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The Million $$$ Quest 2006
- Thread starter Ripley
- Start date
I was negative points for the day when that move down happened. Thus, when I am down for the day, my number one rule is to take points to make it even or slightly positive for the day. Then a LONG kind of got away.Quote from jaronimo:
Why would you try to pick a bottom??? Why not just get short and as the trade moves your way, continue to adjust your stop down. Pretty simple. That way the market decides when it is done and when you can get off. Its not decided by you trying to guess the future.
I am relying on my intutions, and emotions way too much when I am trading. Like, I should've know when and if it is a trade I should've stayed in. Thus, I am going to find me some kind of indicator that will help me stay in a move and automate it to assist my discretionary trading.
-$ 890 for the day.
Quote from Ripley:
I was negative points for the day when that move down happened. Thus, when I am down for the day, my number one rule is to take points to make it even or slightly positive for the day. Then a LONG kind of got away.
I am relying on my intutions, and emotions way too much when I am trading. Like, I should've know when and if it is a trade I should've stayed in. Thus, I am going to find me some kind of indicator that will help me stay in a move and automate it to assist my discretionary trading.
-$ 890 for the day.
Forget the whole "negative points for the day" attitude. You should not be trying to get back at the market for points it took from you.
Every trade is a new trade. If you take a trade to "try to get points back" then you will be jumping into low quality trades because you feel that the market owes you something.
Nobody can make 100% winning trades. Let me restate that, NOBODY CAN MAKE 100% WINNING TRADES. That means even the best traders in the world have losing trades. If you cannot get your head around that, then stop trading now.
Once again, just keep the losers small, and let the winners run. It really is that simple.
You mentioned that you want to "automate" your trades. If they are not working for you and you automate them, it only means you will lose your money faster. If you do not have discipline, do you think you can automate it so the computer will have discipline for you? If you don't have discipline, you will override the automated program and continue doing exactly what you are presently doing.
If you are having a losing day, the problem is not with the markets, the problem is with you. You cannot force the market. You can only jump on for the ride.
I started reading your thread and it sounded good. I was rooting for you. But lately I see you are self-destructing. Maybe its time for you to go back and reread some of your original posts.
Day 65
-$
I need to get back to the BASICS.. to my Bread & Butter setups.
I must TAKE PROFITS, but I should also let them run a bit..
I must find a better way to Take Profits ASAP.
I should not chase the market.
If its gone, HOLD ON.. WAIT.. and wait for another trade.
Always let PRICES come to you...
-$
I need to get back to the BASICS.. to my Bread & Butter setups.
I must TAKE PROFITS, but I should also let them run a bit..
I must find a better way to Take Profits ASAP.
I should not chase the market.
If its gone, HOLD ON.. WAIT.. and wait for another trade.
Always let PRICES come to you...
I now accept that the Mkt will dictate what kind of runs you may let your profits go.
By 10:30 am... you should know what kind of wins you may expect for the day. Fast on your feet for tiny gains.... or stay patient and let the trades ride out for larger gains. Its a fact that only a few days out of the week will you be able to trade in the text book manner.... I.E. classic seminar win / loss...... Risk / reward ratios.
Trying to "fit" every single trade every single day into those classic parameters will make your Ben Franklins migrate from your account to your brokers.
How does that Kenny Rogers song go?
"You've got to know when to hold 'em...... know when to fold 'em.................
By 10:30 am... you should know what kind of wins you may expect for the day. Fast on your feet for tiny gains.... or stay patient and let the trades ride out for larger gains. Its a fact that only a few days out of the week will you be able to trade in the text book manner.... I.E. classic seminar win / loss...... Risk / reward ratios.
Trying to "fit" every single trade every single day into those classic parameters will make your Ben Franklins migrate from your account to your brokers.
How does that Kenny Rogers song go?
"You've got to know when to hold 'em...... know when to fold 'em.................
Quote from lilduckling:
By 10:30 am... you should know what kind of wins you may expect for the day. Fast on your feet for tiny gains.... or stay patient and let the trades ride out for larger gains. Its a fact that only a few days out of the week will you be able to trade in the text book manner.... I.E. classic seminar win / loss...... Risk / reward ratios.
You're so right about this.. You have to know by 10:30 as to what kind of a day it is...
Quote from Flashboy:
Do you post your trades in here??
I don't post my trades because I trade off of seconds chart (at eSig.. but now I don't really need any charts to trade thus I am satisfied with a generic 1 min chart to see the S/R levels).. By the time I done finished with posting a trade.. I might've already took 10 trades. But, not always.. my trades are so random and it isn't based on any logic. Thus, its all over the place and mostly, I am always holding onto a position.
Quote from Ripley:
I don't post my trades because I trade off of seconds chart (at eSig.. but now I don't really need any charts to trade thus I am satisfied with a generic 1 min chart to see the S/R levels).. By the time I done finished with posting a trade.. I might've already took 10 trades. But, not always.. my trades are so random and it isn't based on any logic. Thus, its all over the place and mostly, I am always holding onto a position.
I must say its hard to be consistent on emotions