Huge Losses

Ripley your dillusional. You make those kind of trades and then say you had a momentary lapse in discipline. I will bet my left nut that you will not make it this round.

ozzy


Quote from Ripley:

So many repleys :D

You know, I wouldn't take out money on a credit card if I don't have an edge and to know full well that I could make a huge return on that investment as well as the risk that I am taking.

Whatever happend; happened due to a special situation coupled with a momentary lapse in discipline. Now it is time to put it all behind me and getting ready for another exciting day of making a lot of money. :p
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^oh man.. I deleted that reply because I was writing that when FuturesTrader71 was replying to this thread. Thus, I felt that was the inappropriate thing to say.

Thanks for saving it. Good save :D
 
I disagree with your disagree.

He entered at the bottom of the flyzone debacle, the moment it was cleared it shot back up. If you closed your position like I said at that moment it would have been less than the 10 tick stop.

ozzy

Quote from FuturesTrader71:

I disagree. This is far too late.

As soon as you passed your risk limit, you should have covered immediately at any cost. Furthermore, as soon as you saw bigger prints on the offer, you should have covered before your 10 ticks were up if possible. Don't let your mind force you to be set on what you should get or lose. Let your eyes and hands respond to what the market is ACTUALLY doing. Waiting for the news to tell you that everything is ok now might be 50 ticks later before you hear it.
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I'm a quick one. You need to be fast in this game.

Quote from Ripley:

^oh man.. I deleted that reply because I was writing that when FuturesTrader71 was replying to this thread. Thus, I felt that was the inappropriate thing to say.

Thanks for saving it. Good save
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Quote from ozzy:

I disagree with your disagree.

He entered at the bottom of the flyzone debacle, the moment it was cleared it shot back up. If you closed your position like I said at that moment it would have been less than the 10 tick stop.

ozzy
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As I said, the market depth provided plenty of hints on the retracement being real. I don't know what news service he is using but I can bet that he would have gotten that too late. Trading on news is not for everyone. That was my only point. Better to react to the markets.
 
Your right. I didn't properly read your post. Completey agree with you, its all in the charts.

Quote from FuturesTrader71:

As I said, the market depth provided plenty of hints on the retracement being real. I don't know what news service he is using but I can bet that he would have gotten that too late. Trading on news is not for everyone. That was my only point. Better to react to the markets.
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Quote from Ripley:

^oh man.. I deleted that reply because I was writing that when FuturesTrader71 was replying to this thread. Thus, I felt that was the inappropriate thing to say.

Thanks for saving it. Good save :D
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Be wise. The probabilities are against you. Save what you have. Never trade on borrowed cash, so save that money. Study a bit longer and have a more robust risk plan. You are too focused on making money. That is not the objective at the beginning. You must focus on trading and executing well. The money takes care of itself. If you intend to trade, then I would suggest you put that money to better use at a charity of your choice. You will at least get good karma and your creditor will sympathize. :)
 
I get slapped by the market when I do not respect my stop or do not put a stop.

I fell in love with an idea. I worked out the fundamentals well. I researched and did the numbers and came to the conclusion that I could not lose (and it would be insane to do the opposite). Therefore, when I trade this idea I will not put a stop and just let it ride. So the trade begins and I execute with conviction. Immediately the trade goes in my favor. After an hour the trade keeps going and I know i was right. This gives me greater conviction to just let it ride without stops. I was going for the home run. Then the market begins to turn. I am still ahead and give the market the finger - i'm not going to put a stop - i will not be shaken. Then the market keeps going against me until I can't think straight. Then I finally put my stop - at the worst possible point.
 
Even if the situation was cleared, I was kind of thinking that it was still a scary situation. Thus, I just didn't see that it could turn around with such an abrupt turn of momentum. I know I wasn't quick enough to catch it. Today was a great experience. Well worth the $1,000 I spend on it.

And it couldn'tve been -10 pts, because it you go with a stop like that with that much turbulance, you're going to get stopped out every time.


Quote from FuturesTrader71:

I disagree. This is far too late.

As soon as you passed your risk limit, you should have covered immediately at any cost. Furthermore, as soon as you saw bigger prints on the offer, you should have covered before your 10 ticks were up if possible. Don't let your mind force you to be set on what you should get or lose. Let your eyes and hands respond to what the market is ACTUALLY doing. Waiting for the news to tell you that everything is ok now might be 50 ticks later before you hear it.
More...
 
Quote from longtermpunt:

I get slapped by the market when I do not respect my stop or do not put a stop.

I fell in love with an idea. I worked out the fundamentals well. I researched and did the numbers and came to the conclusion that I could not lose (and it would be insane to do the opposite). Therefore, when I trade this idea I will not put a stop and just let it ride. So the trade begins and I execute with conviction. Immediately the trade goes in my favor. After an hour the trade keeps going and I know i was right. This gives me greater conviction to just let it ride without stops. I was going for the home run. Then the market begins to turn. I am still ahead and give the market the finger - i'm not going to put a stop - i will not be shaken. Then the market keeps going against me until I can't think straight. Then I finally put my stop - at the worst possible point.
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What happened? You allowed your profit to turn into a loser?
 
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