Trading during open today...

[osorico]

Yes....Please tell me how to get it! Please tell me how to trade O great one! Better yet, why don't you show us you can trade by posting a few blotters on the P&L thread?

Would you prefer the Photoshop, CorelPaint or just the plain 'ol Sim screen version.

As if I need to prove anything to you or anyone on ET! LOL

...
Further, he said he got chopped up, which tells me he's a daytrader. Further evidence, he said almost every trade he placed instantly went against him. Do you think that perhaps I might have an idea of his trading style based upon these facts?

OP never said he got chopped up, just that almost every trade went immediately against him. One suggests losing due to volatility. The other suggests just being wrong in analysis.

But we do agree he is a daytrader. And now we are back to original point, without knowing his trading style and /or strategy, determination of "overtrading" can not be made.

IMO, the only way to consistently make money trading the indicies, specifically futures, is to trade less and not more. (To be clear, I am talking about discretionary, non automated traders, that's an entire different game altogether) If you continue on your pace and make 20 trades per hour, as a discretionary trader, you will end up losing money on most days! You might come out ahead the first hour, after that, your toast. The more you trade, the more often you will give up the edge to get in and out of trades, the more you give up the edge, the more likely you are to come out on the losing side. There's my theory, A conclusion after 7 years of successful trading and constant study of the markets.

At least you prefaced with IMO.

Let's see if we can find some other real world successful futures traders that have a similar belief, similar style, and are immensely successful. Traders that have made money for years, the survivors of the game, the big Locals in the pit. Have you ever Studied how they trade the market. Most days, they trade they trade the first hour, and the last hour? Why do you think this is? Because they know their chances of getting chopped up, and giving back their profits increase with more trades. Good trades are rare, great trades even more rare. The fact is, they know that there are just a few good opportunites every day, and they focus on just capturing those.

Who cares? I do not aspire to be like nor do I compare myself to ANY other trader. Seems you missed that aspect of those you consider the successful traders. They trade what THEY SEE, based on strategies THEY TESTED, with a style that fits THEIR GOALS.

What is a great trade? A higher probability set up! One that you know is likely to come up a winner. That's all! ...

Nope. A great trade is one in which you follow the rules that you set. period. win or lose. A loser trade can be just as much of a great trade as a winner trade. You see it, you execute it, you manage it. The result is the result. One result is not any greater or superior than any other result, when all the rules that you set are applied.

Osorico

 

[whitster]

with all due respect?

get real. retail traders never cease to amaze me.

people here are trading OEX day, and 1) don't even REALIZE it's OEX day others 2) have no idea how OEX affects the instrument they are trading

yet, they are trading ANYWAY.

preparation, research, risk management, business plan.

these are the hallmarks of a successful trader.

just pressing buttons without an understanding of market character and THE FACT THAT IT'S OEX day is frigging typical

amazing

no offense, but i will never understand why people just throw money at the market with no prep

 

[CaliforniaKid23]

thanx for your comments guys...and i wasn't overtrading, i thought if you executed your trades exactly as you have planned - that's not considered overtrading. i had made 6 trades exactly as planned - they were all high probability set-ups - atleast from my vantage point. although, the last trade i hesitated to enter because i doubted myself, after that i stopped - i stopped right at the end of my losing streak it seems. .

the problem was either a. my system is flawed b. the market was too erratic for my system to handle c. i didn't execute my trades properly. its a good thing i have a 3-day weekend to be calm and just look it over.

 

[CaliforniaKid23]

Quote from whitster:

with all due respect?

get real. retail traders never cease to amaze me.

people here are trading OEX day, and 1) don't even REALIZE it's OEX day others 2) have no idea how OEX affects the instrument they are trading

yet, they are trading ANYWAY.

preparation, research, risk management, business plan.

these are the hallmarks of a successful trader.

just pressing buttons without an understanding of market character and THE FACT THAT IT'S OEX day is frigging typical

amazing

no offense, but i will never understand why people just throw money at the market with no prep

OEX is options expiration day, correct? would u mind sharing how it affects the market? please, i am not aware of that concept that much, and i would like to learn about it. and...i have been preparing for this trading - i take trading very seriously.

 

[brownsfan019]

Quote from whitster:

with all due respect?

get real. retail traders never cease to amaze me.

people here are trading OEX day, and 1) don't even REALIZE it's OEX day others 2) have no idea how OEX affects the instrument they are trading

yet, they are trading ANYWAY.

preparation, research, risk management, business plan.

these are the hallmarks of a successful trader.

just pressing buttons without an understanding of market character and THE FACT THAT IT'S OEX day is frigging typical

amazing

no offense, but i will never understand why people just throw money at the market with no prep

Great points whitster.

This is where the '95% fail' bullshit comes from b/c you can literally open an account for $2500, get $500 (or lower) margins and trade that away rather quickly. Another 'failure' for the statistics.

The difference being that there are traders like that out there that I would call gamblers at best and there are traders as you've illustrated here that actually treat trading as a real business.

HUGE DIFFERENCE in the end.

 

[tortoise]

Quote from whitster:

with all due respect?

get real. retail traders never cease to amaze me.

people here are trading OEX day, and 1) don't even REALIZE it's OEX day others 2) have no idea how OEX affects the instrument they are trading

yet, they are trading ANYWAY.

preparation, research, risk management, business plan.

these are the hallmarks of a successful trader.

just pressing buttons without an understanding of market character and THE FACT THAT IT'S OEX day is frigging typical

amazing

no offense, but i will never understand why people just throw money at the market with no prep

Then there are those who, inexplicably, assign to options expiration, or OPEX, the symbol assigned to the S&P 100 -- OEX.