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4% A Day Forever

  • #321
  • Sep 18, 2009 1:54pm Sep 18, 2009 1:54pm
Quoting The Fool
Yup, live & learn or die. I expect the early September action has taken a heavier than usual toll amongst the retail traders.

Yeah the buy and hope traders which either take a small profit or get trapped for days.

August cost the small stop traders ( me ) alot from it's choppyness and constant SL hitting madness.

Retail traders should be out of the game making the market easier to trade for us, if anyones left LOL
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #322
  • Sep 18, 2009 2:03pm Sep 18, 2009 2:03pm
Quoting babyleaps
WOW--great document! Thanks for sharing it--I think it will be really helpful.
i concur.
  • #323
  • Sep 18, 2009 2:06pm Sep 18, 2009 2:06pm
loses are part of the game, managing risk is another....if u enter with a amount your comfortable with.....% risk per trade, cutting the loss isnt a problem its only when u over leverage yourself

the solution is to find your risk threshold...hope that helps
  • #324
  • Sep 18, 2009 2:07pm Sep 18, 2009 2:07pm
Quoting babyleaps
WOW--great document! Thanks for sharing it--I think it will be really helpful.
Tanya, I can guarantee you that taking a systematic approach at this early stage in our trading "careers" will pay off.

Good Luck & enjoy the weekend. September is really a superfine time around here & I intend to spend some quality time in the sun before the rains set in...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #325
  • Sep 18, 2009 2:12pm Sep 18, 2009 2:12pm
Quoting nAVIN2007
loses are part of the game, managing risk is another....if u enter with a amount your comfortable with.....% risk per trade, cutting the loss isnt a problem its only when u over leverage yourself

the solution is to find your risk threshold...hope that helps
Yep, this is one of the big humps that any trader has to get up & over: you must accept and gladly take small losses. Competitive people (like me) often have this "refuse to lose" attitude. But you have to lose to refuse to lose & that takes some practice. Probably takes some outsized losses to sink in....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #326
  • Sep 19, 2009 2:44am Sep 19, 2009 2:44am
"The most effective way to build emotional resilience is to undergo repeated, normal drawdowns and see - in your own experience - that you can overcome those. Our losses provide us with the deep emotional conviction that we can weather losses and ultimately prosper. Someone who has undergone many life setbacks and bounced back acquires the confidence that he can land on his feet in almost any situation. The trader who experiences repeated drawdown, only to later hit fresh equity highs, knows that he has nothing to fear during normal performance pullbacks."

- from "The Daily Trading Coach" - Steenbarger
"If The Fool persists in his Folly he will become wise." - William Blake
  • #327
  • Sep 19, 2009 6:46pm Sep 19, 2009 6:46pm
Quoting The Fool
I won't be live trading again for a while, but I ain't giving up.
Hey, sorry to read about this. Have just stumbled across your thread.

I am repeating myself here as I posted this some time ago hoping to give another poster some inspiration.

Up and down that lonely road of faith
I have been there
Unprepared for the storms and the tides that rise
I've realized one thing ......
I believe we can make it through the winds of change

Source: Kid Rock

You know I'm not so bright and it took me approx. 2.5 years to turn a profit in this game. I believe that you will achieve this much sooner.
Nothing worth having is easy.
  • #328
  • Sep 19, 2009 7:18pm Sep 19, 2009 7:18pm
Quoting Patience
Hey, sorry to read about this. Have just stumbled across your thread.

I am repeating myself here as I posted this some time ago hoping to give another poster some inspiration.

Up and down that lonely road of faith
I have been there
Unprepared for the storms and the tides that rise
I've realized one thing ......
I believe we can make it through the winds of change

Source: Kid Rock

You know I'm not so bright and it took me approx. 2.5 years to turn a profit in this game. I believe that you will achieve this much sooner.
Thanks, Miss P.

I am trying to make the most of a bad outcome - sitting here writing up a Trading Plan. I think I will be ok when I can shed some bad habits. I have never had a stronger will to do just that than I do right now.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #329
  • Sep 20, 2009 10:18pm Sep 20, 2009 10:18pm
I went through the T2W Trading Plan over the weekend and the draft I have so far is attached as a Word document. Parts are missing - I have several strategies that I trade and those take the longest to think about & write up. But you will not have the same strategies as I do, anyway - if anyone is interested, that is....

The Rules section has not been edited - those shown are the "classics" included in the original template. My "Rules" will be something different and more specific to my "issues" - and yours should be, too.....

Anyway, I hope someone gets some use out of the document. I have found it a good exercise & will continue to work with it.
Attached File(s)
File Type: doc TRADING PLAN091809.doc   72 KB | 774 downloads
"If The Fool persists in his Folly he will become wise." - William Blake
  • #330
  • Sep 21, 2009 2:59am Sep 21, 2009 2:59am
Scalping since Tokyo, off & on. up 66 pips, penny a pip. Baby steps. I can handle it. I'm good. I got this.


Mmmm...gold down 2,000 pips since Friday...mustn't look.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #331
  • Sep 23, 2009 9:41pm Sep 23, 2009 9:41pm
I am still trading penny a pip & working through my reformation. Of the many things I need to change about my trading habits numero uno is how I approach Risk:Reward. After trading for awhile and being lackadaisical about how I manage risk (i.e., how/where I set stop losses) and how I project rewards (i.e., how/where I set take-profit targets) I am now concentrating on those issues primarily. Setting hard stops on all trades - & I am losing some trades, oh woe. And this takes some getting used to. But ultimately my trading will be alot better, I am sure.

SL & TP levels always used to be "in the back of my mind" & since I was scalping I did not make a big deal about that vagueness because I was always satisfied with a few pips lost there, a few more pips gained here - so long as my account was growing, bfd. Bad habit. Unnecessary losers = bad. Too many pips left on the table = bad.

By paying close attention to R:R I can focus more on the best entry/exit levels for the strategies I trade. This is only going to make these strategies better, anyway.

A couple times in the last week I chased a losing trade - trying to fade one of the spikes that are so common in E/U nowadays. Caught myself and shut down trading for the day. Any bad habit can be broken.

I hope all is well with all of you who check into my Journal thread. Happy & Safe Trades to All.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #332
  • Sep 25, 2009 3:06pm Sep 25, 2009 3:06pm
Played penny a pip all week, experimenting with risk control (tight sl's) and money management (patience)...made about a dollar with a hit rate of not much better than 50%, a good sign. Scalping on M1 for 5 pips with a 2 pip sl is a challenge, requires patience. Must wait for visible momentum.

Last night just for laffs I switched to $10/pip. Terrified! Which was hilarious. Made $100 in 20 minutes & got back into the fetal position. Scalped some for 1$/pip around the NY close today and made about $15. Risk management habits seem to be jelling. Scar tissue easy to find if I need a reminder of the dangers... Demo trading and meaningless $/pip does not do it for me & I will have to trade live again to keep growing.

But it will be a long while before I am ready to trade at $10/pip. I am going to start trading next week for 1$/pip. Typical account risk per trade (scalping with a 5-pip sl) would be <.1% at that level. If I can grow steadily for $500 or so at that level then I will take another baby step up.

4% per day just a fond memory at this point, but I will be back there again. I'd like to see a steadily rising equity curve and have the new Fool with his better habits intact firmly in control.

I still think about losing >1/2 my account in one stupid trade and want to cry. But even that experience, in its own way, is precious & I'm not going to forget it.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #333
  • Sep 25, 2009 4:15pm Sep 25, 2009 4:15pm
I know you are a great trader, good luck mate!!!

Sometime market is just bad with us..
  • #334
  • Sep 25, 2009 4:20pm Sep 25, 2009 4:20pm
Quoting tunera
I know you are a great trader, good luck mate!!!

Sometime market is just bad with us..
Sei molto gentile!
"If The Fool persists in his Folly he will become wise." - William Blake
  • #335
  • Sep 29, 2009 3:21am Sep 29, 2009 3:21am
Buck a pip. Beats picking up cans, I guess. I made $46 in ~1.5 hrs scalping around the LO today. A week of positive days or at least $250 at a buck a pip and I can move up to .25-lots. Being in jail is a drag...
"If The Fool persists in his Folly he will become wise." - William Blake
  • #336
  • Sep 29, 2009 5:10am Sep 29, 2009 5:10am
Quoting The Fool
Buck a pip. Beats picking up cans, I guess. I made $46 in ~1.5 hrs scalping around the LO today. A week of positive days or at least $250 at a buck a pip and I can move up to .25-lots. Being in jail is a drag...
You can meet some interesting people in jail! lol Good work.
  • #337
  • Oct 1, 2009 12:50am Oct 1, 2009 12:50am
You were right when you say we have the never take a lost attitude. After blowing my first account doing exactly what you did I came up with a method that helped me maintain success.

After studying my trade losses I found out I never had three losses in a row, and most of my loss would occur on one bad trade that I refuse to let go. So I now trade with a stop loss and a consistant take profit to handle my losses and gains.

My stop loss is always a point on a chart say an EMA. If that EMA is broken I get out of that trade and take inventory of how many pips I've loss. Now just for argument sake say my take profit is always 7pips at a $1 a pip but on this trade I lost 15pips. My second trade will still be for 7 pips but this time it will be at $3 a pip so if I my second trade is successfull I would have made a total of 6 pips on this trade. 7*3=21-15=6.

Now If that trade was to go against me and say I lost another 15pips I now would be down 60pips at a $1 a pip 3*15=45 +15=60 My last chance to make up my loss will be at $7 a pip 9*7=63. Since I never had three in a row I'll be banking that my streak will continue.

And say if by chance I loss three trades in a row I will shut the computer off and go have a drink and come back the next day. But like I said it hasn't happened in 2 years.

The psychological is one of the hardest thing I had to deal with I hope this can help you

lite
  • #338
  • Oct 1, 2009 2:47am Oct 1, 2009 2:47am
Quoting icthelite98
The psychological is one of the hardest thing I had to deal with I hope this can help you

lite
Thanks, lite. I am concentrating on risk management and it is forcing me to be more selective about my entries and that takes some practice but ultimately will be a good thing.

Best Regards.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #339
  • Edited 5:28pm Oct 2, 2009 3:38pm | Edited 5:28pm
Back from the Dead.

Traded every day over the last week and made $305. Nothing bigger than 1$/pip, sometimes only half that, no positions more than 3x$1/pip. Biggest account risk I ever saw with max position & widest sl was <0.5%. Typically scalping E/U momentum moves on M1 charts with 5 pip sl and min 5 pip tp (account risk at this level 0.08%); breakout scalps R:R even less - about 1:10. Still comfortable scalping and fishing breakouts, feels easy. Convinced of the necessity for small small positions and I am going to stay that way, although not quite this small. Will move to 0.25-lot trades next week. Will not graduate to 0.5 lot for quite some time, but at 0.25-lot trades I will set a goal of at least $500/week and will not be surprised if I go twice that, if I can manage enough time to trade three sessions.

I have a myfxbook account setting up and will update my trading results in my main spot forex account here with that, instead of the Excel file I have been using. I am looking forward to having a nice graph that shows a sudden drop in mid September from >$15k down to <$6k and I am going to print that out and tape it to every workstation where I trade.

I feel like Uma Thurman in "Kill Bill" where she breaks out of being buried alive by punching through the coffin lid one 3-inch punch at a time until finally you see her lurch through the top of the fresh grave covered in dirt and gasping for air. Ready to kick some ass. But revenge is always a dish best served cold.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #340
  • Oct 2, 2009 4:01pm Oct 2, 2009 4:01pm
Hi Fool. This sounds so silly (or should I say, foolish) LOL. If you convert your goal to pips per year, what do you think the number will be?
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