keep traying to pick tops and bottoms

Quote from rasl:

...i started this thread as a last desprate attemp to save my trading career...

i am using woodies cci system 5 min chart with 14 cci and 34 ema,if close above 34ema and cci 14 above 0 then go long and short if other way,also i been learning and using mkt profile last 6 months,my main problem is when i miss the entry and mkt go 15-20 tick up i will try to fade it,or if i get filled and get stop out i will not wait for next signle and try to re enter to make at least 1 or 2 tick back,like a revenge trade,another classic entry for me is if i get filled and take 4 ticks profit on( es emini)and es go anothr 20-30 tick with out me then i go counter trend(because it cant go any higher this must be top )...
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Ok...so you have discipline problems in that you take trades not part of strategy.

Getting back to your strategy...

Does your backtest results of the strategy (woodies CCI system) show a positive expectancy?

If it does not have a positive expectancy, why are you using the method?

If it does have a positive expectancy, why are you taking trades outside the trading plan?

Mark
 
Quote from rasl:

......... my trading account came to all time low of $4500. from just over $3 million in march 2000 (i was only investing then in stocks and not day trading)now i ........
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um......what!?!? :eek: :eek: :eek:
 
3 million dollars to 4500 bucks? Ummm.... my advice has changed.

Close your account, put your cash in the bank and seek help via a 12 step program like gambler's anonymous.

I'm not kidding either.
 
your account went from 7 figures to 4 figures.

there is still hope. start with trading 1 lots/contract. become consistently profitable and then compound from there.

in the mean time, get a part time job. instead of trading for living, make it a hobby.

dont' try to play catch up for your losses. The money lost was your tuition fees. no ifs, no buts.

don't rush it.
 
1 : yes i have discipline problem
2 : strategys i am trading now or have traded in past are profatble if i follow all the rules and take all the traded
3 :every nite when i look back at my charts and my entry and exits i know what i did wrong
4 :when trade is not working and going towards my stop i usuley go in hope mode that may be my stop wont be hit and i try to get out at b/e +1 tick
5 : on es emin i hava 8 tick stop and 8 tick target but it never go 8 tick my way befor pull back and i usuley take few ticks profit (i know i need to work on my entrys) I am in chat room and other traders trade 5+ lots and scale out and leave runners

Lescor : i have though about closing my account many times in last few years . but looking back at my trades each weekend i am hopefull i can make it (i be happy to make $100 a day)
1 year ago i had $34k
2 year ago i had $120k,but now ib wont let me trade if my account go below 2k and i cant add more money because i only have few thousend in my bank account and i retired in 2000(sold my business and put all saving in shares),
i can only trade 1 lot now and cant add to my losers or make them swing trades as i did in past,and i am using Hard stops now (because my broker wont let me trade otherwise )
so i now have little to lose.
 
loan finder: $3 million tuition fee:D
when i retired in 2000 trading was a hobby for me i put every thing in shares for long term,but market kept falling and falling for years till i get out and go short.
 
here is the recap of my trades on thursday 15 feb
1st trade :short ym at 9.40 @12766 target 12756 ,stop 12775,trade weng againt me and to 12773 so i put ordr to exit12770 and get out for -4 ,normley i would have gone to hope mode and let the stop hit so good save. next 2 signles i dident take because it was nere 10.00am news,both would have been winners
next trade i took went 6 ticks in my faver then it just going side way for 10 min so i took 5 tick profit,now i was up $5 but- $9.50 commision
next trade:this is how i get in trouble it was 2.20pm and es had gone to new high of 12461 then quickley fallen 3 ticks so i put order to go short 12460.5 and target of 12459.5 and hard stop of 12461.5(2 tick above high) ,es traded at 12460 few times and after 10 min wait i dident want to get stopted so i took 1 tick profit, 10 more min later it went to my target of 12459.5.why i took that trade was to end green for day,but i was short nere high of day and i new i was wrong soon as i enter the trade,this is how i pick tops,i had the candle lit in the morning but it had gone off by 2.00 pm,soon as i exit for +1 tick i closed my computer for day,so i made about $4 net in 3 trades
 
I have some of the same problems as rasl, but hearing his story has given me a real kick in the arse..

This is a great thread thanks to all the contributors for their sound advice and rasl for sharing..


good luck mate..
 
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