I'd like to become a better trader

  • Thread starter Thread starter PO
  • Start date Start date
P&L +2.8points

closed my last portion again today instead of letting it be to ride the down trend and then to the upside.

I'm trying to figure out why I do this, I think it's because I don't want to lose the money I already made. What else is new. I simply don't have the confidence in my method. I need to work on this.

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Quote from PO:

P&L for the week +5.9 points
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Not too shabby, PO :)

If you can consistently bank that without too big swings in your P&L, you will be well on your way.

Still trading strictly SIM?

Do you have a plan for when and how you will start trading live again? For example after reaching a certain profit goal X amount of weeks in a row?
 
Quote from Laissez Faire:

Not too shabby, PO :)

If you can consistently bank that without too big swings in your P&L, you will be well on your way.

Still trading strictly SIM?

Do you have a plan for when and how you will start trading live again? For example after reaching a certain profit goal X amount of weeks in a row?
More...

LF, thanks, but you spoke too soon.

I had a terrible day today -12 points. My worst day in for the last 3 weeks.

I'm still trading SIM only, until I can be more consistent. 4 weeks of at least 12 points a week.
 
P&L -7.5 points

I was overtrading today because I couldn't think clearly after yesterday's bad day.

and then closed my last short for the day because I was doubting myself.

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Do you have any drawdown rules? Max drawdown per day? Per week? Max losers in a row?

Taking small losses is part of trading, but you need to find a way to prevent yourself from letting it get completely out of control like just happened to you.

The losing streak is very real. I experienced it myself recently after 5 profitable weeks in a row. It haunted me for several days and made me give back a lot more than I should have. It all started with one bad day and it gained momentum.

I believe that for me, the correct thing to do after a big losing day, is to take the next day or two completely OFF.

Did you read Pit Bull by Marty Schwartz? There`s a great essay in it on the losing streak. I`ll copy and paste it to you if you don`t have it already, while you wait for your copy to arrive. Great book.
 
Quote from Laissez Faire:

Do you have any drawdown rules? Max drawdown per day? Per week? Max losers in a row?

Taking small losses is part of trading, but you need to find a way to prevent yourself from letting it get completely out of control like just happened to you.

The losing streak is very real. I experienced it myself recently after 5 profitable weeks in a row. It haunted me for several days and made me give back a lot more than I should have. It all started with one bad day and it gained momentum.

I believe that for me, the correct thing to do after a big losing day, is to take the next day or two completely OFF.

Did you read Pit Bull by Marty Schwartz? There`s a great essay in it on the losing streak. I`ll copy and paste it to you if you don`t have it already, while you wait for your copy to arrive. Great book.
More...

I do need to make some rule on a limit loss per day. I think 6-8 points should be my max loss per day.

I think I do need to take a day off after a big loosing day.

I haven't read "Pit Bull by Marty Schwartz". I will check this out.

thanks LF.
 
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