CL Redux

[trader198]

schizo, I think you still have too many "thoughts" in your mind or obsessed with prediction.
basically if you sell those pops when it touches ema, will produce great profits.
I like fast money, so I do not sell pop sometimes, I sell those weakest points like breakdown (or consolidation pullback) or those "looks and smells like a bottom", or vise visa, I found at those levels, there are plenty of fast money.

sadly we traders are powerless over the market, even powerless over our selves. prediction or bias in minds will greatly hammer trading performance.

Quote from schizo:

First of all, nice trades this morning. As for that infamous day in 2000, I lost a ton of money on that "suprise! surprise!" Greenspan rate cut. What a moron that guy is. He resisted cutting the rates even though the market went off the cliff earlier in March of that year. Just like Bernanke. The two stooges then frantically went on a rate cut campaign like if there were no tomorrow. I'm sorry but these two are the biggest asswipes history has produced.

At any rate, how is everyone adjusting after the 1000-point plunge circa 05/06? I've been more or less flat and I can't seem to get out of this trading rut. I win in the morning only to give it all back in the afternoon or I win one day and than lose it all the next day.

 

[neveral0ne]

Does anyone here uses / watches the DOM ? I really dont know why I look at it, because it doesnt seem to help me with anything... everythning I need is on my chart....anyone else feel the same way ? This is for NINJA TRADER users//

 

[schizo]

Quote from neveral0ne:

Does anyone here uses / watches the DOM ? I really dont know why I look at it, because it doesnt seem to help me with anything... everythning I need is on my chart....anyone else feel the same way ? This is for NINJA TRADER users//

I don't know about others but I find DOM to be pretty useless. I believe ChartTrader to be better as well.

Here's a quick fix. If all things fail, just put a tape or a sticky over the damn P&L.

(BTW, if you're on Windows 7, you can use its native sticky note.)

 

[schizo]

Quote from trader198:

schizo, I think you still have too many "thoughts" in your mind or obsessed with prediction.

sadly we traders are powerless over the market, even powerless over our selves. prediction or bias in minds will greatly hammer trading performance.

Yeah, too much useless thoughts are cluttering up my brain. You, on the other hand, seemed to have greatly improved over the last few weeks. Kudos to ya!

 

[neveral0ne]

schizo ur screen is pretty clogged up/// i would go crazy having all those lines on my screeen.. keepiing it simply with just some hand draw trendlines, and a 20 day ema ... nothing else. but hey whatever floats your boat !

 

[NoDoji]

Quote from trader198:

sadly we traders are powerless over the market, even powerless over our selves.

With a little help from Wiki, here's our 12-Step Trading Plan for tomorrow, guys:

1. We admitted we were powerless over the market - that our trades had become unmanageable.

2. Came to believe that a Power greater than ourselves could restore us to sanity.

3. Made a decision to turn our will and our trades over to the care of God as we understood him.

4. Made a searching and fearless moral inventory of our trades.

5. Admitted to God, to ourselves, and to another human being the exact nature of our bad trades.

6. Were entirely ready to have God remove all the bad habits leading to these bad trades.

7. Humbly asked Him to remove our overwhelming short bias so that we could put on at least a few long trades in the event the bulls ever awaken from their 5/6-induced comas.

8. Made a list of all accounts we had harmed, and became willing to go out and get a real job so we could add money back to them all.

9. Made direct deposits to bring such accounts to their starting balances wherever possible, except when to do so would place us in danger of a Reg T violation in other accounts.

10. Continued to take personal inventory and when we were wrong promptly exited the trade by way of an immovable hard stop loss.

11. Sought through prayer and meditation to improve our conscious contact with The Market as we understood it, praying only for knowledge of its will for us and the buying power to carry that out.

12. Having had a spiritual awakening as the result of these steps, we tried to carry this message to other frustrated traders, and to practice these principles in all our affairs.

 

[cstfx]

Quote from neveral0ne:

Does anyone here uses / watches the DOM ? I really dont know why I look at it, because it doesnt seem to help me with anything... everythning I need is on my chart....anyone else feel the same way ? This is for NINJA TRADER users//

I no longer use chart trader to place trades because I tend to have a few charts up at once but to avoid making mistakes, only the product I am trading is active and the rest are in demo mode. A few weeks ago I screwed up and placed trades on a live chart that I was testing on a demo and low and behold, I am 5k in a matter of minutes because I did not realize which mode I was in. On the DOM, it is not as easy to make that mistake (in chart trader, you can collapse the order entry section but the chart is still active) plus it is easier to create ATM strategies on the DOM than on the chart.

As to watching your profits/losses, convert the p&l to points instead of dollars. I have found it helps take the emotion out of the trade and allows you to focus on the target.

 

[mabenn]

Quote from schizo:

First of all, nice trades this morning. As for that infamous day in 2000, I lost a ton of money on that "suprise! surprise!" Greenspan rate cut. What a moron that guy is. He resisted cutting the rates even though the market went off the cliff earlier in March of that year. Just like Bernanke. The two stooges then frantically went on a rate cut campaign like if there were no tomorrow. I'm sorry but these two are the biggest asswipes history has produced.

At any rate, how is everyone adjusting after the 1000-point plunge circa 05/06? I've been more or less flat and I can't seem to get out of this trading rut. I win in the morning only to give it all back in the afternoon or I win one day and than lose it all the next day.

I won every day last week and in the past 3 days gave it all back. It seems after self analysis that I was clinging to the recency bias too much, and also started to get cocky and wait for home runs rather than sticking with what worked. That's why to me it's so important to journal every day and be sure I do morning self analysis to make sure I am in the right frame of mind for maximum success.

so in short, too much confidence was the reason for my results.

 

[trader198]

I need god's power to curb my bad habit, still in the hit and run mode, could not ride nice trend.
I let god take care of my paper account, gee, better "oh, lord, can you do it for me"

Quote from schizo:

Yeah, too much useless thoughts are cluttering up my brain. You, on the other hand, seemed to have greatly improved over the last few weeks. Kudos to ya!

 

[trader198]

that is because you forgot your plan. always remind your self: the plan. even you get used to your plan, still need this reminder.

always have a stop loss? do you? maybe just sometimes
always have a reasonable size bet to avoid unimaginable risk (halting/policy change)? maybe just sometimes
always .... maybe just sometimes

Quote from mabenn:

I won every day last week and in the past 3 days gave it all back. It seems after self analysis that I was clinging to the recency bias too much, and also started to get cocky and wait for home runs rather than sticking with what worked. That's why to me it's so important to journal every day and be sure I do morning self analysis to make sure I am in the right frame of mind for maximum success.

so in short, too much confidence was the reason for my results.