reminiscence of(yet) a (novice)trader

[aag100]

Hi, aag100,

I know you are going thru a frustrating and emotional (and bankroll) roller coaster ride right now.

It's a good idea to slow down a bit - rethink, reformulate your trading plan.

BUT - I can't emphasize enough and need to repeat it again to you - hopefully you will actually read and think thru what I am trying to highlight:

(1) You need to DEFINE your trading EDGE - and begin with only defining 1 or 2 trading EDGE(s) with all of its WRITTEN rules/criteria.

This has to be clear and precise - so that a person reading the Rules can execute 100% consistent with how you would also trade that Edge(s). :idea: :!:

(2) You must trade in the context of a LARGER - and LONGER-TERM cycle of closed trades! You need to understand that your trading "career" is NOT made of single trades. Instead your trading "career" must be composed of 20-30 closed trades. THEN - look at the Net Win or Loss! :whistling :idea:

For example - when driving to a destination - you do not determine your final arrival on the basis of every single block that you just drove by. You may need to make detours, unplanned stops, refuel, etc. But your "SUCCESS" is defined over a period of blocks and miles/kms driven = to reach your end destination.

I wish I can impress upon you, and all T2W new traders or struggling traders = PLEASE = do yourself a tremendous skills-building "favor". :!:

DOCUMENT in a virtual/demo account - or live $ account but trading small enough $ size not to impact your overall risk capital - that you have the SKILL to trade 1 way REPEATEDLY, CONSISTENTLY, w/o errors or deviations! :clap:

If you can really demonstrate this SKILL on 1, 2, or more cycles of closed 20-30 trading "sets" - then I can strongly predict that you will have built the necessary strong foundational base to trade for profits, while dealing with random outcomes, losing streaks, and random rewards! :idea:clap:

If you cannot - or "will not" (just an excuse to rationalize... or "ration out lies"... to yourself) - trading success will most likely and permanently be a very random and distant painful damaging journey! :whistling

I apologize if these points are too "emphatic" - but hey, what the heck - sometimes reality and performance-based SKILLS do, in fact, require real focused effort and structure and metrics!

Good luck - I hope to read more that your processes, your results, your trading insights, are developing in the correct direction!

Regards,

WklyOptions

no need for apologies.thanks for the input.
i know exactly what im doing wrong and i think this is my final hurdle.i hate losing and have been unable to cut losses.
other aspects of my strategy,i have actually visualised and come to terms with(ie to do this when this is doing that or not to do this etc) but the aspect of cutting losses i have not yet conciously made the effort to think about and visualise as to how it looks and feels and what i should do.so now i will be focusing more on that.
the strategy is there.i just have to cut loose this ego that thinks it can win them all.you would think i have an ego problem but i dont.in any other area if im unable to do something,im fine with it regardless of anyone else.here im only answerable to myself and sometimes i dont come up with the right answer.
and might aswell mention i blew it again yesterday.but we'll have to wait and see how the week ends.

 

[Pat494]

You seem to have a self discipline prob ?
Work on it in every aspect of your life imho
Go for that 3 pm walk to clear your mind etc. No need for cold baths every morning like at the school I was sent to though.
Tackle and defeat 1 problem at a time
Stick and carrot
Do 1 push-up for every pip lost. Have that icecream in the fridge to reinforce good winning behaviour !!

 

[aag100]

You seem to have a self discipline prob ?
Work on it in every aspect of your life imho
Go for that 3 pm walk to clear your mind etc. No need for cold baths every morning like at the school I was sent to though.
Tackle and defeat 1 problem at a time
Stick and carrot
Do 1 push-up for every pip lost. Have that icecream in the fridge to reinforce good winning behaviour !!

thats it.discipline.it underpins everything else.
now to make a conscious effort to address it until it becomes sublime.

 

[Pat494]

thats it.discipline.it underpins everything else.
now to make a conscious effort to address it until it becomes sublime.

Half the battle is to recognise the enemy !

good luck

 

[aag100]

Half the battle is to recognise the enemy !

good luck

aaaaaarrrrrrghhh i am my own worst enemy.

 

[darktone]

aaaaaarrrrrrghhh i am my own worst enemy.

'No stops.'
'I am my own worst enemy.'

Youre on the right track
Sort your head out an youll do fine

 

[darktone]

A question.

Q) How many trades would you have had to close at a loss in the price action shown in the chart below?

Trade parameters:-
i) The trend = a close above the MA
ii) You only trade in the direction of the trend
iii) Your positions are sized appropriately
vi) No new positions opened in the first or last bar of the chart

 

[darktone]

and for the paranoia, have a read through this thread and digest what LLSS in particular has to say.

Other Side of the Screen

 

[Splitlink]

I liked this guy and, although his thread was short, I think he said it all.

 

[aag100]

'No stops.'
'I am my own worst enemy.'

Youre on the right track
Sort your head out an youll do fine

stops are no longer a problem.my current problem is not wanting to take a loss, which im trying to come to terms with.i think i will be mulling it over in my mind,'trading without trading' for the next few days until i come to accept whether i take a certain amount of loss in points,time or pattern change.
a big problem i had before which ive only recently resolved was trading against my bias.i found that the biggest moves occured going against my bias so i would jump in trying to capture some of that move.and needless to say i got burnt most of the time.so now i seldom go against my bias but instead go with it at an opportune time and if im wrong i find i am better able to trade out of it so long as i finally accept a smaller loss(if you see what i mean)
i'll try to explain- if my bias is long,i will try never to go short.i will try to find a good price to get long.price may still drop so i will look for another long entry(up to 3 trades) and look to get out on bias change hopefully with a net win.
if my bias is long and ive gone short,this means i have to ride the rollercoaster through this long bias and then through the short bias whereas if id waited,i would have gotten a better price to short in the short bias cycle.
my problem is letting go with a loss(usually a smaller loss) if i close out on bias change.
if u see wot i mean!

 

[aag100]

A question.

Q) How many trades would you have had to close at a loss in the price action shown in the chart below?

Trade parameters:-
i) The trend = a close above the MA
ii) You only trade in the direction of the trend
iii) Your positions are sized appropriately
vi) No new positions opened in the first or last bar of the chart

that is clearly a strong uptrend.so i guess i would be shorting.id say 3.
but there are various other aspects that would need consideration.
a better question would be posed if you gave me an actual chart i could look up and transpose my own criteria on to.

 

[aag100]

and for the paranoia, have a read through this thread and digest what LLSS in particular has to say.

Other Side of the Screen

an interesting read.i shall be looking over more of it.but i still dont trust the sobs.they skew everything in their favour-
widening of spreads making it harder for you to get out.
roll over charges plus increase of spread on market close,surely it should be one or the other.
just 2 off the top of my head for now

 

[MajorMagnuM]

stops are no longer a problem.my current problem is not wanting to take a loss, which im trying to come to terms with.i think i will be mulling it over in my mind,'trading without trading' for the next few days until i come to accept whether i take a certain amount of loss in points,time or pattern change.
a big problem i had before which ive only recently resolved was trading against my bias.i found that the biggest moves occured going against my bias so i would jump in trying to capture some of that move.and needless to say i got burnt most of the time.so now i seldom go against my bias but instead go with it at an opportune time and if im wrong i find i am better able to trade out of it so long as i finally accept a smaller loss(if you see what i mean)
i'll try to explain- if my bias is long,i will try never to go short.i will try to find a good price to get long.price may still drop so i will look for another long entry(up to 3 trades) and look to get out on bias change hopefully with a net win.
if my bias is long and ive gone short,this means i have to ride the rollercoaster through this long bias and then through the short bias whereas if id waited,i would have gotten a better price to short in the short bias cycle.
my problem is letting go with a loss(usually a smaller loss) if i close out on bias change.
if u see wot i mean!

imho this may help.
reframe taking a small loss.
ie that red entry (small because you cut it) on your balance sheet does not represent a failure. It represents a successful trade. ie you were wrong initially but had the skill to recognize this. Doing a u turn is no bad thing if you were facing the wrong direction
secondly, if the amount you are trading is making a small loss a significant loss, then reduce amount to a level that allows a small loss to become acceptable.
just my simple thoughts

 

[aag100]

A question.

Q) How many trades would you have had to close at a loss in the price action shown in the chart below?

Trade parameters:-
i) The trend = a close above the MA
ii) You only trade in the direction of the trend
iii) Your positions are sized appropriately
vi) No new positions opened in the first or last bar of the chart

i misread and misunderstood the question(dumbass)
we all have our own strategies.what is the your answer to the question?

 

[darktone]

stops are no longer a problem.my current problem is not wanting to take a loss,
Try and arrive at a place where you accept that what you want doesnt matter, all you are doing is acting on the opportunities that the market gives

i'll try to explain- if my bias is long,i will try never to go short.i will try to find a good price to get long.price may still drop so i will look for another long entry(up to 3 trades) and look to get out on bias change hopefully with a net win.
Sounds good. Trading with the big picture (bias) is always a good idea. It also sounds as though you are trying to trade out of loss (winners as well i hope) rather than setting a stop/panicking and closing etc

You havent mentioned the upload. I can only tell you, as I was told and as I ignored in the beginning, the psychological side of trading is by far the most important element. Without that sorted, you will struggle to develop a method that isnt fear based, let alone being able to trade that method.

The idea is to able to operate freely, accept the market for what it is, and make something of the opportunities it offers you.

 

[aag100]

imho this may help.
reframe taking a small loss.
ie that red entry (small because you cut it) on your balance sheet does not represent a failure. It represents a successful trade. ie you were wrong initially but had the skill to recognize this. Doing a u turn is no bad thing if you were facing the wrong direction
secondly, if the amount you are trading is making a small loss a significant loss, then reduce amount to a level that allows a small loss to become acceptable.
just my simple thoughts

the absurdity of it is i know that.why i cant act on it i do not know but slowly and surely i will.i opened up 3 long positions in the euro today running it to -47 then back to -2,where i should have cut it but didnt as now the bias was against me.
eventually closing out at -20.i know the the mistakes i made.
looking back at my big losses over the last 2 years,there is the same pattern-i didnt cut losses.now i shall make it a daily habit to look at that sheet before i trade to remind me to a)not get into trades where the set up is not right and b)to cut if im still wrong.
thank you major.stand at ease.

 

[darktone]

an interesting read.i shall be looking over more of it.but i still dont trust the sobs.they skew everything in their favour-
widening of spreads making it harder for you to get out.
roll over charges plus increase of spread on market close,surely it should be one or the other.
just 2 off the top of my head for now

Depending on which instrument you chose, all of the above is a natural part of the market. I can suggest you open a futures demo and watch. You will see changeable spreads, changeable liquidity etc, slippage etc.

They dont need to screw the majority over, the majority do a fine job of that by themselves.

 

[darktone]

i misread and misunderstood the question(dumbass)
we all have our own strategies.what is the your answer to the question?

Careful how you term yourself, what we believe is true.

Give the question a shot. With the trade parameters ive given there is only one logical answer. Go on, give it a go, then ill answer.

 

[aag100]

Careful how you term yourself, what we believe is true.

Give the question a shot. With the trade parameters ive given there is only one logical answer. Go on, give it a go, then ill answer.

logically it appears to be 0.
are you referring to the trading in the zone upload? its a long read.i'll be taking a closer look at the weekend.
my take on the pshycology aspect of trading has been winning and im happy,losing and im trying to get back to winning.
i think ive now made a mental note to cut losses sooner rather than later.

 

[darktone]

logically it appears to be 0.

well done!

are you referring to the trading in the zone upload? its a long read.i'll be taking a closer look at the weekend.
my take on the pshycology aspect of trading has been winning and im happy,losing and im trying to get back to winning.

Win / lose. Ideally, they are the same. Happy or sad doesnt come into it.

i think ive now made a mental note to cut losses sooner rather than later.

Or you can let your 'positions' run, and close them at a place that is favorable to you.

Lets have another look at that chart