Grinding it out, day after day

Quote from lescor:

The thing that's helped me get to another level is to truly not care about money when trading. That sounds counter intuitive, but I mean if you can train yourself to not care about your p/l, and only focus on executing, you will be better off. Every trader has been in a situation where they were up or down enough that they ignored their rules or did the wrong thing at the wrong time because they were letting the p/l affect them emotionally and influencing their thinking.



Quote from turbodog:

I did most of the things you suggested, however it's so hard to not care about money. How long did it take you to get there and what helped the most?
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I need help here too. I've been day trading just over a year and a half and for the first time I can remember last week I didn't allow a losing trade to influence how I managed the next trade. 18 months of trading, and finally a day where I truly, truly didn't let the P/L affect the subsequent trades.
 
I read this this journal the first few days and just read the last few pages.

If this rob guy doubts lescor trades for a living... I know he did.

he traded with an office which was started by one of the traders who once traded in an office I owned.

I met corey when he was down visiting Mike's office. Everyone in the office knew Corey and many said he was very good and profitable.

Corey I look forward to reading your journal. There is a slight chance this is the wrong corey - but I doubt it.
 
Lescor, thanks for the interesting thread

According to you your average is 40K/mo and the last two years you`ve done better. So Lescor why, even being conservative, is 20K/mo reasonable and not say the average, when in the first week of 2010 you cannot know whether volatility/bots etc will change markets such that your P/L would apparently suffer by more than a half? Was it unexpected poor performance in late 2009? If so, it appears you strongly believe some fundamental change in markets dynamics has occured and it will affect your edge. I haven`t noticed but it may depend on strategy. That said, you are doing better than expectations thus far so for whatever reason you aimed low this year, perhaps you might change your mind now?
 
Quote from billyjoerob:

Yeah I read that. That's the closest you come to an example. It's empty of content, like the rest of your wisdom.

By the way, your grasshoppers are calling . . .
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OK, you don't believe him, we get it. Thanks for enlightening us with your wisdom. Bye now.
 
Quote from lescor:

Nah, BillyBob isn't a front for Tim Sykes. Read his other posts. He's a long-only guy who doesn't even know what a futures contract is. He dabbles in the markets and thinks that qualifies him to argue against a bunch of experienced traders about how things actually work.
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Well, in that case I owe bjb a sincere apology. sykes too, if I'm wrong. Not the least bit convinced, but we'll go with that idea.

Then again, if bjb ain't seriously pretending to be this stupid on purpose for his own reasons, now that's a real frightening thought.

===

Let me see... 110k deposit levers (up to) 10mil working capital

10mil buying power leveraged off 100k deposit seeking 480k annual...

10mil divide by 480k = +20.83% annualized ror

That's so hard to comprehend? I just explained it to my springer spaniels while they ate dinner, and I'm pretty sure they grasped the gist, first pass

Heaven help ol' bjb there if he ever musters the courage to dial up the ES on his trade platform. We'll be waiting for him
 
Quote from turbodog:

I did most of the things you suggested, however it's so hard to not care about money. How long did it take you to get there and what helped the most?
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Years. You just have to trade small and move up incrementally.
 
Quote from Rickwitties:

Lescor, thanks for the interesting thread

According to you your average is 40K/mo and the last two years you`ve done better. So Lescor why, even being conservative, is 20K/mo reasonable and not say the average, when in the first week of 2010 you cannot know whether volatility/bots etc will change markets such that your P/L would apparently suffer by more than a half? Was it unexpected poor performance in late 2009? If so, it appears you strongly believe some fundamental change in markets dynamics has occured and it will affect your edge. I haven`t noticed but it may depend on strategy. That said, you are doing better than expectations thus far so for whatever reason you aimed low this year, perhaps you might change your mind now?
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Yes, I did set the bar low for this year. I don't know what the future will bring and I have been a bit concerned with all the anti-capital markets rhetoric out of washington. I hope they don't muck things up for us, but I have to be prepared if they do. It's nice to start the year off better than I expected, but I'll need that cushion if things go south, if I suffer a large drawdown or the markets are dead over the summer. An average is just that- an average of 12 months, and it's only one down.
 
I'll take a guess and say Corey is trading around 3 to 4 million in BP on his 100k prop account. Is it really unreasonable to think a seasoned trader could achieve a 10 % return annually off of that type of intraday leverage ?
 
Quote from lescor:

Monthly summary:
Decent month, but most of it came in the first half. Some nice volatility to end the month though should pay off in the next couple weeks. Nothing particularly good or heinously bad stands out, which is just the way I like it. Traded all 19 days, 15 green and 4 red.

Net result was about $60,000 after all fees and commish. 2.4M shares traded.
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2,400,000 / 60000

0.025 cents per share net profit, probably less than 4 cents gross.

Do people realize what this means? I really don't think so. They focus on everything but this, and its the whole game.
 
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