Veni Vidi Vici

[illiquid]

Quote from NihabaAshi:

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

I think one more thing that might be added to that list (that would probably be the first to consider in this case) is the simple fact that pulling the stop may have "worked" quite often for him in the past. The occasions where he pulls the stop and thereby gives the trade enough room to work in his favor probably greatly outnumber the occasions where doing so lead to complete disaster.

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...

Which sums it up nicely.

But I would say that our impulses are not as irrational as we would believe from the end results; pick up a searing hot pot filled with boiling water and we drop it instantly, even if it means scalding our feet and legs afterwards. It may just be that one's "subconscious" is actually doing what it feels is best, based on past history, in doing something that works more often than not -- the problem is simply that it's "miscalculating" or underweighting the potential damage when pulling a stop goes wrong.

 

[Samson77]

NihabaAshi / easyrider

You both make excellent points.

I do not know ozzy per say other then a long telephone call we had a week or so ago but I can say that the problems he is having right now could definitely be because of financial stress and his confidence level is very shaken after a long (real$) losing streak.

The truth is he probably should have done this 500 thousand dollars ago but at least he is doing it now.

He is a young man so I'm sure he will bounce right back if he follows his plan to sim until he is consistently compitent and profitable.

 

[ozzy]

Hi Nihabashi,

Thanks for your excellent post. You really hit things on the spot. There are quite a few points in your post which apply to me directly.

I can honestly say that at the moment I should not be trading real money. I know this. I have a slew of personal issues which I need to overcome before I can trade. I believe this is one of the main factors affecting my trading. I thought I could trade with issues but have realized that it is not possible. This is a very important point that everyone should take note of.

*************************************************
* DO NOT TRADE IF YOU HAVE PERSONAL ISSUES ! *
*************************************************

Simulation is the best thing for myself at this time. It allows me to continue improving, identify and eliminate problems while getting my life back on track.

Thanks,
ozzy

P.S I'll be reading your post over a few times

 

[chipper338]

Hi Ozzy,

nice posts, have you looked into the YM futs. The YM futs are less volatile than the ER2. You may have a smoother learning curve with them.

Also, I have a hard time viewing your posts. The resolution leaves the charts unclear. However, downloading and viewing the pics via Photo Editor works OK.

Keep up the good work and good luck.

Chip

 

[steveosborne]

Quote from chipper338:

Also, I have a hard time viewing your posts. The resolution leaves the charts unclear. However, downloading and viewing the pics via Photo Editor works OK.

Have you tried maximizing your browser; and clicking on the expand icon that appears after a couple of seconds when you drag your cursor to the bottom-right part of the graph?

 

[easyrider]

LOL. Thx Steve. You learn something new every day. Ive had the same problem with charts and did not know you could do that and Ive been messing around with computers for quite awhile.

 

[chipper338]

Yep, I've tried a lot of things via IE. No worky.
Got any other suggestions?

chip

 

[Samson77]

Quote from chipper338:

Yep, I've tried a lot of things via IE. No worky.
Got any other suggestions?

chip

chip be patient just place your cursor on the posted pic and wiggle it around for a few moments.

A ogange box with arrows will appear on the bottm corner.

Click on that and it will enlarge the pic

 

[ozzy]

Hi All. Sorry about the attachments. I'll save the captures in jpg format that might do the trick.

Market Outlook
-------------------

** I have a general bias to the down side
** If we have a rally to the upside I would expect significant resistance at 676-677 (ER2). If this breaks than the BO signal will be taken.
** Otherwise all other upside movements will be opputunities to short.
** Short term downside target is 652-650.
** No significant economic news until Thursday.

Time for some homework.

ozzy

 

[ozzy]

Testing.

edit: Ok. That didn't work but the wiggle thing did. Sweeeeet.
edit: Ok. Just noticed I'm getting ripped off on commisions though Ninja. They are charging me $4.8 (roundtrip). Actual IB rate is ($3.3). Every Penny counts ! Now I gotta see how I can fix this.