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

True masochism is reading, then actually replying to, threads by pipsaholic:eek:
 
OK - I am now going to take back my previous advice in this thread.

Masq - a plan can be what you make it. A plan can have room for a lot of discretion. It does not have to be objective. For example, you could say:

Reversal Trade/ES
Look for signs of a reversal from a downtrend - a larger upswing that previously, a large shift up in delta relative to the day. A fairly shallow pullback that appears to wane. Get in when you see sings of the market being held or large sellers coming in. If you are 6 or more ticks away from the swing low - pass on the trade.

That's a set of rules, it'll (possibly) keep you out of crap trades but it still allows you a lot of discretion.

Don't avoid having a set of rules to play because it'll box you in.
 
Hi Masquerade,

I've been thinking about you and I've just wondered what your objectives in all this was?

1. How much money do you intend to, would like to make with capital that you have? I mean is it reasonable - are we talking 10% return per annum or 30%? What is likely to float your boat? How does this compare with the pros on this site?

2. Assuming you made that money - what are you likely to do with it? Buy fast sports cars and go out with chicks or buy some villa at some outback and lead a wonderful life? What I'm getting at is what is driving you?

You sleep with your PC on and wake up to your PCs and the markets yes but what is behind it all. Where are you going?


There is the danger that people who obtain a lot of money too quickly without really working for it end up going off the rails. Maybe lot wishy washy stuff and answers may seem obvious but you may find it leads to more chaos in your life than goodness.

Not sure you are ready for loadsa dosh with your sentiments as it stands.

Sorry if I'm not saying the right things and you want to let off some steam I'll understand. :|

Best wishes, (y)
 
DionysusToast said:
OK - I am now going to take back my previous advice in this thread.

Masq - a plan can be what you make it. A plan can have room for a lot of discretion. It does not have to be objective. For example, you could say:

Reversal Trade/ES
Look for signs of a reversal from a downtrend - a larger upswing that previously, a large shift up in delta relative to the day. A fairly shallow pullback that appears to wane. Get in when you see sings of the market being held or large sellers coming in. If you are 6 or more ticks away from the swing low - pass on the trade.

That's a set of rules, it'll (possibly) keep you out of crap trades but it still allows you a lot of discretion.

Don't avoid having a set of rules to play because it'll box you in.
Click to expand...

Yes, that makes sense. I'll have some basic rules but by virtue of being someone who trades discretionary rather than something 100% mechanical it's not going to be a water-tight set of rules. I'm just going to be a bit more careful about the trades I get into and be a bit more patient in waiting for something which looks like a better proposition. This in turn brings me to my next point...

I'm not sure if I went to the other extreme, but I really didn't see a whole lot to do in the market today. There was maybe one trade I could have taken but it didn't look like one which would yield more than 20pts or so. So I just ended up sitting on my hands for the day thinking I was being patient and deciding to try another day. Sentiment flipped for all of about an hour or so before the euro bulls came out and drove it back up. It makes things tricky + it seems like the market's a bit slower than normal so I guess I just have to wait for things to pick up.
 
You need to read a book about behavioural economics and see how you are deluding yourself with confirmation bias and so on.
 
Atilla said:
Hi Masquerade,

I've been thinking about you and I've just wondered what your objectives in all this was?

1. How much money do you intend to, would like to make with capital that you have? I mean is it reasonable - are we talking 10% return per annum or 30%? What is likely to float your boat? How does this compare with the pros on this site?

2. Assuming you made that money - what are you likely to do with it? Buy fast sports cars and go out with chicks or buy some villa at some outback and lead a wonderful life? What I'm getting at is what is driving you?

You sleep with your PC on and wake up to your PCs and the markets yes but what is behind it all. Where are you going?


There is the danger that people who obtain a lot of money too quickly without really working for it end up going off the rails. Maybe lot wishy washy stuff and answers may seem obvious but you may find it leads to more chaos in your life than goodness.

Not sure you are ready for loadsa dosh with your sentiments as it stands.

Sorry if I'm not saying the right things and you want to let off some steam I'll understand. :|

Best wishes, (y)
Click to expand...

My objectives: Turn my relatively small account into a large sum of money so it means I can rely on trading as an income and be financially comfortable not having to worry about money. I could do this a much faster way than currently but that also increases the risk of ruin.

1. How much would I like to make? I won't throw out a figure because i'm not going to count money before i've made it and i'm sure i'll get ridiculed if I put a number out there. So just put it as an amount that means I could get somewhere to live and buy things without having to worry about the price (i'm not talking about private jets/mega yachts though or anything like that.) With my smaller account i'll be taking a more aggressive approach to growth. I'm trying for ~5% ROI/week. As my account grows I will lower leverage and that in turn will lower my ROI. So at some point in time I may trade unleveraged and making 20% over the year would be a sizeable sum of money. This is my plan but I realise I have to achieve the first stage.

I'm not sure about "the pros" on this site and what they're doing. Most people's trading is dictated by their circumstances. I know of a pro who would love to trade for bigger money but they have a family/house to pay for and don't need to take the risks when they can trade with less leverage and still make a handsome amount of money. I personally have no financial commitments such as children/mortgage to pay for and I realise this is pretty much the only time in my life i'll be able to take these risks so I intend to go for it and if I blow up then so be it. I can always go again and it's not going to change my life significantly.

2. Again, i'm not going to plan spending money I haven't got. I'm not a hugely materialistic person (I have an old Nokia with no camera/internet wizardry on it) I don't walk around in Prada nor see the point in it and i'm not into fine dining/wines. I'll admit that I do look cars and if I had some money after my financial priorities I would get something nice. I'd also like to live somewhere comfortable with some space as it's not exactly something i'm used to. Aside from that, I don't think the money would change me and I wouldn't be caught hanging around all the posh london night clubs in sloane sq/knightsbridge just because I made some money.

With my strategy my account will grow somewhat steadily and it's not likely to increase 20% overnight so I don't have to worry about getting rich too quickly :LOL: I still have some way to go to catch up to my peers as a result of the time i've invested into trading so I don't think i'll be driving past them in a Lamborghini any time soon.
 
arabianights said:
Irrelevant it's more about psychology than anything else
Click to expand...

:LOL: You read maybe one or two books on it all and a few papers and think you can throw in some technical terms as if you're some kind of authority on the topic. I'll let my trading do the talking and that's where i'm leaving it on this topic.
 
i think hes right.

like how do u know if ur trading well if you havent got good records? or a journal? or a plan?

end of day I think you are afraid of failure.
 
Arabian's just using this as an excuse to try and belittle me in a public way. He has at least 3 other methods he could communicate with me, but instead would rather post here and as an alleged friend of mine call me "pathetic" in a public place. He's more than welcome to discuss this with me in private, but so far as my communication with him in this thread, there will be no more as i'm not going to just sit here and let him try and put me down. I'm actually kind of disappointed in him.
 
"The fear of loss is a path to the dark side." - Yoda

imo, this thread only exists because you want a group hug, not 'cuz you want to learn/change/get advice

also, the fact that you remember something I supposedly said in a chatroom 3 years and still have a chip on your shoulder about it is quite pathetic.
 
I don't want a group hug, but if someone wants to call me "pathetic" and tell me not to do something and i'm still going to then i'll let them know it's a waste of their time.

You said it on the forum actually, but my issue is your cheap shots that you take. As if you consider yourself an authority to criticise me. I'm not getting into the bickering so i'm ending it here. If you're so concerned about this i'm sure you can find a way to get in touch but of course you'd just rather try do this in public and show me up. Good luck and I hope it works out for you.
 
Masquerade said:
Arabian's just using this as an excuse to try and belittle me in a public way. He has at least 3 other methods he could communicate with me, but instead would rather post here and as an alleged friend of mine call me "pathetic" in a public place. He's more than welcome to discuss this with me in private, but so far as my communication with him in this thread, there will be no more as i'm not going to just sit here and let him try and put me down. I'm actually kind of disappointed in him.
Click to expand...

WTF? If I wanted to belittle you in public for some reason I could easily do so but that has never been my intention. I actually don't understand where you're coming from here!

(And you can contact *me* as well by said methods but haven't done to complain, so right back at ya - this is the first I've known of any problems)

Maybe you misunderstood my use of the word pathetic, if that's the case then I apologise for that, if not then I am completely confused and the ball is in your court.
 
lawl I finally remember what happened

I spent three freaking hours talking you through the questions you had and giving you interview advice then you rocked up and lied about your track record, and subsequently refused to show said trading record to the interviewers.

I'll let everyone else decide if that's pathetic or not.
 
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