I'm a masochist & it's hurting my trading :(

new_trader said:
Like I said, over 72,000 discussions in this forum over 10+ years
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This leads to one logical conclusion. Not one is good enough in trading to have the b*lls to demonstrate and teach in fron't of students his ability to trade. This is why I said with great confidence you did not know how to trade.
 
BeginnerJoe said:
This leads to one logical conclusion. Not one is good enough in trading to have the b*lls to demonstrate and teach in fron't of students his ability to trade. This is why I said with great confidence you did not know how to trade.
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Yes, I remember you said something like that.
 
How often one sees people looking far and wide for what they are holding in their hands

When the student is ready, the master appears
 
Learning to trade. -There are only a few ways to trade. But there are thousands upon thousands of pretty meaningless permutations of these few ways.

You can spend all your time playing with these variations for ever. Or you can try some of these few ways to see which one fits you. Then if you do want to spend your time looking at stuff, spend your time on money management and the odd tweak, to fit your personality or lifestyle.
 
advfntrader said:
what are the few ways then
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Trend, breakout or pullback.
Arbitrage
Spread
liquidity market maker
Reversals (top, bottom picking).

There are probably a few more but everything else is just variations on these themes.

What I am getting at is that people spend too much time going in circles, for example, there are countless ways to identify a trend, in fact to many ways (unless you have something to sell). At the end of the day you only need one way.

Time spent on curve fitting would be better spent on money management, account management, trade management, and your market behaviour. These are what will make the trader. Not shall I use the 20ma or the 21ema. The stochastic or RSI?
 
Jason101 said:
Trend, breakout or pullback.
Arbitrage
Spread
liquidity market maker
Reversals (top, bottom picking).
There are probably a few more but everything else is just variations on these themes.

What I am getting at is that people spend too much time going in circles, for example, there are countless ways to identify a trend, in fact to many ways (unless you have something to sell). At the end of the day you only need one way.

Time spent on curve fitting would be better spent on money management, account management, trade management, and your market behaviour. These are what will make the trader. Not shall I use the 20ma or the 21ema. The stochastic or RSI?
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Well said,...This is the single most valuable post I have read on T2Win.
(y)(y)(y)
 
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You lot---ahem!, I mean we lot, are going too give T2W a bad name! We are admitting the unadmittable, that we are human!
 
Splitlink said:
Say that again?

Bank unaware that 'rogue trader' had lost £1.3bn until he blew the whistle on HIMSELF | Mail Online

Personally, I feel safer working at home!
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I might have seen this guy down my local asda's innit. People thinking he was acting alone are just dumb. People in these banks couldn't take a p*ss without having a 2 months worth of meetings first. So to say they knew nothing of the loss until too late is funny to the extreme. The bank allowed him to gamble. He lost, and so he's a rogue trader. Had the deal gone the other way he would be a star trader.
 
BeginnerJoe said:
I might have seen this guy down my local asda's innit. People thinking he was acting alone are just dumb. People in these banks couldn't take a p*ss without having a 2 months worth of meetings first. So to say they knew nothing of the loss until too late is funny to the extreme. The bank allowed him to gamble. He lost, and so he's a rogue trader. Had the deal gone the other way he would be a star trader.
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Kweku was in a meeting with the top brasses on thursday night my insider tells me this is what went down:

tb: Kweku, come in dear boy, close the door behind you.
k: Hello sir
tb: less chat kweku listen up old boy as you know we are cutting back...
k: yes s...
tb: kweku,button it will you dear boy. now cutbacks, the bad news is you no longer have a job however the good news is we can arrange for you to have free accommodation for say the next 3 years or so and we can give you a nice golden handshake, all you have to do is admit to.........
 
G.O.A.T said:
Kweku was in a meeting with the top brasses on thursday night my insider tells me this is what went down:

tb: Kweku, come in dear boy, close the door behind you.
k: Hello sir
tb: less chat kweku listen up old boy as you know we are cutting back...
k: yes s...
tb: kweku,button it will you dear boy. now cutbacks, the bad news is you no longer have a job however the good news is we can arrange for you to have free accommodation for say the next 3 years or so and we can give you a nice golden handshake, all you have to do is admit to.........
Click to expand...

That's from the movies and books. Real life is never this pleasant. He was set up as a stooge. He caught on and tried to tell people around him things weren't looking right. That's when everyone around him, all the way up to the top started screaming rogue trading. Guess what ? While they struck the guy dumb, calling the police and sh*t, they moved all the bank's losing positions to his name. Then all the noob 'investors' were told this single guy took all their money. Since their 'investsments' were uninsured, well that's it, everybody go home and write off the loss.
 
megamuel said:
I'm not sure why people are saying he will NEVER make it.... Not that he's failed yet (He still has some trading capital left) but is it not possible for a failed trader to turn it around? I've heard lots of people on here saying that blowing an account or two is just part of the learning process. Saying he will never make it is like saying a smackhead will never come off smack, not true, I knew one! He died a few years later in a car accident though.... Yeah.... That was a bad analogy I do apologise!

Anyway Masq, here are my suggestions to you:

1. This trading strategy/method whatever you want to call it, it's not working is it.... Either because... It doesn't work, or because you are not implementing it properly. I really think you need to ditch it and go back to the drawing board. Seriously, you are adding to losers/doubling up or whatever and it all sounds a bit wishy washy, and that is probably reflected in your results. But you've become attached to it. You need to divorce it. You've wasted enough time on that b1tch and she's already taken half! Divorce her! I think you should work on something a bit more mechanical to avoid making decisions! As you have stated, you've made some bad decisions in your trading. I guess it's like looking for a new job, but you're looking for a new strategy.

2. If the thought of starting all over again doesn't appeal to you then sure go look for a new job. But after years of trading do you really want to work for someone else/with other people. It f**kin sucks! How old are you if you don't mind me asking? Just curious. Anyway, you are obviously willing to accept risk, and with there being so few jobs at the moment, maybe you should start your own business? Do you have enough capital to get into property development? That's something I've always fancied but I don't have enough money to start. Also thought about starting up a carpet/upholstery cleaning business and then expanding into hard floors, patios, graffiti/chewing gum removal. Try and get some contracts in restaurants, B&B's, care homes that kind of thing. Maybe employ a few folk. That's still my back up plan. Or maybe you could start something trading related? A web based business. There are loads of things that have to be better than starting from the bottom working for someone else! Gardening, painting and decorating, or maybe you fancy something a bit more intellectual, in which case I have no idea because I'm no intellectual!

Anyway, just thinking aloud really but I really think you need to ditch that strategy. Best of luck.

Sam.
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Hi Sam,

You're right about the capital, not sure why people seem to be all doom and gloom when the account's currently down 7.5% since the deposit was made. Just the issue is the cycle of going from a profitable account to losing account and i've taken steps to reduce the chances of going through the cycles. That Market Wizards book has many of these high profile traders who went through rapid growth only to blow up numerous accounts. Yet they're held in high regard rather than looked down upon as addicts. If they blew up and quit trading they'd be considered a failed trader. Just the fact they stuck with it, reloaded the account and turned the loss into a profit gets them into a Market Wizards book.

1. Is it not working? I'm not sure, the last 2 months had been challenging but I still managed to come out of them with a profit and did take losses along the way. As I said, I took steps to minimise the risk I took and adjusted sizing according to my perception of the risk for the trade. Admittedly, I had a few moments of impatience which I do need to work on. I'm not sure how I can make it more mechanical. I don't think I could see myself just trading a pattern or something along those lines if that's what you mean.

2. I'm currently the ripe age of 26. I don't really fancy the idea of working for someone else, putting on a suit and being someone's bitch - but working with other people is something i'd like to do as trading can be pretty damn solitary and i'm aware of the effects when I go out. I could start my own business, I haven't got enough capital for property development. I currently have more money in my trading account than my bank account :LOL: I guess I couild do as Donald mentioned earlier and become a snake oil salesman but I think i'll pass on that for now. I haven't really got any amazing business ideas at the moment. I hear scrap metal's a good thing to be into these days but everyone else knows about it too. I don't mind doing something intellectual, but i'd rather locate the incipient demands and target that.
 
Masquerade said:
Hi Sam,

You're right about the capital, not sure why people seem to be all doom and gloom when the account's currently down 7.5% since the deposit was made. Just the issue is the cycle of going from a profitable account to losing account and i've taken steps to reduce the chances of going through the cycles. That Market Wizards book has many of these high profile traders who went through rapid growth only to blow up numerous accounts. Yet they're held in high regard rather than looked down upon as addicts. If they blew up and quit trading they'd be considered a failed trader. Just the fact they stuck with it, reloaded the account and turned the loss into a profit gets them into a Market Wizards book.

1. Is it not working? I'm not sure, the last 2 months had been challenging but I still managed to come out of them with a profit and did take losses along the way. As I said, I took steps to minimise the risk I took and adjusted sizing according to my perception of the risk for the trade. Admittedly, I had a few moments of impatience which I do need to work on. I'm not sure how I can make it more mechanical. I don't think I could see myself just trading a pattern or something along those lines if that's what you mean.

2. I'm currently the ripe age of 26. I don't really fancy the idea of working for someone else, putting on a suit and being someone's bitch - but working with other people is something i'd like to do as trading can be pretty damn solitary and i'm aware of the effects when I go out. I could start my own business, I haven't got enough capital for property development. I currently have more money in my trading account than my bank account :LOL: I guess I couild do as Donald mentioned earlier and become a snake oil salesman but I think i'll pass on that for now. I haven't really got any amazing business ideas at the moment. I hear scrap metal's a good thing to be into these days but everyone else knows about it too. I don't mind doing something intellectual, but i'd rather locate the incipient demands and target that.
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may I ask why you dont want to work for someone else ?
 
Ah 26, same as me, for some reason I thought you were older. Well I think it's a good idea to always think of business ideas as a back up plan if the trading doesn't work out. As for whether it is working for you or not, at the moment I'd say no. Because A. You are 7.5% down and B. If you were that confident with the strategy/your ability to trade the strategy then you wouldn't have started this thread. Although you seem to be giving the impression that it is an issue of discipline more than anything else. In which case that is a good thing because it can be learnt/practised. If you are dead set on keeping the current strategy/strategies then if, I was you, have a good think about what has worked over the last 2 months, and what wasn't working before that. Then, based on your findings, I'd devise some sort of check list with certain criteria that MUST be satisfied before entering a trade. Maybe another one as well with criteria for exiting the trade - Actually, the exit is much more important of course!

That is all I can think of really because I don't trade manually myself as you know. Maybe some of the discretionary traders here can give you some tips and advice on how you can develop some discipline. Wouldn't hold your breath though, they will probably just tell you that you'll never make it!!! Lol.

Good luck.

Sam.
 
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