Learn To Take Losses

[tomi01]

Contd 3:
I don't know why my image duplicated above, but they both are the same image.
I have created a template and saved this setup first for the panel and in these settings called "market stop" as you can see above.

You seem to be quite a sophisticated trader beyond my understanding with options, etc.

Why don't you give Medved Trader a try. You can download it for free and try it out, I'm sure it is full of great features for options.

 

[tomi01]

Contd 4:
I've only ever used Quote Trader and then Medved Trader and customized the Active Trader in TOS for easy in and out market orders so I can keep a clear eye on the p/l area of the trade while I'm in it and get out not only because I'm being run over but also according to how much it losing while I'm in it.. (sigh)..

And when you send a market order it goes to the ask usually.. with slippage.. the quickest fill available is usually the ask and you have no control over it. That's a big lesson I learned today with DJT.... I normally scalp AMZN and stocks with a lot of liquidity.. and today I got it handed to me over and over and over... but I'm learning..

 

[ironchef]

This is the only part of TOS that I use and I have the ladder closed so all I see is this panel. I use Medved Trader for charting and DOM in MT instead of this ladder. I also use haiken ashi and tick on MT along with a 1 minute normal candlestick for monitoring the action, along with a 2, 5 and 15 minute chart and the indexes at the top of my main screen. But this part of the TOS get in and out with market orders and an underlying stop setting that automatically gets put into the trade when entering the trade. Works for me and I've tried so many other ways, but this works and MT charts are the best IMO

View attachment 336711

This is my TOS sim trading screen. If I trade rhythm I use the 1 min. If I scalp, I use the left hand tick chart. The tape in the middle gives me indication of momentum/action, etc. for both. Nothing fancy.

 

[ironchef]

Contd 3:
I don't know why my image duplicated above, but they both are the same image.
I have created a template and saved this setup first for the panel and in these settings called "market stop" as you can see above.

You seem to be quite a sophisticated trader beyond my understanding with options, etc.

Why don't you give Medved Trader a try. You can download it for free and try it out, I'm sure it is full of great features for options.

Thank you. You give me enough ideas to try. I can't ask for more. I will figure out the rest myself.

I am really not that sophisticated, just an amateur retail using options as a vehicle to speculate. No different than using margins. The idea is to use options to construct leverages on regular stocks in my portfolio for higher (e.g. 1.5X) returns.

 

[ironchef]

Ahh that explains it!

I've had a good lesson in taking losses today.. trading DJT ..
FA&FO... getting reps in includes f'ing around & finding out.. I suppose..
But I'm okay with it, because I was trying scalps that taught me a lot of lessons today..
kind of like trying to surf a tsunami..
(I now have great respect for tsunamis..)

Today, I received "urgent" messages from Schwab about DJT... I just ignored it.

 

[tomi01]

This is my TOS sim trading screen. If I trade rhythm I use the 1 min. If I scalp, I use the left hand tick chart. The tape in the middle gives me indication of momentum/action, etc. for both. Nothing fancy.View attachment 336936

The tape in the middle is what I have detatched and the ladder part is what I have hidden. The butttons at the top of the tape I've changed to what I showed in my image and under there is where you can set the stop I showed you. That's the thing I use.. but detatched.

I wish I understood what you explained about using options to increase what you have and how you do it, but I figure over time I'll understand that aspect but now I'm locked into trying to get consistant.

 

[tomi01]

Today, I received "urgent" messages from Schwab about DJT... I just ignored it.

I wonder what that "urgent" message said? I could only go long.. no shorts available. It was a hell of an experience. Now I've got to earn all that drawdown back.. set me back a bit.. sigh.

 

[ironchef]

The tape in the middle is what I have detatched and the ladder part is what I have hidden. The butttons at the top of the tape I've changed to what I showed in my image and under there is where you can set the stop I showed you. That's the thing I use.. but detatched.

I wish I understood what you explained about using options to increase what you have and how you do it, but I figure over time I'll understand that aspect but now I'm locked into trying to get consistant.

There is nothing harder than day trading.

After nine months, instead of getting better I am getting worse. I don't want to blame TOS Sim, maybe I really don't have any edge, it is all random and an illusion.

 

[ironchef]

I wish I understood what you explained about using options to increase what you have and how you do it, but I figure over time I'll understand that aspect but now I'm locked into trying to get consistant.

Nothing fancy, think of buying stocks on margins.

Instead of using borrowed money to buy more stock, I buy options on that stock. It is tricky, only works about 30% of the time.

 

[PPC]

Nothing fancy, think of buying stocks on margins.

Instead of using borrowed money to buy more stock, I buy options on that stock. It is tricky, only works about 30% of the time.

I haven’t read your previous posts, so please forgive me if the following is out of context or inappropriate


It seems to me that you’re ‘style-drifting’, and if you’ll continue changing markets/instruments and trading approaches with the hope that one day it will just click, then more likely than not, you’ll end up being a jack of all trades, searching for a holy grail and being married to the monitor.

I think for time being you need to focus on mastering only one trading approach, the one which resonates the most with your own personality, and is in some way based on how the markets behave, and is somewhat objective.

It does not need to be a strategy that you'll use for the rest of your life, just something to start bringing in small regular income (with minimal drwadowns).

Later on you can work on adding more profitable strategies. Don't go for large returns at this stage, it takes years of strategy development in addition of mental development to get consistently high R/Rs.

Buying options seems sexy, but unless you’re relatively precise on the timing, magnitude of the move and IV, then you can end up being right on the direction and still lose money. Be warned, options are deceptive.