five years later (the previous 5), still struggling!

Quote from momoNY:

This is going to be my last attempt at this madness! I started a journal in 2006 without success (http://www.elitetrader.com/vb/showthread.php?s=&threadid=62958&perpage=6&pagenumber=1), I took a break of more than three years before coming back to the markets, but still not profitable. I lack discipline, and I don't seem to find a cure for that. At least this time I know I can read the markets very well, and I know the weaknesses I have to solve:

- Not overtrading. Limit to 5 trades a day.
- Get good sleep.
- No trades between 12-1pm.
- When profitable in the morning, no trading in the afternoon (if I respected this rule alone I would have been ahead big time).
- Staying in the trade until a reversal or descent profit of at lest twice the risk.
- The most serious of the most serious ones, stop for at least 30mns after a stop loss. This is my top one problem; I end red every time I have a loser. I don't wait for another setup, I invent them myself ;-).

I'm not going to give specifics about my strategy. All I can say, is I buy/short pull backs.
I use 2/5/15/hourly and 4 hours (the king of all time frames). I take my trades using 2 and 5 minutes charts. the 15/60/4 hours are for direction and resistance only. I don't use any indicators whatsoever, just price action. So help me god! [/QUOTE


Your emotions are calling your shots, not you. Tune out, stay away from forums and financial websites, and don’t watch CNBC Bloomberg. Have precise entry and exit signals. It has taken me 10 years to find an edge I’m comfortable with. I love the markets, I would do it for free, and the money is just a bonus. I just would not give up, I kept at it because this is what I love.

Life is to precious a gift to waste doing something you don’t love. If you don’t love the markets find something you do love doing and the money will follow.
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Quote from momoNY:

stop moved to 1327.5
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stopped at 1327.5. $601 profit for the day. I'm very happy although I still need to improve my trade management. See you tomorrow.
 
Quote from momoNY:

stopped at 1327.5. $601 profit for the day. I'm very happy although I still need to improve my trade management. See you tomorrow.
More...

Today's trades: I took too many trades. I think I'm relying too much on 2 minutes chart. A choppy day would have killed me. But globally it was ok, specially in the afternoon.
 

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Quote from Rickshaw Man:


Your emotions are calling your shots, not you. Tune out, stay away from forums and financial websites, and don’t watch CNBC Bloomberg. Have precise entry and exit signals. It has taken me 10 years to find an edge I’m comfortable with. I love the markets, I would do it for free, and the money is just a bonus. I just would not give up, I kept at it because this is what I love.

Life is to precious a gift to waste doing something you don’t love. If you don’t love the markets find something you do love doing and the money will follow.
More...

If I don't love the markets I wouldn't be trading for so many years, don't you think? If I could make half what I make at my job, I would quit my job!
I don't listen or watch TV. I take a look at briefing for reports and avoid to trade when a report comes out.
One day is too short to conclude anything, but I find Journals help a lot. Writing your analysis helps you be focused on what you are doing and not be distracted.
 
Quote from momoNY:

Eddie, I respect your view a lot. Could you tell us what position are in now?

Longer time frames I can't manage them I know that. I have to work on letting profits run, just like you say, I have to think in dollars, they can be made using 5mns charts too.
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lol, what position am I in now. Mostly a sitting one.

Cmon, man, forget positions, add on, scalps, dollars etc.

5 years and it isnt clicking, you are worried about cracked lighbulbs on the deck of the titanic.

Not saying it has to be like that, I really hope it isnt in your case.

I only say these things coming from a place you were in many, many years ago. I lived in the 3min time frame for yrs, i did 2min,5min,7min, ticks, vol ticks etc. I can tell you it doesnt have to be so difficult.

But to each thier own, you can lead a horse to water. etc, etc,,

Good luck pal, may the trading spirits be with you,

Ef
 
Quote from Eddiefl:

lol, what position am I in now. Mostly a sitting one.
That's a good one :D


Cmon, man, forget positions, add on, scalps, dollars etc.

What do you do then, if you forget about all that? You buy and hold for ever?


5 years and it isnt clicking, you are worried about cracked lighbulbs on the deck of the titanic.

No, it clicked many times, I had two months where I made more than $6000 each recently, then I gave it all back. I explained the most important reason I gave it back; running after the losing trades and not sticking to my plan. Sometimes I get carried away and run all over the place trading on 2, 5, 15, 1 hour chart etc... I have a serous discipline problem, and I'm ADD. When I stick to something, I have problem getting away from it.


I can tell you it doesnt have to be so difficult.
But to each thier own, you can lead a horse to water. etc, etc,,

I'm all ears. How could it be otherwise? Tell me a little bit about your style.

Thank you very much for your input, I really appreciate it, and I'm dead serious.
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Quote from momoNY:

Today's trades: I took too many trades. I think I'm relying too much on 2 minutes chart. A choppy day would have killed me. But globally it was ok, specially in the afternoon.
More...

If they were all valid trade signals...it's not overtrading. This is why your stated "no more than 5 trades" per day is problematic and counter-productive.

Thus, there will come a day when you'll, for example, only take 2 trades and they won't be valid trade signals. It's still remains a discipline problem because you took trades that weren't valid for trading.

Mark
 
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