you can all laught at me- I BLEW UP

Quote from Rearden Metal:

Yikes... Pure unfiltered piker-think.
The above advice is definitely best ignored.
More...

Then you don't understand discipline. If surgeons and pilots learned their art in real time with real lives, there would be a lot of bodies in the morgue and a lot of crashed airplanes.

A set of rules means nothing if the person cannot enforce discipline upon him/herself.

The strategy which I outlined is an exercise in discipline. It is also a means for the trader to find out if his/her trading methodology is viable.

You sound like a high roller in Vegas - but I doubt that you can outbest anyone with a disciplined, well constructed trading strategy.
 
Ny_Hood,
if you get back into the game, i think a good idea for you or anyone who still requires work on the inner trading demons, in order to guard against that emotional tempatation of attempting to make wrongly timed profits during those times when the mind minimalizes or even ignores the known risks one would be taking on....... is to print out a visual cue that would be ever present and always reminding you of that much greater risk for not much greater profit, that one would be taking.

For example, in your case you could print out (in business card sized or page-sized) and post it on a nearby wall, on the side of desktop computer, or even on frame of the monitor... something like the following danger sign, with a simple caption like:"A Daytrader Must Never-Ever Consider Holding Overnight (-$5820)"

danger_small.gif


http://www.almetek.com/Products/images/danger_small.gif
 
Quote from ZTrader888:

Then you don't understand discipline. If surgeons and pilots learned their art in real time with real lives, there would be a lot of bodies in the morgue and a lot of crashed airplanes.

A set of rules means nothing if the person cannot enforce discipline upon him/herself.

The strategy which I outlined is an exercise in discipline. It is also a means for the trader to find out if his/her trading methodology is viable.

You sound like a high roller in Vegas - but I doubt that you can outbest anyone with a disciplined, well constructed trading strategy.
More...


You have absolutely no clue as to what I can or can't do.

I think surgeons and pilots must first build a successful career for themselves, before trying to teach their craft to others. Perhaps you should do the same.

I realize that you were just trying to be helpful when you posted your little display of piker-think. I too, am just trying to be helpful, when I warn others that you clearly aren't qualified to provide anyone with trading advice.
 
Quote from Rearden Metal:

You have absolutely no clue as to what I can or can't do.

I think surgeons and pilots must first build a successful career for themselves, before trying to teach their craft to others. Perhaps you should do the same.

I realize that you were just trying to be helpful when you posted your little display of piker-think. I too, am just trying to be helpful, when I warn others that you clearly aren't qualified to provide anyone with trading advice.
More...

And I suppose you are?? What a joke. Okay, let's compare performance. Here's mine:
 

Attachments

P.S. One does not need a "clue" as to what you can or can't do. Your arrogance and self-serving post says everything we need to know about you.
 
Those are real trades. Here's a few days from last week - live system trades, single strategy, on Strategy Runner. Go ahead and match them up with the market - they're real.
So the jerk who just posted will now come back and tell us that it's fake. Well you know what he can can with himself - and it's probably the best he'll every get!

August 29, 2007


STRATEGIES SUMMARY

Contract: Futures:CME:MINI RUSSE:CONT

Futures:CME:MINI RUSSE:CONT

Strategy Trans Points PnL PnL(%)

StochB 240 29.00 2900.00 0.00
Trend4 0 0.00 0.00 0.00
Total: 240 29.00 2900.00 0.00


Contract: Futures:CME:MINI S&P:CONT

Strategy Trans Points PnL PnL(%)

ES60 0 0.00 0.00 0.00
Total: 0 0.00 0.00 0.00




ORDERS SUMMARY ( Futures:CME:MINI RUSSE:CONT )

Strategy: StochB

Trade Time Quantity Type Trade Price (Points)

08:30:50 2 BUY_MARKET 774.60
08:30:50 5 BUY_MARKET 774.60
08:30:50 3 BUY_MARKET 774.60
08:34:41 2 SELL_MIT 775.50
08:34:41 5 SELL_MIT 775.50
08:34:41 3 SELL_MIT 775.50
08:41:50 2 BUY_MARKET 775.60
08:41:50 5 BUY_MARKET 775.60
08:41:50 3 BUY_MARKET 775.60
08:46:12 2 SELL_STOP 773.50
08:46:12 5 SELL_STOP 773.50
08:46:12 3 SELL_STOP 773.50
08:53:44 2 SELL_MARKET 773.90
08:53:44 5 SELL_MARKET 773.90
08:53:44 3 SELL_MARKET 773.90
08:55:48 2 BUY_MIT 773.10
08:55:48 5 BUY_MIT 773.10
08:55:48 3 BUY_MIT 773.10
08:57:38 2 BUY_MARKET 773.00
08:57:38 5 BUY_MARKET 773.00
08:57:38 3 BUY_MARKET 773.00
09:01:36 2 SELL_MIT 773.90
09:01:36 5 SELL_MIT 773.90
09:01:36 3 SELL_MIT 773.90
09:04:34 2 SELL_MARKET 773.60
09:04:34 5 SELL_MARKET 773.60
09:04:34 3 SELL_MARKET 773.60
09:07:04 2 BUY_MARKET 773.70
09:07:04 5 BUY_MARKET 773.70
09:07:04 3 BUY_MARKET 773.70
09:07:04 2 BUY_MARKET 773.80
09:07:04 5 BUY_MARKET 773.80
09:07:04 3 BUY_MARKET 773.80
09:20:38 2 SELL_MIT 773.90
09:20:38 5 SELL_MIT 773.90
09:20:38 3 SELL_MIT 773.90
09:31:42 2 BUY_MARKET 774.50
09:31:42 5 BUY_MARKET 774.50
09:31:42 3 BUY_MARKET 774.50
09:41:41 2 SELL_MIT 774.80
09:41:41 5 SELL_MIT 774.80
09:41:41 3 SELL_MIT 774.80
09:52:44 2 BUY_MARKET 775.70
09:52:44 5 BUY_MARKET 775.70
09:52:44 3 BUY_MARKET 775.70
09:53:42 5 SELL_MIT 776.10
09:53:42 3 SELL_MIT 776.10
09:53:42 2 SELL_MIT 776.10
09:59:09 3 BUY_MARKET 776.90
09:59:09 5 BUY_MARKET 776.90
09:59:09 2 BUY_MARKET 776.90
10:01:13 3 SELL_MIT 777.40
10:01:13 5 SELL_MIT 777.40
10:01:13 2 SELL_MIT 777.40
12:13:48 3 SELL_MARKET 775.00
12:13:48 5 SELL_MARKET 775.00
12:13:48 2 SELL_MARKET 775.00
12:14:33 3 BUY_MIT 774.50
12:14:33 5 BUY_MIT 774.50
12:14:33 2 BUY_MIT 774.50
12:52:39 3 BUY_MARKET 775.20
12:52:39 5 BUY_MARKET 775.20
12:52:39 2 BUY_MARKET 775.20
12:56:07 3 SELL_MIT 775.50
12:56:07 5 SELL_MIT 775.50
12:56:07 2 SELL_MIT 775.50
13:13:29 3 BUY_MARKET 778.40
13:13:29 5 BUY_MARKET 778.40
13:13:29 2 BUY_MARKET 778.40
13:32:25 3 SELL_MIT 778.80
13:32:25 5 SELL_MIT 778.80
13:32:25 2 SELL_MIT 778.80










August 30, 2007

STRATEGIES SUMMARY

Contract: Futures:CME:MINI RUSSE:CONT

Strategy Trans Points PnL PnL(%)

StochB 120 36.00 3600.00 0.00
Trend4 0 0.00 0.00 0.00
Total: 120 36.00 3600.00 0.00





ORDERS SUMMARY ( Futures:CME:MINI RUSSE:CONT )

Strategy: StochB

Trade Time Quantity Type Trade Price (Points)

08:39:01 3 SELL_MIT 784.30
08:39:01 5 SELL_MIT 784.30
08:39:01 2 SELL_MIT 784.30
08:39:08 3 BUY_MARKET 784.90
08:39:08 5 BUY_MARKET 784.90
08:39:08 2 BUY_MARKET 784.90
08:44:26 3 BUY_MARKET 784.50
08:44:26 5 BUY_MARKET 784.50
08:44:26 2 BUY_MARKET 784.50
08:45:01 3 SELL_MIT 785.50
08:45:01 5 SELL_MIT 785.50
08:45:01 2 SELL_MIT 785.50
08:52:07 3 BUY_MARKET 787.10
08:52:07 5 BUY_MARKET 787.10
08:52:07 2 BUY_MARKET 787.10
08:52:25 3 SELL_MIT 788.20
08:52:25 5 SELL_MIT 788.20
08:52:25 2 SELL_MIT 788.20
09:00:59 3 SELL_MARKET 785.70
09:00:59 5 SELL_MARKET 785.70
09:00:59 2 SELL_MARKET 785.70
09:02:43 3 BUY_MIT 785.00
09:02:43 5 BUY_MIT 785.00
09:02:43 2 BUY_MIT 785.00
12:43:00 3 SELL_MARKET 785.90
12:43:00 5 SELL_MARKET 785.90
12:43:00 2 SELL_MARKET 785.90
12:50:57 3 BUY_MIT 785.30
12:50:57 5 BUY_MIT 785.30
12:50:57 2 BUY_MIT 785.30
13:40:49 3 SELL_MARKET 783.10
13:40:49 5 SELL_MARKET 783.10
13:40:49 2 SELL_MARKET 783.10
13:44:09 3 BUY_MIT 782.30
13:44:09 5 BUY_MIT 782.30
13:44:09 2 BUY_MIT 782.30
 
If you blowup because you bought 800 shares at 77.98 and sold at 75.30, that was only $2144. If that's all you lost, you should consider yourself lucky. I've lot far more than that on single trades, as I'm sure most other traders that have traded long enough have also.

But if $2144 is considered a blowup for your size account, then the biggest mistake is using way too much leverage. $77.98 *800 = $62k which was probably 10X your account size?

10X leverage is deadly when it is concentrated in a single position, esp. a volatile equity where you have purposefully opened a position when there was earnings news and economic news.

I know leverage is tempting when you have a small account, but I think it's better to use more like 4X intraday max, 2X in afterhours, and none overnight. If it isn't worth trading without using more leverage, you shouldn't be trading.

If you only have 10k account and no other savings, you shouldn't be trading anyway IMO, esp. if you don't have another job/source of income. I can't even imagine being in someone's shoes that has to trade a 10k and feed a family with the profits. That's just a terrible situation to be in.

The average annual pay in the USA is about $30k, so if you only have a $10k account, then you need to make 300% on it just to make the same as an average worker. And I think anyone that had the brains to figure out how to open a brokerage account and even attempt to trade, that person should be able to get get a jobs that pays alot more.
 
Quote from NY_HOOD:

its a horrible feeling and none of you deserve it.
More...

Sorry about your luck brother but we've ALL been there and those that say they haven't are either lying or they will be there soon enough.

I always say: Were all just one trade away from blowing our account.

The greatest traders in the world did it at one time or another,so why should we be different!

Follow your heart and do the right thing,.
 
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