Taking 410K to 4million by Year End 2010

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Neke, sorry to hear the loss, but no need to blame yourself too hard. Just write it off, it only happened in 100 years, as they say.
 
Quote from NoDoji:

I've laid out on this site exactly how I trade in painstaking detail. I posted my ugly messy journey in getting to where I am now. I've often posted my trading blotters and my charts with entries and exits and reasons so anyone can look at a chart and compare what I did to all the detail I've posted here about how I trade. I've described my thought processes behind the trade and also the crowd psychology behind the T/A. Not much more I can add at this point.

I spent months trading ES and CL in my sim account, month after month after month, because when I first started trading ES live I sucked. I'd either stop out for a scratch only to watch the trade move nicely without me, or I'd place a wider stop and that would get hit. I decided it just wasn't for me until I figured it out in sim.

Every night I moved my charts off the screen to the hard right edge and worked on choosing "A" setups, with entry, stop, and target (still do this, by the way). "A" setups have a lot of confluence, reinforced by a variety of factors that I've outlined in many previous posts. So I got to the point where I was having 90% win rate backtesting on paper and duplicating it in real-time in sim AS LONG AS I only took the best setups. It came down to trading with the trend or waiting for confirmed reversal, using momentum in my favor so I could quickly move stops to break even, and also curing myself of "miss the boat" disease where I'd get in too soon because I was afraid I'd miss a move. So what, you miss the first move, but the second move is confirmed and those trades are SO DAMN EASY!

I PM'd a friend on ET back in January after achieving this incredible record of backtesting on paper and sim trading and said, "I always feel like there should be NO reason to have a losing day, but that's crazy, or is it??? In the past when I was all confidence and no fear (and no risk mgmt as well) I seemed to have very long strings of winning days."

And he replied to me: "I know of no reason not to have many consecutive winning days."

I was plagued by this irrational fear (planted in my psyche by all the naysayers on ET) that as soon as I started trading futures live everything I achieved in paper/sim would vanish and I'd started losing everything, because I was told again and again that futures traders all blow up.

Well, I finally got over that, and guess what? Everything I was accomplishing in sim actually worked in my live account. Wow, imagine that!

I also have an incredible visual memory for patterns and numbers. I know the phone number of every store I've ever called, every friend I've ever called. I know my credit card numbers by heart, my VIN numbers at least 3 cars back. I keep thinking I'll run out of brain space someday but so far so good. So something as visual as trading is easy for me now that I mastered patterns that signal the easy trades.

I posted my trading blotter on ES Journal today. Look at those trades and tell me they weren't low risk/high reward setups.

I will have losing trades because even the best setups can fail, but I venture to guess that my losing days will remain very much in the minority. If I'm one day killed by a black swan event like yesterday's crash, well that's the nature of this business, anything can happen.
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it's been well documented what you and neke have done,winners and losers all laid out,i wouldn't worry about the critics,we have no idea what they have done wins or losses,wonder why
 
Neke,
I really enjoy reading this forum and admire you for having the courage to put it all out there for the world to see. I don't recall posting here before but feel obliged to tell you this.

In just over four months you've lost nearly half of your capital. Your system has failed. Free advice on the Internet isn't worth much, but I've been playing this game for twenty years, full time for the last ten.

You need to stop, take a breath and get your head together before you blow out. Take some time away from the markets, rework your system and come back with a fresh start.

Your losses are way too large. WAY TOO LARGE. Although you average about fifty percent winners to losers, your losers are bigger than your winners. Do the math.

When you come back, if you do, set your loss limit to between 1% to 1/4 of one percent of your account size and develop some consistency, with this you will regain confidence, which you should have already lost.

There is no need to blow this account out. You still have amble capital but you need to regroup.

Good luck and I hope that you at least think about it.
 
Quote from NoDoji:

I've laid out on this site exactly how I trade in painstaking detail. I posted my ugly messy journey in getting to where I am now. I've often posted my trading blotters and my charts with entries and exits and reasons so anyone can look at a chart and compare what I did to all the detail I've posted here about how I trade. I've described my thought processes behind the trade and also the crowd psychology behind the T/A. Not much more I can add at this point.

I spent months trading ES and CL in my sim account, month after month after month, because when I first started trading ES live I sucked. I'd either stop out for a scratch only to watch the trade move nicely without me, or I'd place a wider stop and that would get hit. I decided it just wasn't for me until I figured it out in sim.

Every night I moved my charts off the screen to the hard right edge and worked on choosing "A" setups, with entry, stop, and target (still do this, by the way). "A" setups have a lot of confluence, reinforced by a variety of factors that I've outlined in many previous posts. So I got to the point where I was having 90% win rate backtesting on paper and duplicating it in real-time in sim AS LONG AS I only took the best setups. It came down to trading with the trend or waiting for confirmed reversal, using momentum in my favor so I could quickly move stops to break even, and also curing myself of "miss the boat" disease where I'd get in too soon because I was afraid I'd miss a move. So what, you miss the first move, but the second move is confirmed and those trades are SO DAMN EASY!

I PM'd a friend on ET back in January after achieving this incredible record of backtesting on paper and sim trading and said, "I always feel like there should be NO reason to have a losing day, but that's crazy, or is it??? In the past when I was all confidence and no fear (and no risk mgmt as well) I seemed to have very long strings of winning days."

And he replied to me: "I know of no reason not to have many consecutive winning days."

I was plagued by this irrational fear (planted in my psyche by all the naysayers on ET) that as soon as I started trading futures live everything I achieved in paper/sim would vanish and I'd started losing everything, because I was told again and again that futures traders all blow up.

Well, I finally got over that, and guess what? Everything I was accomplishing in sim actually worked in my live account. Wow, imagine that!

I also have an incredible visual memory for patterns and numbers. I know the phone number of every store I've ever called, every friend I've ever called. I know my credit card numbers by heart, my VIN numbers at least 3 cars back. I keep thinking I'll run out of brain space someday but so far so good. So something as visual as trading is easy for me now that I mastered patterns that signal the easy trades.

I posted my trading blotter on ES Journal today. Look at those trades and tell me they weren't low risk/high reward setups.

I will have losing trades because even the best setups can fail, but I venture to guess that my losing days will remain very much in the minority. If I'm one day killed by a black swan event like yesterday's crash, well that's the nature of this business, anything can happen.
More...

You definitely dont fuck around, and should never be accused of doing such.

Anyone who insinuates that is a fool, a few clicks on the search link go a long way.
 
I agree with ~~~. Thursday was a great day for traders. I had my best day in 2010. Such extreme volatility is rare. I watched as ES futures plunged down to -100 from -50 in a matter of minutes... never happened before my eyes before). If you have lived through one, it might just help you how to react. I lived through the week of chaos in September 2008. I knew to put on a lid on my risks (trade smaller size than normal, expecting larger swings in price moves, etc.), but take advantage of the situation if it can lead to good trades.

Neke: automation may or may not be the key. Personally I don't automate my trades because I cannot put my thoughts and tactics into a set of if-then statements and account for all scenarios. (And I am a former computer programmer.) Not to say it can't be done. Obviously there are many successful algo-trading systems out there. Automated or not, the system/method/tactic has to be sound and consistently profitable first. It's one thing that a trader has been consistently profitable and now wants to automate his thoughts/ideas. It's another thing that someone just thinks about an idea, do some "back testings"... they worked... and then automate to forward-test for real with heavy (full-size) sizes. Just some thoughts.
 
Quote from Bolimomo:

I agree with ~~~. Thursday was a great day for traders. I had my best day in 2010. Such extreme volatility is rare... but take advantage of the situation if it can lead to good trades.
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Bo... Congratulation, so happy that you made big money.
extreme volatility, huge down-turn or up-turn... it's great for us :)
 
Quote from NoDoji:

I also have an incredible visual memory for patterns and numbers. I know the phone number of every store I've ever called, every friend I've ever called. I know my credit card numbers by heart, my VIN numbers at least 3 cars back.
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Do you use memory tricks to remember your VIN numbers?

+-*/ Math_Wiz
 
Hello NoDoji,

Would you mind mentioning the name of the thread where you laid out the details of how you trade the ES, as referenced below?

thanks,

Walt

Quote from NoDoji:

I've laid out on this site exactly how I trade in painstaking detail. I posted my ugly messy journey in getting to where I am now. I've often posted my trading blotters and my charts with entries and exits and reasons so anyone can look at a chart and compare what I did to all the detail I've posted here about how I trade. I've described my thought processes behind the trade and also the crowd psychology behind the T/A. Not much more I can add at this point.

I spent months trading ES and CL in my sim account, month after month after month, because when I first started trading ES live I sucked. I'd either stop out for a scratch only to watch the trade move nicely without me, or I'd place a wider stop and that would get hit. I decided it just wasn't for me until I figured it out in sim.

Every night I moved my charts off the screen to the hard right edge and worked on choosing "A" setups, with entry, stop, and target (still do this, by the way). "A" setups have a lot of confluence, reinforced by a variety of factors that I've outlined in many previous posts. So I got to the point where I was having 90% win rate backtesting on paper and duplicating it in real-time in sim AS LONG AS I only took the best setups. It came down to trading with the trend or waiting for confirmed reversal, using momentum in my favor so I could quickly move stops to break even, and also curing myself of "miss the boat" disease where I'd get in too soon because I was afraid I'd miss a move. So what, you miss the first move, but the second move is confirmed and those trades are SO DAMN EASY!

I PM'd a friend on ET back in January after achieving this incredible record of backtesting on paper and sim trading and said, "I always feel like there should be NO reason to have a losing day, but that's crazy, or is it??? In the past when I was all confidence and no fear (and no risk mgmt as well) I seemed to have very long strings of winning days."

And he replied to me: "I know of no reason not to have many consecutive winning days."

I was plagued by this irrational fear (planted in my psyche by all the naysayers on ET) that as soon as I started trading futures live everything I achieved in paper/sim would vanish and I'd started losing everything, because I was told again and again that futures traders all blow up.

Well, I finally got over that, and guess what? Everything I was accomplishing in sim actually worked in my live account. Wow, imagine that!

I also have an incredible visual memory for patterns and numbers. I know the phone number of every store I've ever called, every friend I've ever called. I know my credit card numbers by heart, my VIN numbers at least 3 cars back. I keep thinking I'll run out of brain space someday but so far so good. So something as visual as trading is easy for me now that I mastered patterns that signal the easy trades.

I posted my trading blotter on ES Journal today. Look at those trades and tell me they weren't low risk/high reward setups.

I will have losing trades because even the best setups can fail, but I venture to guess that my losing days will remain very much in the minority. If I'm one day killed by a black swan event like yesterday's crash, well that's the nature of this business, anything can happen.
More...
 
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