The one that got away. - Psychology and Money Management | futures io social day trading
futures io futures trading


The one that got away.
Updated: Views / Replies:3,093 / 40
Created: by Pete Schweaty Attachments:1

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 1  
 
Thread Tools Search this Thread
 

The one that got away.

  #11 (permalink)
Trading for Fun
Baltimore MD
 
Futures Experience: Intermediate
Platform: TOS
Favorite Futures: Futures
 
Posts: 54 since Jun 2013
Thanks: 12 given, 13 received


Daytrader999 View Post
No, actually I have a 320d, of course not the power of an M3, but still enough power for German highways.

Nice. I have a 335. Looking forward to the new 4 series.

Reply With Quote
 
  #12 (permalink)
Trading for Fun
Baltimore MD
 
Futures Experience: Intermediate
Platform: TOS
Favorite Futures: Futures
 
Posts: 54 since Jun 2013
Thanks: 12 given, 13 received


kevinkdog View Post
I'm confused, how was walking away from your PC, after a fat finger mistake, doing the right thing? The right thing would be to get back in the trade immediately after your mistake, per your defined trading plan. Maybe you did not notice the mistake for a while?

You'll make mistakes a lot in trading. The WORST thing you can do is compound a mistake by making another mistake (in this case, your second mistake was not following your trading plan).

Or, maybe I understand your issue wrong...

Nope. You understand it correctly. I was just looking for some opinions on what traders with a little more experience would have done.

Reply With Quote
The following user says Thank You to Pete Schweaty for this post:
 
  #13 (permalink)
Elite Member
In the heat
 
Futures Experience: None
Platform: NT
Favorite Futures: Energy
 
PandaWarrior's Avatar
 
Posts: 3,155 since Mar 2010
Thanks: 6,306 given, 13,250 received



kevinkdog View Post
I'm confused, how was walking away from your PC, after a fat finger mistake, doing the right thing? The right thing would be to get back in the trade immediately after your mistake, per your defined trading plan. Maybe you did not notice the mistake for a while?

You'll make mistakes a lot in trading. The WORST thing you can do is compound a mistake by making another mistake (in this case, your second mistake was not following your trading plan).

Or, maybe I understand your issue wrong...

He did the right thing because the fat finger made him angry.....if he was not angry after the event, then he should have just got back in...but doing it angry can be disastrous.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Reply With Quote
The following user says Thank You to PandaWarrior for this post:
 
  #14 (permalink)
Elite Member
Pompano Beach, Florida, USA
 
Futures Experience: Beginner
Platform: S5 Trader, Ninja Trader
Broker/Data: Stage5/ IQfeed
Favorite Futures: M6E, M6A, 6E, 6A, ES
 
lifeguardsteve88's Avatar
 
Posts: 159 since Jun 2013
Thanks: 272 given, 115 received


kevinkdog View Post
I'm confused, how was walking away from your PC, after a fat finger mistake, doing the right thing? The right thing would be to get back in the trade immediately after your mistake, per your defined trading plan. Maybe you did not notice the mistake for a while?

You'll make mistakes a lot in trading. The WORST thing you can do is compound a mistake by making another mistake (in this case, your second mistake was not following your trading plan).

Or, maybe I understand your issue wrong...

From someone with very little experience trading- but fairly good experience in fat finger mistakes, I think the reason for walking away was not because of the mistake, but rather because of the mindset that the mistake produced. I'm guessing that under ideal circumstances (keeping your cool after a fat finger mistake) then to keep following your trade plan would be fine. But I don't think he compounded his mistake by walking away after an event that took him out of focus on his trading. I vote for walking away in that case.... maybe because that's what I do

Cheers!

Reply With Quote
The following 2 users say Thank You to lifeguardsteve88 for this post:
 
  #15 (permalink)
Elite Member
Chicago Illinois USA
 
Futures Experience: Advanced
Platform: Ninja Trader
Broker/Data: IB
Favorite Futures: duh hammer!
 
wldman's Avatar
 
Posts: 2,077 since Aug 2011
Thanks: 971 given, 2,638 received

Hey...

Schweaty. I love you salty holiday balls by the way. Maybe you could post a recipe?

First, having expectations about a directional market will kill you if you are not careful. Trade what is there, not what you think..or worse hope.

Second, Typical edge for even the best of us is very thin these days. You must pay attention to the details and totally master the stuff you actually can control.

Third, When stuff happens you'd be helping yourself to note the cause, improve what you can and move on immediately. Carrying emotional junk will weigh you down and prevent you from reaching the top.

Reply With Quote
The following 2 users say Thank You to wldman for this post:
 
  #16 (permalink)
Market Wizard
Cleveland Ohio/United States
 
Futures Experience: Advanced
Platform: Tradestation
Broker/Data: various
Favorite Futures: futures
 
Posts: 2,388 since Jul 2012
Thanks: 1,139 given, 4,387 received
Forum Reputation: Legendary


PandaWarrior View Post
He did the right thing because the fat finger made him angry.....if he was not angry after the event, then he should have just got back in...but doing it angry can be disastrous.



lifeguardsteve88 View Post
From someone with very little experience trading- but fairly good experience in fat finger mistakes, I think the reason for walking away was not because of the mistake, but rather because of the mindset that the mistake produced. I'm guessing that under ideal circumstances (keeping your cool after a fat finger mistake) then to keep following your trade plan would be fine. But I don't think he compounded his mistake by walking away after an event that took him out of focus on his trading. I vote for walking away in that case.... maybe because that's what I do

Cheers!


My experience is the exact opposite of what you two recommend. I am usually MORE upset at when I don't follow my plan. If I make a mistake to get me off my plan, I try to get back on the plan as soon as I can.

Making trading decisions in an angry state is bad, I agree. But if OP is going to be so angry after a fat finger mistake - so angry and upset that he throws his plan out the window - he really should not even be trading.

If you have any questions please send me a Private Message or use the futures.io "Ask Me Anything" thread
Reply With Quote
The following 4 users say Thank You to kevinkdog for this post:
 
  #17 (permalink)
Trading for Fun
Baltimore MD
 
Futures Experience: Intermediate
Platform: TOS
Favorite Futures: Futures
 
Posts: 54 since Jun 2013
Thanks: 12 given, 13 received


wldman View Post
Schweaty. I love you salty holiday balls by the way. Maybe you could post a recipe?

First, having expectations about a directional market will kill you if you are not careful. Trade what is there, not what you think..or worse hope.

Second, Typical edge for even the best of us is very thin these days. You must pay attention to the details and totally master the stuff you actually can control.

Third, When stuff happens you'd be helping yourself to note the cause, improve what you can and move on immediately. Carrying emotional junk will weigh you down and prevent you from reaching the top.

Thanks for the advice, good stuff. Sorry but my Holiday Balls Recipe is a closely guarded secret.

Reply With Quote
The following user says Thank You to Pete Schweaty for this post:
 
  #18 (permalink)
Elite Member
Greensboro NC
 
Futures Experience: None
Platform: TOS/ NT Dorman
Favorite Futures: ES TF CL
 
Rad4633's Avatar
 
Posts: 1,352 since Sep 2011
Thanks: 2,651 given, 886 received


kevinkdog View Post
My experience is the exact opposite of what you two recommend. I am usually MORE upset at when I don't follow my plan. If I make a mistake to get me off my plan, I try to get back on the plan as soon as I can.

Making trading decisions in an angry state is bad, I agree. But if OP is going to be so angry after a fat finger mistake - so angry and upset that he throws his plan out the window - he really should not even be trading.

I agree with your earlier comment but only after he has a "Advanced" Avitar listing because until you master emotion of a simple mistake more mistakes will follow that trading day IMO. And honestly as we advance that trade is gone so what they'll be plenty more to come along

Reply With Quote
The following 2 users say Thank You to Rad4633 for this post:
 
  #19 (permalink)
Market Wizard
Cleveland Ohio/United States
 
Futures Experience: Advanced
Platform: Tradestation
Broker/Data: various
Favorite Futures: futures
 
Posts: 2,388 since Jul 2012
Thanks: 1,139 given, 4,387 received
Forum Reputation: Legendary

Pete -

Ask yourself these two questions.


I made a fat finger mistake, and stopped trading for the day because I was so angry. Am I now more angry about the ff mistake, or the fact I subsequently lost out on a big winner? What if the market turned up after my ff mistake, would I be happy I walked away?

If you have any questions please send me a Private Message or use the futures.io "Ask Me Anything" thread
Reply With Quote
The following 2 users say Thank You to kevinkdog for this post:
 
  #20 (permalink)
Trading for Fun
Baltimore MD
 
Futures Experience: Intermediate
Platform: TOS
Favorite Futures: Futures
 
Posts: 54 since Jun 2013
Thanks: 12 given, 13 received



kevinkdog View Post
Pete -

Ask yourself these two questions.


I made a fat finger mistake, and stopped trading for the day because I was so angry. Am I now more angry about the ff mistake, or the fact I subsequently lost out on a big winner? What if the market turned up after my ff mistake, would I be happy I walked away?

I think I am (was) upset because I sat there and watched the trade go on after I made a fat finger mistake. To be honest, if I had not made the mistake and the trade turned against me and hit my SL, I would not have been upset. The loss would have been acceptable and no big deal. It was just frustrating.

Reply With Quote
The following 2 users say Thank You to Pete Schweaty for this post:

Reply



futures io > > > The one that got away.

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     


All times are GMT -4. The time now is 04:30 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-17 in 0.14 seconds with 19 queries on phoenix via your IP 54.227.51.103