And another thing, you obviously didn't look at my new money managemnt/ position sizing scheme. If you look at it, I set parameters where I decrease the amount of shares as I lose money in the account. It's good to have dreams and goals. I'm sorry to disappoint you, but you won't be able to see me at bankruptcy court. You'll have a better chance seeing me in my new ferrari.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
*** My Trading Plan ***
- Thread starter I Trade 4 Money
- Start date
- Status
- Not open for further replies.
And another thing, you obviously didn't look at my new money managemnt/ position sizing scheme. If you look at it, I set parameters where I decrease the amount of shares as I lose money in the account. It's good to have dreams and goals. I'm sorry to disappoint you, but you won't be able to see me at bankruptcy court. You'll have a better chance seeing me in my new ferrari.
Quote from minmike:
Sorry I didn't get here earlier. You don't want to hear this, but 120,000 is no where near enought to trade 100 lots. No matter what your clearing firm might say. I know people with 10x that that won't directionaly scalp e-minis with 100 lots.
While steady progress is good, teh market will always be around. take your time. Ensure your success.
I edited my trading plan... I'm not gonna scalp, I'm going to day trade. I will hold a position as long as the whole trading day if the trend persists and as short as 5- minutes or less.
Quote from let it run:
I wish you the best of luck but I think you're very under-prepared for the realities of this game.
I'd like to see your attitude when you have a bad run and you start questioning your 'strategy'. Just as an example, when I was trading prop, the wonderboy of the first 2 months I was there was a crazy horse guy who traded FX with a 'plan' but really a buinch of discretionary indicators that were used in a non-uniform way.
From a positive position of above $25k within 2months, he was out the door at $40k down within 3 months.
Good luck, but please don't be over confident and be prepared for the fact that you don't have it sussed, but you can learn quick enough to make it work if you pay attention. Figure out what's behind the winners and losers because it isn't a f**king moving average or a fibonacci level bounce every time. Losers get addicted to remembering the 2 times out of 10 that these things work.
I'm aware of it and I'm prepared for it. Thanks for the advice. I will add in my trading plan, the worst case scenarios for every position I enter and what to do in those scenarios.
You should be commended for being honest and candid to yourself. Your openness in sharing yourself displayed your confidence in yourself.Quote from I Trade 4 Money:
Started the week out fresh and towards the end of the week broke a lot of my written rules...
I want to be honest and candid to you too: Your breaking of rules does not come as surprise. This has nothing to do with your discipline. You are breaking the rule because your inner self is telling you that these "Rules" are "Wrong" !
You will continue to break these "rules" until you have come up with a set of workable rules and methods.
Quote from Tums:
You should be commended for being honest and candid to yourself. Your openness in sharing yourself displayed your confidence in yourself.
I want to be honest and candid to you too: Your breaking of rules does not come as surprise. This has nothing to do with your discipline. You are breaking the rule because your inner self is telling you that these "Rules" are "Wrong" !
You will continue to break these "rules" until you have come up with a set of workable rules and methods.
As I've said, this trading plan is a work in progress. I wrote each transaction I did. I traded twice within 5 minutes of the sentiment report (before and after) and got crushed. I also chased a couple of trades. My willingness to get the money fast really delayed my efforts to increase my position size. I should have been patient until the dust settled in the first hour of trading. I have a squeeze play using the keltner and bolinger bands along with the momentum oscillator, which is a high probability setup I could have used if i didn't get into the mess I had. Lesson learned. Waiting for the new quarter to start. Going to spend this whole weekend updating my trading plan and looking for additional setups.
My overall impression of this thread is not about the method or what has happened, but the fact that most of us here started trading with less than 4 lines of of text on a sheet of paper, blew everything, then came back again. Lets be honest and have a show hands folks ? There are institutions trading larger amounts and with less detailed plans than what he has ! Let us all be honest. I blew in 2002 ! Most of my trades were good(randomness ?) but as l was plunging, 4 trades showed me the door out for a while. IMHO all strategies (especially non-price based) are probably good, but are too poorly understood for Average Trader to fully harness and utilise to gain maximum utility from. But l think problems are often from small things like money management, open trades management, risk control for actual position & account,plus correlation with other accounts(e.g. buying ASX:Sino Gold whilst short Gold in futures account-yes l did that !) or plunging the DOW on a Quad/Triple witching day !
Quote from I Trade 4 Money:
It's good to have dreams and goals. I'm sorry to disappoint you, but you won't be able to see me at bankruptcy court. You'll have a better chanceseeing me in my new ferrari.
It is this self-delusion that gives the aroma of failure. Excitement, motivation, planning and are meaningless to the market. It could care less about a Ferrari. People who plan to mines its wealth become the contributors to market makers, the Goldmans, UBS, Lehman, etc.
You are called "fresh meat."
The fact you don't really seem to hear reality is your downfall. You are so wrapped up in your plan, you don't seem to know the difference between theory and reality. Stop reading the books and tweaking your plan.
And another thing, you obviously didn't look at my new money managemnt/ position sizing scheme. If you look at it, I set parameters where I decrease the amount of shares as I lose money in the account.
You are quite incorrect. I have studied all the position sizing methods. Optimal f, fixed fractional, fixed ratio, etc. For "Fixed Ratio", the inventor Ryan Jones near blew out a fund or two.
Your self-believed likelihood of success is much of what is dooming you. You will overextend yourself, and then it will be a bad week, where your account is suddenly worthless. Again, study "Risk of Ruin."
Your plan and your money management will guarantee nothing. If you don't have a METHOD that outperforms, nothing will help you for the LONG term. Money management is not the method.
Many of us have been there, done that. And see plenty of the excited wealth seekers. What is most common to them, is that they are like the saying in the 6th Sense movie:
"I see dead people. They don't know they are dead. They hear what they want to hear..."
In a year or two, you will likely understand what this means. You need to stop listening to yourself and to well-wishers, and look for what works. And as I said before, it has nothing to do with money management, psychology, etc.
Quote from rcanfiel:
It is this self-delusion that gives the aroma of failure. Excitement, motivation, planning and are meaningless to the market. It could care less about a Ferrari. People who plan to mines its wealth become the contributors to market makers, the Goldmans, UBS, Lehman, etc.
You are called "fresh meat."
The fact you don't really seem to hear reality is your downfall. You are so wrapped up in your plan, you don't seem to know the difference between theory and reality. Stop reading the books and tweaking your plan.
You are quite incorrect. I have studied all the position sizing methods. Optimal f, fixed fractional, fixed ratio, etc. For "Fixed Ratio", the inventor Ryan Jones near blew out a fund or two.
Your self-believed likelihood of success is much of what is dooming you. You will overextend yourself, and then it will be a bad week, where your account is suddenly worthless. Again, study "Risk of Ruin."
Your plan and your money management will guarantee nothing. If you don't have a METHOD that outperforms, nothing will help you for the LONG term. Money management is not the method.
Many of us have been there, done that. And see plenty of the excited wealth seekers. What is most common to them, is that they are like the saying in the 6th Sense movie:
"I see dead people. They don't know they are dead. They hear what they want to hear..."
In a year or two, you will likely understand what this means. You need to stop listening to yourself and to well-wishers, and look for what works. And as I said before, it has nothing to do with money management, psychology, etc.
I disagree.
Quote from I Trade 4 Money:
I disagree.
Of course you do. It becomes increasingly apparent you are interested only in advice that squares with your dreams.
Since you seem to have minimal interest in dissenting opinion, then you will most likely follow the 90% plus of leveraged traders who transfer their funds into the account of the 10% or so who understand.
Nobody is happy about these prospects, but it will take some time for you to rediscover why probability does not make exceptions for those who think they have it worked out.
Good luck; you are likely to need it.
Quote from rcanfiel:
Of course you do. It becomes increasingly apparent you are interested only in advice that squares with your dreams.
Since you seem to have minimal interest in dissenting opinion, then you will most likely follow the 90% plus of leveraged traders who transfer their funds into the account of the 10% or so who understand.
Nobody is happy about these prospects, but it will take some time for you to rediscover why probability does not make exceptions for those who think they have it worked out.
Good luck; you are likely to need it.
I disagree with YOUR dissenting opinion. And no, I will not most likely follow the 90% plus of leveraged traders who transfer their funds into the account of the 10% or so who understand. Also I'm not interested only in advice that squares with my dreams. I admire you input and opinion though.
- Status
- Not open for further replies.