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Attachments: 4% A Day Forever
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4% A Day Forever

[quote=The Fool;3044173]Hi DarkDays,

Hope you are doing well for you.

Sad to say, but I am in the middle of a f*cked-up trade that is threatening to blow a big hole in my account. Short on the E/U, overleveraged, tried to average out of a loser, same old shit I've done before. Strayed from the path. I'm definitely not ready for prime time. Will chronicle it here as the deal goes down.[/quot

Sorry to hear that...I have a short on the Aud that I am sucking the lemon on atm and it is sour (or I am sour lol)....my take on S/L is to put in a stop that I call a bushfire stop which I do not expect to be hit but is there as a safety valve...if a trade is not going or looks a bit dodgy I am out and kill it as soon as pos to save some pips.....the mantra..... use cap,build cap,protect cap....no questions asked.....cheers
Well, Friday coming to a close & I'm still locked out of spot trading because of Monday's E/U goof. Sitting on a Large DD. But price has not got high enough to trigger my max loss level - came very close. BE now at about .4430 & that has to be in the cards. Maybe a wild card, but I'll have to wait to see if next week brings a retrace.

This was a weird & irrational week. We saw 4-5 day runs of higher highs in the US and EZ stocks, also in the E/U, AND healthy demand for US Treasuries all week. New 18-month high in gold. Something's gotta give....
"If The Fool persists in his Folly he will become wise." - William Blake
Ambitious goal, yet your dedication towards your goal will bring you quite far. Are you still trading the eMinis, and what's your average risk-reward/style.
Quoting The Fool
Well, Friday coming to a close & I'm still locked out of spot trading because of Monday's E/U goof. Sitting on a Large DD. But price has not got high enough to trigger my max loss level - came very close. BE now at about .4430 & that has to be in the cards. Maybe a wild card, but I'll have to wait to see if next week brings a retrace....

Sounds bad dude, the possibility of giving back multiple weeks gains, sucks big time doesn't it.

Stick to Scalping anything else could lead to above.



And chill your still in learning mode kinda
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
Quoting Turveyd
Sounds bad dude, the possibility of giving back multiple weeks gains, sucks big time doesn't it.

Stick to Scalping anything else could lead to above.



And chill your still in learning mode kinda
Yep, a big disappointment. Even if I get a good retrace next week and get out with no harm done I still f*cked up majorly in the discipline department and thats just a plain old drag. Sitting on the sidelines since Monday though has given me some time to think. Maybe I will learn from this one.

Hope your trading has been going well & have a great weekend.
"If The Fool persists in his Folly he will become wise." - William Blake
Quoting The Fool
Yep, a big disappointment. Even if I get a good retrace next week and get out with no harm done I still f*cked up majorly in the discipline department and thats just a plain old drag. Sitting on the sidelines since Monday though has given me some time to think. Maybe I will learn from this one.

Hope your trading has been going well & have a great weekend.

We all do it even in 10years time when we are millionaires we'll still do it I'm pretty sure, don't beat yourself up to badly you'll knock your confidence and be unable to trade or trade poorly after, can't win hey

No time for trading this last week, hopefully next, you to dude, I'm off climbing
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
Hi "The Fool"

I feel for you. Have been there many times myself.
I noticed your preference is for scalping. I think that is the soundest way of trading and it prevents what you are going thru now and what I have done lots of times.
I believe I MAY have solved for me what you are going thru now by following this guide. Remember, this is only my opinion.
(1) I have set myself modest goals - just 20 pips per contract per trading session and my trading sessions are very short - from 7am cst until no later than 10am. Once reached, then just quit.
(2) If I am down 20 pips, then quit for the day.
(3) Everyone has different buy and sell signals but my signals change quickly, so I ask myself if I am on the wrong side of the fence, why the F..K am I sitting thru this when I just got a signal to go the other way? That tends to bring me out of my stupor and at least at a minimum to get out of the position or else take an opposite position according to my rules. I am very cognizant of consolidation action as this is where I tend to get hurt so even if I get an opposite signal in a sideways action, I will not take it but just instead take my loss.
(4) Not to read or listen to anyone's opinion on where things are headed. Have a zero opinion and just let the market tell you where it is headed.
(5) Do not use stop losses. Sit at your station and take your loss by current evaluation and your mouse click.
(6) Forget about catching the big moves. Enjoy the small moves as a nimble trader you can make a living off these. The majority want the big moves - remember that the majority lose money, so why follow them?

regards
emtee
Quoting emtee
Hi "The Fool"

I feel for you. Have been there many times myself.
Thanks for your thoughts, emtee. I think we are pretty much on the same thread as far as scalping goes. I have said in this thread many times & I have known all along that my bread and butter is scalping and my worst screw-ups have come when I have stepped out of that M.O.

I have been scribbling some rules as I have been thinking about my situation. Of course, I have done this b4 and the rules were great and they ended up lost in the miscellaneous papers in my office. But this time I need to take them more seriously & duct-tape them to the workstation permanently somehow.

A simple one for me is probably going to mean setting a time limit for any trade. Let's say 20 minutes. Is something you are about to do going to take you down a path outside that 20-minute window? Yes? Well don't do it then. I can live with the short target idea, as well, 2-5-12 pips, like that. If I can't hit those kind of targets in 20 minutes or thereabouts then I am trading in the wrong PA.

I have a gambling streak, it is true, and instead of trying to suppress it I have thought of setting up a small account where I can do really risky trades. Scalping spot XAU or the geppy, for instance. On the bread and butter accounts I am going to strive for something more mechanical.

When I come up with rules I will post them here but they are likely to be the ridiculously simple things we have all seen/heard before. Simple easier said than done sometimes.....
"If The Fool persists in his Folly he will become wise." - William Blake
I saw your thread and you can make 4% in a day.

Would you mind to share the system?

I'd appreciate and I want to know the system.

Thanks!

TK
Quoting TKFOO84
I saw your thread and you can make 4% in a day.

Would you mind to share the system?
I am predominantly a band trader, but I trade breakouts as well. I am still trying different things & don't have a set "system" but that may change at some point. You can read through the thread & get an idea about how I trade.

Thanks.
"If The Fool persists in his Folly he will become wise." - William Blake
Quoting The Fool
I am predominantly a band trader, but I trade breakouts as well. I am still trying different things & don't have a set "system" but that may change at some point. You can read through the thread & get an idea about how I trade.

Thanks.

Hi there,

How are you doing? Okay you do not have a set of a system, would you mind to tell me how long you have been achieving 4% a day? Do you use any indicator? Do you trade any timeframe? What's your exit? What time do you trade, how long do you spend on the computer in a day?

I know it's too much of questions but i just want to know what it takes to have the 4% a day success.

Thanks again!

TK
Quoting The Fool
I am predominantly a band trader, but I trade breakouts as well. I am still trying different things & don't have a set "system" but that may change at some point. You can read through the thread & get an idea about how I trade.

Thanks.

hey fool

I was wondering how your quest for 4% per day is going? Are you still hitting your target?
Quoting ajkagy
hey fool

I was wondering how your quest for 4% per day is going? Are you still hitting your target?
lol...not quite...
"If The Fool persists in his Folly he will become wise." - William Blake
Quoting The Fool
lol...not quite...
you almost there. be patient and smart trading
How much more for EU to tank to get you out ?? Ohhh just checked EU as don't watch that no tankage like GU today sucks!!

How much higher before a margin call with your averaging down then ??
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
Quoting Turveyd
How much more for EU to tank to get you out ?? Ohhh just checked EU as don't watch that no tankage like GU today sucks!!

How much higher before a margin call with your averaging down then ??
It's pretty hopeless at this point, T. Same weakness that got me into the averaging down trap keeps me from pulling the trigger on an exit. Currently sitting at -55%, margin call just about 50 pips away. Pretty close to the edge now, finally. I went out to meetings early this AM and was down about 40% at the time - came back 6 hrs later and more damage. I really picked a great time to fuck up. I keep waiting hoping praying for a decent retrace. Had one a few days back but it was just a quick spike down & I missed it. I could keep this up, closing trades, moving out the MC, & hoping waiting praying for E/U to head south, but it might be on its way to 1.50 and I could lose the whole wad.

Have had plenty time to think since last week when this went down. Working on trading rules, reading psych trading books, etc, etc. I need to make sure that this kind of thing can not happen again. Losing the money sucks, for sure, but most of it is house money. What is much worse is the pyschological effect - guilt, shame, rage, etc - a real shit sandwich...and having to chew on that for days will make a dude just want to give up for good.

But I don't, really. I am going to have to really tighten up on the discipline. Time limits on any trade. Emergency stop losses always, or, obviously, death.

I am watching to see if Asian session can offer anything for me. I know the right thing to do is get out, just like that was the right thing to do when I saw -20%, then -35%, etc. Saw approx. -38% early this morning, really wanted to close out, but just afflicted by the belief that a strong retrace must be right around the corner. Prolly worse thing that could happen now is we really do see a spike down. I'd prolly talk myself into hanging on longer. Nah....at this point if I could get out with even -40% it would feel like a coup.

I know this has got to be a tale that had been told close to verbatim a million times. I just need to make sure it is my last....

Of course, if I see a little downside & bail out in a couple hours with a 49% loss & then in a couple days we will be at 1.42. Classic.
"If The Fool persists in his Folly he will become wise." - William Blake
Quoting The Fool
It's pretty hopeless at this point, T. Same weakness that got me into the averaging down trap keeps me from pulling the trigger on an exit. Currently sitting at -55%, margin call just about 50 pips away. Pretty close to the edge now, finally. I went out to meetings early this AM and was down about 40% at the time - came back 6 hrs later and more damage. I really picked a great time to fuck up. I keep waiting hoping praying for a decent retrace. Had one a few days back but it was just a quick spike down & I missed it. I could keep this up, closing...

-55% OUCH!!!!

Trading hey, get emotional let 1 trade run free and blows your entire account, although you've let others run free and been lucky enough to get out intact but it's a disaster waiting to happen, yes I've done it we all have, part of the learning curve.

If you start reducing to stave of a margin call, then you'll need more pips to get your $$$'s back and it'll allow your account to run lower to.

And the Fear of What IF I exit know and then it goes my way will keep you in.

Ofcourse worse than the 55% loss the told you, you can't do it brigade will be happy which we don't like

Stay cool, look at your chart and decide it's direction if it's against you exit, if not hold!!

If you start hoping, EXIT Hope is the mind killer!!

Current direction is up!!

Good job it's only play money right
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
Quoting The Fool
Of course, if I see a little downside & bail out in a couple hours with a 49% loss & then in a couple days we will be at 1.42. Classic.
Well, get out asap and if you get a decent short signal down to 1.42 then go for it. Or if you decide the uptrend is holding then ride it up. Having a bias that is too strong isn't good. I've made the same mistake in the past of waiting for a turn and it only works if the trend I'm trading is so obvious that a monkey could have made the call and got itself out of jail.

All the time you have your money tied up in a dead trade you can't do anything else with it. At least you can start again once you commit to killing this one off.

The other question is - if you are a scalper what are you doing 230+ pips in the hole?
Sad to hear this . . .

I read this thread all the time, literally every post. And I enjoy it and think you are a really cool guy. Clearly though - you have no trading rules, if you have no rules there is no way you can have any discipline.

I recommend you exit now, and if price blasts down the minute you exit and never returns be happy because you know that you are exiting the trade because you have no rules.

I have it in my rules that whenever I make a mistake (Sometimes I put in too many lots by mistake, sometimes I put in market orders instead of limit orders etc) I automatically close the trade and take the spread loss for my stupidness, and it has actually cut down on my stupid mistakes over time I reckon.

"Hope" never gives anyone an edge on the market, if anything it makes certain a person will be a loser in this negative sum game. )

To be honest if I were you I would probably go back to demo after this, it's not a diss on you or your sytem. But if you can trade on demo for three or so months, and then start off small . . . You will have the confidence and patience built up to truly make a business out of this.

Best Regards,
Jig
Hi
Once again you have my sympathy.

As you are a scalper and so am I, a golden rule is "HAVE NO OPINION".
Once you start having opinions, you end up HOPING when things are not working out - a recipe for disaster.

Medium and long term traders need opinions - short term traders let the immediate price action of the market show the opinion of the market players - we just follow the opinion of the market.
If you start to think this way, then you will never let losses run when the opinion of the market is counter to your trade.

How I have overcome your current dilemma is as follows.

Have no stop losses.
Trade 5 contracts or more as your default quantity and never add to positions.
Following these two items keeps you focused and attentive to the market and scares you shitless when the market is not going your way, hence no problem taking the loss. Remember, another opportunity to enter is just minutes away and maybe this time you will be on the right side of the fence.

In addition, I no longer care about the big moves as big moves start to make me drool and think about opinions and how much of a fortune I can make.
Instead, I focus on 20 pips per contract per day and then quit which involves less stress and fresh thinking.
I am still not ready for prime time yet, but somehow I think I am getting close.
Walmart makes 10 cents per item times one hundred million items which is more profit than one item times one million profit.
If you have cancer, hope is a great thing.
If you are a trader, hope is HOPELESS.
regards and hope your position is resolved without too much of a loss
emtee
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