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Day Trading vs. Swing Trading vs. Position Trading 84 replies

hurvinek trading

your post from 11/8 sounds a like I could have written it today!

had a disastrous day as I wrongly believed that today's US news would have little impact - well, the news was quite a bit worse than expected but I deserve little sympathy as I managed to make it about all the worst mistakes possible just in handling that one GBP short position:
1) poor entry not sufficiently backed up by signals
2) gambled 2 lots based on false sense purpose which soon became hope only
3) when it went against me I missed 2 opportunities to close at b/e over 2 days, once because greed set in and I hoped to still make a profit
4) as price again went close to my entry, I moved the SL close also, but then as it reversed I moved the SL further away again thinking I could ride out another temporary reversal and then get a 3rd chance to close. That was just when the news hit and I got punished with a $1780 loss!
Why do we ignore all the standard advice??? and obviously have to make the same mistakes more than once before we (hopefully) learn for good? I guess 90% return on new account after < 3 weeks make me feel invincible like you said. Most ironically, my main goal this week was to calm things down and improve discipline... fool!

Overall, I am still ok though, now after exactly 3 weeks of live trading I am 48% up on my starting balance.

Good luck to you for the rest of the week - onwards and upwards
Consistency and patience is everything
Quoting Yardie

Wow look like you had a rough day Hurvinek! Hope tomorrow will be better for you.

Hope to recover soon. Have to get back on track. Thanks for the encouragement.
It seems we are indeed in a very similar situation. I believe (I hope?) we are on the right track, only at the very beginning. Both of us need more discipline, and we have to forget about this invincibility thing. I would never have thought how important it is to lose some money sometimes in order to avoid bigger losses like we had. (I'm not saying I will lose money deliberately though)


Quoting Geldmeister
your post from 11/8 sounds a like I could have written it today!

had a disastrous day as I wrongly believed that today's US news would have little impact - well, the news was quite a bit worse than expected but I deserve little sympathy as I managed to make it about all the worst mistakes possible just in handling that one GBP short position:
1) poor entry not sufficiently backed up by signals
2) gambled 2 lots based on false sense purpose which soon became hope only
3) when it went against me I missed 2 opportunities to close at b/e over 2 days, once because greed set in and I hoped to still make a profit
4) as price again went close to my entry, I moved the SL close also, but then as it reversed I moved the SL further away again thinking I could ride out another temporary reversal and then get a 3rd chance to close. That was just when the news hit and I got punished with a $1780 loss!
Why do we ignore all the standard advice??? and obviously have to make the same mistakes more than once before we (hopefully) learn for good? I guess 90% return on new account after < 3 weeks make me feel invincible like you said. Most ironically, my main goal this week was to calm things down and improve discipline... fool!

Overall, I am still ok though, now after exactly 3 weeks of live trading I am 48% up on my starting balance.

Good luck to you for the rest of the week - onwards and upwards
Finally a day with profit. I am still not back on track though, because I had two stupid trades. I have to forget about setting new rules instead of fixing asingle mistake: the lack of discipline. I did everything else right, and I shouldn't start using narrow stops that take me out before the position becomes profitable.

EURUSD short @ 1.2715 SL 1.2735 -20 pips
I don't know why I entered this trade. I am still under the effect of the big loss. The price started to go down, but didn't break through, so it was not a breakout trade. In fact, I entered at the bottom of the range. Exited with the next entry. See there.

EURUSD long @ 1.2735 TP 1.2795 +60 pips
I traded the PPI. I had a short position (see previous trade), and used a stop order to reverse my position. Then I let it run, and put a limit order just below 1.2800. This was a good old classic news trade.

EURUSD long @ 1.2792 SL 1.2778 -14 pips
Another stupid one. I shouldn't have entered, and I shouldn't have placed the stop where I placed it.

Total for the day: +$130
Sorry to hear about your loss.
My worst hit was over $2400 in less than 8 minutes.....for one whole week couldn't log on to my account because of the pain and shock.
STAY AWAY from your computer for at least one week, untill your head clears out, ....you already started to make the tipical mistake; taking revenge and recover your loss quickly.
The market is around since Jesus's time and will be there next week too and for many weeks to come,so you have plenty of time to trade.Go to the Balaton ,take your wife for an evening walk to the Margitsziget,get the kids to the Vidampark ....RELAX.
Next week you will make more disciplined trading decisions.
hun83, thanks for the encouragement and the advice. I did actually go to Balaton with my wife for three days. Not because of the loss, it was anyway planned, but it helped me to clear my head a bit. I know I posted some stupid trades from Monday and Tuesday, and I know I lost the track a bit, but I am definitely not trying to take revenge. I know I am not, because I know how it feels (gone through that many times), and it feels different this time. If you look at my trades, I haven't increased my bets, nor am I going for bigger gains (and let losses run more than usual), which are the clear signs of trying to take revenge. In my next post I will reveal today's results, and you'll see I am actually being more cautious and patient than before.
But anyway, your warning is welcome, reading it reassured me that I have to focus on discipline and patience.
(Ha van kedved magyarul is beszelgetni, kuldj egy PM-et!)


Quoting hun83
Sorry to hear about your loss.
My worst hit was over $2400 in less than 8 minutes.....for one whole week couldn't log on to my account because of the pain and shock.
STAY AWAY from your computer for at least one week, untill your head clears out, ....you already started to make the tipical mistake; taking revenge and recover your loss quickly.
The market is around since Jesus's time and will be there next week too and for many weeks to come,so you have plenty of time to trade.Go to the Balaton ,take your wife for an evening walk to the Margitsziget,get the kids to the Vidampark ....RELAX.
Next week you will make more disciplined trading decisions.
An early close of the day after a single but successful trade. I planned to wait for the CPI, and unlike before I actually managed not to enter earlier. You can say it was easy, because the price was moving ina very tight range, but we all know how easy it is to rationalize an entry no matter how prices move.

EURUSD long @ 1.2815 TP 1.2845 +30 pips
The usual news trade (buy and sell stop orders 10 pips away from the market price 1-2 minutes before the news release), this time my brokers slippage was 10 pips, which is fine, because the price indeed gapped up. I exited approximately 45 minutes later, as the price stalled below 1.2850. Not much later it went further up to reach a fibo level, but since the CPI data was not extremely bad for the dollar, and since the average CPI move is around 50 pips, I consider the exit a good decision.

Total for the day: +$300
Nice turnaround. Congrats.
Thanks, hope to keep going on in this direction.

Quoting Yardie
Nice turnaround. Congrats.
  • Post #50
  • Quote
  • Last Post: Aug 17, 2006 2:31pm Aug 17, 2006 2:31pm
A lost trade again. I have to divide exit strategies based on the entry. When I take breakout trades, especially on slow days, I have to go back to taking 10-15 pips of profits.

EURUSD long @ 1.2868 SL 1.2822 -46 pips
Entered on the breakout of the previous day's high. Aimed for the next fibo level (1.2910), but the price turned back after the Philadelphia FED. I did not expect it to be such a market mover.
I executed this trade fine, I could have done better with the exit, but I didn't make any major mistake, didn't do anything stupid. Which is key after last week's loss.

Total for the day: -$230
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