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Difficulty pulling the trigger/ performance anxiety
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Difficulty pulling the trigger/ performance anxiety

  #41 (permalink)
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Papertrade View Post
How do You deal with reversal days like today? 16 pts run up and a 20 pts reversal and wasn't even a big range day comparing to last few weeks?

I trade a small basket of stocks holding concentrated positions with each position having a protective put in place. So how did I deal with the reversal day? Left work at 18h00 my time (2.5 hours into the trading day) and spent time with my family. Checked my portfolio balance at day-end. Took a knock just north of 0.6% for the day, but it is all part of the plan. Will close those positions where the put options expire later this week. If things stay where they are now, those positions will be slightly profitable. If all hell breaks loose, those positions will cost the portfolio about 4%.

By changing my trading from a shoot-from-the-hip approach to a more chess-like approach with lots of time to plan for different scenarios, I adapted my trading to something that works for me and makes decent money when markets trend. Lately markets don't trend that nicely, so I am happy breaking even until things change.

If I was trading a 1 trade-a-day system as the example I gave earlier, I either would have been stopped out (long hitting stop or short hitting stop) or the short would have worked (stop not hit). Since this is a hypothetical system to illustrate how trade management can impact the profitable of a system, I can't say what would have happened. However, no matter which way it went, it is all part of the game.

I tend to agree with @mattz - if your business is profitable and has the capability to expand, rather focus on that. If trading influences your business negatively, the price will be a lot more than just your trading account.


Last edited by grausch; October 14th, 2015 at 04:41 AM. Reason: Fixed loss to agree to IB's numbers
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  #42 (permalink)
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grausch View Post
I trade a small basket of stocks holding concentrated positions with each position having a protective put in place. So how did I deal with the reversal day? Left work at 18h00 my time (2.5 hours into the trading day) and spent time with my family. Checked my portfolio balance at day-end. Took a knock just north of 0.6% for the day, but it is all part of the plan. Will close those positions where the put options expire later this week. If things stay where they are now, those positions will be slightly profitable. If all hell breaks loose, those positions will cost the portfolio about 4%.

Ok I understand now I thought You were long term daytrading as You suggested me.



grausch View Post
By changing my trading from a shoot-from-the-hip approach to a more chess-like approach with lots of time to plan for different scenarios, I adapted my trading to something that works for me and makes decent money when markets trend. Lately markets don't trend that nicely, so I am happy breaking even until things change.

Nice, the important thing is that You found what works for You, I see most people will tell You their method is the way to go (out of good intentions I know) but everyone is different as the saying goes "There are as many systems as there are traders in the markets" I don't think there are wrong or right systems/methods if it works for You it works for You period.

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  #43 (permalink)
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Papertrade View Post
Ok I understand now I thought You were long term daytrading as You suggested me.

No, I was trying to illustrate how different trade durations and number of trades can affect the outcome of a system over the long run. If you want, you can try and keep tabs of this system. For instance, you could journal how such a system would work and compare it to your actual trading - use a day-planner, write down your first trade of the day, give the stop a little more wiggle-room and end of the day, check to see what would have happened. Keep a running tally for a month or so and compare it to your actual results. You can also run some expectancy calculations and see the difference between the two system. It may, or may not, show some interesting results.


Papertrade View Post
Nice, the important thing is that You found what works for You, I see most people will tell You their method is the way to go (out of good intentions I know) but everyone is different as the saying goes "There are as many systems as there are traders in the markets" I don't think there are wrong or right systems/methods if it works for You it works for You period.

Yes, I started off day-trading the ALSI (south-african index futures) on sim as a university student. I always used to believe that the best way to trade was to become really "good" at it, monitor the market like a hawk and catch every small move while controlling risk with small stops - it makes sense massive leverage, but little risk should lead to huge returns, right? I obtained better results by changing my perspective and that change in perspective allowed me to look at other methods until I finally molded those methods into something that works for me.

It may sound like I was prescribing how you should trade - that was not the intention. Rather, I would suggest looking at your current trades and seeing how the differences I mention above can influence your account. Really critical post-analysis is crucial - not in the sense of getting better entries / exits, but figuring out out to get more out of a trade once you are in it.

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  #44 (permalink)
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grausch View Post
No, I was trying to illustrate how different trade durations and number of trades can affect the outcome of a system over the long run. If you want, you can try and keep tabs of this system. For instance, you could journal how such a system would work and compare it to your actual trading - use a day-planner, write down your first trade of the day, give the stop a little more wiggle-room and end of the day, check to see what would have happened. Keep a running tally for a month or so and compare it to your actual results. You can also run some expectancy calculations and see the difference between the two system. It may, or may not, show some interesting results.



Yes, I started off day-trading the ALSI (south-african index futures) on sim as a university student. I always used to believe that the best way to trade was to become really "good" at it, monitor the market like a hawk and catch every small move while controlling risk with small stops - it makes sense massive leverage, but little risk should lead to huge returns, right? I obtained better results by changing my perspective and that change in perspective allowed me to look at other methods until I finally molded those methods into something that works for me.

It may sound like I was prescribing how you should trade - that was not the intention. Rather, I would suggest looking at your current trades and seeing how the differences I mention above can influence your account. Really critical post-analysis is crucial - not in the sense of getting better entries / exits, but figuring out out to get more out of a trade once you are in it.

I did open a TOS Sim trial account to swing trade the ES just to get a feel if I'm in tune with the markets, did a couple of ok trades, but now I don't even open the software as it distracts me, when I'm more relaxed daytrading I might just do that, take a longer term position on sim as I keep doing what I do and compare both daily/weekly/monthly as I journal.

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  #45 (permalink)
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Papertrade View Post
I have burnt the family savings between the internet bubble burst and 9/11 events swing trading equities very traumatic to me as I watched paralyzed by fear one by one all my positions got a margin call right after the market reopened following 9/11 ..the last one on that down gap that marked the end of that downturn ( very predictable I came to learn later)

In 2008 opened a futures account after a few months I realized I wasn't ready an closed the account

Never stopped studying and learning.. about 3 years ago I decided it was time to take trading seriously and into the next level also I realized there's this little thing called sim account which I was too naive to consider before

Slowly but surely I developed my trading methodology found BMT a couple years ago which helped me some and about 6 months ago I started seeing consistency in my trading for the past 3 months I've been profitable every single week on sim so about 4 weeks ago I decided it was time to go live.

First week was marginally profitable second week I had a melt down.. one day started with 2 losers and I realized I took one by mistake the set up wasn't there.. as my 3rd trade gone bad stopped by the tick I started to question my methodology and lost it.. never had three losers in a row on sim my trading plan was thrown out the window ..revenge trading and a few other mistakes that I promised myself I would never do again was what followed ..when I was down 8% on my account I woke up from the trance like "what you're doing" You need money to come back tomorrow.

Took the rest of the week off to analyse and work on those issues went back to sim had 2 great weeks of 20+ ES pts each

This week I went back to live and just couldn't pull the trigger I have normally 2 to 6 set ups a day I had several set ups with great (would be) outcome but I would always find an excuse not to enter the trade, today I took a trade which was a winner but my heartbeat went up for the 4 mins duration of the trade.

Basically I Buy/Sell pullbacks within the trend ..the mother of all simplicity and reliability.. right? Well this week I was like "is it a pullback or reversal? When my research and sim trading thought me not to question and just take the trade.

I've been reading about scared money these past few weeks and have identified my problem as performance anxiety

I could lose this small account money and life would go on normally I would just have to expand my business again which is fairly easy trough advertising (pool maintenance an repair, I did not advertise for the past 6 months as I wanted more time for trading) but the thought of failing again and probably have to give up trading altogether disturbs me

Yes I journal I'm confident in my methodology I risk roughly 1%/trade if it's over 1.5% I don't take the trade I only trade 1 contract I don't need that money for other means, the way I see is just the thought of failure that separates me from being successful

I started meditation yesterday next week I'll try some relaxation techniques it was suggested on a video I watched yesterday (by steenbarger I guess, I watched like 5 videos on the subject lol)

Thoughts? Suggestions? Anyone who overcame this what was your approach to the issue?


Basically I Buy/Sell pullbacks within the trend ..the mother of all simplicity and reliability.. right? Well this week I was like "is it a pullback or reversal? When my research and sim trading thought me not to question and just take the trade.




That's your problem right there! You've lost the bigger picture!
If you trade in a range or cogestive area the trade needs lots of room or better yet don't even get in...

my 2c

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  #46 (permalink)
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Itchymoku View Post

btw ... just putting this out there

Shia LaBeouf: 'I opened an account with $20,000 of my own money and it went up to $300,000 in two months' | Daily Mail Online

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