Watch a Newbie Blow his account

Trade Summary:

Calling it an early day. Felt good today. Again felt like I was more patient and stuck to my plans better. Experimented with scaling in and out of positions and adjusting my position size. I guess after 2 months of staring at this screen every day things are starting to feel a bit less hazy and random. This journal has really helped me feel and stay accountable. I still had a disastrous day this week but honestly it could have been worse and could have easily caused me to continue to trade sloppily for days. The funny thing is I made the correct call 3 times that day but ended up getting whipped out (caused by inpatient bad entry) and revenge trading each time by reversing my position which compounded the loss frustration and damage. Then the very next day I let a 20 point gainer turn into a 15 point loss because I got too greedy and changed my plan but I still stayed calm and turned the day to a net positive. Oh well, you can't change the past.... the future is all we have.

Thanks to all that gave me support and feedback. It has really helped. Hopefully I can continue to stay focused, disciplined, and patient. Time will tell.

Net Change: $1,098
Account Total: $19,927
 

Attachments

Trade Summary:

Pretty disappointed with my trading today. Just woke up this morning and couldn't wait to trade... I knew this was a bad omen. In a way I'm lucky to be green but easily should have had another $700 today but because of my trading karma I missed it. Was on the inside ask that got hit for an easy 20 point gainer plus I then dumped my winner at the end of day too early even though I was quite sure of a pop at the end of day. Could've been a pretty good day. Learned some good lessons so it was well worth it. I was playing today as a trend day when it was obviously chop for the majority of the day. I had a semi revenge trade too. I waited 20 minutes till I put on my next trade but still had the revenge feelings so I deserved to lose. Hopefully tomorrow will be better.

Net Change: $154
Account Total: $20,032
 

Attachments

Trade Summary:

Excellent Analysis today, terrible trading. No matter how good your analysis if you aren't trading well you might as well pack it up. A better trader working under my calls would have hit 6 out 7 trades today. But I over traded, made a semi revenge trade (scratched a trade then reversed it). I guess even when you don't lose money in a trade you can revenge trade. This revelation may make the day worth it by means of a good trading lesson. I also missed a perfect entry by one tick again. I mean perfect entry. But on the bright side I chased a different entry by one tick and caught it for nice trade. Pretty disappointed in myself. Another day that could have easily been a great winner. I do understand that many days months and years of experiences like today are required to become successful but they still sting nonetheless.

Day got even more pathetic as the day went on. made several more good calls but also over traded, revenge traded and also did the unthinkable... lowered my f'n stop like a huge chump. Deserved to get my ass handed to me big time. These mistakes truly poison the mind because I then became insecure and lost my confidence. Should have sold my longs near the close as I was banking on an end of day run up but pussied out big time. Good thing is tomorrow is another day and thankfully the market punished me for my sins. I could have even made decent dollars if I held my longs that I'm watching continue to move higher but fear overtook me once I lost control of my discipline.

Deserved to lose big $'s today.


Net Change: +107
Account Total: $20,150
 

Attachments

hey flip flopper,

You've gotta simplify. I think you're making things too hard,

either that, or ths is part of the years of hard knocks you gotta endure to reap the rewards,

Took me over 5 years, but I got lucky and got a friend who's on Wall Street with a decent system,

email if ya want some pointers >

NYChotshot@gmail.com

MrWallStreet
 
2FF:

I agree with most of what agtrader777 says.

Try and come up with an answer for what you are doing and why you are doing it.

Not sure what you are trying to do. Passing time daytrading without a concrete plan at best will do just that - pass time.

I feel getting your confidence back is really key. That's been done by sitting out and taking a break and then tackling some trades you are good at to build yourself back up.

If it's the money...good luck - you really do need a solid plan. If you don't know exactly what you are doing - layout a fresh approach and try on paper. If you get successes then leverage some capital.

I don't know...well wishes on your job, etc. aspirations.

PayS
 
Quote from MrWallStreet:

hey flip flopper,

You've gotta simplify. I think you're making things too hard,

either that, or ths is part of the years of hard knocks you gotta endure to reap the rewards,

Took me over 5 years, but I got lucky and got a friend who's on Wall Street with a decent system,

email if ya want some pointers >

NYChotshot@gmail.com

MrWallStreet
More...

I just want everyone to know that MrWallStreet is a conman.

Below you will find the hilarious e-mail thread as he attempts his deceptive sales pitch.

**********************
From me:

Hi,

I'm always interested in hearing about profitable methods. I mainly trade YM. What type of tactics do you use?

Thanks,

flipflopper from ET boards

*************************
From conman:

Hi

jeez, I'm getting tons of replies, maybe I should jump off these boards!

Well, you gotta either pay your dues (like 5 years of hard knocks)

or...

you gotta steal a system.

Personally, I got my holy grail from a friend so I got lucky!

Dunno how much I woulda paid in the beginning just to get a system that worked, damn.

NYChotshot

****************************
From me:

Hmmmm, not sure if there is a "Holy Grail" but there are surely many profitable approaches to trading. Markets are too complex and dynamic for some method or set of indicators to work every time. There are also too many quants scanning the markets for inefficiencies to exploit so this edge if it does exist would only exist for a short period of time.

You have to go through hard knocks regardless to become a good trader.

I was under the impression your message implied you wanted to share/discuss a trading strategy.

*****************************
From conman:

Hi

jeez, I'm getting tons of replies, maybe I should jump off these boards!

Well, you gotta either pay your dues (like 5 years of hard knocks)

or...

you gotta steal a system.

Personally, I got my holy grail from a friend so I got lucky!

Dunno how much I woulda paid in the beginning just to get a system that worked, damn.

NYChotshot

*******************
From conman:

definitely!

clue no. 1

What is complicated is usually wrong...


*******************
From me:

I strongly agree. Is there anything about my trading that makes you think I'm over complicating things? My strategies are actually pretty straight forward.


************************
From conman:

Hmm, well, if you are changing strategies often it means things are probably over-complicated,

jeez i'm getting too many replies lol anways, i stole my system from the guy who invented intellihedge you can use google to look it up

sorry gotta run!

***************************
From me:

lmfao!!! I knew it!!! let me guess... you have a stake in Intellihedge!! Funny ass shizzle. Nice one bro.
 
Hi, I have been on elitetrader for over a year now, but still consider myself a new-trader.

I was wondering when someone would blurt out intellihedge because I thought professionals were using it? I guess it is one of the secrets that common traders don't hear about? I've used just one of their systems for about 6 months and am actually getting the hang of it,

I can't say that I've bought my mansion, but it at least paid off my jaguar lol


H. Goldstein
 
Quite a few of those scumbags here. I've received similar PMs from these idiots.

I'm glad you had some fun with that turd.



Quote from flipflopper:

I just want everyone to know that MrWallStreet is a conman.

Below you will find the hilarious e-mail thread as he attempts his deceptive sales pitch.

**********************
From me:

Hi,

I'm always interested in hearing about profitable methods. I mainly trade YM. What type of tactics do you use?

Thanks,

flipflopper from ET boards

*************************
From conman:

Hi

jeez, I'm getting tons of replies, maybe I should jump off these boards!

Well, you gotta either pay your dues (like 5 years of hard knocks)

or...

you gotta steal a system.

Personally, I got my holy grail from a friend so I got lucky!

Dunno how much I woulda paid in the beginning just to get a system that worked, damn.

NYChotshot

****************************
From me:

Hmmmm, not sure if there is a "Holy Grail" but there are surely many profitable approaches to trading. Markets are too complex and dynamic for some method or set of indicators to work every time. There are also too many quants scanning the markets for inefficiencies to exploit so this edge if it does exist would only exist for a short period of time.

You have to go through hard knocks regardless to become a good trader.

I was under the impression your message implied you wanted to share/discuss a trading strategy.

*****************************
From conman:

Hi

jeez, I'm getting tons of replies, maybe I should jump off these boards!

Well, you gotta either pay your dues (like 5 years of hard knocks)

or...

you gotta steal a system.

Personally, I got my holy grail from a friend so I got lucky!

Dunno how much I woulda paid in the beginning just to get a system that worked, damn.

NYChotshot

*******************
From conman:

definitely!

clue no. 1

What is complicated is usually wrong...


*******************
From me:

I strongly agree. Is there anything about my trading that makes you think I'm over complicating things? My strategies are actually pretty straight forward.


************************
From conman:

Hmm, well, if you are changing strategies often it means things are probably over-complicated,

jeez i'm getting too many replies lol anways, i stole my system from the guy who invented intellihedge you can use google to look it up

sorry gotta run!

***************************
From me:

lmfao!!! I knew it!!! let me guess... you have a stake in Intellihedge!! Funny ass shizzle. Nice one bro.
More...
 
Done for the day and done with the journal. Thanks to all who were supportive and gave helpful advice. Lost my ass today. Still have a long way to go.

Good luck to all.
 
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