I'd like to become a better trader

  • Thread starter Thread starter PO
  • Start date Start date
P&L for Week 3 loss -$3066
Combined P&L since the start of the journal so far: loss -$1414

After 3 weeks of posting here, I realize that what I was doing is not working and I need to change. I\'m going back to sim trading, lots of charts reviewing and more backtesting as well as working on more self discipline. I\'m also going to switch to NQ.
 
Quote from Handle123:

BL

I believe if you posted charts of your entries, those of us that have been trading long time can offer our insights better.

If you notice you are doing too many trades, chances are the market is in chop. Make a max of say six trades a day, it will keep the fees down and make you concentrate on taking the best trades. I think doing a trade by trade journal works against you, trading is very personal, no one is going to sit next to you, but if you offer to the forum your bias, this forum might say go one way or the other, you don't know their timeframe or if they are just messing with you, but whatever they write, it will make you second guess yourself, and that is not learning.

Just a thought.
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H123

You are in my thoughts - get better soon Sir

RN
 
Quote from Best Loser:

I\'m listening. Thank you!

I did notice and thank you for pointing out that my stops are too tight. I\'m going back to SIM and will figure out the best stops amount. Although I\'m going to switch to NQ for now. Vol, have you ever traded NQ?

I realize now that one of the reasons that I make my stops too tight is the artificial limit I put on myself not to lose more then 600$/per day. 2.5 point stop on 2 contracts =$250. So I can only afford 2 loosing trades in a row. Which is obviously not working, so I need to either trade 1 contact or increase the daily loss limit. I will try both in sim, plus trading NQ should make it easier as it\'s a smaller increment.
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You should be trading the minimum size until you figure out what you're doing. Why raise your risk to 2 contracts unless you're more concerned with making money instead of paying the lowest tuition that you have to pay in order to learn how to trade? Anyways, I'm done with suggestions and help. I'll check back in a few weeks. Good luck to you.
 
Quote from Handle123:

BL

I believe if you posted charts of your entries, those of us that have been trading long time can offer our insights better.
More...

thanks, I forgot to mention this in my previous point - I will be posting a summary chart with my entry/exists when I figure out what software does it best. My current broker TOS does not allow me to see my trades on the charts, so I am researching another broker for sim trading. Looking into eSignal and Ninja trader.

Quote from Handle123:
If you notice you are doing too many trades, chances are the market is in chop. Make a max of say six trades a day, it will keep the fees down and make you concentrate on taking the best trades.
More...

I fully realize that I am overtrading and I need to reduce the number of my trades to 5-7 a day and catch bigger moves but doing it is a different story and I will work on in it my sim. Also, I am changing my broker so I can have more trade analysis done then TOS.

Quote from Handle123:
I think doing a trade by trade journal works against you, trading is very personal, no one is going to sit next to you, but if you offer to the forum your bias, this forum might say go one way or the other, you do not know their timeframe or if they are just messing with you, but whatever they write, it will make you second guess yourself, and that is not learning.
More...

Instead of doing it live, I will be posting a summary at the end of the day with a chart of my trades and commentaries. I will write and save the commentaries locally as I trade and summarize them and post them at the end of the day.
 
http://www.trading-naked.com/library/Steidlmeyer Intro to Market Profile.pdf try reading this ,learn how to draw the chart,start hand drawing for the next 6 months, you'll notice there are only about 4 types of trading days ,and 3/4 of the time it's one type,you could learn by osmossis while you are watching other things,the advantage of hand charting is you will see the beginning to end of the day evolve on your page,after so much repetition, your hand will tell you where the market is going, not for everybody but it helped me compartmentalize the market when i was new,really simplified things...i'm still using it
 
When I was trading this last week, trading felt increasing like a battle, I need to change my attitude about trading to something like I have seen on somebody\'s journal:

my strategy = trading like water
calm and tranquility water is soft yet very strong
in trading, we need to be calm, cool and flexible like water
water is emotionless but extremely strong..
drops of water made an ocean

so In addition I will be trying to meditate daily and hopefully will make it my routine. This should help with ego too.
 
BL,

One additional characteristic of water


When water is poured into a receptacle – it takes on the shape of that receptacle


Like wise pour your self into price – and become one with it

Lot less stressful… and infinitely more profitable that way


fwiw

What ever battle we experience – originates, and is perpetuated from with in

Market doesn't even know we exist - no way it can fight us (but it sure can feel like it sometimes - that's just our thoughts playing games with us btw)


RN
 
Quote from Redneck:

Congratulations BL…, now the real work begins
...
As other questions pop up – simply ask

I Sincerely Wish You a Successful Journey Sir

RN
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thank you.
 
Quote from emg:

******Trading is a losers game and not a winners game. He who loses best will win in the end*******

The sole reason why small traders lose because of capital. A HFT account i say average $5 million. They use that leverage to push the es 2 - 3 ticks. Their goal is 2 ticks profit using 2K-5K contracts leverage. EASY!!!! They dont need all those ridiculous indicators (SMA, stoch, pivot, market profile, bollinger, woodies, etc etc). This indicators are waste of time and they are obsolete.

How can a small trader with only $5000 in his account goes against 1 HFT firm that has $5 million account. How can this small trader win the game?


If this trader knows how the game works, he would never have an accocunt with less than $100K. That explain why more than 90% of small traders lose!!

THEY JUST LOSE!!
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That is not a valid argument.
"A HFT account i say average $5 million. They use that leverage to push the es 2 - 3 ticks. " But another HFT account with 10 millions TRADING in the OPPOSITE direction can push the ES 4-6 ticks in the other direction according to your format, then the real question is WHICH direction you choose to go with. Therefore even you have a 5 million dollar account, if you trade OPPOSITE to the direction/trend of the 50 millions or whatever the biggest sum of accounts, you still lose.
 
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