Filter_Sweepâs Hong Kong Journal
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It sounds like you didn't read my full history (I realize its pretty long), so I can understand your perception. Let me just make a few points:
1. Again, trading is not my source of income, I have a really good paying job with which I support my family, and I do not believe that my current trading schedule interferes with my ability to continue to get promoted and increase pay
2. I trade with money that I don't mind losing, that I don't need to live or pay the bills
3. I've always assumed there to be a learning curve and required tuition to make it in this game. As I look over my trading history I see continuous improvement and refinement, with several bumps along the way as I've paid tuition for costy mistakes and having to deal with the extinction of an edge. I included my blow-up moments in the narrative both for entertainment and for full disclosure. I don't know exactly where I am on the learning curve, but I'm definately not ready to throw in the towel and declare myself unfit for trading. That's not to say I won't eventually quit trading if I stop progressing the way I should. My point is that I never have, and still refuse, to believe that this game is easy or can be learned overnight, and I figure it will take much longer for me since I'm doing it part time.
4. Addiction? I wouldn't rule it out. I absolutely love this game. I've heard many successful traders described as addicted, so it doesn't concern me. It only becomes a concern if I keep making the same mistakes over and over, and never learn or progress.
Thanks, but I can't take full credit for your compliment... I don't always trade with just one contract at a time. I oftentimes add to both unrealized gains and losses depending on the setup and situation, and will occaisionally initiate a new trade with multiple contracts (e.g. if it sets up on multiple time frames, for example both the 3 minute and 5 minute charts).
I have 8 different setups in my arsenal, and each one has different money management scenarios. However, I don't add to losers... each of my setups has criteria that defines when it has become a loser, and I'm pretty good about following that part of my plan. On most nights I only use 3 of my setups, but last night was volatile and I was able to use 5 of them.
Last night I think I made 10 unique trades, using a total of 22 contracts.
Also, another point... remember that right now I'm trading MHI, the mini Heng Seng... if I was trading HSI I would have made over 10,000 HKD, well over $1k USD.
Quote from ibuser007:
It is funny to see when you are buying/selling stocks you
are investing/trading, when granny is doing the same thing,
you think she is gambling.You never know, maybe
she is a hidden trading legend. She has been trading vegs
her whole life.
u just graduated in 007? Have u been to Hong Kong?? Yeah... granny is gambling because she just buy when someome told her ABC co or HSBC stock is going up.. clueless of what's going on and Yes, she did made some $ when the market is hot and co. share keeps going up ..but in the down market .. sadly she losses $ if she didn't take out the profit earlier. But she will survive, after all she has been trading veges her whole life... sure have food on the table.
when i am buying/selling stocks ... do u know how many hours/days of hard-work i and my team need to prepare to go into the market?? or wait patiently to 'whack" the market (eg: Bidu.. we took out all the profit on May 6 and turned sell..) we are not day-trader.
excuse me , i got a call from NY ..gotta go now. Good Luck 007
well I think I never claimed that you would have to live under the bridge if you did not make it in trading, in thus, I dont think I misunderstood your story. I commented on your trading, only. It is completely unrelated to whether you have family, have another job, or whatever.
About your second point, I never understood such argument. Its not about whether you can afford losing that money or not. If you can afford to lose the money there are about 1000 MUCH MORE ENJOYABLE ways to lose money. I assumed you try to make money in trading. But your summarized YEARS of experience show that you seem not not have made a single dime over all the years. Or was there a single year in which you came out ahead? I mean dont get me wrong it takes a lot of effort and time to learn the skills required for this profession. But if you have lost money over several years then I simply urged you go back to check what you have done wrong because this should not be, whatever brokers or software vendors or the particularly smart brass here at ET try to tell you. If I had lost money over several months as a new grad at the first trading desk of the iBank I started out at then I would have been fired well before the first 2 years in the job. I just asked you to consider this. Having lost money over multi year periods without much of improvement either lets one conclude you did not even realize you lost money or you are indeed addicted (in a negative way; I dont equate "love for something" with addiction"), meaning, you cannot stop even though you know you should.
Trading really is not that hard, analytically speaking. Its about a strong will power, patience, and above all money management, money management, money management. Nothing else. And some people do commit the same mistakes over and over and over again. Such people are unfit for trading. Just ask yourself whether you try again and again to go against the trend, because if you do I want to bet you lost money overall, I dont believe anyone who comes out and says he makes most of his money fading trends, thats bollocks.
About your second point, I never understood such argument. Its not about whether you can afford losing that money or not. If you can afford to lose the money there are about 1000 MUCH MORE ENJOYABLE ways to lose money. I assumed you try to make money in trading. But your summarized YEARS of experience show that you seem not not have made a single dime over all the years. Or was there a single year in which you came out ahead? I mean dont get me wrong it takes a lot of effort and time to learn the skills required for this profession. But if you have lost money over several years then I simply urged you go back to check what you have done wrong because this should not be, whatever brokers or software vendors or the particularly smart brass here at ET try to tell you. If I had lost money over several months as a new grad at the first trading desk of the iBank I started out at then I would have been fired well before the first 2 years in the job. I just asked you to consider this. Having lost money over multi year periods without much of improvement either lets one conclude you did not even realize you lost money or you are indeed addicted (in a negative way; I dont equate "love for something" with addiction"), meaning, you cannot stop even though you know you should.
Trading really is not that hard, analytically speaking. Its about a strong will power, patience, and above all money management, money management, money management. Nothing else. And some people do commit the same mistakes over and over and over again. Such people are unfit for trading. Just ask yourself whether you try again and again to go against the trend, because if you do I want to bet you lost money overall, I dont believe anyone who comes out and says he makes most of his money fading trends, thats bollocks.
I don't want to go back and forth with you on whether I should be a trader, you make points that I agree with on some levels, but I still think you misinterpret my situation. I have not lost money year over year, since starting to daytrade part time in the evenings in late '07, I have essetially broken even... my account is where it was back then. I have often heard and read that if you can break even the first year after covering all costs (comissions, slippage, data & software fees), you are doing good. If you were to boil all my part-time trading over the last 2.5 years, it would probably equal 1 full year of trading.
Furthermore, only I can see the progress I've made, my ability to recognize opportunities and take advantage of them. I don't expect you or anyone else to recognize these improvements in me, and I don't need you to. It doesn't make a difference either way. Ultimatley I will have to be the judge as to whether this endeavor is worth my time, I know the failure rate and realize the odds. I'm glad that trading came easy for you, it hasn't for me, but I've enjoyed the process.
The day will come that we'll all be dead. When I look back on my life I'll want to be able to say that I pursued my dreams with a full measure of passion, while doing it in a calculated way.
I've reached my limit in desire to discuss this topic at this stage in the journal. I appreciate your interest in the journal and desire to help, but I'd like to refocus the discussion on trading itself.
I think this journal will demonstrate if I've figured the game out or not. I'm going to start letting the results speak for themselves.
Profitable night, but very frustrating as well. For good or for bad, I came into the evening with an extrememly bullish bias, because every risk-seeking product in the world is bullish and trending higher at this evening. Every trade I made was long, and on every trade I was trying to let my winners run by trailing stops. Yet the Heng Seng found every conceivable way to chop around and shake me out of my positions, over and over. When it finally made its move, about an hour later than I expected, it still found a way to shake me out on pullbacks while HHI was jamming to new highs.
Oh well, can't complain too much when you make an above-average profit.
+1882 HKD
(~$242 USD)
Oh well, can't complain too much when you make an above-average profit.
+1882 HKD
(~$242 USD)