears will have to wait even longer.
 
I have to reiterate this mkt must be wrongfooting an awful lot of people ("it's going up", "oh, forget that, it's going down"!! etc etc). I'm sure it's very tempting to take the 'old hand' high ground here as we see the mistakes unfurl (& not being patronising LL...we've all made 'em - overtrading, not sticking to a plan, chasing losses etc), but I'd have to say, this is a really *really* tricky market to trade at the moment so don't beat yourself up too much. Oscar of OMNI fame caught a great few weeks BUTfor the past trading week at least, hasn't put a foot right! (180 degrees out of phase with the mkt!)....& I really rate him - he has a plan, a coherent entry/exit/stop.

the downside looks massive, yet the odds are still weighted to the upside on a trend basis...this is making for skittish indice moves which I honestly don't believe can be called with consitency on an intraday basis (albeit some on here appear to be doing ok).

I think the risks of going long at these levels are massive, yet shorts are being continuously scorched. Something has gotta give....there's no such thing as a free lunch - which is effectively what the bulls have dined on for just about every day for the pasttwo months- so be wary of a one day TOTAL slapping for the bulls (probably asia driven when it comes). Of course the killer here is not if but when!!

But until there's some kind of balance restored to this over extended run, it's effectively a gentrified casino.
 
Atilla said:
You'll regret it.

Why not stick to your original plan which I thought was very good.

Re-read it and stick to it tomorrow. Outline your max loss you are prepared to accept and go with it.

I agree with most of the advice here. Set you SL and Limit and go off and cut the grass or something.

To join you if it's any consolation, I still feel this market is going down. 13500 or 13400+ regions at least. If it's not today it's tomorrow. My plan was to trade one way or another at least once with max 25 pip SL. Did that went away and came back and walked away again.

Also, try trading something else. Doing well on gold and fx today. Some markets are different and respond differently too. At the end of the day it's just technics... I'm up on the day despite the loss on the DOW. If one thing isn't working try something a little different.

You are displaying obsessive tendencies. A little like Lord of the Rings if I may suggest :eek: . The ring is dominating you and if you don't throw your obsession into the fire you will wither away.

Why not trade the NASDAQ. On CMC you have less margin and less risk?

Good trading all.
Click to expand...

I had problems today. They got worse when I shorted at 45. I've just checked, and the market came back. Makes me feel worse, I've no idea why. Next, thing, I'll be advocating averaging down or something. Atilla, surely you can relate? You covered shorts near the high too. How do you manage that sort of emotional response when the market comes back without you?
 
firewalker99 said:
Not making fun of you Atilla, but you are starting to sound obsessive about shorts ;)

It can be dangerous getting fixed on a certain idea though. Just think of the number of days you've been shorting in anticipation of the big plunge. We all would like to nail it and catch if but I doubt any of us (in the least myself) will ride it whole the way down. The last couple of 7-8 weeks the market has been giving very little to shorters and now that the Nasdaq and Russell are making new highs, I think the bears will have to wait even longer.
Click to expand...

I hear you firewalker... My view is that we will have a fall this week and then a surge to 13700 as I have mentioned before.

I lost last week because I didn't stick to my plans. These threads will show you that. Today I considered a long but short looked better at the time.

Also, I have moved on to gold and fx and also looking at oil.

I wouldn't call it obsessiveness though it's just my point of view. It may well be wrong but got to stick with it.

I laugh at my self too sometimes and I think this is a great thread with a great bunch of people... :D No worries.
 
hobby said:
I have to reiterate this mkt must be wrongfooting an awful lot of people ("it's going up", "oh, forget that, it's going down"!! etc etc). I'm sure it's very tempting to take the 'old hand' high ground here as we see the mistakes unfurl (& not being patronising LL...we've all made 'em - overtrading, not sticking to a plan, chasing losses etc), but I'd have to say, this is a really *really* tricky market to trade at the moment so don't beat yourself up too much. Oscar of OMNI fame caught a great few weeks BUTfor the past trading week at least, hasn't put a foot right! (180 degrees out of phase with the mkt!)....& I really rate him - he has a plan, a coherent entry/exit/stop.

the downside looks massive, yet the odds are still weighted to the upside on a trend basis...this is making for skittish indice moves which I honestly don't believe can be called with consitency on an intraday basis (albeit some on here appear to be doing ok).

I think the risks of going long at these levels are massive, yet shorts are being continuously scorched. Something has gotta give....there's no such thing as a free lunch - which is effectively what the bulls have dined on for just about every day for the pasttwo months- so be wary of a one day TOTAL slapping for the bulls (probably asia driven when it comes). Of course the killer here is not if but when!!

But until there's some kind of balance restored to this over extended run, it's effectively a gentrified casino.
Click to expand...

Sure, you are absolutely right. Remember I thought DAX was going to open lower this am too, but it wouldn't have none of that. Since the iden of March the DAX rose 20%! :eek: :eek:

For sure something's gotta give at some point, but I don't see why longs at this level are risky... at least if you don't hold overnights. My risk is limited to my stop which usually is less than 10 points so even in the worst case scenario with slippage etc I can only lose as much. I'm waiting to see an important support level break before changing my bias from longs to shorts. Obviously on intraday basis there'll always be some short opportunities like Dinos has just pointed out (well done Dinos).
 
Last edited:
Dinos said:
short 61 cash
Click to expand...

I'll go one better. I shorted at 75 but was too chicken**** to follow through, so I covered at 74! Dinos - thanks for the PMs and advice, I appreciate it - thanks for also helping me with the system. The system worked perfectly today, and even helped me get in the aforementioned short. Unfortunately, my psychology is broken.

Atilla, hobby, firewalker, jacinto ; I'm going to write up my journal for today, and then respond to all your comments. Quite a bit to do, so please bear with me.
 
5, 10 & 15 Charts now bearish pn my charts, my hold this overnight with s/l, will see how we pan out before the close
 
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