The latter half of 2011 and this year I have been trading a mix of systems with a bit of discretion on which signals to take and exactly where to exit, stop for the day, etc. No more! I will not take another trade, FOR THE REST OF MY TRADING CAREER, that isn’t completely and precisely defined with an exact entry signal along with risk and trade management parameters. If it can’t be mechanically traded by a brainless monkey (aka: me), there will be no trade!
Back at it soon...
ZS -$510(14), CL -$461(7)
| RESULTS FOR DAY | |
|---|---|
| Contracts: | 21 |
| Net $P/L: | -971 |
| Wins: | 0 |
| Losses: | 8 |
| Win%: | 0 |
| Avg$Win: | 0 |
| Avg$Loss: | -121 |
Posts
Amen brother!!
ReplyDeleteThis is why I'm an automated trader. Whether you have discipline or not could be a function of whether you got a good night's sleep or whether you don't have outside stress. Sometimes the real world seeps into the brain and screws you up.
ReplyDeleteI let the computer handle EVERYTHING.
-TC
A man with a PLAN, and the determination to back it up come hell or high water, is a rare and valuable entity. The "hell" part will be when you see "trades" work out fine that come really, really close to fitting your plan, but not exactly. What will your plan allow you to think about that? Creating clear rules that make for black & white mechanical decisions is the Grail for many. But there will still be mental conflicts that must be eliminated. You clearly have staying power and no problems in pulling the trigger, so give 'em hell MBA!!
ReplyDeletethe monkey is NOT you, the monkey is the market :) You're a trader with engeneering mind, remember ?? :)
ReplyDelete"The market can remain irrational longer than you can remain solvent _JMKeynes
as for me, I keep giving Sim peanuts...
MBA, you had me worried! Funny how the theme of mechanical trading has come up. I also have been working on creating (paying a programmer) my own method via Ninja Trader. We all know the benefits of trading within a method, its makes consistent profits, I believe the markets offer discretionary traders way too many opportunities to trade outside of our method, hence the need for the method/mechanism to keep us honest to taking ONLY the high probability for success trades.
ReplyDeleteI'm still a bit skeptical to a 100% automated trading system, if I ever develop one, I will be sure to sell it for the low price of $10,000 with a $100 monthly subscription fee LOL!
At first I despised automated trading. Then I found out most brokers don't allow EA or Robot at their platform.
ReplyDeleteThen I become a believer :D
Very good post I enjoyed reading it from top to bottom.
ReplyDeleteTHANKS FOR SHARING VERY GOOD INFO.