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

[momoNY]

Quote from wrbtrader:

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

Two trades were not valid and I missed one trade. One of the trades was pure nonsense, because I realized I made a mistake in reading the 15mns, I closed the trade then I went back (this is what's killing me). Making a mistake reading a chart is ok, it is part of the strategy and the discretion. But going back into a trade that you closed because you are not convinced at all, is speechless. I need a circuit breaker that's why I stated in my rules to wait at least 30mns before taking another trade.
Other mistakes are related purely to exits, I did not respect my plan at all except the last contract of the last trade, that's $400 left on the table.

 

[momoNY]

Quote from nkhoi:

have you check out other broker r/t all-in fee?
http://www.elitetrader.com/vb/showthread.php?threadid=215781

you should mix it up 50% sim and 50% live and don't worry about making only 50% of what it could be. The next bus is just around the corner.

My discipline problem is in the genes, it is so big that when doing sim I'm not serious at all.
For the fees, I think I'm paying less with the unbundled. All-in would cost me 4.4 a round trip, now, thanks to overtrading, I'm paying 3.6, it helps for scratches.

 

[Now is Now]

Quote from momoNY:

My discipline problem is in the genes, it is so big that when doing sim I'm not serious at all.
For the fees, I think I'm paying less with the unbundled. All-in would cost me 4.4 a round trip, now, thanks to overtrading, I'm paying 3.6, it helps for scratches.

Your first sentence says it all...

STOP...get out of trading...when trading you are fodder...when trading sim you are in a trance...

Walk away and send a $100 check to the Salvation Army...money you will not lose...

If you don't do it, I have to suspect you are either a Baron 'ring-in' or a complete NUT...


Nin

 

[momoNY]

Quote from Now is Now:


If you don't do it, I have to suspect you are either a Baron 'ring-in' or a complete NUT...

Or a guy who fixes his problems slowly.
Now, name calling starts... is it your favorite hobby?

 

[momoNY]

Second day: Today I won't trade until past 10:05. I expect the market to go down to find support around 1325, then up to attempt to break the overnight high. I should be very cautious we may even see 1318, because we need at least one day of Lower Lows on daily for this rally to continue to new highs.

 

[wrbtrader]

momoNY,

Is it possible for you to post a screen image of what's on your monitors that shows how you're charts are setup, simulator et cetera (blacken out any private info such as account number).

* You trading from a home office ?

* Other resources you're using while trading ?

* You only using ONE trade method (highly recommended) while having discipline problems instead of trying to re-design several methods ?

Quote from momoNY:

...I lack discipline, and I don't seem to find a cure for that...

* Prior to returning to real money trading...have you consider getting in person help from other traders in your area or from a psychologist in your area because it's obvious to me you're not revealing what's going on in your trading environment.

As I stated before...been there and done that.

Mark

 

[momoNY]

Quote from wrbtrader:

momoNY,

Is it possible for you to post a screen image of what's on your monitors that shows how you're charts are setup, simulator et cetera (blacken out any private info such as account number).

* You trading from a home office ?

* Other resources you're using while trading ?

* You only using ONE trade method (highly recommended) while having discipline problems instead of trying to re-design several methods ?

Mark

Could you remind me how you take a screen shot?
I trade from home, I have two monitors. I use IB, with BookTrader and five charts all of them ES, 2/5/15/1hour/4hours. That's all. So far I'm using one method, but it is very flexible mainly for entries. I enter on a pullback if trend is established, or near strong support if trend is not broken on higher time frames. A trend is established if there are two HHHL, then think recursively for all other timeframe and glue everything together. I use a lot of pattern recognition from experience.

 

[momoNY]

Quote from wrbtrader:


* Prior to returning to real money trading

I have always traded real money.

...have you consider getting in person help from other traders in your area


No, but frankly I would love to. Most of the time people who contacted me in the past are more curious on how much you lost, your method. I would love to meet people who discuss ideas, solutions not specifics.


or from a psychologist in your area because it's obvious to me you're not revealing what's going on in your trading environment.
I haven't thought about this even though I have some apprehension about it. I think I may try it. You know there are behaviors that are in the genes and they are not necessary psychological, ADD for instance.

 

[momoNY]

Quote from momoNY:

Second day: Today I won't trade until past 10:05. I expect the market to go down to find support around 1325, then up to attempt to break the overnight high. I should be very cautious we may even see 1318, because we need at least one day of Lower Lows on daily for this rally to continue to new highs.

I doubt that we get to 18. It would signal change in the trend on the 4hours down. So 1319.25 should hold; for a serious up day, 1322 should hold. I will be a buyer at 1323.5

 

[momoNY]

Quote from momoNY:

I doubt that we get to 18. It would signal change in the trend on the 4hours down. So 1319.25 should hold; for a serious up day, 1322 should hold. I will be a buyer at 1323.5

Long 1324.25 stop 1322, target 1335.