newbie looking for virtual mentor/ mentors
- Thread starter shiko2000
- Start date
may want to setup keys cancel all bids, cancel all offers, cancel last bid, cancel all... canceling with a mouse is very very slow and will destroy you in a fast market.
Ended this week flat. Yesterday lost exactly as much as I had earned on previous days.
It looked exactly like last week when i was up before last week days and lost everything as some on last 2 days.
I think the problem is psychological plus some self sabotage.
I have analyzed what was going on:
1.
As I mentioned before I often left some orders not canceled and it cost me a lot of money. $20 this week alone. Yesterday, I was slightly red. Usually, when i am trading now, I mostly enter MK price and try to leave with added liquidity limit order.
So, I set and cancel orders all the time. Cancel by clicking in Esc.
Yesterday, I did not notice that one order left.
Then it went down and as I cannot see all canceled , filled and new orders since I make a lot of them and I can see only the top. that New order was sitting idle until price hit it and I noticed that I am in trade. Additionally I can trade now more shares, so, I was in a hurry and tried to close it quickly instead opened more 100 shares trade in same wrong direction, then had to change number to 200 shares and closed all, but at -10 ticks. Since then it was all down since i somehow lost self control I usually exercise.
I traded some back, but than lost 15 ticks on 1 trade and stopped.
It was my biggest loss for the week.
2. It looks like while I am generally very patient and disciplined in the beginning of the week, I become much less so at the end, especially Fridays.
I remember telling myself, you are -$10 down but still well up for the week. Let's stop, but I kept pushing forwards hoping to trade it back. When moment I was waiting arrived I was out of bullets.
It looks like problem is mostly in mind.
I even thought before not to trade yesterday as I was enough up by Thursday that if I traded 200 shares not, 100, I would have been moved to 500 shares.
I need to make $50 gross a week to move to 500 shares.
So far I do not think I will treade more than 100 shares until I resolve these issues , because my plan is to start trading back my DD which is generally very small and not to add to it.
I will spend this weekend watching graphs and I will add few more rules.
I decided to reduce my daily loss allowance to gross 15 ticks. Because if I trade 200 shares it is what I can lose before I stop.
It should also protect me from what happened this week end and last week end.
I noticed one more thing.
When I start by winning and trade till 11:30-12:00, I most of the time stay in black, but once I started on losing note , very rarely I am able to come back. Most of the time I would lose even more.
Some food for thoughts.
It looked exactly like last week when i was up before last week days and lost everything as some on last 2 days.
I think the problem is psychological plus some self sabotage.
I have analyzed what was going on:
1.
As I mentioned before I often left some orders not canceled and it cost me a lot of money. $20 this week alone. Yesterday, I was slightly red. Usually, when i am trading now, I mostly enter MK price and try to leave with added liquidity limit order.
So, I set and cancel orders all the time. Cancel by clicking in Esc.
Yesterday, I did not notice that one order left.
Then it went down and as I cannot see all canceled , filled and new orders since I make a lot of them and I can see only the top. that New order was sitting idle until price hit it and I noticed that I am in trade. Additionally I can trade now more shares, so, I was in a hurry and tried to close it quickly instead opened more 100 shares trade in same wrong direction, then had to change number to 200 shares and closed all, but at -10 ticks. Since then it was all down since i somehow lost self control I usually exercise.
I traded some back, but than lost 15 ticks on 1 trade and stopped.
It was my biggest loss for the week.
2. It looks like while I am generally very patient and disciplined in the beginning of the week, I become much less so at the end, especially Fridays.
I remember telling myself, you are -$10 down but still well up for the week. Let's stop, but I kept pushing forwards hoping to trade it back. When moment I was waiting arrived I was out of bullets.
It looks like problem is mostly in mind.
I even thought before not to trade yesterday as I was enough up by Thursday that if I traded 200 shares not, 100, I would have been moved to 500 shares.
I need to make $50 gross a week to move to 500 shares.
So far I do not think I will treade more than 100 shares until I resolve these issues , because my plan is to start trading back my DD which is generally very small and not to add to it.
I will spend this weekend watching graphs and I will add few more rules.
I decided to reduce my daily loss allowance to gross 15 ticks. Because if I trade 200 shares it is what I can lose before I stop.
It should also protect me from what happened this week end and last week end.
I noticed one more thing.
When I start by winning and trade till 11:30-12:00, I most of the time stay in black, but once I started on losing note , very rarely I am able to come back. Most of the time I would lose even more.
Some food for thoughts.
How will this help with your execution problems?
Can you modify your trading platform or change trading platforms?
You need to be able to see all open positions and be able to close them with a single click.
You are going to add rules, are you following the rules you have now?
Typically how many positions are you trying to manage at once?
Thank you.
I only have one position opened at any one time.
I have made changes to my hot keys. I close order with a single click of escape. The problem, is that i open many and cancel. Something eluded me. So, what I think is, I set special place on my left screen and will open window for the whole length from the top to the bottom, so that I am able to see all orders from top to bottom. Right now I can see only 4-6 top orders as I have it opened just under level II window and above real trades monitoring window.
Also, I will ask the guy who knows how to change setting how to make it all close with just 1 click on ESC and will check the whole window if any New order left after trade is closed. i like platform otherwise but wish I had 3 monitors.
I have 2 problems:
this one and end of the week blues...
Shiko, you will do fine, because you are focused on risk management and preserving your capital. Too many beginners only see potential profits and never learn about position sizing and risk management.
Listen to ammo: Wait patiently for real setups.
Yesterday I traded 200 shares POT, breakout trade near the open, and made $74. The breakout then continued even further without me and I allowed my first trade to influence me and wanted to "get back" the money I left on the table. I then traded POT 8 times in a choppy little range, giving my broker $16 to net $6. Thankfully I was still trading 200 shares or it would've been twice the cost. At that point I realized I was trying to create a reason for action where no action was warranted.
So I stopped trading live and practiced some stuff in my sim account. Later I saw a beautiful confirmed setup with POT and I put on 400 shares and caught a perfect move, netting $372 very quickly!
One strong setup can be a good day's pay!