I'm pretty sure it's more than half... what's the difference between a winning and losing trader? It's what they are able to see, their perception, their mental strength, their belief systems or what their mind is blind to.
2012: The Battle for Survival
- Thread starter neke
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I'm pretty sure it's more than half... what's the difference between a winning and losing trader? It's what they are able to see, their perception, their mental strength, their belief systems or what their mind is blind to.
....except after loading up his pants twice after blowing out two $10k accounts, he'll be more likely to set all his money aside while finding another line of work and-or taking REAL time off to learn and recover before going back live. it could save him his entire net worth for the rest of his life. i dont think he'll ever realize this before hand though. Im no psycho-analyst, but I think bow-wow hit the nail right on when he said neke shows many signs of a gambler and denial.
not to be crass, but you must admit, it will be a great story here
certainly the best one on this board that is generally tattered with junk.cheers and thanks d08
.........It's the losing money part I don't get it. If something's not working after 3 months, I quit doing that, and find something different.
There's many parrallels to the trading gambling addiction but the more relevant one is the thrill of making money. If you're losing money, normally you stop, and after 3 months of losing definitely throw in the towell.
The nerves don't ever calm down when you realize you've lost a fortune.
There's many parrallels to the trading gambling addiction but the more relevant one is the thrill of making money. If you're losing money, normally you stop, and after 3 months of losing definitely throw in the towell.
The nerves don't ever calm down when you realize you've lost a fortune.
I have.
btw : I'm not trying to save neke or tell him what to do , I'm just pointing out the near impossibility of "knowing" you truly have an edge vs a spate of good luck.
Magna
Administrator
I appreciate that everyone here is so darned helpful and giving with your million-dollar advice. Let's keep it friendly and professional, and remember the main conversation is between you and neke. Since he is not on Covestor no more need be said about that forum here. Thanks.
Magna
Magna
Weekly Update for week 15/50 ended 4/27/2012
Flattish week, up $902 (0.6%). Still trying to close holes in my automation. One of such holes caused an entry to an out-of-money position with no bid. The system bought 180 contracts @ 0.25. When I was alerted I checked the option, and it was bid - ask 0.25. Almost 4K lost instantly. Managed to exit @ 0.05. That is the kind of bug I have been fearing preventing me from automating options - for stocks you could be forgiven with little slippage. Somehow my checks didn't prevent that. Glad though the system recognised my size limit for options.
Will still continue putting my strategies in automated mode, leaving little to fickle discretion.
Flattish week, up $902 (0.6%). Still trying to close holes in my automation. One of such holes caused an entry to an out-of-money position with no bid. The system bought 180 contracts @ 0.25. When I was alerted I checked the option, and it was bid - ask 0.25. Almost 4K lost instantly. Managed to exit @ 0.05. That is the kind of bug I have been fearing preventing me from automating options - for stocks you could be forgiven with little slippage. Somehow my checks didn't prevent that. Glad though the system recognised my size limit for options.
Will still continue putting my strategies in automated mode, leaving little to fickle discretion.
Code:
Opening Balance: 160,260
Net gain for the week 902
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Net Balance: 161,162
Since Inception of Thread 01/18/2012 - 04/27/2012
Opening Balance: 203,729
Net loss (25,567)(Down 12.5%)
Cash Withdrawal (17,000)
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Net Balance 161,162You are right. I haven't been able to classify my trades into those three categories yet. The difficult thing is being able to do it objectively, and not subject to my "mood". That is something I will be able to accomplish once all strategies have been automated - or at least have enough automated to avoid need for discretionary trades. That is my pre-occupation in the coming weeks/months.
As for sizing down to 10K. My approach is incremental size reduction / increase, not a sudden drop to 10K. What says that after having positive return on 10K, if I size up to full account, I would continue being profitable? And as someone observed, it is unlikely I would pay this much attention to what I am doing if it is only 10K.
I can promise you the world that you will start to pay attention when your "little" 10K account blows up twice in a row before this June. Maybe then, you won't be finished in June 2013.
Do you read all of the comments here? You're like a nuclear meltdown....a slippery slope of denial, gambling that becomes a positive feedback loop because you ignore advice that will save 96% of your 2016 net worth. No apologies for being an arse....I'm ice cream compared to mr. market. Cheers
if the odds are against you,
go home.
I find this very fitting for neke btw
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