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Plan the Trade

  • #11,501
  • Mar 21, 2019 5:48pm Mar 21, 2019 5:48pm
Logging your day totals is very sobering. If I've made good progress for a couple of days, I'm more inclined to keep my shit together and keep a balance. Strange but seems to make it more real.

You can see very quickly that it's not your day, and there is always tomorrow.
'in less than half an hour he made over 100 ticks'
  • #11,502
  • Edited 7:50pm Mar 21, 2019 7:36pm | Edited 7:50pm
Trading, imo, can be very addictive. However, we should be doing it to make a profit. If we are day trading, we are presumably hoping to make enough over the course of a month from our trading activity to keep the account funded plus withdraw to fund a life.

I have a hard time turning it off whether I'm up or down. I have two friends (well, one is a friend and the other is an acquaintance, but I have seen his set up and watched him trade live in his home) who both trade and do it as their main source of income. The one who would be of most interest here is the one who trades the YM only, He uses, I think, 15 tick stops and 20 tick profit targets. He does move his stop with the market but I do not know exactly. The point is he trades only three YM's contracts, and most days makes about $300/per contract, or $900. He lives very well. He recently bought an old beach bungalow in Long Beach, NY for $379K, tore it down, and built a brand new mini-mansion on the lot. He quits when he is down by $675 or up by $900. So basically he trades until he has the equivalent of three full losses or three full profits. Somehow, whatever the case, when one of those numbers is hit, he quits.

FWIW, it looks like the thread got back on track after whatever that garbage was yesterday. I trade in my home office, and my kids, when home, are in and out. I can't have stuff like that on my screen. And since I get an email every time someone posts, I check in, but I don't know what's going to be there. I certainly wasn't expecting any of that trash.
  • #11,503
  • Mar 21, 2019 7:46pm Mar 21, 2019 7:46pm
Quoting ddaytrader
Tradig, imo, can be very addictive. However, we should be doing it to make a profit. If we are day trading, we are presumably hoping to make enough over the course of a month from our trading activity to keep the account funded plus withdraw to fund a life. I have a hard time turning it off whether I'm up or down. I have two friends (well, one is a friend and the other is an acquaintance, but I have seen his set up and watched him trade live in his home) who both trade and do it as their main source of income. The one who would be of most interest...
I appreciate and respect you DD. Would hate to lose your valuable input on a great thread. Maybe all is back on track.
  • #11,504
  • Mar 21, 2019 7:56pm Mar 21, 2019 7:56pm
my 2 cents;

all of the issues mentioned by Vee and others; are related to following the rules of the strategy.

In order to be successful in trading; you need:
- A strategy, well defined rules of entry and exit, no room for subjective behavior is allowed
- Backtest the strategy rules over at least 2 years (5 is ideal). Backtesting can be done manually or automated if you have the programming skills
- When executing the strategy in live trading in "manual trading" mode, you as a trader, should think like a machine. Simply watch the market, follow the rules, and act accordingly.
- No tilt allowed. Discipline is everything. Discipline here really means "follow the rules". As simple as that.
- Use as much tools as your programming ability allows; to reduce the amount of manual work; so you can focus on the big things. Even a 100% automated system; need 100% overseeing by the trader; to make sure the machine is not doing anything stupid; or no technical glitches occur (disconnections, market data delays, DOS attacks, etc)

If you are not doing the above in your trading, don't expect to be successful.

Do the hard work dudes; no shortcuts in this game. You have to put in the hours.

Trade well!
  • #11,505
  • Mar 21, 2019 8:09pm Mar 21, 2019 8:09pm
Quoting Rmg
{quote} You are not alone VEE, I can't stop trading when I am loosing . Like today I supposed to stop at - 100 pips but still trades are open at - 320pips. If I don't show discipline with this micro account, I don't deserve to use high leverage such as futures.. Simply put cannot accept defeat on any single day, how am I going to change .
7 to 8 hours of sleep is necessary.
Eat lots of different kinds of mildly cooked to raw veggies.
Take 10 - 20 minutes a day to do some self reflection.

Onejester said log it. Log it. It works.

Day trading is more like a performance sport than anything else. You have to plan well, execute well, and review well. Then you gotta take care of yourself well.
  • #11,506
  • Mar 21, 2019 8:18pm Mar 21, 2019 8:18pm
Quoting LookinGood
{quote} 7 to 8 hours of sleep is necessary. Eat lots of different kinds of mildly cooked to raw veggies. Take 10 - 20 minutes a day to do some self reflection. Onejester said log it. Log it. It works. Day trading is more like a performance sport than anything else. You have to plan well, execute well, and review well. Then you gotta take care of yourself well.
and work out...no amount of money can replace health..

Inserted Video
  • #11,507
  • Mar 22, 2019 1:37am Mar 22, 2019 1:37am
Quoting hilmy83
{quote} and work out...no amount of money can replace health.. https://www.youtube.com/watch?v=z2o4xjtzxRw&t=69s
+1 on that. A good work out will level stress like nothing else. Got me out of many situations that would have got the better of me.

If all else fails, you can put on a nice shirt and feel good about yourself.

Just about to go out for a cycle in the mountains, and then rest of day off. Trade well guys.
'in less than half an hour he made over 100 ticks'
  • #11,508
  • Mar 22, 2019 2:23am Mar 22, 2019 2:23am
Sounds like the market traded you, instead of the other way round. I have this with my partner, she is a worrier and doesn't sleep. Doesn't matter what I say to her or how unproductive it is it don't work! But she is very smart and despite worrying and not sleeping she annoys the crap out of me by achieving double what most people do in a day.
'in less than half an hour he made over 100 ticks'
  • #11,509
  • Mar 22, 2019 6:23am Mar 22, 2019 6:23am
the importance of exits

Inserted Video


subscribe to her channel; she does have hot stuff. Wow; a big difference when a lesson is given by a hot chick
  • #11,510
  • Mar 22, 2019 7:25am Mar 22, 2019 7:25am
Damn...
Look Sharp/Trade Tight
  • #11,511
  • Mar 22, 2019 7:28am Mar 22, 2019 7:28am
" I am used to having weekly goals so moving to daily goals has been a struggle for me (I must admit). In futures, because of daily settlement at NYSE Close, daily goals is necessary and essential to do a close all to avoid getting a margin call."

even with all that said, there is nothing that stands in your way to set and think in weekly goals for yourself!!
if that is what you feel would help, that is what you should pay more attention too, and think of the daily results as the noise.

PS.
as a scalper, for me, it is daily goals ( one simple daily goal only: no loss!)
for prop trading it is all about the monthly HWM.
the 2 goals can coexist, and it is really up to you how you prioritize them with yourself.
there is always, always another trade!!
  • #11,512
  • Mar 22, 2019 7:35am Mar 22, 2019 7:35am
This used to be a great thread until it became littered with posts with the f word and other obscenities.
  • #11,513
  • Mar 22, 2019 7:42am Mar 22, 2019 7:42am
Quoting tomd
This used to be a great thread until it became littered with posts with the f word and other obscenities.
Agreed. I'm not sure what happened. A number of posters seem to have suddenly turned into 13 year old boys with insecurities and self-esteem issues. Very disappointed in this sudden and unfortunate turn. 'Twas a very good thread.
  • #11,514
  • Edited 11:30am Mar 22, 2019 7:53am | Edited 11:30am
Quoting ddaytrader
{quote} Agreed. I'm not sure what happened. A number of posters seem to have suddenly turned into 13 year old boys with insecurities and self-esteem issues. Very disappointed in this sudden and unfortunate turn. 'Twas a very good thread.
Personally i don't see anything wrong for silly posts from time to time. One dude got suspended which i agreed with.

But if you can't handle some rated PG 13 posts on a public forum, you seriously in the wrong fucking place. Go get a skype/discord and enjoy the company of saints amongst yourselves.

Seems like my post 2 days ago is what started all this, so to keep this rated G, then I'd bow out.

Too many fucking triggered snowflake motherfuckers...there had to get that out of me..bye bitches
  • #11,515
  • Mar 22, 2019 8:11am Mar 22, 2019 8:11am
Quoting ddaytrader
{quote} Agreed. I'm not sure what happened. A number of posters seem to have suddenly turned into 13 year old boys with insecurities and self-esteem issues. Very disappointed in this sudden and unfortunate turn. 'Twas a very good thread.
I agree with Hilmy.

have fun while trading!

the posts are in context.
  • #11,516
  • Mar 22, 2019 8:20am Mar 22, 2019 8:20am
Quoting tomd
with the f word and other obscenities.
lol, sorry man...pretty funny...
Look Sharp/Trade Tight
  • #11,517
  • Mar 22, 2019 8:36am Mar 22, 2019 8:36am
we did use profanity on the floor from time to time......
Inserted Video
Look Sharp/Trade Tight
  • #11,518
  • Mar 22, 2019 9:17am Mar 22, 2019 9:17am
Quoting PayTheLimit
we did use profanity on the floor from time to time......https://www.youtube.com/watch?v=F1QbuWKEJ-E
It's the market that makes us profane from time to time.

if a trader cannot handle it; then they should be in another business
  • #11,519
  • Mar 22, 2019 9:28am Mar 22, 2019 9:28am
Quoting alphadude
{quote} It's the market that makes us profane from time to time. if a trader cannot handle it; then they should be in another business

I would have to agree, its goes with the territory. Plus you can control the tempo of a thread. Suspend a guy, ignore him, as we have now been ignored, but stop whining about it. I hate fucking whiners. That said, I can appreciate people wanting to keep a thread tight, but lighten up a tad.

Enjoy your weekend girls...
Look Sharp/Trade Tight
  • #11,520
  • Mar 22, 2019 9:45am Mar 22, 2019 9:45am
well had 2 nice ones in nq and the ym gimmee new guys who have appeared please watch the language we are not in a bar if it isnt about trading done in the session post that crap somewhere else thanks
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