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The one that got away.
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Created: by Pete Schweaty Attachments:1

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The one that got away.

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

Thanks again. After reading all the responses, I decided to put yesterday behind me and stick to the plan. I took a 2 cent loser and a 4 cent winner . . . so back on the horse I guess.

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  #32 (permalink)
Elite Member
Hong Kong
 
Futures Experience: Intermediate
Platform: NinjaTrader, TWS
Broker/Data: IB/Kinetick
Favorite Futures: ES
 
Posts: 233 since Jan 2012
Thanks: 130 given, 306 received


Pete Schweaty View Post
Thanks. This is my first fat finger. In the future I will have an "oops, Im a dumb ass" contingency plan before it happens.

No... do not have an "oops, I'm a dumb ass" line in your plan. Talking to ourselves in this way feeds your unconcious for more self-sabotage acts in future!.

Richard
Hong Kong
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  #33 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
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RichardHK View Post
No... do not have an "oops, I'm a dumb ass" line in your plan. Talking to ourselves in this way feeds your unconcious for more self-sabotage acts in future!.

I subscribe to the self-sabotage ideas. I think you simply need to accept responsibility. Trading is about being efficient, minimizing errors, being consistent, and following rules (risk parameters, etc).

The issue most traders have is simply they are unwilling to take responsibility.

They'll blame their computer, platform, wife for calling, kids for interrupting, news report for volatility, or whatever else. You name it, they'll blame it.

The fact is - you placed the trade. You are responsible for it, no matter what. No matter if your broker steals your money, your computer crashes, your power goes out, your platform freezes, it doesn't matter. You made all those choices, and ultimately you made the decision to place the trade.

So I think what Richard is saying is simply to accept responsibility and not to leave room for a get out of free jail card. What you want to do is openly admit your mistakes, not hide them away. You need to evaluate yourself and your performance honestly, so you can come up with a definitive list of your strengths AND your weaknesses, and then work around (both) of them to your advantage.

One last thing, forget about the "shoulda, woulda, coulda" trades. It doesn't help. Trade the plan. If the plan doesn't include those trades and you want it to, then modify the plan -- after doing all of the necessary research, backtesting, forward testing, and etc demonstrating it is actually a good idea. Usually, it isn't.

Mike

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  #34 (permalink)
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In the heat
 
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I have a question I ask traders that come to me for help. How they answer the question determines if I will help or not. I call it The 110% Question.

It goes like this:

Are you willing to accept responsibility 110% of the time for all things trading related? I then follow it up with this; "tell me in your own mind, what has been the primary driver behind your lack of success?"

The 110% is there because there is only 100% potential and yet the trader MUST be willing to accept ALL responsibility, even if its really not their fault. Even to accepting even more than 100%...thats what's required.

The answers to these two questions tell me if the trader is ready to succeed or not.

A few weeks ago a trader sought me out, asked me (I think) for help. I asked him the second question and the response was "HFT are screwing it up for everyone." I knew immediately he wasn't ready and I told him so. He admitted I had a point and went on blaming something else.

So yes, sometimes things happen.....but in the end, we are 110% responsible....shifting blame to anything besides our own decisions and actions prolongs the pain.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris

Last edited by PandaWarrior; September 10th, 2013 at 01:35 AM.
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  #35 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
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Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
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Yup HFT is the devil

Funny thing is, most people here are trading futures, and HFT is really an equities problem.

Sent from my LG Optimus G Pro

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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The following 2 users say Thank You to Big Mike for this post:
 
  #36 (permalink)
Pnut
brisbane australia
 
Futures Experience: Advanced
Platform: nt7
Broker/Data: Looking for a new one
Favorite Futures: forex
 
Posts: 11 since Dec 2011
Thanks: 1 given, 9 received

If your using NT7 just automate your strategies to save the human errors.
My 2c.

I can't move faster than the markets.
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  #37 (permalink)
Trading Apprentice
Springfield, PA USA
 
Futures Experience: Intermediate
Platform: Etrade pro
Favorite Futures: options
 
Posts: 1 since Sep 2013
Thanks: 0 given, 0 received

Hi everyone, so glad to have found this forum. This is the first thread I've read, and I was asking myself a similar question yesterday. I only began day trading again on 8/29 and managed and caught a couple 200%-300% movers my first week. So I'm happy overall, I will post the story of how my Degrade system froze during my first 2 trading days once for almost 3 hours after buying 40 contracts! Cost me a couple of K conservatively, anyway I'll save that story for another day. Anyway week still turned out great even with all the frustration and loses due to Degrade!

Yesterday I was thinking of setting predetermined in the money sell orders, so that I wouldn't have to monitor my positions so closely, which would allow me to look for other opportunities, and not get greedy waiting for another nickel to close a position. Then having to babysit those positions for the rest of the day, kicking myself in the butt for getting greedy, and not selling at the opening pop! Also spoiled my plans for the rest of the day forgot to buy my FIVE calls, or pick up some TSLA puts like last week or take a look at SHLD which ran like crazy or FIO..........

Well like i said I'm glad I found this forum, hope to make some friends learn and have fun here. So How about everybody go out and get a big one today.......or enough to keep you happy.

John

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  #38 (permalink)
 Vendor: www.traderrach.com 
Auckland, New Zealand
 
Futures Experience: Master
Platform: MetaTrader
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Posts: 21 since Oct 2012
Thanks: 8 given, 26 received

It's part of learning

Take a deep breath Pete. It's all part of the learning curve.

It's good you didn't take any rash action as a result of your fuming. One day you'll stay calm and act like a robot, with no mistakes.

Keep at it.

Cheers Rachel

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

Thanks for the replies guys (and gals). I absolutely accept the fact that it was my fault. I did however get upset about it. I guess that means I am halfway there. I can accept responsibility, but need to work on letting it go.

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  #40 (permalink)
Elite Member
Atlanta, GA
 
Futures Experience: Intermediate
Platform: Ninjatrader
Favorite Futures: N/A
 
Posts: 262 since Dec 2011
Thanks: 117 given, 323 received

graceless


I fat-fingered today! Tried to get right back in but wasn't filled. I get one to two good discretionary trades a day, so I might get one more.

It's like you're lying in the brush silently waiting for the prey to finally put its lips to the watering hole, and as you pounce you notice your shoelaces are tied.

And yes, I'm mixing metaphors.

good trading,
RK

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