The Million $$$ Quest 2006
- Thread starter Ripley
- Start date
Day 21
I am reading books when I trade, thus....
Tune your television to one of the many financial news networks,
on a morning when some closely watched statistic like the unemployment figure is released by the government.
Bond traders are particularly interested in this number, which comes out just after bond futures have opened for trading. Typically, the news anchor will have a representative from a brokerage office standing by in the studio to give an instant analysis.
There is something faintly comic about high-priced analysts trying to divine the future by counting the unemployed.
But swallow the irony if you can and listen in. Commodity brokers will be watching the program on one screen, as they study real-time quotes coming from the floor on another. Chartists will be glazing at their charts to see if any "key chart levels' are about to be penetrated.
The unemployed, the source of all this attention, will presumably be asleep, watching old movies, or filing next week's jobless claims. This has been another excerpt from one of the books I am reading. I am not quoting it because it really doesn't matter.
I am reading books when I trade, thus....
Tune your television to one of the many financial news networks,
on a morning when some closely watched statistic like the unemployment figure is released by the government.
Bond traders are particularly interested in this number, which comes out just after bond futures have opened for trading. Typically, the news anchor will have a representative from a brokerage office standing by in the studio to give an instant analysis.
There is something faintly comic about high-priced analysts trying to divine the future by counting the unemployed.
But swallow the irony if you can and listen in. Commodity brokers will be watching the program on one screen, as they study real-time quotes coming from the floor on another. Chartists will be glazing at their charts to see if any "key chart levels' are about to be penetrated.
The unemployed, the source of all this attention, will presumably be asleep, watching old movies, or filing next week's jobless claims. This has been another excerpt from one of the books I am reading. I am not quoting it because it really doesn't matter.
....I know of two surefire ways to end up with a small fortune from the commodity markets:
1) The first is to convince the public that you amassed a large fortune trading, and then have the public pay through the nose for your secret.
2) The second and more common way to wind up with a small fortune is to start out with a large fortune.....
Day 22
BACK UP plans..
My internet connection was out by 10:15 AM or so. I made 8 trades, and had +22 or so points.
So, I decided to make the 2 hour drive to go and chill with my parents.
These are the days that you really truly have to be there. And, I thought my internet connection was rock solid. This is the first time I was out, in the last 7 months or so. Plus, I live in a apt. thus, I just didn't feel like getting a back up connection.
I cannot miss days like this. A 100 pt move day. I am disappointed in myself. I need to put myself in a position to trade everyday...every minute... every second.
BACK UP plans..
My internet connection was out by 10:15 AM or so. I made 8 trades, and had +22 or so points.
So, I decided to make the 2 hour drive to go and chill with my parents.
These are the days that you really truly have to be there. And, I thought my internet connection was rock solid. This is the first time I was out, in the last 7 months or so. Plus, I live in a apt. thus, I just didn't feel like getting a back up connection.
I cannot miss days like this. A 100 pt move day. I am disappointed in myself. I need to put myself in a position to trade everyday...every minute... every second.
Day 23
Good Trading should be FUN...
Eventhough I took out more pts than how much YM moved today (100+) with just 1 contract, I am very disappointed in myself.
So many disasters: 8
1) I must stick with my trading plan. And that means, going with the tide, respecting your entry rules... & just plain believing in yourself and executing your game plan. I need to know that the opportunities will always be there.. The key is to wait for them and capitalize on them when the situation presents itself.
2) You do not break your trading rules and run wild out there. You don't enter a so-so trade, you only bet on sure things. You cannot get into a trade wondering if you are going to get stopped out. When the expected move isn't there right away, just get out.. don't wait too long after it has been proven to you that you're wrong.
3) When you break your trading plan, and do not stick with your trade entries.. what it leads to is a lot more mistakes. Account blowing mistakes. Severe disasters I should never repeat again. Stick with the plan, and trade only those trades that present themselves to you. Do not try to create anything that just isn't there.
4) Pay attention. I missed a great entry that could've yielded me a lot of POINTS. The potential opportunities are so limited that you cannot let them get away due to a lack of attention. Pay careful attention to each tick, price and order.
5) Never put yourself in a position to get stopped out. Those tend to happen, when I break my Trading Plan. Do not get sukered into bad trades, fake moves etc... Stick with YOUR Trading Plan at all times. Trade the PLAN.
6) Going counter to my plan, I am going to get STOPPED out everytime. Each and every single time.
7) God.. you ficking RETARD... STICK with your ENTRY SETUP.. Stick with your plan. Follow the plan, and if an accidental entry occurs, get the hell out. Stopouts are quick and fast, and they tend to hurt a lot. This is where I also risk the chance of moving a stop, and losing my whole discipline, taking my account to the ground etc. I must follow each and every simple rule I have. Do not repeat this shit.
8) Do not leave a limit order unattended. No matter what. .. You have to see it with your eyes before you take a trade. Do no move a stop regardless of how much you're up for the day, or whatever the case might be.. DO NOT move a STOP, & put yourself in a position to be disciplined, and not to be moving stops by sticking to your simple rules, trading plan at all times.
Good Trading should be FUN...
Eventhough I took out more pts than how much YM moved today (100+) with just 1 contract, I am very disappointed in myself.
So many disasters: 8
1) I must stick with my trading plan. And that means, going with the tide, respecting your entry rules... & just plain believing in yourself and executing your game plan. I need to know that the opportunities will always be there.. The key is to wait for them and capitalize on them when the situation presents itself.
2) You do not break your trading rules and run wild out there. You don't enter a so-so trade, you only bet on sure things. You cannot get into a trade wondering if you are going to get stopped out. When the expected move isn't there right away, just get out.. don't wait too long after it has been proven to you that you're wrong.
3) When you break your trading plan, and do not stick with your trade entries.. what it leads to is a lot more mistakes. Account blowing mistakes. Severe disasters I should never repeat again. Stick with the plan, and trade only those trades that present themselves to you. Do not try to create anything that just isn't there.
4) Pay attention. I missed a great entry that could've yielded me a lot of POINTS. The potential opportunities are so limited that you cannot let them get away due to a lack of attention. Pay careful attention to each tick, price and order.
5) Never put yourself in a position to get stopped out. Those tend to happen, when I break my Trading Plan. Do not get sukered into bad trades, fake moves etc... Stick with YOUR Trading Plan at all times. Trade the PLAN.
6) Going counter to my plan, I am going to get STOPPED out everytime. Each and every single time.
7) God.. you ficking RETARD... STICK with your ENTRY SETUP.. Stick with your plan. Follow the plan, and if an accidental entry occurs, get the hell out. Stopouts are quick and fast, and they tend to hurt a lot. This is where I also risk the chance of moving a stop, and losing my whole discipline, taking my account to the ground etc. I must follow each and every simple rule I have. Do not repeat this shit.
8) Do not leave a limit order unattended. No matter what. .. You have to see it with your eyes before you take a trade. Do no move a stop regardless of how much you're up for the day, or whatever the case might be.. DO NOT move a STOP, & put yourself in a position to be disciplined, and not to be moving stops by sticking to your simple rules, trading plan at all times.
I was browsing one of the older threads.. look what I found:
The FIVE FUNDAMENTAL TRUTHS of TRADING
1) Anything can happen.
2) You don't need to know what is going to happen next in order to make money.
3) There is a random distribution between wins & losses for any given set of variables that define an edge.
4) An edge is nothing more than an indication of a higher probability of one thing happening over another.
5) Every moment in the market is unique.
The FIVE FUNDAMENTAL TRUTHS of TRADING
1) Anything can happen.
2) You don't need to know what is going to happen next in order to make money.
3) There is a random distribution between wins & losses for any given set of variables that define an edge.
4) An edge is nothing more than an indication of a higher probability of one thing happening over another.
5) Every moment in the market is unique.
Hello Ripley
I do not agree with a few terms:
2) You don't need to know what is going to happen next in order to make money.
--> You must need to know what will happen
so <B> you will know what should NOT happen to get out.
</b>
I believe understanding this idea ,will fix your problem of moving stops.
If you knew what was WRONG you would NEVER move a stop.
Wrong is wrong, Wrong price action is wrong price action.
Please research more on this.
And you will know what I mean, thanks buddy
I do not agree with a few terms:
2) You don't need to know what is going to happen next in order to make money.
--> You must need to know what will happen
so <B> you will know what should NOT happen to get out.
</b>
I believe understanding this idea ,will fix your problem of moving stops.
If you knew what was WRONG you would NEVER move a stop.
Wrong is wrong, Wrong price action is wrong price action.
Please research more on this.
And you will know what I mean, thanks buddy
I hate studying for my exams or even studying anything at all. They will throw me out of my graduate studies if I don't at least get B's in all my remaining classes.
Thus, I will not be trading for the next three days. I am about to shut down my computers and go into a hibernation. No more sleeping for me for the next three days. I'll be back after my exams.
I am so far behind. Because Markets, Futures are my passion.. I could read tons of books on what I love, and yet not on my academic pursuit. It is time for me to memorize as much as I can with the short time left for me to prepare for my exams.
I hate missing trading days due to..............some other shit.. but, it has came down to that where I must miss couple of trading days.
Thus, I will not be trading for the next three days. I am about to shut down my computers and go into a hibernation. No more sleeping for me for the next three days. I'll be back after my exams.
I am so far behind. Because Markets, Futures are my passion.. I could read tons of books on what I love, and yet not on my academic pursuit. It is time for me to memorize as much as I can with the short time left for me to prepare for my exams.
I hate missing trading days due to..............some other shit.. but, it has came down to that where I must miss couple of trading days.
This is from Douglas's "Trading in the Zone". Definitely words of wisdom!