With the help of Grey1

[fibbo]

Hi everybody, Thursday 07/09 i traded with Iraj.

First a few words about my self.
I am not a profitable trader and have, over time developed some serious psychological issues which seem to have taken over my trading, in the worst way. After 3 years of losing and jumping from one method to another without giving any of them a chance,
I was on the brink of giving it up, even though I just knew I was sooooooooo close.

Anyway to get to the point, Iraj has kindly offered to help me out, hold my hand while I trade if you like, help me get back on track. And I thought maybe I could post some things I pick up along the way with the intention that others may find it of value.

Thursday 09 Sept we traded the morning only.
The trend bias was for obvious reasons down and our main trade was shorting JOYG (a Strategy 2 play). As Iraj pointed out the strongest stocks will fall the fastest meaning that JOYG had run up over 12 bucks in 4 days and people are only too willing to take there profits.
Our entry was not the best and it ran against us for what would have been a stop for me but the mkt was still weak (that was our analysis) so we let it run, the mkt turned down and JOYG dropped like a stone. We also closed it out early (due to only being able to trade a few hours) but we had done enough for me to make my target for the morning.
I was using small shares but made 200 bucks.

Lessons I learnt today was (using Iraj´s style of trading)
• That I shouldn’t be in too much of a hurry to close my position if I have the correct stock and mkt direction is correct.
• If im not sure of mkt direction use smaller share lots until im sure, then take the trade with normal size if it’s a winner it will easily make up for any small losses.

That’s it for today im sure some or all of this is elementary to the pros around even to some of the beginners but it cant hurt to repeat it now and again.

I will keep posting if people are interested, and answer any questions I can, (not too technical though) I have a full time job and 2 small children so I can only say I will do my best. Oh and please excuse my writing again im doing my best.

Regards

PS. Apologies for not posting earlier but I had to work and there I don’t have much excess to a PC with internet and I work looooooong hours when I am there which gives me more time to trade on my free days.

 

[Trader333]

What time (on the exchange) did you enter this trade ?


Paul

 

[fibbo]

What time (on the exchange) did you enter this trade ?


Hi Paul
My entrys were approx the same as Grey1 as i was following his lead so you can check the times out from his post.
I wont be posting my broker page because Grey1 will have already done that so any extra info needed can be gained form there.
Steve

 

[samtron]

Thanks for posting fibbo, I learn't a couple of things from your post and I look forward to future installments.

 

[Grey1]

Thanks for posting fibbo, I learn't a couple of things from your post and I look forward to future installments.

I will be trading with Fibbo on Monday too to increase his capital by drawing money from weak traders. I had to go to Airport on Thursday other wise we would have won much more.As i said few times, Trading is really simple if you know how > I am lucky to have the vwap engine which gives me soild signals 90% of the times but I am also relutcant to trade using conventional TA ( in absence of VWAP signal ONLY ) .

Hope fully we will NOTTTTTTTT lose a single day for weeks to come but if we did then we MUST POST it .. ALL GOOD BAD AND UGLY


Grey1

 

[Quercus]

Many many thanks for posting Fibbo - I could have written the intro to your thread as if it was myself! After nearly three years of struggle I too am close to leaving this behind, but feel I am sooo close just like yourself! I'll watch with interest as things unfold.
Very best wishes for your future.
Cheers
Q

 

[moreagr]

I am in the same boat as you Fibbo and Querus over 2 years for me I started out with alot of luck on my side but as I continued to day trade i gave it back and some... I know others that have worse outcomes losing everything or hundreds of thousands. but its really gotten emotional having spent years trading and netting nothing really hurts you psychologicly because you could have worked more or had a better job doing something else. I have a college education but wanted to trade for myself thinking that i would be happier and could make more money doing trading ( am wrong at least up until now) so now i continue to struggle working a dirty night and weekend job. I now have to kiss my managers ass everyday begging him to give me as many hours outside of market hours as he can.... so I can try to make up the time and money i lost trading. living in the US its much more difficult finding a good job based on my time zone which does not leave many good professional jobs that can work you in the evenings unlike Europe which is in a better time zone. I now feel I am really close to being successful thanks to Grey others and also my parents for understanding my dreams and supporting me. If I could I would kiss you guys for all you help.


sorry about the rant FIbbo I had to get it out

 

[Trader333]

living in the US its much more difficult finding a good job based on my time zone which does not leave many good professional jobs that can work you in the evenings unlike Europe which is in a better time zone

You could try moving to Europe until you are confident in your trading ability.


Paul

 

[fibbo]

Monday 12th Sept.

Hi
First let me say thanks to Samtron, Quercus and Moreagr for also sharing and the words of encouragement. I suppose we just have to keep plugging away, simple really.

Our trend bias was down for today and so we positioned ourselves for that direction shortly after the open. The pullback around 11.15 was to be expected but the day turned out to be basically a trendless affair (Indu in-between +/- 50)
It turned out to be a difficult day in more ways than one but i still managed to make a nice profit.
I have Interactive Brokers, same as Grey1 and he introduced me to the BookTrader.
Being new to that cost me some bad entry’s and exits, otherwise I would have had a better day. I also found out my PC is lagging so my indicators are not showing the correct numbers and I am sure that has cost me as well one way or the other.
Know your trading equipment and make sure it does its job…... Looks like my new LCD 42inch TV will have to wait a while longer.
Grey1 stressed all the time how important it was to be on the correct side of the market, and then finding the correct stock to follow that market direction (Top Down Approach)
Once you have made that Technical decision and entered a position you should not be too concerned if it starts to go against you or closing out just because you are in the red a certain amount. Of course closing part position as it goes against you is sound money management. But we also add back if/when the stock comes back. But it’s the divergence of the stock to the market that tells you, you are wrong its then, time to get out.
How many times have we closed a trade only to see it come back?
Lets say you are wrong in market direction (you think it is weak) but have the correct stock.(one of the weakest on your blotter) The market pulls back before starting a new rally, if you have a weak stock and the market makes that pulls back your stock should still fall faster than the markets pull back.
This happened to us a few times today, but we still came out on top.
As Grey1 says “this is stress free trading”
Regards Steve

 

[samtron]

I was trying the approach today, I noticed the index was over-bought so I scoured for the weakest stock and it stuck out like a sore thumb, Joyg!!, and it was also over-bought in the one minute, so I dived in and shorted, but I got mugged because I think I failed to realise the overall index direction was north, position sizing helped to keep the loss ok, anyway by the time I exited, what was one of the weakest stocks on my list when I entered was now one of the strongest.

 

[evostik]

Hi Samtron. I did EXACTLY the same as you: were we both guilty of taking a short directional trade in a strong market? Were we wrong, based on the other indicators you mentioned, or was this just an example of any strategy not, of course, being right all the time which is fair enough? Or, did we break the rules of high probablity trading?

If the market is strong, perhaps we should take only long trades and long a 'strong' stock when the market becomes OS (making sure the stock isn't OB at the time)?

I am here to learn so would welcome comments from the more experienced traders.

Cheers

Steve

 

[Trader333]

Fibbo,

Which indicators are you using ?


Paul

 

[samtron]

Hi Samtron. I did EXACTLY the same as you: were we both guilty of taking a short directional trade in a strong market? Were we wrong, based on the other indicators you mentioned, or was this just an example of any strategy not, of course, being right all the time which is fair enough? Or, did we break the rules of high probablity trading?

If the market is strong, perhaps we should take only long trades and long a 'strong' stock when the market becomes OS (making sure the stock isn't OB at the time)?

I am here to learn so would welcome comments from the more experienced traders.

Cheers

Steve

I feel better now evostik cheers, it nice to know (in a strange sought of way) that I wasn't alone.

 

[Grey1]

I was trying the approach today, I noticed the index was over-bought so I scoured for the weakest stock and it stuck out like a sore thumb, Joyg!!, and it was also over-bought in the one minute, so I dived in and shorted, but I got mugged because I think I failed to realise the overall index direction was north, position sizing helped to keep the loss ok, anyway by the time I exited, what was one of the weakest stocks on my list when I entered was now one of the strongest.

I LOST TO JOYG MYSELF . I LOST nearly $1000 shorting the bas**d.

 

[Grey1]

I LOST TO JOYG MYSELF . I LOST nearly $1000 shorting the bas**d.

JOYG SHORT WAS A CORRECT TRADE. AS YOU CAN SEE IT WAS THE WEAKEST TODAY . THIS IS TRADING FOR YOU CHIN UP AND TRADE AGAIN .


Grey1

 

[Grey1]

MY ERROR WAS THINKING MARKET WOULD PULL BACK TO 30 ish from 60 and that did not happen . JOYG TRADE WAS NOT A MISTAKE EVEN THOUGH I LOST . IT IS JUST ONE OF THOSE THINGS THAT HAPPENS> I AM NOT GOING TO GIVE UP BECASUE I LOST A TRADE


CHIN UP GUYS CHIN UPPPPPPPPPPPPP

 

[fibbo]

Hi all
I will write somthing tomorrow from my real job(time willing)
in the meantime i am cream cracker-d.

Regards Steve

 

[Grey1]

MY ERROR WAS THINKING MARKET WOULD PULL BACK TO 30 ish from 60 and that did not happen . JOYG TRADE WAS NOT A MISTAKE EVEN THOUGH I LOST . IT IS JUST ONE OF THOSE THINGS THAT HAPPENS> I AM NOT GOING TO GIVE UP BECASUE I LOST A TRADE


CHIN UP GUYS CHIN UPPPPPPPPPPPPP

I JUST SPOKE TO STEVE ( FIBBO ) WE WILL BE IN PALTALK ROOM ON THURSDAY 1.30 UK time for market analysis PRIOR TO MARKET OPEN . PLEASE BE THERE IF YOU HAVE ANY QUESTIONS...ANY QUESTION YOU CAN ASK FROM FIBBO YOURSELF as i am sure some of you still want to know how his learing process is going and what was the major mistakes he was making before coaching by myself ?

ROOM NAME = TECHNICAL TRADER

 

[rajibde]

Monday 12th Sept.

Hi
First let me say thanks to Samtron, Quercus and Moreagr for also sharing and the words of encouragement. I suppose we just have to keep plugging away, simple really.

Our trend bias was down for today and so we positioned ourselves for that direction shortly after the open. The pullback around 11.15 was to be expected but the day turned out to be basically a trendless affair (Indu in-between +/- 50)
It turned out to be a difficult day in more ways than one but i still managed to make a nice profit.
I have Interactive Brokers, same as Grey1 and he introduced me to the BookTrader.
Being new to that cost me some bad entry’s and exits, otherwise I would have had a better day. I also found out my PC is lagging so my indicators are not showing the correct numbers and I am sure that has cost me as well one way or the other.
Know your trading equipment and make sure it does its job…... Looks like my new LCD 42inch TV will have to wait a while longer.
Grey1 stressed all the time how important it was to be on the correct side of the market, and then finding the correct stock to follow that market direction (Top Down Approach)
Once you have made that Technical decision and entered a position you should not be too concerned if it starts to go against you or closing out just because you are in the red a certain amount. Of course closing part position as it goes against you is sound money management. But we also add back if/when the stock comes back. But it’s the divergence of the stock to the market that tells you, you are wrong its then, time to get out.
How many times have we closed a trade only to see it come back?
Lets say you are wrong in market direction (you think it is weak) but have the correct stock.(one of the weakest on your blotter) The market pulls back before starting a new rally, if you have a weak stock and the market makes that pulls back your stock should still fall faster than the markets pull back.
This happened to us a few times today, but we still came out on top.
As Grey1 says “this is stress free trading”
Regards Steve

Thanks Steve for your post it is helpful.

Yesterday, to get a larger choice, I increased the the number of stocks on the RS to 45 and today I was in for a nasty surprise- my RS numbers at one stage was around 10 minutes delayed. Luckily I could spot it soon and after decreasing the stocks to 24, the RS responded well (almost)- I am aware that others have also faced similar problems with the RS- I wonder how many stock do most people monitor on the RS. The delayed RS however, did not let me enter the Joyg trade .

Took one profitable trade today- RHAT

Cheers!

Raj

PS- I will join in on Paltalk on Thursday.

 

[Trader333]

I monitor around 26 but I need to have another look at this as I dont need this many. I dont have the same problem with delay on RS that others do but that is because I have altered settings in Windows and have a high quality PC.


Paul