The Million $$$ Quest 2006

[coolweb]

problem with futures trading
you sometimes get zoned out

bunch of numbers and ticks

everyday is trading, [worst part]
everyday you roll in roll out

zoned out, I remember many times where I forgot if I was bullish or bearish


when the time comes to operate , you forget where the market is after 5 hours of chop

 

[Ripley]

Quote from whitster:

the more prone you are to take profits, the less prone your trades are to result in "big winners"

When you are negative points for the day, and flirting with being stopped out entirely for the day.. Then 2 times risked is GOOD. Thats a big profit that you have to BAG to get back to even.

Then when you are +positive points for the day, your mindset is completely different. Thats when you can let a trade ride a little bit.

Thus, the definition of BIG PROFITS depends entirely on where you are for the day. I must take PROFITS when I am negative. That's when you cannot afford to let points get away.

 

[Ripley]

Quote from whitster:

a good way to hedge in this regards is when you are trading multiple contracts, take profit on one contract at predefined exit point, then once that is reached, move your stop to entry (or entry +2 whatever) and let the next contract ride

I just don't believe in trading this way. And I like to get in and out with my full position one way or the other. I think it is because I am a little bit more shorter term oriented than people who tend to trade this way.

 

[Ripley]

Quote from coolweb:


zoned out, I remember many times where I forgot if I was bullish or bearish

lol.. thats so true... But, it changes so fast. You cannot either be bullish or bearish, you have to go where the market is going. Like today, it was bearish and then it all of a sudden turned bullish. Crazy to be trading with bullishness or bearishness. The name of trading index futures must be to go where its going at that moment.

 

[Ripley]

Day 62

+$

Never let a trade get past my STOPLOSS point.

Do not put myself in a position to ADD to losers.

You CANNOT hold & hope for the last 1-2 ticks.

Its better to just get out a little early..

..because it gives you a better entry going the other way.

 

[whitster]

rip. i use this methodology in YM scalping, where my timeframe is anywhere from 1-2 seconds on up to a few hours.

checking my stats in Excel, my average time in trade for YM intraday trades is under 15 minutes

 

[Ripley]

Day 63

+$

STAY BACK & TAKE PROFITS

I had a HUGE DRAWDOWN from my top: HORRIBLE...

It was due to a LACK of FOCUS, COMPLETE nonDEDICATION..

& I cannot repeat it.

I cannot take that many consecutive losses...

I can do that by..by TAKING only the BEST TRADES...

TAKING PROFITS...& Staying BACK...

God.. I flirted with disasters just a little too many times today: NOT GOOD

 

[Ripley]

Day 64

-$

A putt could never go in if you leave it short of the hole.

The mere fact that you gets it to the HOLE

..will increase your odds by 100%..

A great trader could never be so great..

If he keeps on taking HORRIBLE, STUPID, RETARDED trades.

The OPPORTUNITIES are ABOUND.. Its ALL OVER the PLACES..

..but YOU have to KEEP yourself in the GAME.

 

[Ripley]

Thoughts after an unbelievably horrible losing day:

i MUST not pick BOTTOMS.

STICK with my Plan.

Only take trades according to my plan.

And if that means waiting for a bit, so BE it.

............no MORE BOTTOM picking..

 

[ksonsinc]

HEy ripley
what,s up
When u say u have had a horrible day how much - are u in that day
I know future is very risky 2 car and down 5 point is like $500
what you stop loss limit bro
Thank you