Failure is not wonderful at the time, but it gives all of us another opportunity to do it again differently, one step closer. In my case, I seemed to love failure in my youth, got REALLY GOOD at it, LOL. What I find very funny now is people at the time seemed to relish that I was losing for years to learn to day trade always hearing "I told you so", but now, they still working and hate their jobs and I am not. And when asked how am I doing, I just say with disgust in my face..."things could be better", but really doing cartwheels in my thoughts. No point in making other people feel worse.
jasinhbca's quest for discipline, knowledge & profits
- Thread starter jas_in_hbca
- Start date
@Handle123 your humor cracks me up
This is a unique quality that I very much appreciate in you. Never mind how high you're flying, you've always got your feet grounded. I guess part of it is from trading breaking our egos down to that point right!
thanks Alpha. I like those motivational videos.
Yep, me too. Sometimes it's what keeps me going. Figuring I can't trade any worse than I have/am.
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Day started off well. Good focus and following plan. Then I got caught in chop and screwed up.
One of these days I will contact you ND about trading chop. For now I'm supposed to just avoid it.
My head was a mix of great focus / observant to 'what are you doing ?'.
I might have to just do an update every few days/once a week 'cause I seem to be stuck at the moment. There is improvement over what I've done over say a year ago but it's hard to see or find encouragement when I'm noting my failures. Yeah, just need to stop f'ing up so I can post good things and see the progress.
Back again manana.
I'm sorry to bud in here jas, but I found this comment very interesting and wanted to reply.
I have always been trying to figure out what this drawdown means when people say they have it. If you are an EOD trader, and perhaps only put on one or two trades a week, then it makes total sense how a string of consecutive failed trades in a row might give you a drawdown, especially if lets say each trade risks 2-3% of your account. You might have a few losing trades, a couple of winning trades, and then some more losing trades. In other words, getting 8 out of 10 failed trades in a string might be something you need to prepare for, and if that % risked per trade is 2-3%, then you might be down 25% or so in your account.
But how a day trader, who has perhaps 5 to 10 trades in a day can suffer a drawdown like this I don't understand. He can just as likely have a string of losses in a row, but I imagine the r:r ratio more than likely heavily favors the reward side (thereby making a positive day even if the win ratio is small), and even if a bad day happens once a week, or perhaps twice, a losing week should be extremely rare, and a losing month almost impossible.
Of course losing months do happen, as you elude to, but I am of the opinion that this would therefore point to a trading plan that does not account for different market conditions, or the inability to follow the plan or identify which parts of the plan should be used (ie. favoring long or shorts depending on bull or bear market, and knowing if the market is trending or ranging and hence enacting the appropriate part of the plan). It could of course also be that the plan isn't so much about following price, more purely stats based, and hence not nearly as robust to deal with ever changing market conditions.
Do you think I am on the right track with my conclusions and is this what I think you mean to imply with your comment?
Well, shit since you put it that way. I will SIM tomorrow. Didn't want to but my respect for you and your guidance wins out.
It's good practice for my discipline ; doing something I don't want. And seriously it's a good idea. I need to recognize the slumps and work it out without being stubborn or throwing away $$. I'm also writing out reminder scripts that I will dictate and record then play during the session. Not affirmations. Notes from the Boss that i'll play upon entering a trade to remind me to not move my target or to stand up and get away from desk, etc. Easier to push a button and hear it than to try to think it. Worth a try. Will have a script for chop too.
Thanks RN.
You know the drill - stick to the process.., the patience.., the discipline
Good decision my Friend
RN
