Neke, Wanted to say this journal is the best one on ET currently and I would be grateful if you continue to post. My trading hit a rough patch also but it is refreshing to read your honest post at the end of the week. The journal helps you stay honest with yourself and also is something to look back on to pinpoint mistakes that you do not want to make again. Thanks again bud.
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Taking 76K to 500K by Year End
- Thread starter neke
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Quote from mde2004:
Neke, Wanted to say this journal is the best one on ET currently and I would be grateful if you continue to post. My trading hit a rough patch also but it is refreshing to read your honest post at the end of the week. The journal helps you stay honest with yourself and also is something to look back on to pinpoint mistakes that you do not want to make again. Thanks again bud.
I agree. Took a 10% draw down this week. Not saying I'm glad you lost, too, but it's just nice to know good traders do go through rough patches, too.
Please keep posting, I look forward to your weekend journal.
Successful traders think with the mind, not for the mindâ¦
neke,
I also traded JOYG and NOVC on 5/30 but was long and not short. If an idiot like me had the biggest score ever with NOVC, the question that begs asking is What in the world are you doing shorting these?
NOVC and JOYG were classic daytrading momo stocks that day and taking a counter trend trade is suicide imho. It was a raging river flowing downstream at 100 mph and a little fish wants to swim upstream in it. Hope my analogy makes sense.
You have a serious flaw in your shorting strategy if these are the types of stocks that you're always looking to short. Most successful traders trade on the long side and not short, not to say that you can't make money going short but it's just much easier going long.
Some don't even bother with shorting at all. One simple reason is that the markets have an upward bias.
You need to re-think your strategy and if it is flawed you must abandon it immediately or you will end up with more of the same results.
Check your pm.
I also traded JOYG and NOVC on 5/30 but was long and not short. If an idiot like me had the biggest score ever with NOVC, the question that begs asking is What in the world are you doing shorting these?
NOVC and JOYG were classic daytrading momo stocks that day and taking a counter trend trade is suicide imho. It was a raging river flowing downstream at 100 mph and a little fish wants to swim upstream in it. Hope my analogy makes sense.
You have a serious flaw in your shorting strategy if these are the types of stocks that you're always looking to short. Most successful traders trade on the long side and not short, not to say that you can't make money going short but it's just much easier going long.
Some don't even bother with shorting at all. One simple reason is that the markets have an upward bias.
You need to re-think your strategy and if it is flawed you must abandon it immediately or you will end up with more of the same results.
Check your pm.
suggest only focusing on the ES or NQ eminis...seriously...forget stocks
Quote from neke:
For others I could consider placing a hard stop loss, but my experience tells me it could lead to a lot of unwarranted losses...
I absolutely agree. For stock trading, hard stops are grossly overrated. They are usually system killers. I say this based on years of testing.
Neke you can do it I posted this on another thread it applies here and its just my feeling, but the only thing I didnt disclose is what I started with and what I trade. I started with 20k got it to 75 and I was also taking money out throughout all of this. I also only trade and scalp energy futures, I have a strategy that works for me and wont get into because it would just be to much to post, but like I say below 500-1000 a day and Im a happy camper!
I have been scrolling through these posts for sometime now and have never registered until about a month or so ago. The reason I use to browse was to look at software reviews, broker reviews etc. And I would eventually look for other info on specific news sites etc. But let me tell you, it seems this site is the most negative thing I have seen. I trade futures full time with a 75k account and make 500-1000 dollars a day bar none that is my average when stopped or not for the last three years now. I have been averaging about 150k a year. And I do it quite easily so I laugh at all this analysis and the bullshit posted on this site. Because I think it is quite easy to make this amount if you are disciplined. I wake up at 5 am and begin, as soon as Im up 500 or so I turn the computer off and do whatever else I want to do that day that is it!! Its that easy, but you know what? Most guys cant shut it off thats why they lose. The market gives you a chance to make that "little" money that I make as long your willing to accept that and do other things in life. I come from a place that knows to get a job somewhere making a 100k with a masters youll work your ass off so when Im up 500- even 400 sometimes I shut it off and smile because I know no one will pay me this amount in the work force with this freedom. Many of you will think Im small change, because we seem to have many big players here LOL! But its all discipline and all the charting and books and posting in the world cant teach that. It comes down to just accepting a certain level of profit and shutting off and being content. That is why there is a 95 percent failure rate.
Adios
I have been scrolling through these posts for sometime now and have never registered until about a month or so ago. The reason I use to browse was to look at software reviews, broker reviews etc. And I would eventually look for other info on specific news sites etc. But let me tell you, it seems this site is the most negative thing I have seen. I trade futures full time with a 75k account and make 500-1000 dollars a day bar none that is my average when stopped or not for the last three years now. I have been averaging about 150k a year. And I do it quite easily so I laugh at all this analysis and the bullshit posted on this site. Because I think it is quite easy to make this amount if you are disciplined. I wake up at 5 am and begin, as soon as Im up 500 or so I turn the computer off and do whatever else I want to do that day that is it!! Its that easy, but you know what? Most guys cant shut it off thats why they lose. The market gives you a chance to make that "little" money that I make as long your willing to accept that and do other things in life. I come from a place that knows to get a job somewhere making a 100k with a masters youll work your ass off so when Im up 500- even 400 sometimes I shut it off and smile because I know no one will pay me this amount in the work force with this freedom. Many of you will think Im small change, because we seem to have many big players here LOL! But its all discipline and all the charting and books and posting in the world cant teach that. It comes down to just accepting a certain level of profit and shutting off and being content. That is why there is a 95 percent failure rate.
Adios
I noticed that you traded DNDN. This is the stock that I'm currently observing.
I'm trying to get to know the behaviour of this stock better and am using it for my real time study in the chatroom.
On paper, I bought it at 9.40 and sold it at 12.00 with a hold of around 10 minutes (after it hit a high of 13.00).
My entry signal was the 5 minute chart
Pullback screen is 1 minute.
Tming is Level 2 momentum.
After feeling good with that trade, I broke the rule right away and traded using the 1 minute chart ( which stopped me out at a loss a few times)
The next day, I didn't follow my criteria and mainly based it on the 8.75 support that was on my notes.
I realized that there were too many arguments against me (after the trade) and I mainly focused on the support (which in the first place was not a very strong one).
I recently joined Elite Trader and am really enjoying the chatroom.
I told my wife that I think I found what I've been searching for ( a free chatroom full of helpful,experienced,and knowlegable traders that are willing to share their ideas).
I was reading Spydertrader's Journal on Equities (which is a very good read so far) when I stumbled on yours.
I like DNDN so far because of it's trading range.
I'm planning to follow up my study on DNDN and may put real money into it for a daytrade.
Good luck (we shouldn't really be counting on this) on your trading.
I'm looking forward on learning more as we journey through this experiences.
Note: I started trading about 4 years ago and the hardest thing that I still find hard to master is DISCIPLINE.
Hopefully, I'll see you in the chatroom too.
Ares
I'm trying to get to know the behaviour of this stock better and am using it for my real time study in the chatroom.
On paper, I bought it at 9.40 and sold it at 12.00 with a hold of around 10 minutes (after it hit a high of 13.00).
My entry signal was the 5 minute chart
Pullback screen is 1 minute.
Tming is Level 2 momentum.
After feeling good with that trade, I broke the rule right away and traded using the 1 minute chart ( which stopped me out at a loss a few times)
The next day, I didn't follow my criteria and mainly based it on the 8.75 support that was on my notes.
I realized that there were too many arguments against me (after the trade) and I mainly focused on the support (which in the first place was not a very strong one).
I recently joined Elite Trader and am really enjoying the chatroom.
I told my wife that I think I found what I've been searching for ( a free chatroom full of helpful,experienced,and knowlegable traders that are willing to share their ideas).
I was reading Spydertrader's Journal on Equities (which is a very good read so far) when I stumbled on yours.
I like DNDN so far because of it's trading range.
I'm planning to follow up my study on DNDN and may put real money into it for a daytrade.
Good luck (we shouldn't really be counting on this) on your trading.
I'm looking forward on learning more as we journey through this experiences.
Note: I started trading about 4 years ago and the hardest thing that I still find hard to master is DISCIPLINE.
Hopefully, I'll see you in the chatroom too.
Ares
Attachments
I also noticed that you traded AVNR.
We bought this at 3.57 recently. I had the opportunity to sell it at 4.05 premarket (My finger was already on the trigger, ready to fire the order and was going to force it on the bid since there was available liquidity) hesitated because it was supposed to be my wife's turn to trade already ( I have my budget to trade trapped in stocks that I was not supposed to hold overnight).
I woke her up between 4am and 5am PST.
By the time we got to the computer, the Bid has moved down already.
Later on, we agreed that if I see an opportunity to get out at a plus (even though she opened and entered the trade), the opportunity should be grabbed.
To make the story short, we got out at a loss in the open market.
The battle of emotions (Fear and Greed) is so hard to discipline (still working on it).
We bought this at 3.57 recently. I had the opportunity to sell it at 4.05 premarket (My finger was already on the trigger, ready to fire the order and was going to force it on the bid since there was available liquidity) hesitated because it was supposed to be my wife's turn to trade already ( I have my budget to trade trapped in stocks that I was not supposed to hold overnight).
I woke her up between 4am and 5am PST.
By the time we got to the computer, the Bid has moved down already.
Later on, we agreed that if I see an opportunity to get out at a plus (even though she opened and entered the trade), the opportunity should be grabbed.
To make the story short, we got out at a loss in the open market.
The battle of emotions (Fear and Greed) is so hard to discipline (still working on it).
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