reminiscence of(yet) a (novice)trader

[aag100]

closing up with +130 for the week.getting better but still some edges to smooth.
one thing keeps tripping me up.i use sar as part of my strategy but im not sure if i can trust my broker with the charts they provide.all my losing trades seem to occur when they are showing me one thing yet when i check with another,they have something different.
im on to b*******s,u cant beat me

 

[aag100]

slow tough grind this week,+10.once again having to claw back losses.im trying to think why i get into those positions and its a bit of a conundrum.if i see a set up forming which doesnt quite look right and wait,it becomes too late.and when i do enter a set up which doesnt quite look ready,then i should have waited.
i'll keep battling on.

 

[aag100]

up,down,side to side,round and round,after 41 trades,splat.ending the week flat(-1).looking back,seem to have spent the week holding losing positions longer than i should have and chasing down losses.
really need to learn to sit on my hands and do nothing.lets see if i can do that next week.on a positive note,taken fewer trades against my bias,now just to be that little more patient and get a better price even by a few points will make all the difference.

 

[aag100]

-70 on the week.some of the old mistakes reared their ugly heads again,namely impatience and revenge,not quite fully managed to tame them.took some trades that were not yet set up, knowingly out of impatience,overconfidently thinking i couldnt be beat and that i could double/triple up if i had to and still come out net positive.and then as im losing,adding in revenge more than anything else.its a wonder i didnt suffer a bigger loss.so i compounded the problem and then the market just keeps going in one direction not conforming to anything,im sure it will have been easier before these damn algos.
the market sure puts you in your place.made to feel like im bottom feeding,taking small wins and then hitting you for a big loss.might have to accept my place and just stick to taking the higher probability ones and twos.
will be digging deeper next week and trying to remember
-the pain of discipline or the pain of defeat
-the essence of discipline is that there are no exceptions
enough for now

 

[aag100]

another disapointing week -50.lost -140 on tuesday,another one of those days it just kept going one way(down),like the other losing day i had(-90) last thursday when it just kept going up.so come wednesday it was a case of getting back on the horse.the loss had knocked my confidence but the reason i lost that much is because i didnt follow the rules so i reminded myself that i wouldnt lose that big again if i stuck to my strategy.
normally what holds me back from cutting a loss is the thought of it coming back my way as soon as i cut.happily it didnt this time,dropping another 100 points next 2 days(ftse) and with 6 positions i would have been screw**
one good thing i did was to have taken out some winnings from my account so with a smaller balance if i did self destruct it would have been for a smaller amount rather than becoming despondent and leaving it to wipe out all the hard won gains.
im getting more of an appreciation for losing trades,but they are still hard to take.its hard to be in a position for an hour or 2,watch it go against you 10/20/30 points,then come back to almost break even but now you dont want to cut it even for a smaller loss even though the bias has once again changed.

 

[aag100]

+60.nice to be back in the black.if only i can stop myself repeatedly making the same last 1 or 2 mistakes.its like my mr jackal side hits the key to get me into a trade before i even know it,then poor mr hyde has to ride the rollercoaster trying to get us out of it with a small win if not atleast at break even.so i have to teach mr jackal more patience and discipline and mr hyde to cut it sooner,with a smaller loss rather than holding on for hours because he cant win them all no matter how much he wants to.

 

[aag100]

looks like i confused the two.its Dr jekyll and mr hyde.important to know which is which.so now i have to suppress mr hyde and feed dr jekyll.

 

[aag100]

+70 for the week.doesnt time fly,feels like i spent most of the week in the red,scalping back losses.ive let dr jeckyll and mr hyde fight it out as i watched and then acted on dr jeckylls arguments if mr hyde couldnt throw up any more,and not acted too many times just on impulse.
this could be the start of something beautiful.not just myself trading but the 3 of us.
its a right psyhcological game this init.

 

[aag100]

just after i posted last week i thought i saw a great opportunity on dax and shorted it.it was after european close and now the spread was 2,a time when i shouldnt have been trading or atleast not the indices anyway.so i get stuck in this short dax and run it up to -90.thinking WTF,ive just posted i was +60 for the week(i do have a conscience),but keeping my head,i managed to scalp back and end up net -20 on that trade.so was only +40 for the week last week(concience clear)
this week ive not traded much and end up with +45.im closing up early cos ive a few things to do.will try not to trade again until monday but i dont trust myself completely and may well do.
i also find myself trading when im not trading,like bruce lee's fighting without fighting(you must have all seen the film),that is to say im thinking about my trading away from the desk,picturing charts.
must dash

 

[aag100]

i did it again.wot can i say,im weak.later in the day on friday just before european close i opened up my mobile and thought i saw a good opportunity for a long on the dax(again).took it and within minutes was down about -35 points.didnt want to take a second position just before close but my bias was still long so added.closed out net +3(-16,+19) just before 4.30pm as i didnt want to pay roll fees and increased spread.it went up another 15 or so points after i closed but i was happy to have got out without a loss as i was only supposed to be trading without trading and definitely not on mobile without other charts up to get a better picture.
i am getting luckier as i get better but the point is to be more disciplined,not just take trades to get a buzz by beating the market for just one or two points.
to conquer oneself is the noblest of something.there is little bits of wisdom to be gleened from these quotes which people just band about,usually trainers/educators or those pretending to be well read but **** at trading.
have a good weekend.must roll out of bed

 

[aag100]

IS THERE ANYONE JUST A LITTLE INSPIRING ON HERE

come across many beginners to trading here and eslwhere,bright eyed and bushy tailed with dreams of riches,starting threads and then fizzling out.which is fair enough,but the gaul of some to start subscription services!
and others having been around 10-15 years and still seemingly as dumb as the newbies,still looking for a consistent strategy.if you havent developed your own by now,seriously,quit now.
or perhaps im being naive.ive been looking at trading seriously now since around the end of 2010,so my 4th year and now feel i can actually beat the market and should be consistently profitable.
i lost about -660 points upto around march this year.but since have clawed it back to -56.so a comeback is on its way.and the -660 was a result of big blow outs,not cutting losses and adding.which ive since do less of.
back to trading without trading until tomorrow

 

[aag100]

+60 for the week.again i think it should have been a lot more if it wasnt for a few impatient entries which cost me hours of being stuck in the red,scalping back to get out around even.which i managed to do.still not able to cut losers as ruthlessly as i would like.but one good thing im doing is not trading against my bias.this allows me to add to losing positions and get out with a win or a much reduced loss.i think the more experienced traders will understand my thinking.
left a ftse short running over weekend which i normally hate to do but couldnt bring myself to take a point win,which then turned to -15 on my brokers close but it dropped by about 12 points on another platform.
lets see what monday brings

 

[Splitlink]

+60 for the week.again i think it should have been a lot more if it wasnt for a few impatient entries which cost me hours of being stuck in the red,scalping back to get out around even.which i managed to do.still not able to cut losers as ruthlessly as i would like.but one good thing im doing is not trading against my bias.this allows me to add to losing positions and get out with a win or a much reduced loss.i think the more experienced traders will understand my thinking.
left a ftse short running over weekend which i normally hate to do but couldnt bring myself to take a point win,which then turned to -15 on my brokers close but it dropped by about 12 points on another platform.
lets see what monday brings

I had the opposite opinion to you, obviously. I closed my last trade on Friday with a profit of 0.3 points because I was worried about leaving it on for the weekend.

It is probable, although I have not looked, that I would have made the 15 points that you lost, but that is specualation.

 

[Splitlink]

IS THERE ANYONE JUST A LITTLE INSPIRING ON HERE

come across many beginners to trading here and eslwhere,bright eyed and bushy tailed with dreams of riches,starting threads and then fizzling out.which is fair enough,but the gaul of some to start subscription services!
and others having been around 10-15 years and still seemingly as dumb as the newbies,still looking for a consistent strategy.if you havent developed your own by now,seriously,quit now.
or perhaps im being naive.ive been looking at trading seriously now since around the end of 2010,so my 4th year and now feel i can actually beat the market and should be consistently profitable.
i lost about -660 points upto around march this year.but since have clawed it back to -56.so a comeback is on its way.and the -660 was a result of big blow outs,not cutting losses and adding.which ive since do less of.
back to trading without trading until tomorrow

I must have been trading that long and, although I am not a, truly, successful trader I am successful enough to keep at it because I have learned that it can be done. Being retired and trading for enjoyment is a good way not to go nuts from worrying where the next crust is coming from.

I have had a good career working for others and in my own business ventures but trading is something that requires a different approach. I believe that it is random and that success depends on being able to cut trades before the loss gets worrying. Once you have lost too much on one trade, then it begins to take control of you until you grasp the nettle and close it.

 

[Splitlink]

Barjon's suggestion is a good one.

I am also curious what your initial stop is. When holding a losing position you may feel anxiety, and it's hard to think clearly. So a stop should be placed when you are thinking clearly, at the outset of a trade. You can cut a loser before the stop is hit, but it should always be there.

A year on and I am trolling through this thread. Very enjoyable and I congratulate aag for starting it.

A stop should be placed at the start, as you say , and far enough away to disuade the dealers from going that far---just yet ( but they will, if you don't take a profit, or get out first). In the meantime, it stops you from having that uncomfortable feeling that occurs when there is a power failure and you have a naked trade on.

 

[aag100]

I had the opposite opinion to you, obviously. I closed my last trade on Friday with a profit of 0.3 points because I was worried about leaving it on for the weekend.

It is probable, although I have not looked, that I would have made the 15 points that you lost, but that is specualation.

its within the realms of possibilty but i wouldnt let you keep them for too long.

 

[aag100]

I must have been trading that long and, although I am not a, truly, successful trader I am successful enough to keep at it because I have learned that it can be done. Being retired and trading for enjoyment is a good way not to go nuts from worrying where the next crust is coming from.

I have had a good career working for others and in my own business ventures but trading is something that requires a different approach. I believe that it is random and that success depends on being able to cut trades before the loss gets worrying. Once you have lost too much on one trade, then it begins to take control of you until you grasp the nettle and close it.

i dont think this is something i would do just for enjoyment if there was no monetory gain to be had.it is a joy to win,to beat professionals with teams of analysts and phd programmers all from a single basic laptop.im looking on it as a job which can reward handsomely if i give it the commitment it takes,as in any field.
i wouldnt encourage anybody to quit.what i meant was those who have been trading for a time and when a newbie comes along with what he thinks is the new holy grail and they are eager to jump on it thinking this could be the solution to their problems.you should have your own methodology by now and know there is no magic bullit.
just seen adverts on tv for trading courses costing thousands! and their USP,you can resit the tests for life.suppose it might be easier to write off the loss over a lifetime rather than think its gone in a month or two.sadly some people blow their savings on these things or worse still take out loans to pay for them.i have no sympathy for professionals in other fields with a reasonable income who think they can pay for a 'bolt' on and get a 2nd income stream,you can stomach the loss.
but students/retirees/single mothers be absolutely sure you know what you are doing.this is only a get rich quick scheme for those selling the courses.

 

[Splitlink]

Roughly what was the largest you allowed a trade to go against you?

I lost 40 points on two occasions. I was following a plan and had discovered that, by entering when I should, a 40 point stop would never be triggered.

There is always a first time and it happened on the first time I tried out the trade.
Then, it happened again. The nasty part was watching it happen because, as it was a plan, the trade had to be played out to the bitter end.

End of experiment. Now, I don't experiment with large risk.

 

[aag100]

A year on and I am trolling through this thread. Very enjoyable and I congratulate aag for starting it.

A stop should be placed at the start, as you say , and far enough away to disuade the dealers from going that far---just yet ( but they will, if you don't take a profit, or get out first). In the meantime, it stops you from having that uncomfortable feeling that occurs when there is a power failure and you have a naked trade on.

i must have wrote that about a year ago and perhaps i wasnt too sure of whether to use stops or not.now i can tell you absolutely that i dont use stops.i solely rely on the bias of my patterns.imo the size of the stop should be in relation to your time frame,the bigger your time frame,the bigger the required stop.
if i used stops now,10-50 even 100 would have been repeatedly taken out and then reversed.now i can better control that gut churning feeling of watching a trade going against me and not have the added anxiety of worrying about a stop being hit.i know when the bias is against me and can cut it or sit through it waiting for the bias to come back onside and then even add to get out with a smaller loss.
this has been trading without trading.keep in touch

 

[aag100]

I lost 40 points on two occasions. I was following a plan and had discovered that, by entering when I should, a 40 point stop would never be triggered.

There is always a first time and it happened on the first time I tried out the trade.
Then, it happened again. The nasty part was watching it happen because, as it was a plan, the trade had to be played out to the bitter end.

End of experiment. Now, I don't experiment with large risk.

you got away unscathed.
i ran 5 positions in gold to something like -700 points,letting it run for nearly 3 weeks before finally having had enough and cutting it.i had opportunities to cut them at -70,-120,-170(lost count of bias changes after that) but because i had been in them so long i didnt want to cut,i wanted even a small win for my time.and sadly i let it happen again on two more occasions with similar losses.
they were painful losses but have become ingrained.now i try not to hold more than 3 positions and alarm bells start ringing at around -100 points where i begin to tell myself perhaps i was wrong and start looking for an exit.
that was becoming a faded memory,a reminder is always helpful. 'trading without trading,