If I Was a Trader, I’d be the dumbest Trader on Earth

savoir said:
You articulated fairly well what you saw near end of day Friday and you knew that the market doesn’t go down in a straight line even to hell without a retrace. Most importantly, you executed trades based on your monitoring and analysis.

You don’t mention your emotional state at the time you placed your trades. Maybe your thinking and feeling were aligned at the time. Maybe they weren’t.

In any case, on Saturday morning, when the market is closed, you started this thread. Did fear kick in overnight?

A couple of scenarios to consider:

(A) Let’s say you didn’t wait until near the close on Friday but entered your longs after midday. Would you still create this thread on ET?

(B) How about the same timing but your trade size was cut by half. Would you still rant on ET?

Your focus on discipline, or the lack thereof, seems to be misplaced. I think your trading process can be improved by considering the two scenarios above.
More...


Thanks, great comments. o don’t think I was over emotional. I think what annoyed me was I did the trades without the charts telling me to.

by contrast, (and news flash) I did the same trades again this past Friday afternoon, but this time the charts told me it was a trade that made sense. And I’m less upset about it.

and yes, trade size had something to do with it, although this time, I traded larger by 25% (added small cap, IWM.)

thanks for the comments, very helpful
 
KGTrader4 said:
Thanks, great comments. o don’t think I was over emotional. I think what annoyed me was I did the trades without the charts telling me to.

by contrast, (and news flash) I did the same trades again this past Friday afternoon, but this time the charts told me it was a trade that made sense. And I’m less upset about it.

and yes, trade size had something to do with it, although this time, I traded larger by 25% (added small cap, IWM.)

thanks for the comments, very helpful
More...

Here is an eBook I wrote - about 15 years ago. I am a firm believer in trading in a Discipline way - and keeping things as Simple as possible. My Motto is - "Discipline plus Simplicity equals Success".

I was an Investor ONLY - until the early to middle 1990's. I heard about "day trading" - looked into it - and finally started to trade on the side - kept my job. After some time trading - I decided to trade full time - as I was making money - doing very well. Not long after I quit my job - my trading seemed to be going in the wrong direction. I would make several hundred dollars - in the morning - trade all day - and quite often - be Negative by the end of the day. I did have many great profitable days - but sometimes I felt like an idiot. I often thought to myself - if I had done my job - like I did my trading - I would have been fired. Without getting in this too deep - the type of work I did - during my career - if I made a mistake - and the mistake wasn't caught and corrected - lives could be at risk. I finally sat down one day - kind of had a talk with myself - and decided - I couldn't blame anyone else - not the Market Makers - the Brokers - etc. - I was the problem - I could only blame myself. I had thought I was Disciplined as a trader - but in reality - I was really just Gambling. Finally - I started establishing some - what I call - "True Discipline" - and when I did that - my trading improved immediately. My "True Discipline" - is based on "Strict and Specific Rules" - that I ALWAYS follow.

I have my own thread on ET - "Scalping_My Way with ACV". My trading is based on keeping things as Simple as possible and trading in a very Disciplined way.

I hope what I wrote in the eBook - may help you in some way.


 

Attachments

KGTrader4 said:
Thank you, I will def take a look
More...
Take a look at a stripped down SLB chart see if you see one of these?
zzzvm.png
https://elitetrader.com/et/threads/bmy.367244/page-3#post-5606580
 
We’ll I see the breakout and the Doji and double Doji, if that’s what you mean. But not sure I understand your question if that’s not what you mean?
 
easymon1 said:
Take a look at a stripped down SLB chart see if you see one of these?
View attachment 285774
https://elitetrader.com/et/threads/bmy.367244/page-3#post-5606580
More...

The following is a Range Condition - and how to trade it. Basically - that is a picture out of my eBook - was surprised to see it. Here is a current picture - from May 27- the ES - on a 7 Tick Range Bar - which I have used for years. I see Sideway moves like this - all the time. As I have said before - Sideway moves - are where I struggled - used to have a hard time - identifying the Real Breakout. By the way - I NEVER do a Breakout trade - based on Doji's - I will explain sometime - if any trader wants to come into a Zoom Room - or on Skype. I got burned too many times - with Doji's.

RangeCondition_05-29-22_1.png
 
VSTscalper said:
The following is a Range Condition - and how to trade it. Basically - that is a picture out of my eBook - was surprised to see it. Here is a current picture - from May 27- the ES - on a 7 Tick Range Bar - which I have used for years. I see Sideway moves like this - all the time. As I have said before - Sideway moves - are where I struggled - used to have a hard time - identifying the Real Breakout. By the way - I NEVER do a Breakout trade - based on Doji's - I will explain sometime - if any trader wants to come into a Zoom Room - or on Skype. I got burned too many times - with Doji's.

View attachment 285775
More...
Looks like it’s at 13:28.
 
The Breakout for me - is the White Circle to the Right. Same chart - Top and Bottom - but with One Tick Range Bar - Green and Red Dots on the Bottom chart. And just because I get a Breakout - doesn't mean I will take the trade - as I also need to know where Support and/or Resistance is - in this case - with the 7 Tick Range Bar - if Resistance is within 3 Ticks of the High of the Breakout Candle - then I would consider a Countertrend trade - Short.

I need to go for a bit - barbequing steaks. After dinner - I will be glad to bring you guys into a Zoom Room - explain things more. This is actually one of my favorite setups. If you see the Green and Red Arrows - on the Bottom chart - going for 2 ticks each - 14 Ticks total - not counting the Ticks that are available with the Head & Shoulders - and look at the Time Period below. This is the ES - I wouldn't try it on the NQ - too fast - but the ES is great for trading - Inside the Range Condition.

Back in a bit.
 
You must log in or register to reply here.
Back
Top