57
67
62
??
ES Journal - 2012
- Thread starter Buy1Sell2
- Start date
- Status
57
67
62
??
Thanks. While it is good to interact with others, it can have a huge influence on how I trade. I am not a big believer in back testing and stats and unfortunately that is what works for this guy and his room. I guess that makes me a feel trader and what has made me successful trading equities. I should just stick with what I know.
Agree with the breather. It should help me hit the reset button and get back to business.
Good luck to you.
Jump on a sim for the week and test a couple new stop scenarios (wider, tighter etc.)
The hard part is to remain in sim while wanting to trade real. Discipline.
Worked for me on occasions when shit got crazy with hard draw-down and bad attitude / fear.
Dead wrong on this one, and bailed on my sim short around 64. Truly a "fun" exercise as I would not have let it trade back through the open like it did if I were sitting there. I'm back at home now, and will try to trade for real tomorrow. On the 30m/60m, connect all the lows on this trend up; I could not see my charts at the time but that's where it found support AGAIN (it tested 1 point below the line touch on my chart).
Always have the same issue with SIM but at this point frustration with this market is at peak. Normally a good sign that the tide is about to turn but I have been thinking that for the last few weeks.
Man, some serious stop runs taking place in oil and EurUsd. Makes no sense with bond market move today. Wish I had the confidence right now to scale into some of these bubble trades.
Thanks for advice. Good luck to you.
Italian bank shorting ban ends tomorrow..
http://www.bloomberg.com/news/2012-...nds-short-selling-ban-on-banks-to-feb-24.html
http://www.bloomberg.com/news/2012-...nds-short-selling-ban-on-banks-to-feb-24.html
13 is the 6th prime number, trader love 1360-66. Just a weird thing, like 666.
if u are in a bad trade, trade your way out,if your flat ,stay flat,only trade setups,think about the non setups and the p/l,if you trade the nonsetup,you lose and have to re-earn that money to get back to where you were before the bogus trade,sidelines ,sitting on hands,save's a boatload
Yes.
First things first, you should not be "really struggling" with live money for extended periods. If something changes in you or the market that causes you frustration, you need to take a break ASAP. Trust me, I learned this the hard way and kept "trying" for a lot longer than I should have more than once, since it is easy to think that tomorrow will be different.
Take a nice break. It`s the only way to end it. One week, two weeks or as long as it takes.
You mentioned being successful in equities? Why not stick to that and only that? Is there not enough liquidity for your size in those markets? Maybe develop some new strategies?
The ES can be one tough bitch to trade and especially if you decide to exclusively day trade it. Not good enough R/R per trade on average to really get ahead, unless you really know what you`re doing, IMO.
I also second what Bigsnack said about the trading room. When day trading, you need to listen to yourself and the knowledge that you have gathered from your research, backtesting, experience, etc. I think trading rooms are only for newbies who sim trade and have the opportunity to listen to someone better than them or for a pro who have a strong enough faith in his method such that he is not negatively influenced by other people.
Taking other people`s opinions and view into account after the close is different, because you can be cool and calm while you assess their views.
If you have not read them yet, I also highly recommend Reminiscences by Livermore and Pit Bull by Marty Schartz.
Good luck on getting back in the groove.
For mastacoli:
The Losing Streak - Marty Schwartz
Every trader faces it. Only the winners know how to handle it. The dreaded losing streak rears its head every so often and attacks every great trader. It eats away at your judgment; it saps your confidence. Sometimes, it can take you so low that you think you`ll never get out. You`re sure that something has gone wrong, that you`ve lost your touch, that you`ll never be a winner again. When you`re in the middle of it, you think it`s never going to end, but mostly, your judgment and rhythm are off and what you have to do is stop and regain your composure.
The best way to end a losing streak is to cut your losses and divorce your ego from the game. I learned this lesson many years ago at the crap tables in Vegas. The old clichè says "never send good money after bad", and it`s true. You have to manage your resources and not lose too much of your stake. Many people when they`re losing increase their bets; they double up hoping to win it all back on one roll of the dice. That strategy can be devastating. The best way to stop a losing streak is to STOP! STOP THE LOSSES, STOP THE BLEEDING. Take time off and let your intellect take charge of your emotions; the market will be there when you return.
But believe me, this simple advice is much easier to give than to take. In August 1996, I was in the worst losing streak of my career. What was driving me crazy was that I would see the trades, but I was so scared of losing, I wasn`t thinking about winning. This fear of losing was slowing down my reaction time, and while I was seeing everything, I was reacting later and later, which meant that I was taking more risks, not less. What I had to do was to step back and recharge my batteries, but I couldn`t stop. A guy called me and wanted to play some golf. I knew that I needed a break so I told him I`d play eighteen, but as I got up to leave, I couldn`t go out the door without a piece of the action. I couldn`t let the market go up without me. I bought ten lousy contracts and ended up losing twenty-five grand. It ruined my day and further sapped my confidence.
You can never shift from reverse to first gear without first going through neutral. YOU MUST FIRST CHANGE THE DIRECTION OF BAD TRADING BY FIRST SHIFTING TO NEUTRAL. YOU MUST STOP. What happens is that as your fear of losing rises, your emotions start to short-circuit your intellect and you no longer have confidence in what you`re doing. Stopping lets your emotions calm down and lets you reestablish your momentum with your intellect. Remember, time is always your ally. Use it to relax, clear your head, and regain your energies.
Once you`ve stopped, digested your losses, gone through a period of preparation, and feel comfortable with your work habits and methodology, you`re ready to start trading again. The best way to do that is to trade small and to concentrate on being profitable. DON`T START BY TRYING TO MAKE A KILLING.
When I came back, I`d see a trade I liked and I`d do it small with a very tight stop, so if I was wrong, I`d get right out. All the time I kept telling myself, make little profits, make little profits, make little profits. Black ink, black ink, black ink. It`s all psychological. I felt sick and I wanted to make myself feel good again. I wanted to regain my confidence because CONFIDENCE IS ESSENTIAL TO A SUCCESSFUL TRADER. I had three contracts the other day, which is a tiny position for me, but I ended up making $15 000 on them. Fifteen thousand dollars is real money, and I took that and built it into $40,000 the next day, and all of a sudden, I`m hot again, and I feel great.
If for some reason this process doesn`t work initially, try it again by stopping longer and coming back to trading even smaller. The most important thing is to protect your trading capital until you can regain your equilibrium and put all the shadows of the losing streak behind you. Losing streak are an unfortunate part of the game, but if you are a good disciplined trader who can shift into neutral, the losing will end and black inc will start to flow again.
The Losing Streak - Marty Schwartz
Every trader faces it. Only the winners know how to handle it. The dreaded losing streak rears its head every so often and attacks every great trader. It eats away at your judgment; it saps your confidence. Sometimes, it can take you so low that you think you`ll never get out. You`re sure that something has gone wrong, that you`ve lost your touch, that you`ll never be a winner again. When you`re in the middle of it, you think it`s never going to end, but mostly, your judgment and rhythm are off and what you have to do is stop and regain your composure.
The best way to end a losing streak is to cut your losses and divorce your ego from the game. I learned this lesson many years ago at the crap tables in Vegas. The old clichè says "never send good money after bad", and it`s true. You have to manage your resources and not lose too much of your stake. Many people when they`re losing increase their bets; they double up hoping to win it all back on one roll of the dice. That strategy can be devastating. The best way to stop a losing streak is to STOP! STOP THE LOSSES, STOP THE BLEEDING. Take time off and let your intellect take charge of your emotions; the market will be there when you return.
But believe me, this simple advice is much easier to give than to take. In August 1996, I was in the worst losing streak of my career. What was driving me crazy was that I would see the trades, but I was so scared of losing, I wasn`t thinking about winning. This fear of losing was slowing down my reaction time, and while I was seeing everything, I was reacting later and later, which meant that I was taking more risks, not less. What I had to do was to step back and recharge my batteries, but I couldn`t stop. A guy called me and wanted to play some golf. I knew that I needed a break so I told him I`d play eighteen, but as I got up to leave, I couldn`t go out the door without a piece of the action. I couldn`t let the market go up without me. I bought ten lousy contracts and ended up losing twenty-five grand. It ruined my day and further sapped my confidence.
You can never shift from reverse to first gear without first going through neutral. YOU MUST FIRST CHANGE THE DIRECTION OF BAD TRADING BY FIRST SHIFTING TO NEUTRAL. YOU MUST STOP. What happens is that as your fear of losing rises, your emotions start to short-circuit your intellect and you no longer have confidence in what you`re doing. Stopping lets your emotions calm down and lets you reestablish your momentum with your intellect. Remember, time is always your ally. Use it to relax, clear your head, and regain your energies.
Once you`ve stopped, digested your losses, gone through a period of preparation, and feel comfortable with your work habits and methodology, you`re ready to start trading again. The best way to do that is to trade small and to concentrate on being profitable. DON`T START BY TRYING TO MAKE A KILLING.
When I came back, I`d see a trade I liked and I`d do it small with a very tight stop, so if I was wrong, I`d get right out. All the time I kept telling myself, make little profits, make little profits, make little profits. Black ink, black ink, black ink. It`s all psychological. I felt sick and I wanted to make myself feel good again. I wanted to regain my confidence because CONFIDENCE IS ESSENTIAL TO A SUCCESSFUL TRADER. I had three contracts the other day, which is a tiny position for me, but I ended up making $15 000 on them. Fifteen thousand dollars is real money, and I took that and built it into $40,000 the next day, and all of a sudden, I`m hot again, and I feel great.
If for some reason this process doesn`t work initially, try it again by stopping longer and coming back to trading even smaller. The most important thing is to protect your trading capital until you can regain your equilibrium and put all the shadows of the losing streak behind you. Losing streak are an unfortunate part of the game, but if you are a good disciplined trader who can shift into neutral, the losing will end and black inc will start to flow again.
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