Took a tough loser today going into the close

J

John47

I've been having an alright year, was up every day but 2 this year, till today (gross positive...net negative several other times w/ fees).

Anyway was down a bit going into the close and pretty much figured the market wasn't great oh well, it happens.

A market I trade goes 00 offer...total buy but I'm like what the hell I'll work a bid, I won't get filled....so I go 9.5 bid, very small 00 offer (like I said they were a buy). well I hear my machine go off as I enter the order. I hit the 9.5 bid (i meant to join) w/ a 60 lot (futures).

Sounds like its my fault and mostly it is but there is a software glitch I won't go into for a bunch of reasons. Anyway...

Before I realized what happened the market goes back 0 bid...practically no offer at 0.5. I try to take whatever's there at 0.5 bid...get nothing. Market keeps going, long story short I'm paying 1.0 on 60. All said about a 3 grand loser in a few seconds. Great.

Ironically, I haven't traded great the past two weeks and I almost feel like this was the slap in the face I needed to get my ass in gear.

So pretty much, I can't wait for Monday morning...next week should have some nice movement...and I plan on being in every good trade I see.

Funny because every cycle of great trading I go through comes right after a period of trading 'not so great' capped off by a bad loser. I trade mediocre for a week or two, have that capitulation loser...I get my shit back together and tear the market apart. Whatever the reason I don't know, but I can't wait for monday.

Cheers.
 
Been where you are, not in as big a size but been through basically the same thing. I always managed to get my ass in gear by getting pretty pissed off with myself. I think emotion in trading is a good thing as long as it's used in a positive way. Spend the weekend chewing your ass out and I bet you'll be ready to do battle on Monday. 60 lots huh? That's a pretty good size.
 
Quote from John47:

Anyway was down a bit going into the close and pretty much figured the market wasn't great oh well, it happens.
More...
Hmm....why are you screwing around at the close on such an incredibly emotional market day ? I mean today was almost historic in some ways. You should have been out and at the bar at 3:45.
Sounds like its my fault and mostly it is but there is a software glitch I won't go into for a bunch of reasons. Anyway...
More...
You've got to be joking, right ?
Playing with that kind of volume (60 !) with software that is "glitchy" ?
Ironically, I haven't traded great the past two weeks and I almost feel like this was the slap in the face I needed to get my ass in gear.
More...
I would say your judgement has been impaired recently.
60 lots in ES ? Wow.
So pretty much, I can't wait for Monday morning...next week should have some nice movement...and I plan on being in every good trade I see. Funny because every cycle of great trading I go through comes right after a period of trading 'not so great' capped off by a bad loser. I trade mediocre for a week or two, have that capitulation loser...I get my shit back together and tear the market apart. Whatever the reason I don't know, but I can't wait for monday.
More...
4 recommendations:
1) Quit now.
2) Get new software.
3) Determine the reason for your judgement impairment.
4) Then trade smaller size.
 
Quote from syswizard:

Hmm....why are you screwing around at the close on such an incredibly emotional market day ? I mean today was almost historic in some ways. You should have been out and at the bar at 3:45.

You've got to be joking, right ?
Playing with that kind of volume (60 !) with software that is "glitchy" ?

I would say your judgement has been impaired recently.
60 lots in ES ? Wow.

4 recommendations:
1) Quit now.
2) Get new software.
3) Determine the reason for your judgement impairment.
4) Then trade smaller size.
More...

Thanks for taking the time to reply, but I'm gonna take a wild guess here and say you and I are on different ends of the spectrum in what we do.
 
$3000 is a terrible loss but:
1) I have had worse days and probably on a smaller bankroll
2) On 60 that's only $50/car. Most people set their stops beigger then that. I would say you did pretty well considering.
But really, get new SW.
 
Quote from John47:

Thanks for taking the time to reply, but I'm gonna take a wild guess here and say you and I are on different ends of the spectrum in what we do.
More...
Uh...what are you talking about ?
You're scalping for ticks with large size, possibly using a software-based pricing model based on Level I or Level II data.
If I'm wrong, please correct me.
Note: Lehman Brothers pioneered this approach 2 years ago with their SOBI (Static Order Balance/Imbalance) model.
 
Quote from syswizard:

Uh...what are you talking about ?
You're scalping for ticks with large size, possibly using a software-based pricing model based on Level I or Level II data.
If I'm wrong, please correct me.
Note: Lehman Brothers pioneered this approach 2 years ago with their SOBI (Static Order Balance/Imbalance) model.
More...

You're wrong. You made a boat load of assumptions about my trading, based, I assume, on what you consider good trading....and its apparent that I trade much, much differently than you. Am I right in guessing your retail, and you trade patterns on charts intra day? I'm a proprietary trader for a larger, private group. i trade large size in futs, often w/ hedged positions.

So like I said, what I do I'm guessing is a lot different than what you do....and I didn't create this post to critique my trade....I created it share how I am mentally going about trading after taking a loser that, although wasn't anything in terms of my year or month...was mentally shaking because the way it happened and how fast.

So like I said, I took a tough loser and I described my mind set for trading today, monday. I'm not looking for a guy like you to tell me I trade too big, or any of that....in my monthly performance evaluations I'm consistently encouraged to trade bigger....I should listen to the guy's who's bank roll I'm risking, not you.

I'm sure you meant well but you see we're just on two ends of the spectrum here, so don't assume you know enough about my trading to tell me what to do, when all you really know is what you gathered from a short description of one trade. You dont' even know what market I was talking about....you assumed ES, I don't know why...maybe cause you one of the legions of retail guys w/ a 3g acct. that try to take a one lot for 3 ticks in the spoos, and assumed I was too....but I'm not. So thanks for your time, but we're most likely in different boats here.
 
PS, I apologize if I made any wrong assumptions about you...but you really are sounding like a guy that read a few books...rather than somebody who's spent years making his living in the trenches of this business.

Regardless, point stands, nobody is really in a position to tell me anything about my trading (except the higher ups in my firm)....mostly because you, for example, have no clue what my trading is all about. And I don't go into that in any way, shape, or form here. I prefer to use this forum for general 'shop talk' and sometimes discussing the mental challenges of actually making your living as a trader.
 
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