Volente's Bar and Grill

[PushPull]

Imaginary. Si!.

LF: Can you imagine how many ES I'm short right now?. You should be able to see through that pink square. (zero...shhhh...don't tell anyone...).

hehe.jpg

 

[PushPull]

DEMTDAYBOYZR$

 

[PushPull]

Quote from Laissez Faire:

Usually, my risk manager remains in control, but today my dark passenger told him to fuck off, even though there was no external circumstances leading into today that were likely to throw me off.

The rule of maximum 5 trades or a variation of that could be something to consider. I have a maximum drawdown rule, which would be similar, it`s just that I did not respect it today.

The pattern with my big losing days seems to be that I start out losing pretty much from the open. Not accepting a small drawdown, I dig myself deeper, reasoning that the next trade will be a winner.

The correct thing would be to snap out of it early, turn off the screens, have sex with a brunette and then allow myself the opportunity to try again later that day if I feel that my head is clear and I am within my drawdown boundaries. I need to have a strong enough will power and conscious awareness that the only way I have a chance to win is to get away and try again LATER.

The losing streak is very much real for a discretionary trader. Marty Schwartz had a lot of interesting stuff to say on the subject and even he experienced them from time to time. For him, the only thing to end it was to take time away from the markets. In my experience, that seems to be very much true.

Obviously, removing the discretionary element is one solution. I am working on a new model, but it will take me some time. I`ll give myself one more shot, if not, my efforts may be better spent developing that.

Reading this, I'm now pretty certain that you aren't suffering from addiction, but from obsession-compulsion. There are similarities, but they are totally different in their manifestation. For example an alcohol or drug addict cannot go several days without consuming without showing withdrawal symptoms. An obsessive can do it with ease, days, weeks, months, years, no problem. On the other hand if an obsessive opens a bottle, he keeps drinking till there is nothing left, almost by magic the bottle is gone and our hero is drunk, and everybody even himself believes that he is an addict, but he isn't.

The treatment is quite different. The addict must stop drinking, but the obsessive must find other interest to distract from trading, learning another craft, studying some subject at which he'll become expert in a short time, golf, exercise, etc, etc, etc. Trading becomes then for the obsessive, one more activity at which he excels.:eek:

Been there. Done that.

Where did B1S2 put his stop?.

 

[emg]

Hola Traders!

 

[volente_00]

Quote from volente_00:

Short 45 with 4 point stop and target of 39 will reverse 39 stop 34 target 48

1 point profit

 

[volente_00]

Quote from PushPull:

DEMTDAYBOYZR$

Day is young my friend



You do realize that open gap at 49 gives you a right shoulder that projects to ~1140 ES so if you want lower we must go higher.

 

[Laissez Faire]

Quote from PushPull:

LF: Can you imagine how many ES I'm short right now?. You should be able to see through that pink square. (zero...shhhh...don't tell anyone...).

I imagine zero, considering you trade SPY. What happened to the picture?

What you wrote in your next post was interesting. Thank you. I`ve always considered myself as OCD light, so you may be on to something there.

 

[PushPull]

Quote from Laissez Faire:

What happened to the picture?

Mokele ate it. Why?. Because he could.

 

[PushPull]

Quote from volente_00:

Day is young my friend



You do realize that open gap at 49 gives you a right shoulder that projects to ~1140 ES so if you want lower we must go higher.

'tis very hard to nail a rally in circumstances like this. And very hard too to start new shorts. Scaling out and lowering risk to comfortable zone is probably the best alternative. Who knows what is behind the MF fiasco and whether other firms will join the problem wagon. I read that Don Miller had his 7 figure account frozen. When you have problems at Chicago clearing firms, everything gets very dicey.

 

[Lawrence Chan]

Quote from volente_00:

Day is young my friend



You do realize that open gap at 49 gives you a right shoulder that projects to ~1140 ES so if you want lower we must go higher.

I think Pushpull's HS is that ES get back down to where all this euro zone b.s. started around 1100.

It is possible because ES is trading effectively a reflection of where euro is. If euro collapses back down to 1.34 or lower, ES has to drop to 1100 and below.

And it can happen very quickly, like within a week.