Grinding it out, day after day

Quote from lescor:

When my trigger finger got itchy and I wanted to override the system, I just stepped away and took a break. I've seen similar setups before and while sometimes great profits do melt away, the odds and my gut were screaming "don't fudge it up!"
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I love that feeling. The fact that you're (I am too in these situations) uncomfortable means good money is on the table, just asking to be picked up.

Very difficult to get used to that feeling, but, enjoying it is possible. It's like an endurance race, you know you can win, you just have to keep those paws off the keyboard.

Good stuff lescor.
 
Quote from jnbadger:

That is excellent. I love those commercials.

Quin, I seriously thought twice after posting that, as I thought I may have crossed a line by saying it publicly. I can't speak for Corey, but I've been with Echo for years and I trust them. It has always seemed that the owners, Jeff and Rob, realized long ago that the idea of sharing strats and tactics is a VERY BAD business practice. In any business.

The operations manager has a basic understanding of strats; OPGs, mean reversion, trend following, etc. At least that is the impression I get. But there is no way she would ever give anything away.

It's very simple. They are a big firm, and if word got out that they would give anything away, traders wouldn't go there.

Corey, I apologize if I crossed any lines. Excellent management of Thursdays conditions.
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No worries mate, it's all good.

As I've said before, I believe Echo to be a highly ethical firm. I've met the owners, spent time with them, travelled with them, been in the back office, etc. They are rigorous on all aspects of compliance and have a hard earned and well deserved reputation as one of the top firms in the business. Reputation is so important in this business that there is just too much at stake to risk doing something as stupid as stealing strategies. I think they are making enough running the business the way they do that any profits they could generate by piggy backing or front running traders would pale in comparison and not be worth the risk.
 
Lescor, wanted to let you know I've enjoyed this thread and gained a new perspective on what is possible.

Question if you had time: On days that you have a bad trade you often will mention that you spend much of the day digging yourself out of a hole. I was wondering how those battles bear themselves out. Do you take the losing position and keep working it try to get back, or do you just eat your loss in the loser and try to dig out with positions in other stocks that aren't going against you?

Just curious about the approach of letting a loser go vs. working a loser to make it not so bad.

many many thanks for a great thread. thank you
 
Quote from smili:

Lescor, wanted to let you know I've enjoyed this thread and gained a new perspective on what is possible.

Question if you had time: On days that you have a bad trade you often will mention that you spend much of the day digging yourself out of a hole. I was wondering how those battles bear themselves out. Do you take the losing position and keep working it try to get back, or do you just eat your loss in the loser and try to dig out with positions in other stocks that aren't going against you?

Just curious about the approach of letting a loser go vs. working a loser to make it not so bad.

many many thanks for a great thread. thank you
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I wouldn't say I "dig myself out of" bad positions. If I get smoked in a stock, it is what it is. I might be underwater big in a position, but if it still looks promising I might add or hold on. If I close it out for a big loss, I don't let it affect how I trade the rest of the day. A valid set up is a valid set up. The market doesn't know or care what your pl is. The trade might be working good, but I know I'm going to end up with a loss because I entered too early, too big or just at a terrible price.

Sounds like a cliche, but the goal of trading is to trade well. A good or bad trade is not determined by how much you made or lost, but if you followed your rules and managed it properly.

In fact the term 'digging out of a hole' doesn't really make sense. The market doesn't care if you're in a hole. Just trade well, period.
 
Back to back really good weeks. +37k, 464k shares traded. Daily pl 0 ,0, +9, +11, +17

Good size on some nice trends on Wednesday and Thursday, and sized up for the quad witch today and things were actually decent for a change. Was fortunate to be scared enough of V and MA to not dip my toe in too early or big yesterday. The news sounded pretty serious and they were trading really heavy. I was long and had a bad feeling about it and got flat before the second nasty leg down. Somehow managed to make a few hundred bucks on them long.

Two more weeks to close out this year. Big bucks, no Whammies!
 
Quote from lescor:

Sounds like a cliche, but the goal of trading is to trade well. A good or bad trade is not determined by how much you made or lost, but if you followed your rules and managed it properly.

In fact the term 'digging out of a hole' doesn't really make sense. The market doesn't care if you're in a hole. Just trade well, period.
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Never cliche here on ET and needs to be repeated more often
especially for those thinking about starting to trade.

Learning to trade well. I was fortunate to have this idea put up to me early on by a few ET members.
 
Quote from lescor:

Back to back really good weeks. +37k, 464k shares traded. Daily pl 0 ,0, +9, +11, +17

Two more weeks to close out this year. Big bucks, no Whammies!
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Lescor, in comparison to ET member neke, you are trading via prop firm, right?

Is this in your opinion a big advantage when comes to trading discipline? Or is everything in trader's mind...?
 
Lescor

Multi part question, that if you’d rather not respond to – any of it/ some of it – very understandable



How did you start.., and evolve to being so disassociated

Do you ever find yourself becoming re-associated

What process do you use to get back disassociated



Thank You

RN
 
Quote from lescor:

Daily pl 0 ,0, +9, +11, +17
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Hey lescor I have been following this thread from the start....

I have noticed that some days the PL is exact zero. Does this mean that you did not trade that day ...or actually BE was zero after commisions ?

thanks
 
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