Osorico's cookbook of YuMmys
- Thread starter osorico
- Start date
- Status
Quote from porgie:
he certainly is profitable each day and never even has to trade all day to get there which is more than i can say about the rest of us.........:eek:
At the start of the journal, I hinted at "new" methods...
One of those methods is to cut non-performing trades lose REAL FAST. No hard and fast rule to it yet, but it's a TIME based thing. I want movement, right or wrong, quickly, after entering a trade. If it's totally wrong I'll get stopped. If it's partially wrong I manage it. If it's flat to very weak in my direction, I cut it lose. All within 3 minutes OR SO of entering. As I said, nothing concrete yet, but I attribute this to having alot more winning trades. Of course, if I'm positioning for an anticipated fade or trading some other positional situation, the fast cut isn't applied.
BTW: I'm a price action trader. 1 indicator for early "prediction" usually divergence. And I don't give a hoot about volume.
Quote from porgie:
oso,
it appears lack of interest in your trading is going to plow this one under quickly.......sorry......i am really thrilled to get the learning opportunity............do you mentor for fees?
All is good porgie...
IMO, most ET'ers are hell bent on 2 things...
1) How great or how terrible a particular brokerage is/isnt
2) New traders, or more accurately, new(er) ET posters can not be successful. Either liars or some other hidden agenda, like mentor fees, etc. Otherwise why post? I say, back at them.
I'm doing this journal just for the helluvit. No lies, no agenda. If someone wants to discuss something, fine. Maybe we'll both learn something. Uh oh, caught in a lie... that's an agenda, i guess.
I almost opened a collective2 account. But then I thought why? I'm not going to sell signals. Im NEVER going to work for anyone again. And I already have all the stats, just not available for public compsumption. So I started the cookbook here.
I assume this journal describes most of your trading activity in futures during the day.
I don't know when you started trading and how comfortable you are trading multiple lots, therefore I would say it is a little different being in a trade holding 10+ cars at a time from a psychological point of view. I've read about traders treating 1-2 lot trades as a build-up to multiple lot positions, in a way "training" themselves to be disciplined at all times. But when it came to trading 10+ lots they seemed not to be able to control their natural self sort of speak. When I recently started trading 15 cars on ES I must admit it felt unnatural, compared to same 15 on a simulator. As time goes by it's getting easier to "manipulate oneselves mind"
At what stage will you think of taking it up to 10-20-30 cars at a time?
Quote from romik:
I assume this journal describes most of your trading activity in futures during the day.
I don't know when you started trading and how comfortable you are trading multiple lots, therefore I would say it is a little different being in a trade holding 10+ cars at a time from a psychological point of view. I've read about traders treating 1-2 lot trades as a build-up to multiple lot positions, in a way "training" themselves to be disciplined at all times. But when it came to trading 10+ lots they seemed not to be able to control their natural self sort of speak. When I recently started trading 15 cars on ES I must admit it felt unnatural, compared to same 15 on a simulator. As time goes by it's getting easier to "manipulate oneselves mind"
At what stage will you think of taking it up to 10-20-30 cars at a time?
Hi romik...
You are right. Trading size does require a different mindset. I get uneasy at trading 5 cars... $25 per tick is a meaningful a number for me. I haven't even begun working to get past that self imposed limit yet.
That said, my EXCUSE is that I'll be comfortable @300k a year ($1500 a day x 200 trading days). Which I haven't reached yet.
So the issue for me has 3 answers...
1) do what I do and when market volatility picks up I'll reach my goal.
But do I want my goal based on such an exogenous, uncontrollable condition? Right now, based on my trading, the answer is yes. But this is likely to change soon.
2) Step up and make minimum trade size 3 contracts... Based on my trading, by itself, this will get me at least 80% to money goal. And if volatility picks up, beyond!
3) Get beyond my 5 car issue. Completely move out of the box. Trade size. Assuming my trading style continues to work, 2 or 3 years and I'll be done. If not, McD's is hiring.
Back to your question, when will I trade size? Answer: I don't know. Option 2 is well within my sights right now though. I'm only a semi-old fart, still have time. Right now, moving outside of the box is too scary, on MANY LEVELS. But knowing myself, at some point assuming continued success, I will tackle MY trade size issue and THAT box will be flattened.
As I posted in some other thread... I'm not interested in making Forbes List. Right now, making a donation to PBS so we can all watch Monty Python reruns works for me.
Osorico
Edit by Magna: At Osorico's request this journal has been closed
- Status