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Account been approved! Going to have my first day of tradingthis week LA
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Account been approved! Going to have my first day of tradingthis week LA

  #161 (permalink)
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budfox View Post
After two consecutive losing trades>> I go back to trading for demo for the next week, and as soon as I bring my win ratio to 70%>> I go back to real live again. Do you guys think this is a good rule? I know most people have a similiar rule (three consectuve losses and back to demo).

You asked, so--I think this is a terrible, horrible rule. Decrease your size when you're trading poorly, yes. Go back to demo after two consecutive losing trades? You are putting way too much pressure to be perfect with a rule like that. Two losing trades in a row is no biggie. Going back to demo just means you will trade with no consequence, with no emotion, with no fear of loss, and then you'll feel good and go back live, and repeat the cycle again.


budfox View Post
I do start to panic before entering a trade in live, so I sort of play music and walk away from the terminal for the first few mins of the trade.

This seems like an easy "out" -- you basically avoid responsibility if it's a losing trade by not being there. People have pretty different opinions on this one, but you really lose the opportunity to feel the market, and to use your own feelings to determine whether the trade is likely to work or not. Often the first few minutes are the most important because you get a good read on it, because real emotion is introduced for the first time. Learning to harness that intuition can be very powerful. If you run away from that instead, then you never give yourself the chance.



budfox View Post
Its the waking up early mornings that is the real hard part of trading. but meh I gotta man up.

Boo hoo--if you are complaining about waking up early, it's no wonder the market is kicking the shit out of you.



budfox View Post
I need to work harder at my trading career. It would be an insult to everyone on this board if I quit.

I doubt it bud--you need to trade for YOU, and to make money. Screw people on this board. Learn from what others say, but nobody else gives a shit about your profit or loss, so figure out why you're trading. Is it for fun, entertainment, socialization, self-worth, or to fucking make money?

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  #162 (permalink)
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josh View Post
You asked, so--I think this is a terrible, horrible rule. Decrease your size when you're trading poorly, yes. Go back to demo after two consecutive losing trades? You are putting way too much pressure to be perfect with a rule like that. Two losing trades in a row is no biggie. Going back to demo just means you will trade with no consequence, with no emotion, with no fear of loss, and then you'll feel good and go back live, and repeat the cycle again.

Ok thanks , this is actually I useful post, when should I go back to demo? three consecutive trades?


josh View Post
This seems like an easy "out" -- you basically avoid responsibility if it's a losing trade by not being there. People have pretty different opinions on this one, but you really lose the opportunity to feel the market, and to use your own feelings to determine whether the trade is likely to work or not. Often the first few minutes are the most important because you get a good read on it, because real emotion is introduced for the first time. Learning to harness that intuition can be very powerful. If you run away from that instead, then you never give yourself the chance.

OK this is a good point, what do you suggest I look for during the first few minutes?



josh View Post
Boo hoo--if you are complaining about waking up early, it's no wonder the market is kicking the shit out of you.

You'r right I gotta man up (just in university all my classes were at night, so i was asleep whole day>> need to change my sleep schedule)



josh View Post
I doubt it bud--you need to trade for YOU, and to make money. Screw people on this board. Learn from what others say, but nobody else gives a shit about your profit or loss, so figure out why you're trading. Is it for fun, entertainment, socialization, self-worth, or to fucking make money?

Listen, I am inexperiecend in trading, I come here to seek mentorship, I never give anyone advice....all my posts are in the spirit of improving as a trader.

Thank You.

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  #163 (permalink)
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budfox View Post
Ok thanks , this is actually I useful post, when should I go back to demo? three consecutive trades?

The point that was being made by others is that the magnitude of winners and losers is ultimately more important than the number of them. If you have nine winners and make $1000, and then you blow up and lose $1000 in one trade, you can claim a 90% win rate but have made no money.



budfox View Post
OK this is a good point, what do you suggest I look for during the first few minutes?

That all depends on factors related to how you trade--I would guess it would be something related to how you got into the trade in the first place.

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  #164 (permalink)
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@josh: the problem is the majority of new and existing bmt members, continue to enter the business with very little to no knowledge of the markets and then go on to make important decisions, that will inevitably determine their success, in an arbitrary or illogical manner. it’s like performing surgery without a knowledge of anatomy, or starting a business without a business plan. how do you expect do understand the market’s effects if you don’t understand the causes. how do you approach any market in a vacuum. there’s no concept or consideration of the themes or inter-market relationships that drive price. even in the markets’ most rudimentary sense, there’s equity (ownership), debt (credit), and cash(money) - es, zb, $/euro and gold. they’re like the earth, moon, and sun. you cannot ignore the relationships nor the flows of capital between them and expect to have an adequate understanding of how to trade the market. nor can you ignore the distortions caused by central bank policy, i.e. prolonged /qe-zirp and the trickle down effect it has on market metrics and benchmarks.


Last edited by tigertrader; February 4th, 2014 at 05:35 PM.
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  #165 (permalink)
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tigertrader View Post
...how do you expect do understand the marketís effects if you donít understand the causes. how do you approach any market in a vacuum. thereís no concept or consideration of the themes or inter-market relationships that drive price. even in the marketsí most rudimentary sense...

Day trading is like driving a car. You must be quick to react to the developing conditions and know where the main intersections are. You don't need to understand what's going on under the hood to develop your driving skills.

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  #166 (permalink)
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trendisyourfriend View Post
Day trading is like driving a car. You must be quick to react to the developing conditions and know where the main intersections are. You don't need to understand what's going on under the hood to develop your driving skills.

which is fine if you drive like an old lady- on her way to church-on sunday mornings, but if you want to drive formula one cars at the grand prix in monte carlo, you better know what you are doing. there's a huge difference between putting on few trades here and there, or breaking even, or simply being profitable, and being able to scale your trading and support yourself and your family. the problem with most new traders is they never come to grips with what it takes to be a consistently profitable trader or one that can grow his account on a compounded basis. they are too busy looking for shortcuts and excuses not-to-trade, or removing themselves from stressful events, rather than looking for or creating opportunities to make money. trading has evolved into much more than what you describe. it more of a thinking man's game - what do i have to do differently from the crowd, that will enable me to profit - what markets afford me the best opportunities to profit and how should i approach them. a one dimensional approach is not relevant to today's market because the market is distorted, manipulated, and constantly changing shape. however, you choose to trade it must be relevant, scalable and adaptable. but, you must first build a foundation of knowledge and understanding of how the markets REALLY function, not how they appear to work. this must be an integral part of your overall plan to accomplish your end game.


Last edited by tigertrader; February 4th, 2014 at 05:34 PM.
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  #167 (permalink)
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tigertrader View Post
which is fine if you drive like an old lady- on her way to church-on sunday mornings, but if you want to drive formula one cars at the grand prix in monte carlo, you better know what you are doing.

LOL, +1 for you

Nevertheless, mfbreakout just posted something which i believe is so true:

If you are pounding you table and trying to rationalize as to why CL got sold right at the open yesterday and today right from 8.30 am got bought and pushed to 97.70- you may be trading something but it's not order flow.


Last edited by trendisyourfriend; February 4th, 2014 at 05:44 PM. Reason: it's more about reality not theory
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  #168 (permalink)
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budfox View Post
Hi Chris,

Sorry for the late reply. WEll, I will continue to be honest, I blew my tiny account again.

I plan on just "toppping it up" with 50 to pass the margin requirements, and then trade using the setups that have proven to be successful for me. Yes, I do have an extensive trading journal.

After two consecutive losing trades>> I go back to trading for demo for the next week, and as soon as I bring my win ratio to 70%>> I go back to real live again. Do you guys think this is a good rule? I know most people have a similiar rule (three consectuve losses and back to demo). Right now my win/loss ratio is about 50/50 (thats being conservative)

I do start to panic before entering a trade in live, so I sort of play music and walk away from the terminal for the first few mins of the trade.


Its the waking up early mornings that is the real hard part of trading. but meh I gotta man up.


I need to work harder at my trading career. It would be an insult to everyone on this board if I quit.

I also do have aspirations to get funded in the future....still need to work out some kinks first. Perhaps I need a more definitive trading plan, perhaps exact rules to how to 1) ENTER a trade 2) where to place stops 3) EXIT a trade .

But I will take the advice of Winston Churchhill and "Never Give Up".

Like Josh said, that is a horrible idea. The best idea right now, is to stop trading live. Period. You are destroying your mental capital.

And dude, get up early. This business is all about self-control and discipline, and waking up early should be an easy one. If you can't do that, you might as well quit now.

If you are still doing this a year 6-12 months from now, you are going to look back at this thread and laugh about things like "topping off my account with $50", and worrying about your win ratio.

You've got a ways to go. Perseverance and persistence will pay off, just keep at it. Again, quit trading live. Ever heard of TopStepTrader? Check them out.

Feel free to drop me a private message if you have any questions. I have been in your shoes, we all have.
Peace,
Chris

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  #169 (permalink)
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tigertrader View Post
but, you must first build a foundation of knowledge and understanding of how the markets REALLY function, not how they appear to work. this must be an integral part of your overall plan to accomplish your end game.


How do you recommend I build this foundation looking at the trading world through the screen on my laptop?

I am reading Mind over Markets by James Dalton.

I am eager to learn this, and willing to apply any practical sincere advice.

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  #170 (permalink)
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Chrismind View Post
Like Josh said, that is a horrible idea. The best idea right now, is to stop trading live. Period. You are destroying your mental capital.

And dude, get up early. This business is all about self-control and discipline, and waking up early should be an easy one. If you can't do that, you might as well quit now.

If you are still doing this a year 6-12 months from now, you are going to look back at this thread and laugh about things like "topping off my account with $50", and worrying about your win ratio.

You've got a ways to go. Perseverance and persistence will pay off, just keep at it. Again, quit trading live. Ever heard of TopStepTrader? Check them out.

Feel free to drop me a private message if you have any questions. I have been in your shoes, we all have.
Peace,
Chris


Yeah I have heard of topstep, I read their website everyday and am a huge Danny Riley fan. However, I am not near the level ready to try out. It would be like a 12 year old who plays football in the park trying out for the Broncos. When I get better I will.

Feel so frustrated.....I understand ACD method, and the basics of tech analysis...not sure what is holding me back. Maybe I need to read more Mind over markets.

Would working at a prop firm help? (getting free training)

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