The Million $$$ Quest 2006
- Thread starter Ripley
- Start date
Ripley and lilduckling...
I assume that your trading is probably under 50 futures contracts (if this is what you still trade Ripley, and lilduckling i dunno what you trade), so im just wondering how you guys feel the "dont let the market push you around" attitude helps in your trading.
As a scalper, i have some influence over 1 stock for a very short period of time, but in the futures market i dont see how 1, 5, 10, 25, whatever contracts makes any difference or stops them from 'pushing you around'. Does this statement have some sort of other meaning that i just am missing? I could see how the market pushing you around tests your emotions and risk management, but ideally you wouldnt need to chant this macho idea just to control yourself anyways.
I assume that your trading is probably under 50 futures contracts (if this is what you still trade Ripley, and lilduckling i dunno what you trade), so im just wondering how you guys feel the "dont let the market push you around" attitude helps in your trading.
As a scalper, i have some influence over 1 stock for a very short period of time, but in the futures market i dont see how 1, 5, 10, 25, whatever contracts makes any difference or stops them from 'pushing you around'. Does this statement have some sort of other meaning that i just am missing? I could see how the market pushing you around tests your emotions and risk management, but ideally you wouldnt need to chant this macho idea just to control yourself anyways.
hmmm interesting. And what did you think i meant by "roll up a newspaper and hit the mkt in the snout"?
(its just light psychological stuff...with a pinch of humor.... nothing heavy here)
I meant market pushing me aroud by when the trade quickly explodes against you after I take a position. Thus, I was back on my toes all day and had to probably take a loss for the day.
I had no control of the market (no winning trades) while market ran all over my account (which I couldn't control).
I had no control of the market (no winning trades) while market ran all over my account (which I couldn't control).
Ripley, I admire your perseverance and I wish you the best. However, at the rate you are going, you will run into more disasters than you can handle. Here are some things to keep in mind:
1. It is okay to lose, in fact lose often. Trading is about making more than you lose, if you think in terms of never losing, your losses will end up being bigger than your winners.
2. Don't worry about an opportunity missed - these thoughts can taint your next trade and cause you losses that an otherwise blank mind wouldn't have made.
3. Plan ahead - you seem to be trading whimisically, and that will not lead to long term success.
Remember that what you are striving for is long term success. To win more $$$ than lose $$$. Stripe yourself of the absolute goal, instead strive to be a good trader. Strive to be a discplined trader - discplined trader does not think in terms of winning 50 days in a row or never losing, or how you missed such a great trading days. When you can focus on being a good trader instead of how much money you are making, you will then be able to achieve your goals.
Best.
1. It is okay to lose, in fact lose often. Trading is about making more than you lose, if you think in terms of never losing, your losses will end up being bigger than your winners.
2. Don't worry about an opportunity missed - these thoughts can taint your next trade and cause you losses that an otherwise blank mind wouldn't have made.
3. Plan ahead - you seem to be trading whimisically, and that will not lead to long term success.
Remember that what you are striving for is long term success. To win more $$$ than lose $$$. Stripe yourself of the absolute goal, instead strive to be a good trader. Strive to be a discplined trader - discplined trader does not think in terms of winning 50 days in a row or never losing, or how you missed such a great trading days. When you can focus on being a good trader instead of how much money you are making, you will then be able to achieve your goals.
Best.
Day 73
+$
The instances of PROFITABILITY are so rare that..
..when and if you have it, you should just TAKE it.
TAKE PROFITS & get back in at an even better price.
No more FakeOuts.
Nothing like a market on fire. You just want to get in.
..only to get stopped out again and again. HORRIBLE.
+$
The instances of PROFITABILITY are so rare that..
..when and if you have it, you should just TAKE it.
TAKE PROFITS & get back in at an even better price.
No more FakeOuts.
Nothing like a market on fire. You just want to get in.
..only to get stopped out again and again. HORRIBLE.
Day 74
-$
PREPARE for the day. Do things you're supposed to do BEFOREHAND.
Eventhough I was up & ready early, I just didn't PREPARE for the trading day.
I was distracted in the morning and lost my focus after that.
Pay ATTENTION to each & every single tick:
Is there anything more exciting to watch than this capitalistic pursuit of exchanging futures contracts back and forth between fellow traders?
No...
-$
PREPARE for the day. Do things you're supposed to do BEFOREHAND.
Eventhough I was up & ready early, I just didn't PREPARE for the trading day.
I was distracted in the morning and lost my focus after that.
Pay ATTENTION to each & every single tick:
Is there anything more exciting to watch than this capitalistic pursuit of exchanging futures contracts back and forth between fellow traders?
No...
Here's a mentality that helps when you get socked big time by the market:
If you can't take that one big loss and make it all back, then you shouldn't be trading. With that mindset, you'll slowly creep back and make up all the losses in no time
I cautiously revenge traded today from a -$6500 to just -$1200. I'm still deeply profitable this week so I just have to be more cautious.
But like lilduckling said, show the market who's the boss!
If you can't take that one big loss and make it all back, then you shouldn't be trading. With that mindset, you'll slowly creep back and make up all the losses in no time
I cautiously revenge traded today from a -$6500 to just -$1200. I'm still deeply profitable this week so I just have to be more cautious.
But like lilduckling said, show the market who's the boss!
Day 75
-$
Yet another forgettable day.
Last couple of days are some of the most craziest days I've ever seen.
Up +100 pts on the fly, then back down -80 pts, only to go back up +100 more.
Clearly write down your Trading Plan..
.....and stick with it NO MATTER WHAT.
Take only those trades that are highly likely to succeed.
It is better to get out even than to take a loss.
-$
Yet another forgettable day.
Last couple of days are some of the most craziest days I've ever seen.
Up +100 pts on the fly, then back down -80 pts, only to go back up +100 more.
Clearly write down your Trading Plan..
.....and stick with it NO MATTER WHAT.
Take only those trades that are highly likely to succeed.
It is better to get out even than to take a loss.