Veni Vidi Vici
- Thread starter ozzy
- Start date
Ozzy.. u're a good guy.
Take a step back and think things over. Is profitably intraday trading futures really possible on a discretionary basis? If so... do you really think you will be profitable enough to support your lifestyle on a consistent basis?
Just think it over whether or not you really have an edge or wasting your time? You are embarking on a journey that is one of the most difficult type of trading there is.
--MIKE
Take a step back and think things over. Is profitably intraday trading futures really possible on a discretionary basis? If so... do you really think you will be profitable enough to support your lifestyle on a consistent basis?
Just think it over whether or not you really have an edge or wasting your time? You are embarking on a journey that is one of the most difficult type of trading there is.
--MIKE
Hi TF,
I appreciate your comments and have thought about those questions myself in the past. Here is my response:
Q: Is it possible to be profitable on a discretionary basis.
A: Yes I believe it is.
Q: Do you think you can be profitable.
A: There is no way for me to answer this question just yet.
Q: Do you have an edge:
A: Based on past performance, I do not. Do I believe I can attain an edge. With time absolutely.
Nothing in life is easy. To become successful it takes perseverance, determination, passion and sacrifice.
With that being said. There is always a limit to everything. I am giving myself 18 months to reach my goals. If by this time these goals are not achieved than I will take a break from trading. I went to university for 4 years to learn EE why should trading be any easier?
I believe that if you put your mind to something anything is possible.
ozzy
I appreciate your comments and have thought about those questions myself in the past. Here is my response:
Q: Is it possible to be profitable on a discretionary basis.
A: Yes I believe it is.
Q: Do you think you can be profitable.
A: There is no way for me to answer this question just yet.
Q: Do you have an edge:
A: Based on past performance, I do not. Do I believe I can attain an edge. With time absolutely.
Nothing in life is easy. To become successful it takes perseverance, determination, passion and sacrifice.
With that being said. There is always a limit to everything. I am giving myself 18 months to reach my goals. If by this time these goals are not achieved than I will take a break from trading. I went to university for 4 years to learn EE why should trading be any easier?
I believe that if you put your mind to something anything is possible.
ozzy
Hey Samson,
my day was going good until the 2:15 spike. I was fooling around on the internet while in a short position. Next thing I knew I was stopped out for a big loss. Having had a previous downward bias I re-initated my short position and then moved my stop*. I want to emphasize how important it is to always be focused while trading. You always have to be on your toes if you are in a trade. Several mental mistakes made again today. I'll commment on them later.
Peace
ozzy
* I was making a consious effort all day not to move stops and was successfull until the end of the day, once again I got stung by this action. Hopefully I'll break this habit in the upcoming weeks. Being in the right state of mind is very important. Continous self monitoring is required.
my day was going good until the 2:15 spike. I was fooling around on the internet while in a short position. Next thing I knew I was stopped out for a big loss. Having had a previous downward bias I re-initated my short position and then moved my stop*. I want to emphasize how important it is to always be focused while trading. You always have to be on your toes if you are in a trade. Several mental mistakes made again today. I'll commment on them later.
Peace
ozzy
* I was making a consious effort all day not to move stops and was successfull until the end of the day, once again I got stung by this action. Hopefully I'll break this habit in the upcoming weeks. Being in the right state of mind is very important. Continous self monitoring is required.
Hi All:
I hope this journal is of some help to new traders. Trading futures can be tough. Success can be achived with time, patience and discipline (and some skill of course
)
Here is today's results:
Net Profit = -$570.4
Account Balance = $9391.4
Good Day,
ozzy
# OF DAYS STOP RULE HAS NOT BEEN VIOLATED = 0
I hope this journal is of some help to new traders. Trading futures can be tough. Success can be achived with time, patience and discipline (and some skill of course
)Here is today's results:
Net Profit = -$570.4
Account Balance = $9391.4
Good Day,
ozzy
# OF DAYS STOP RULE HAS NOT BEEN VIOLATED = 0
Ozzy,
I'm not going to tell you to change something in your entry signal.
You have a major discipline problem via allowing a small loss become a big loss...
Big enough that it causes you to say in your journal the above quotes.
Here's what most traders in your situation do not know...
You think your having a good trading day until that problematic trade appears where you moved your stop/loss protection.
In reality, there was something common you were doing prior to that problematic trade...
Something lurking in the background.
Most likely its there every trading day...its on a your subconscious level and it sets you up for that trade when no matter how hard you try on a conscious level...
You move that stop/loss protection.
I do realize your in the midst of developing your trading plan and that in itself could be hiding that subconscious level problem that finally comes to surface and sabotages your trading via encouraging you to move that stop/loss protection.
Please notice how I highlighted and made bold some words above...
It's done intentionally.
You need to discuss openly with yourself and use that word OFTEN in your head and out loud to re-train yourself...
Traders that initiate a stop/loss...
Its protection to help you finish the day profitable.
(Note: traders that don't use stops...use a different method of telling them they are wrong).
Once again...its protection to help you finish the day profitable.
This is not about knowing where your s/r levels are at, where key price pivots are at or whatever...
It's all about those mental steps you take when you first log onto your computer in the morning and until that trade where you moved your stop/loss protection.
Yet, for some traders with your type of discipline problem...
It begins prior to booting up their computer.
For them...there's something going on in their personal lives that makes it impossible for them to succeed until they resolve that problem in their personal lives.
Samson77 mentioned he knows you personally.
I don't know if that means he has met you in person and watch you trade in front of his own two eyes and/or that means he's very familiar with your personal life as in hanging out with you and being a close friend.
If the above is what he meant...
Samson77 is the trader that's in the best position to make you aware of something your doing (non-trading related) that's sabotaging your trading.
Here are some things I've seen to sabotage a trader mental ability to follow a trading plan:
* Relationship problems with their spouse
* Debt problems with creditors
* Death in the family of a love one or close friend.
* Health related problems
* Mental Health problems (example depression)
* Self-Esteem problems
There's others but the above are stuff I've personally seen occur with traders that sabotage their trading (enforcing discipline problems) until they got resolved.
Ozzy, I'm not saying that one of the above is your problem because I don't personally know you.
What I'm saying is that you have a serious discipline problem and its your responsibility to discover anthing that's trading related or non-trading related and then resolve it...
Prior to any real money trading.
Also, to all those that don't believe in simulation trading...
This is one good example of the benefits of simulation trading to give yourself precious time to resolve (fix) whatever it is that's causing consistent losses and/or discipline problems.
Precious time you don't have when entering real money trading in this particular situation.
Now...lets talk about those daily profit targets that you mentioned.
Your goals should not be based upon profit targets for the next trading day.
Further, whenever someone is having discipline problems like you via removing stop/loss protections...
The goals for tomorrow should only involve following whatever trading plan you have developed.
Yet, if you were not having discipline problems...
That's when it's ok to set goals for tomorrow based on profit amount.
Once again...I'm not telling you to makes changes to your trade strategy...
I just hope you can discover/resolve whatever is encouraging you to move your stop/loss protection.
A stop that's designed to force you to admit you were wrong and to allow you the opportunity to take advantage of the next opportunity.
Example...take a closer look at your charts again when you suffer the big losses in those trades where you moved your stop/loss protection...
Did you get any trade signals to go the opposite direction ???
Another example of taking advantage of the next opportunity is if for some reason you convince yourself that prices will turn around and go your way...
Wouldn't you had rather let your stop do its job and take you out of the trade...
Allowing you to re-enter at a better price especially if you had a strong bias about a particular price direction ???
Next...lets talk about the Russell 2000 emini (ER2).
It moves too fast for traders with discipline problems and can cause what I call trade freeze.
It's like a deer not moving on a dark highway in the path of fast approaching headlights...
They stay still trying to figure out what to do until its too late.
I've seen often ER2 move so fast...1 point (10 ticks or $100) while ES is struggling to move 1 point (4 ticks or $50).
Now...I'm not suggesting you stop trading ER2 and trade something much slower/sluggish in its price movement.
I've just met too many traders that think its best to trade YM or ER2 based on their dollar amount/per tick while forgetting how fast these instruments can move when volatility shows up.
My point with everything I've said...
Don't make the mistake of thinking your trading day is going well because your profitable.
If you have poor trading habits...those profits can be an illusion of stability via instilling those poor trading habits until the problem manifest itself big time in one trade...
The one trade you move your stop/loss protection.
The one trade that wipes away most of those profits or all of it.
Once again...re-examine everything...
Trading related and non-trading related.
It's there...you just need to be open minded and want to resolve (fix) it and stop ignoring it.
NihabaAshi
One thing I hope some will pick up from this journal is that papertrading can be an eyeopener. Its a good way to find out that the market is not out to get you when you see that your stops are still being taken out on paper. Unfortunately papertrading is not much use to someone who has never traded but for someone who does have a little experience it can be a valuable tool, imo.