| RESULTS FOR DAY | |
|---|---|
| Contracts: | 25 |
| Net $P/L: | -1362 |
| Wins: | 1 |
| Losses: | 6 |
| Win%: | 14 |
| Avg$Win: | 186 |
| Avg$Loss: | -258 |
I'm great at following my trading rules and can trade like a robot anytime with zero emotion if I have an ironclad set of rules covering any and all conditions that could arise in my entry/exit and position size. But my "problem" is that something typically comes up that makes me justify tweaking the rules. And so the trouble begins. Part of the reason recently I think is the dwindling year and the desire to be positive by end of 2009 - not a good reason...
Sometime, hopefully sooner rather than later, things will click for me again and I'll be clicking the mouse according to plan, a winning plan. Until then, my goal must be to limit the damage.
Here's my equity curve since start of this blog nearly 6 months ago. Not very pretty but it's reality.
Posts
If you want to try another instrument, I think NQ would be a better option compared to TF. Instead of starting with 1-lot, how about starting with 3 and then increasing size if your day is going well, and by the same token, decreasing size if you hit 2-3 losses in a row? I don't know...just an idea. Even 3-lot is pretty small size on the NQ so can't get in too much trouble.
ReplyDeleteChanging time frame, changing instrument, chaning sizes...never-ending changing. Is it useful???
ReplyDeleteWithout deep understanding of the market, especially cylce and momentum, it is unlikely that you will have a robust trading method being able to handle all market conditions...Not to mention mind and money management..
A lot of works to do...
Yep, I got such equity lines also so dont worry its just what this business is...a long road until one can make it trough (if ever). I strongly agree with ...Anonymus??? comment above. Changing things lead you nowhere, i did that also and to be honest i think every trader did that at least once but i also believe that all arived to the same conclusion in the end. Now i saw you mentioned backtesting and stuff like that and if you allow me i would tell you that i know someone who wasted well i think about 5 years testing strategies only to find out that hes a moron ...this testing and backtesting strategies and all that lead nowhere and in the end he had to face the reality of trading: a game of guts, a game of endurance, a game where the only valid edge can be between the keyboard and chair and if its not there then failure is a sure thing...that someone was me. So maybe you would take this piece of advice from me: quit testing and backtesting coz it will do more harm than good to your attempt to be a trader.
ReplyDeleteYou don't take any good advice people gave you in the past and prefer to keep your bad habits (changing timeframes, lots and instruments) instead...so it is a sure bet that equity curve will also go down in the future...your mind is not your main problem it is obviously the lack of a winning edge...if you had one it would be easy to execute...I guess you still try to tweak every retail indicator you find but this will not work...you need to understand the forces in the market first...like supply and demand...market internals etc. ..there was a great article on E-Mini Players website some time ago about a trader who really studied the market and ended up as a profitable trader...I recommend to read it carefully...and please trade only on a simulator til you are profitable...please...I beg you
ReplyDeletewow, that is very depressing. Sorry I can't put any positive spin on it since I know how long you have been at this game. Perhaps a change of environment, hanging out in some positive vibe room with the room owner happen to be an engineering too will rub off some of his luck on you? Paltalk room is free so you can hang out anonymously watching his trade on live DOM.
ReplyDeletehttp://www.navigtrading.com/
just click on realtime video button, his voice is also streaming in so you don't even have to hang out in his PT room.
MBA,
ReplyDeleteTF has different attitude. Your 'retrace' style is suitable more for ES. You must tweak a bit if you want to continue with TF. If you lose at the 1st live, stop and reentry using SIM. Only worry for the day, not for the year-end result. Live one day at a time.
TST the TF trader
Some of the comments posted by Anonymous users sound a bit harsh, but contain a lot of truth. I would just stick with ES. The TF won't be able to handle the kind of size you'd wanna eventually throw around.
ReplyDeleteMBA,
ReplyDeleteI am almost sure everyone that left comments here today, have gone through something similar to what you are going through right now. The best advise I can give you right now, is to take a break from your real money account and either take a few days off from trading, or just go to sim. I know you want to recover what you have lost, but tomorrow is not the day.
Honestly,
Jorge
I would talk to Jules. She always has the bestest teachers and the bestest brokers!
ReplyDeleteGump
MBA,
ReplyDeleteI just want to say thank you for your honest sharing. Most traders who are successful today have spent many years making all sorts of mistakes, and they are not afraid to admit that they have. Even my bestest teacher, who's traded for 30 years, has in the first few years of trading made the stupidest mistakes (totally cracked me up when he told me about them).
You'll make it. Just don't lose your shirt first :-)
There is nothing wrong with Anonymous's "tough love". We all need a smack to the side of the head at times. Consider it a good thing, not bad. When I was getting started, even though I had rules to follow, whenever I'd see a good move (after-the-fact of course)I'd see if I could create a new rule to add to the toolbox to allow for it. And then another, and another. What a dangerous thing to do. Stick to one symbol and one set of charts, and make it work. Analyze the chart for endless hours and let it tell you what to do. Most below the chart indicators are a trap. Strip them off and study the price bars and the S/R levels they make. Too many people look for the easy way to fame and fortune.
ReplyDeletenothing he hadn't heard before.
ReplyDelete