Ramblings of a degenerate gambler

volpri said:
So what mechanism do you use to get back from 1000 loss and end the session +200?
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Whats up Volpri,

you already know my buddy. Scalping my black ass off and doubling up them contracts to get back to breakeven. wait for a juicy strong bar closing on its high/low and bet big contracts to get my money back. Just taking big risk. Some times I do let the trade run, sometimes I scalp. I just do whatever I want to do man.

Scalp scalp scalp double or even triple up contracts. Get them profits and get my ass out the way because I got bill to pay.
 
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$-2500 today.

Was up $500 at one point today.

Just churned my account, doing really stupid things mid day.

Going to quit this gambling experiment while i am still a head.

I shall return to discretionary trading the next time the VIX > 30. The stock market is much easier to day trade when the VIX > 30.

The correct way to manage PnL, is to have a daily loss limit. And a trailing stop on any upside PnL once you hit your profit target. Continue on but don't give too much back.

The way i was doing it, using a fixed profit target for the day and no loss limit. Backwards.

Problem is trading is addictive. The addictiveness makes you carry on during a losing day and it only just makes things worse.
 
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Millionaire said:
$-2500 today.

Was up $500 at one point today.

Going to quit this gambling experiment while i am still a head.

I shall return to discretionary trading the next time the VIX > 30. The stock market is much easier to day trade when the VIX > 30.

The correct way to manage PnL, is to have a daily loss limit. And a trailing stop on any upside PnL once you hit your profit target. Continue on but don't give too much back.

The way i was doing it, using a fixed profit target for the day and no loss limit. Backwards.

Problem is trading is addictive. The addictiveness makes you carry on during a losing day at it only just makes things worse.
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Maybe you’re not degenerate enough, yield farming in DeFi would give you your dopamine fix.
 
Millionaire said:
$-2500 today.

Was up $500 at one point today.

Just churned my account, doing really stupid things mid day.

Going to quit this gambling experiment while i am still a head.

I shall return to discretionary trading the next time the VIX > 30. The stock market is much easier to day trade when the VIX > 30.

The correct way to manage PnL, is to have a daily loss limit. And a trailing stop on any upside PnL once you hit your profit target. Continue on but don't give too much back.

The way i was doing it, using a fixed profit target for the day and no loss limit. Backwards.

Problem is trading is addictive. The addictiveness makes you carry on during a losing day and it only just makes things worse.
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I don't want to turn the knife in the wound, but based on your previous posts, that was highly predictable.
I wish you the best and to return in the black on a regular basis, not to mention good risk management.
 
rb7 said:
I don't want to turn the knife in the wound, but based on your previous posts, that was highly predictable.
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OP has done well.
Every loss or drawdown is predictable within trading viewed longer term.
No one can trade without stepping into negative territory at some point in time.

If we look at OP's track record...
Day1 : +$2200
Day2 : +$1200
Day3 : +$2200
Day4 : +$1800
Day5 : +$1400
Day6 : +$2000
Day7 : -$1900
Day8 : +$1000
Day9 : +$1000
Day10: +$200

A $2500 loss for the day is still within being reasonable.

OP decided to trade discretionarily which is not his normal style, a little bit more practice, a few more pain lessons and fine tuning will get him there, but actually I think don't change anything, just keep doing what you're doing.

I would imagine any 'swing for the fences' trading method could have much larger losses, this was just a scratch. :)
 
krdco.jpg
 
Start amounting was about $80K USD.

Thanks for the encouragement everyone.

I will be back with a new Journal if the stock markets take out the January lows. Markets will get very volatile again if/when that happens. I hope that happens soon. (If any reader is Long here, i hope the stock markets continue to go up a bit more so you can cash out with a nice profit before they collapse again)

But the next time i will be a bit more serious, will take smaller losses and be a bit less reckless with the gambling. But still try and bank some +$2000 days.
 
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SimpleMeLike said:
Hello smallfil,

Thanks for the reply.

My thoughts only: Back testing and forward testing is stupid and waste of time. It does not work.

I prefer waking up every morning and guessing and taking my best shot trading. Yes, gambling trading.
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Hello all,

I like to correct my statements which was not true.

I will reword as the following

Back testing and forward is not stupid and is not waste of time. I do not know if it works. I am still trying. Work in progress.

Thanks,
 
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