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My trading journey

  • #5,381
  • Jun 8, 2012 7:30am Jun 8, 2012 7:30am
you can really dance now kim ...
Success consists of going from failure to failure without loss of enthusiam
  • #5,382
  • Jun 8, 2012 7:33am Jun 8, 2012 7:33am
Quoting dongsky
you can really dance now kim ...
need lots more practice yet...step by step
  • #5,383
  • Jun 8, 2012 7:36am Jun 8, 2012 7:36am
Quoting duyk20
Excellent trade as usual Dong..

I was sitting on my hand all day yesterday, then I see that weakness but hesitate to go with plan. I find myself too scared to take a position these days. Probably scared of losing money..

Was thinking that it's a phrase of a trader that I need to overcome.

Kin
need to accept loosing is part of trade... sometimes we win .. and sometimes... loss... it's how you manage your exposures... that makes you money
Success consists of going from failure to failure without loss of enthusiam
  • #5,384
  • Jun 8, 2012 9:00am Jun 8, 2012 9:00am
Quoting dongsky
need to accept loosing is part of trade... sometimes we win .. and sometimes... loss... it's how you manage your exposures... that makes you money
Thanks Dong,

I think that's how we roll
  • #5,385
  • Jun 8, 2012 1:09pm Jun 8, 2012 1:09pm
Quoting dongsky
you can really dance now kim ...
I agree! Well Done!

Just finished a battle that started on tuesday. Was down almost 25% at the worst point.

Came out Victorious in the end with $3 profit LMAO! what a week!

Glad to see you guys did better than me.

Good Trading
Mike
  • #5,386
  • Jun 8, 2012 1:46pm Jun 8, 2012 1:46pm
Quoting tubguy
I agree! Well Done!

Just finished a battle that started on tuesday. Was down almost 25% at the worst point.

Came out Victorious in the end with $3 profit LMAO! what a week!

Glad to see you guys did better than me.

Good Trading
Mike
Thats not a rescue thats HOPE. No skill involved in hope just luck.
  • #5,387
  • Jun 8, 2012 2:40pm Jun 8, 2012 2:40pm
Quoting tubguy
I agree! Well Done!

Just finished a battle that started on tuesday. Was down almost 25% at the worst point.

Came out Victorious in the end with $3 profit LMAO! what a week!

Glad to see you guys did better than me.

Good Trading
Mike
  • #5,388
  • Jun 8, 2012 6:34pm Jun 8, 2012 6:34pm
Quoting tubguy
Was down almost 25% at the worst point.
Ouch! Sooner or later, it will go down and not come back. Nothing is more certain. It's just a matter of time. In the meantime, stress will corrode your judgment. Easy on demo. Ball-breaking with real cash.

Rule 1: preserve your capital (ie. be prepared to take a small loss)

Rule2: never rescue against the trend (ie. be prepared to take a loss)

Rule 3: ant's work (ie. trade small so losses are small)
  • #5,389
  • Jun 8, 2012 10:50pm Jun 8, 2012 10:50pm
Quoting tubguy
I agree! Well Done!

Just finished a battle that started on tuesday. Was down almost 25% at the worst point.

Came out Victorious in the end with $3 profit LMAO! what a week!

Glad to see you guys did better than me.

Good Trading
Mike
Wow Mike. Down 25%? That's dangerous. Mind sharing your entries and views about your trades?
  • #5,390
  • Jun 8, 2012 11:00pm Jun 8, 2012 11:00pm
Quoting AllanS
Ouch! Sooner or later, it will go down and not come back. Nothing is more certain. It's just a matter of time. In the meantime, stress will corrode your judgment. Easy on demo. Ball-breaking with real cash.

Rule 1: preserve your capital (ie. be prepared to take a small loss)

Rule2: never rescue against the trend (ie. be prepared to take a loss)

Rule 3: ant's work (ie. trade small so losses are small)
Agreed... Preserve your capital is key to having a long lifespan in the markets.

My challenge is to ride my profits this week. Volatile week, so good for traders. but i've been terrible at making it count
  • #5,391
  • Jun 9, 2012 10:32am Jun 9, 2012 10:32am
Quoting Deusomega
Thats not a rescue thats HOPE. No skill involved in hope just luck.

No hope involved. It went against my third level so I waited and took profits on pullbacks until I was able to get back to square with a couple dollars to boot.

Just had to keep taking those small profits.
  • #5,392
  • Jun 9, 2012 10:37am Jun 9, 2012 10:37am
Quoting AllanS
Ouch! Sooner or later, it will go down and not come back. Nothing is more certain. It's just a matter of time. In the meantime, stress will corrode your judgment. Easy on demo. Ball-breaking with real cash.

Rule 1: preserve your capital (ie. be prepared to take a small loss)

Rule2: never rescue against the trend (ie. be prepared to take a loss)

Rule 3: ant's work (ie. trade small so losses are small)
Thanks for the reminder. AllenS

Never hurts to here those rules again.

This was real money and I refused to take a loss that big. I just kept doing ants work until I got my money back. Small quick trades that kept building
until I was able to rescue properly when a new trend began.
  • #5,393
  • Jun 9, 2012 10:44am Jun 9, 2012 10:44am
Hi tubguy, it's great to see that you was finally right. Doing rescue is averaging position down. It's basically double-edge sword.. It's for big heart and with rock-solid disciplined trader-type, who'll get out when he knows that he was wrong.

I'm more suited with the fixed SL system.
  • #5,394
  • Jun 9, 2012 10:45am Jun 9, 2012 10:45am
Quoting nathaniel
Wow Mike. Down 25%? That's dangerous. Mind sharing your entries and views about your trades?
Would if I could. Didn't grab any screen shots though.

I got caught on a 3rd level down on tuesday I think when price shot back up and I didn't react to the change. Then all I could do is take a big loss or fight.
I chose to fight.

Missed a couple of chances to rescue sooner because I could stay at my puter all of the time. Just tried to keep my exposed capital under control and take small trades when price would pull back and grab some profits to help ease the situation until I got the chance to rescue proper on friday.
  • #5,395
  • Jun 9, 2012 6:28pm Jun 9, 2012 6:28pm
Quoting tubguy

This was real money and I refused to take a loss that big. I just kept doing ants work until I got my money back. Small quick trades that kept building
until I was able to rescue properly when a new trend began.
My apologies. On re-reading, my post sounded patronizing but your response was gracious. You clearly know what you're doing, but that trade must have been a real nail-biter...

I'm very aware that fti's MO (if misunderstood) can degenerate into mere averaging down, which works beautifully until the death trade. Hanging on to losers is one of my scorpions. I try to identify change of trend from price action, and also use a trend line as a rigid fail-safe. No trade in the world has ever gone far in the wrong direction without first breaking a trend line. Once broken, I take the loss, wait for a retest, enter in the other direction and see how it goes. I swear I will never rescue against the trend. But I probably will...
  • #5,396
  • Jun 10, 2012 1:54am Jun 10, 2012 1:54am
Quoting tubguy
Would if I could. Didn't grab any screen shots though.

I got caught on a 3rd level down on tuesday I think when price shot back up and I didn't react to the change. Then all I could do is take a big loss or fight.
I chose to fight.

Missed a couple of chances to rescue sooner because I could stay at my puter all of the time. Just tried to keep my exposed capital under control and take small trades when price would pull back and grab some profits to help ease the situation until I got the chance to rescue proper on friday.
I totally understand what you mean. There have been times where I am on level 3 attack. And constantly paranoid and worried that price could do a sudden reversal. End up booking profits way too early. But can't complain anyhow. Profits is still profits.

To all: Has it happened to anyone of you and how did you react to it?
  • #5,397
  • Jun 10, 2012 3:37am Jun 10, 2012 3:37am
Quoting AllanS
My apologies....
I swear I will never rescue against the trend. But I probably will...
seems like you never really understood the essence of rescue... and yes it's averaging down... you need to know your average to do rescue.. to determine how many troops need to deploy... at pre determined level... with pre determined level of exit as well...

main objective of rescue is to bring soldier home ALIVE... if manage to book in few pips... that's a BONUS!

most of the times traders not successfull with rescue is... overstaying... when they see price overshoot to their pre-determined target... they decided to stay... and forget about objective... WRONG!

and remember... rescue needs to be swift and quick...

closing a rescue with few pips loss... that's alright... bringing troops wounded... but ALIVE!

re-group... check mindset... refresh mind... look for another profit opportunity... this is where scout is always handy



Quoting nathaniel
....

To all: Has it happened to anyone of you and how did you react to it?

All of us do...

this is where experience dancers be separated from the not so experience ones...

once you accepts that reality bites that loosing is part of the business... and so is winning...

this is one way of taming greed and fear...

why do most people scared and fearfull... it's all because of the uncertainty nature of this business... dancing the market is like looking in a black hole...

once you have confidence of yourself... of whatever strategies you might have... then unknowingly, you're already anticipating risk... and always ready for surprises from the market...

the market is alive...

once you're ready and prepared for the uncertainty... expect the unexpected... then you already separates yourself from the not so experience one... and to know that everyting... is ... relative!

Success consists of going from failure to failure without loss of enthusiam
  • #5,398
  • Jun 10, 2012 4:23am Jun 10, 2012 4:23am
Quoting dongsky
seems like you never really understood the essence of rescue...
I rescue when I think I have the trend right, but the entry wrong. It is averaging down within strict limits set by the trend. But what if I have the trend wrong also? Having a rescue squad exposed to a trend change will spell disaster sooner or later (ever increasing rescue skews against the trend. ie. death trade). Hence the need for a quick rescue to reduce exposure. If the trend does change during a rescue operation, the only rational action is to kill all the troops, re-assess, and enter a scout in the new direction.

For me, the number one question is, "What is the trend in my time-frame, and is it changing?"
  • #5,399
  • Jun 10, 2012 4:50am Jun 10, 2012 4:50am
Quoting AllanS
I rescue when I think I have the trend right, but the entry wrong. It is averaging down within strict limits set by the trend. But what if I have the trend wrong also? Having a rescue squad exposed to a trend change will spell disaster sooner or later (ever increasing rescue skews against the trend. ie. death trade). Hence the need for a quick rescue to reduce exposure. If the trend does change during a rescue operation, the only rational action is to kill all the troops, re-assess, and enter a scout in the new direction.

For me, the number...

in the trend or not... once you have the proper mindset... make objective right... and everything will be well...

remember... if there is no reason for you to be there... then it's wise to stay put and do nothing...

... one day, you will realise ... that enrtries are just entries... what matters most is how you dance... and so true with liquidating exposures...

goodluck!
Success consists of going from failure to failure without loss of enthusiam
  • #5,400
  • Jun 10, 2012 10:10am Jun 10, 2012 10:10am
Quoting dongsky
All of us do...

this is where experience dancers be separated from the not so experience ones...

once you accepts that reality bites that loosing is part of the business... and so is winning...

this is one way of taming greed and fear...

why do most people scared and fearfull... it's all because of the uncertainty nature of this business... dancing the market is like looking in a black hole...

once you have confidence of yourself... of whatever strategies you might have... then unknowingly, you're already anticipating risk... and always...
Thanks Dongsky, you made some very good and insightful points. The market is alive and uncertainty is something to be embraced, and not feared. Fear plays no part in a trader's mind.

Looking forward to market open tomorrow
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