Chinook's EUR/USD (E/$)Mumblings

[chinook]

It was overall choppy week for me. I let some decent profits turn into small losers and got chopped around for couple days. But Friday saved the week, and overall ended up being a slightly up week. I guess I'm not going to celebrate it with a vertical of vintage Krug Champagne. But I'll treat myself to a nice homemade dinner with plenty of Ouzo, Feta cheese, melons and fresh figs.

You all have a nice weekend,

Chinook

 

[slapshot]

Quote from krupkinm:

I think Coinz is on crack. .

You are not wrong - Coinz is on crack. Or off his meds....

 

[TradingWise]

Quote from chinook:

Maybe I'll move to Manhattan once I can prove to myself that I can support myself trading full-time. I'm still struggling to make ends meet after quitting my 6+ figures scientist level job to trade full-time.

That must have been a really big step, or did you not like your previous job?

 

[TradingWise]

Quote from krupkinm:

Clean out your mailbox, I'm trying to send you a private message, Chinook is gonna lose it.

Hey, we also want to hear the 'inside' stories

"Chinook is gonna lose it."

What do you mean by this??

 

[ElectricSavant]

I do not see it that way at all. Actually one should bask in their wins and frequently take small losses. As a trader, you should know many successful traders that recommend this. I do not find trade-ya1 braggardly at all. Actually through his postings, I have gained respect for his insights.

Michael B.

Quote from krupkinm:

it has to do with humility, and not fear. Basking in your success is a surefire way to head straight to the bottom. The best traders don't talk about the size they trade. Your statistics about your size or your p.l. really had nothing to do with the topic, and seemed to be thrown in there to validate yourself as a good trader...again, its sad. But hey, who am I.

 

[trade-ya1]

Thank you ES. Krups and I made up. I appreciate your kind words, nonetheless. Warm regards. Neal.

 

[chinook]

Quote from TradingWise:

That must have been a really big step, or did you not like your previous job?

The previous job was OK. I had lot of freedom but ultimately I wanted be my own boss and trade for myself. I can always go back to the corporate world but I can't imagine doing anything other than trading for now.

Chinook

 

[chinook]

Get used to being wrong at least 90% of the time!

Let's say you have a "crystal ball" and predict good entry points 80% of the time. This is the easy part. When are you going to take profits? Will you turn your small profits into small losers? Or big winners into even bigger losers? I would say only 10% of the time you'll be able to catch the maximum profit. Out of 80%, you'll have only about 10% success rate with optimum profits. Therefore, 0.8 x 0.1 = 0.08 = 8 % Perfect Trade rate. This means 92% of the time you made a "mistake" and missed the optimum profits. Therefore at least 90% of the time, you'll be wrong in some way. You have to get used to this fact and don't try to trick yourself with "I could have" or " I should have"s... Let's remember that the most important aspect of trading is capital preservation. This 90% "mistake" rate will play havoc with your fear and greed impulses. Mysteriously, you'll tend to hold on to your losers and cut the winners shorts. Get ready for the ride!

Chinook

 

[ElectricSavant]

Chinook, tempering emotions is a very clear point that you make and capital preservation is a winners attitude...

In your example, losing is just providing the means to win later. As I have said before, Stops are just opportunities to fade yourself...

Thank you,

Michael B.

Quote from chinook:

Get used to being wrong at least 90% of the time!

Let's say you have a "crystal ball" and predict good entry points 80% of the time. This is the easy part. When are you going to take profits? Will you turn your small profits into small losers? Or big winners into even bigger losers? I would say only 10% of the time you'll be able to catch the maximum profit. Out of 80%, you'll have only about 10% success rate with optimum profits. Therefore, 0.8 x 0.1 = 0.08 = 8 % Perfect Trade rate. This means 92% of the time you made a "mistake" and missed the optimum profits. Therefore at least 90% of the time, you'll be wrong in some way. You have to get used to this fact and don't try to trick yourself with "I could have" or " I should have"s... Let's remember that the most important aspect of trading is capital preservation. This 90% "mistake" rate will play havoc with your fear and greed impulses. Mysteriously, you'll tend to hold on to your losers and cut the winners shorts. Get ready for the ride!

Chinook

 

[sulong]

Quote from chinook:

Get used to being wrong at least 90% of the time!

Let's say you have a "crystal ball" and predict good entry points 80% of the time. This is the easy part. When are you going to take profits?


Chinook

Where you take your profits, ought to be determined before you hit the send button, when you enter.

If you take care of this little detail, all the rest of your post will not be a factor.