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NW Trader's Journal

  #221 (permalink)
 
NW Trader's Avatar
 NW Trader 
Seattle WA/USA
 
Experience: Intermediate
Platform: NinjaTrader 8
Broker: NinjaTrader
Trading: CL, YM, ES
Posts: 305 since Sep 2018
Thanks Given: 495
Thanks Received: 1,084

Taking a break..................

Whether it is the volatile market, the mental effects of the corona virus, or simply fatigue, I have decided to step back from trading for awhile. I'm not quitting but I feel I need to take time assess where I've been on this journey and where I think I can go from here. Over the past two years I have dropped in excess of US$10K on this project and although I haven't burned through my account that is certainly not where I thought I would be by now. I have learned from each trade, winner or loser, and I did set aside my trading funds with the full knowledge that they might be lost, nevertheless money is the score card in this game and my score is not good right now.

I have often said that I don't think there is only one way to be successful in trading. I have seen successful traders with nothing on their screen but the price and others with multiple screens that look like technicolor ink blots. There is no Holy Grail or magic indicator, although here again I have seen successful traders using a multitude of indicators or perhaps none at all. My point is that I have studied various strategies over the past few years trying to learn a little bit from each one with the idea that ultimately I would arrive at a method that is comfortable for me and, of course, moderately successful. It hasn't happened yet, but I am not ready to throw in the towel either.

For now, I am going to go back and review those periods of time when I had the most success and try to identify those places where I stubbed my toe. I'm not trying to start from scratch again (God forbid!!) but I do feel that I have somehow veered off in the wrong direction and need to allow some time to get back on track.

Although I will continue to monitor FIO, I probably won't be posting regularly for a while. Once I get my sh#% together, I will be back. In the meantime, as always, I wish everyone Happy Trading!

Mike
NW Trader

There is no path to happiness. Happiness is the path.
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  #222 (permalink)
Wizard3ootz
Bend + OR/USA
 
Posts: 55 since Aug 2019
Thanks Given: 51
Thanks Received: 148

@NW Trader - Man, my heart goes out to you. When I first came over to Futures from stocks, I had accrued just over 3 grand.... which for me, was a shit load of money. I had never really saved anything in my life, and within two months, I had chopped it down to half (and eventually the rest). I think it takes courage to step back like that, and assess things, and know it can be especially hard when you are really passionate about what you are doing. You know, it took me 5 years before I felt I was an INTERMEDIATE guitarist, and I feel like trading is every bit as difficult as that, if not harder. When you get back in the swing of things, I cannot recommend Brett Steenbarger's "The Daily Trading Coach - 101 Lessons for Becoming your Own Trading Psychologist." He equated it to a "cookbook" with a ton of exercises in it, and there is going to be a goldmine of material that I think will help you to process and reflect upon stuff. You had mentioned you were going to go back and look at was working well, and that is 100% aligned w/ what he encourages you to do. He basically says that you want to assess where your "natural strengths" are, and then build your strategy around that. One way to figure that out is to take the top 10 "peak trading experiences" you've had, and assess what strengths they are exhibiting. I know that you are loosening up the reins for a bit, and I wanna respect your need to unplug for a while - just thought that it might be helpful. It's quite a bit better than Randee Howell's book, actually (Big Mike said it was one of the best trading books he's ever read).

Anyway, I am sorry things have been rough. Believe me when I say I am right there with you, lol. Biggest of props though to have the guts to step back for a bit - I know how difficult it is.

-Wiz

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  #223 (permalink)
 
NW Trader's Avatar
 NW Trader 
Seattle WA/USA
 
Experience: Intermediate
Platform: NinjaTrader 8
Broker: NinjaTrader
Trading: CL, YM, ES
Posts: 305 since Sep 2018
Thanks Given: 495
Thanks Received: 1,084


A fond farewell.

I debated whether to just fade away or to make a final post, but I feel like I owe this community an accounting since it supported me without fail during my journey.

It's been about 2 months since I took a hiatus from posting in order to concentrate entirely on my trading and, frankly, trying to get my shit together. Instead, despite what I think were rational, reasoned steps I continued to post losses. Even using the micros to conserve capital, the losses were successive, strings of losses like I've never seen before. As last week ground to another disappointing end, I finally had to sit back and face facts. I'm not a trader.

It pains me to have to say that because throughout my life I've been able to do almost anything I set my mind to. In this case however, after two years of determined effort and almost $20K, there comes a time for a rational mind to say "Whoa". Now I know that many successful traders have taken 7-10 years and far more in losses to get going. In my case, I felt that I should be seeing "some" progress but instead my results had become almost more random than when I first started.

We can thrash around all day about what I did, could have done, should have done, etc, but that's not the point of this post. There may come a time when I'm ready to step back in and take another swing at this but right now I know I need to step away completely, sleep past the opening bell , not look at any charts for some time.

I do want to thank Big Mike and this community that he created for unwavering support. I seldom got a snarky response to even my dumbest questions and the helping hands and "attaboys" were there for me without fail. I especially want to thank @kareem40 and @Wizard3ootz for going above and beyond in providing assistance. Because of this community I can say that this has NOT been a "bad" experience, only a disappointing result.

And finally, to any new trader reading this, I would stress that this post should not deter you from pursuing trading. There are many people making consistent money trading futures. Sure, there are many others claiming to do so who only want to sell you something and you will have to sort the good from the bad. But, that's what this community is excellent in helping with. The success rate for traders is low, some say 5%, so you can just realize that I am, at the moment, in that other 95%.

Anyone who has read my posts knows that whether I was winning or losing, I generally tried to see the positive side and enjoy what I was doing. That hasn't changed and that is why I can end this post as I often have my others by very sincerely wishing you all......

HAPPY TRADING!!

Mike
NW Trader

There is no path to happiness. Happiness is the path.
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  #224 (permalink)
 
casey44's Avatar
 casey44 
Louisville KY
 
Experience: Beginner
Platform: NT8
Trading: micros
Frequency: Daily
Duration: Minutes
Posts: 247 since Jan 2010
Thanks Given: 4,041
Thanks Received: 311

Thank you for all you posted NW Trader, yours posts were of those I looked forward to seeing. Thanks for caring enough to post this final (for now) one.
All the best! Cheers!

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  #225 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
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Swing Trader
 
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,399 since Jun 2009
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Thanks Received: 101,541

@NW Trader it takes a big man to admit what he doesn't know or even what he can't make work.

The truth is, trading isn't for everyone. The real truth is, it is only for a tiny few -- and any of them could succumb to a string of bad events that end their career.

To what may be your best trade ever: focus on what's to come and don't look back! We are fortunate to have counted you as a valued member of our community for many years.

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  #226 (permalink)
Wizard3ootz
Bend + OR/USA
 
Posts: 55 since Aug 2019
Thanks Given: 51
Thanks Received: 148


Big Mike View Post
@NW Trader it takes a big man to admit what he doesn't know or even what he can't make work.

The truth is, trading isn't for everyone. The real truth is, it is only for a tiny few -- and any of them could succumb to a string of bad events that end their career.

To what may be your best trade ever: focus on what's to come and don't look back! We are fortunate to have counted you as a valued member of our community for many years.

Sent using the NexusFi mobile app



Man, when I first read this, I was talking to Superlite and Endobo about how hard it must have been to come to this decision. I know how much you love trading, and can certainly relate to feeling defeated/frustrated with significant losses. We have cherished the time we spent with you, and I’m glad that you have the propensity to loosen the reins, evaluate things objectively, and choose where to invest your time and energy. I am sure that there will be positive changes to come of this, having more time and money to focus on other aspects of your life.

Thanks for everything man. I really respect you for having the guts to do this.

-Cory


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  #227 (permalink)
Superlite
Boston, MA
 
Posts: 9 since Jan 2020
Thanks Given: 4
Thanks Received: 18

It was great trading with you in the discord channel whenever I was able. Until you find consistency and your place in the markets, trading really does take its toll on the mind, body, and your wallet! Sorry it didn't work out for you, but i'm sure you will excel wherever you take your talents. Best of luck to you man.

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  #228 (permalink)
 
kareem40's Avatar
 kareem40 
Dallas, TX
Legendary TradeTheBar
 
Experience: Intermediate
Platform: NT, TS
Broker: IB, Oanda
Trading: ES, MES, MNQ, MYM
Posts: 708 since May 2010
Thanks Given: 1,887
Thanks Received: 903

Hi Mike,
I am sorry to hear about the experience and losses. But 90% of us have been thru this and other 10% lie about it. This is the normal path. One last advice I can give to you and others that may read this post. When you are back, and you will. Don't day trade, swing trade. This has been the key to my major success for the last eight months of full trading. Day trading is hard, swing trading is easier and has higher chance of success.

Stay in touch and all the best.

Kareem

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Last Updated on June 11, 2020


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