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Catching Big Waves - a trader's journal of surfing the the markets
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Catching Big Waves - a trader's journal of surfing the the markets

  #4131 (permalink)
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I have proven 3% to 10% per month to myself. I do not have enough risk capital to make that the right thing to do financially, based on what my beliefs are. I need to build a cash reserve just for the sake of "what if". Or because it is what I am used to. My risk tolerance has been compromised.

 
  #4132 (permalink)
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GaryD View Post
But, most of us are, most of our lives. We may claim a different path. But walk it?

If we are going to ever "bow down", the strongest of us wind up doing it, to ourselves. AKA, tenacity, perserverance. Stamina. Guts. Drive. Determination.


Sacrifice.

"Nothing in this world can take the place of persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent. The slogan "press on" has solved and always will solve the problems of the human race" Calvin Coolidge

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #4133 (permalink)
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PandaWarrior View Post
"Nothing in this world can take the place of persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent. The slogan "press on" has solved and always will solve the problems of the human race" Calvin Coolidge

@PandaWarrior

So true! When ever I feel like quitting I read this quote

The biggest failure in life is not knowing how close you were to success when you gave up.

Translation: Press On Never Give Up!!

Robert

nosce te ipsum

You make your own opportunities in life.

Last edited by Silver Dragon; September 9th, 2012 at 01:16 AM.
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  #4134 (permalink)
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Big Mike View Post
To be clear, futures.io (formerly BMT) has not deleted anything.

Mike

Correct. I did.

 
  #4135 (permalink)
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Kingpin View Post
Its your understanding of why markets move that is 100% wrong . Trading should never be this hard. Its your inability to go outside and meet real traders from real companies.

I wish I could.

 
  #4136 (permalink)
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GaryD View Post
[IMG]https://futures.io/trading-journals/trading-journals/trading-journals/

Not what I think of as standard catch in Florida. Cool. Never seen one, but had a few teeth from the beaches. Black Tips, I am deadly. Hammerheads, Makos, Bulls, Lemons.. another day in Florida. I ran head on, into the head BTW, of a Nurse shark once. I got into a current, it was murky, and apparently it was going upstream. The fear was in both of us. We both freaked! Funny now, adrenaline pumping then.

Florida has a lot of those experiences. Try Lobstering the last Wed/Thur of July. Shrimping Haulover in a full moon. Sailfish when they lay on the top. Kingfish in winter when they stack up on the reefs. Snapper in summer, when the rest of the ocean can be slow. Sightifishing for cobia, watch for mantas. Pulling up grouper that dare to blow your biceps off the west coast. Landing more mahi than your have rods for in the spring...

You might enjoy Florida.

Yes think this was a rare catch, i bring good luck to the waters

Sounds like once upon a time you had fishing the golf on lock down, ashamed you did keep it up!!!!

I will change that if i move out here, you need a balanced life style Mr Gary D, all you seem to do is work, work and em work!

If i was to move out here, 1st hurdle is finding a way for the states to give me premision which seems to be rather hard from the site i have been on and the people i have spoke to about this matter. We should 100% team up though, 2 great minds are always better that one in my vision

Next time i come back im getting kittid up fot he "JEW FISH" (this is what the locals called the fat grouper) going to get a 70lb+ drag reel and wrench one of these big boys out. Sounds crazy fishing for something nearly twice the weight of me he he

Just like going out on a Friday night hog hunting as the locals here would say!

Any ways up live and kicking now, if you got time for coffee let me know ASAP bro. I dont see no sun at the moment

Now back to your trading "issues" man up!

I think you think too much about this whole situation, you have learnt and proven you can ride a bike now and jump the small dirt jumps down the park, you now need to trust yourself and start hitting the bigger jumps getting some nice air

Thinking too much is not good for you, your a machine and your not programmed to think your programmed to execute your trade plan!

Like i said before the best way i can see to do this safely is in a constructed trade plan in place for account growth and trade size, for example (just for demonstration purpose 10k account)

10k account = average 10 ticks of risk per trade 1% of account per trade

For every 10k added to account value you earn the permission to add another contract to you positions

For every 10k lost from your account value you get punished and take 1 contract off you trade position

Keep this in uniform shape for your trade style and plan

have a max daily loss of your account 4% on the 10k account

have a max daily profit 10% on the 10k account

If you stick to this sort of trade plan you will be trading larg size safely before you know it and have the confidence to do so because of the strategy above. Its rule govern and controlled and simple

At the moment your stuck in your comfort zone, your routine and how do you expect yourself to just jump and start trading size when you stuck in your ways. You need to grow slow and with the above method trading larger will become the norm and routine and habit and comfortable

" I will follow my rules, I will take my stops, I will be disciplined and i will work with the market....NOT AGAINST IT! Professional mind control is the key"

Last edited by greenr; September 9th, 2012 at 10:25 AM.
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  #4137 (permalink)
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Big Mike View Post
Why do you want to be a trader?


I originally wanted to because I thought I saw an opportunity. That idea got manipulated, by myself and by some friends, and before I knew it I was trying to be a trader, something I did not understand. During that time, things continued to get worse for me, and I saw that trading possibly offered the potential to make myself, and others who had lost money with me in real estate deals, "whole".



Big Mike View Post
Are you unable to be happy if you are not a trader?

What things make you unhappy if you are not able to earn your living through trading?

What things make you happy with trading?


I feel like I am right on the edge, but not comfortable enough in a few areas. Unable to be happy is a little strong. It's more that I have spent so much time pursuing a goal, to be here and think, "That's it?" Impatient I think.

I do not enjoy always traveling, airports, rental cars, hotels, being away from home all the time. With all of the time I have invested, I would think trading is the natural direction for me to go, and would give me more time at home, wiht my wife, doing other things I want to do.

I have been an entrepreneur for 20 years, feel a certain need for independence, do not know how to work for a company maybe. Or, just not sure.




Big Mike View Post

But you aren't stuck. Not if you really want to be a trader. Set realistic expectations. Set intervals to measure yourself. Define specific areas to focus on and train on. Always be learning, always move forward, always be a better trader today than you were yesterday, even if you had a losing day - you've gained additional experience.

That is what I have believed and what has kept me going. But I have this internal level of tenacity where it is difficult for me to pursue something in moderation. When I go after a goal, it is intense for me.



Big Mike View Post
So even though they've learned a tremendous amount and may finally have sufficient skills to start making money as a trader, the emotional and psychological side is a constant battle which prevents them from just "adding a zero" with success.

Yes, that is correct.




Big Mike View Post

"I can't make my money back if I trade smaller".

That is a part of it also. What has me pinned between a size I am comfortable with, and a size I feel I started this whole process for.




Big Mike View Post
If it were me, working a day job, having a family, I would never be able to day trade. It's just too time demanding. Swing trading equities/ETFs may be far easier for you. You mentioned you had swing traded previously, but it is not clear to me why you stopped swing traded and started futures trading?

I guess I was encouraged to do so by other traders. It was explained to me that if I want to get the "best bang for the buck" (those are the exact words of a prior mentor), I need to trade futures. Futures offered the best opportunity to increase size as I gained knowledge.

The stopping swing trading was the other side of that move. Futures are so swift that swing trading seemed intense. It caused me to start looking for more reliable setups that were easier for me to see, believeing it is easier to know what is happening now than what will happen later.




Big Mike View Post
I started swing traded over 15 years ago and then 5 years ago switched to almost exclusively futures. But in the last year I've added a lot of swing trading back to the mix, and I have to tell you, it is so much easier These days even my futures trades are on ever bigger and bigger charts, and longer and longer duration. To me, it is just easier this way.

Maybe I will give that some more effort.

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  #4138 (permalink)
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greenr View Post
Yes think this was a rare catch, i bring good luck to the waters

Sounds like once upon a time you had fishing the golf on lock down, ashamed you did keep it up!!!!

I will change that if i move out here, you need a balanced life style Mr Gary D, all you seem to do is work, work and em work!

If i was to move out here, 1st hurdle is finding a way for the states to give me premision which seems to be rather hard from the site i have been on and the people i have spoke to about this matter. We should 100% team up though, 2 great minds are always better that one in my vision

Next time i come back im getting kittid up fot he "JEW FISH" (this is what the locals called the fat grouper) going to get a 70lb+ drag reel and wrench one of these big boys out. Sounds crazy fishing for something nearly twice the weight of me he he

Just like going out on a Friday night hog hunting as the locals here would say!

Any ways up live and kicking now, if you got time for coffee let me know ASAP bro. I dont see no sun at the moment

Now back to your trading "issues" man up!

I think you think too much about this whole situation, you have learnt and proven you can ride a bike now and jump the small dirt jumps down the park, you now need to trust yourself and start hitting the bigger jumps getting some nice air

Thinking too much is not good for you, your a machine and your not programmed to think your programmed to execute your trade plan!

Like i said before the best way i can see to do this safely is in a constructed trade plan in place for account growth and trade size, for example (just for demonstration purpose 10k account)

10k account = average 10 ticks of risk per trade 1% of account per trade

For every 10k added to account value you earn the permission to add another contract to you positions

For every 10k lost from your account value you get punished and take 1 contract off you trade position

Keep this in uniform shape for your trade style and plan

have a max daily loss of your account 4% on the 10k account

have a max daily profit 10% on the 10k account

If you stick to this sort of trade plan you will be trading larg size safely before you know it and have the confidence to do so because of the strategy above. Its rule govern and controlled and simple

At the moment your stuck in your comfort zone, your routine and how do you expect yourself to just jump and start trading size when you stuck in your ways. You need to grow slow and with the above method trading larger will become the norm and routine and habit and comfortable

I checked my voicemail, nothing there. I have no way to contact you.

I am headed for OIA now. Call my cell if you are still around.

 
  #4139 (permalink)
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GaryD View Post
I checked my voicemail, nothing there. I have no way to contact you.

I am headed for OIA now. Call my cell if you are still around.

Sorry dude, i was waiting for a reply on here

Got dragged out shopping! "great"

im in USA till 17th dude, we gotta catch each other before there or it will be a big shame

Whats the chance in you getting back friday?

" I will follow my rules, I will take my stops, I will be disciplined and i will work with the market....NOT AGAINST IT! Professional mind control is the key"
 
  #4140 (permalink)
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Traders most likely went long at the break above the prior W4, creating the local double bottom. The major stop placement was likely the previously presumed WB. Price is approaching a high timeframe W5, plus the 618 of the move down, major longs at the DB are above a 2:1 RR, and appear to be selling into these rallies to exit a good trade in advance of possible major resistance. Major whipsaws whe the selling pressure subsides.


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However, the move up on Friday looked very intentional, with bursts of buying blowing upwards.

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Last edited by GaryD; September 9th, 2012 at 09:07 PM.

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