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The PandaWarrior Chronicles
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The PandaWarrior Chronicles

  #1201 (permalink)
Trading for Fun
Gainesville, Florida, United S
 
Futures Experience: None
Platform: TWS
Broker/Data: IB
Favorite Futures: Stocks
 
Posts: 66 since Dec 2010
Thanks: 30 given, 104 received

Any amount that you are currently ahead -- regardless of how much of this amount is still open -- is 100% yours.

Any amount that an open position moves against you is a loss --- again, 100% yours.


Trades which you have previously closed (whether it be a few minutes ago or a few years ago) cannot alter this.

Once you are "ahead money" -- it is yours. Just as much *yours* as the money you originally put at risk when you opened the position. As far as I know, it carries equal buying power throughout the world.

This is the same silly notion as the guy who walks into a casino and throws a $100 bill on a Blackjack table --- wins the hand and then tries to convince himself that he is playing with "house money" until he loses $100.

Sorry to burst your bubble, Charlie, but if you lose $100 after that first win --- you've lost $100 of *your* money.

If believing this is not the case makes him feel confident, irrestible to women and positively strokes his psychology -- who am I to argue.

Peace,
Paige

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  #1202 (permalink)
Elite Member
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Paige View Post
Any amount that you are currently ahead -- regardless of how much of this amount is still open -- is 100% yours.

I hate to say it but unless you bank "open" profit and have a stop that is at least BE or better, an open trade is simply vapor. Anything not banked or locked in is simply "potential" profit.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #1203 (permalink)
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See answers in italics


Big Mike View Post
@PandaWarrior, I was wondering if you would be willing to answer these questions. I am copying the questions from a series of interviews from Embrace The Trend:


1) How long have you been trading? I've been interested in the markets since I was a little kid. I quit my first job because they said I was to young to particpate in the 401K plan they had. But as far as trading goes, I started about 3 years ago.



2) What style of trading / investing do you practice (technically driven, fundamental, systematic, a combination etc)? 100% technical. I ignore news during the trading day and rarely look at it after.


3) How do you feel when a trade goes against you? Most of the time, I feel more or less calm. But in the beginning, I sweated bullets.


4) How do you feel when a trade goes for you? Most of the time, I feel more or less calm. But in the beginning, I sweated bullets.


5) How have these feelings changed over your trading career? (Can you recall how you originally used to feel and elaborate on how this has changed over time?) Its only changed by building confidence in what I am doing. The extreme physical reaction to being in live trade was due mostly to me simply guessing about what I was trying to do. I don't think I'll ever completely eliminate the nervousness of trading. I just want to lessen its impact on how I trade.


6) Do you have any practices that you do away from the trading screen to help you mentally and emotionally handle trading? I never look at charts on the weekend. Sunday night I get ready by reviewing a few things. I spend a lot of time reading non trading related stuff. My wife and I are wanders at heart and so if we can't travel, we plan travel or watch travel related films or TV. My faith is also important to me and I rely on it for the more difficult periods of life.


7) Have you always done this? No, I spent 24/7 looking at charts for the first 2.5 years and stressing over why it wasn't as easy as the hype made it sound!


8) If not, how have you learnt to deal with the feelings that come up when trading?


9) Can you describe a time in your trading life which really rammed home the point that so much of trading comes down to psychological factors? I've always known it, but it was rammed home once when I was reviewing my original thread here on futures.io (formerly BMT) and seeing how nice some of the "methods" I came up with or borrowed from others looked. I realized then everything works for somebody. The missing component was mental. This was further driven home when I watched a documentary about professional blackjack players and how they approached the business of gambling.


10) If you could give aspiring traders one piece of advice about emotionally handling the market what would it be? I would suggest that getting to the emotional realization that trading has little to do with mechanics as fast as possible is paramount. There is a gap between the head knowledge that trading is mental and the emotional buyin that is required to focus on it. The only way to accomplish this is trading live money. I recommend trading micro forex to do this and gradually increasing size until you are playing with something approaching the kind of money you trade in futures. This is not the route I took but I didn't know any better either. In hindsight, this makes the most sense. My brother is doing it this way and is experiencing some success. He did trade live money in the futures but to his credit, realized it was to intense for him at that point.

Mike


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris

Last edited by PandaWarrior; October 14th, 2012 at 02:08 AM.
 
  #1204 (permalink)
Site Administrator
Manta, Ecuador
 
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Awesome, thanks Brian.

Mike

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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  #1205 (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


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #1206 (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
 
Posts: 46,240 since Jun 2009
Thanks: 29,353 given, 83,234 received

Matt will be on futures.io (formerly BMT) Monday, and I'm trying to get Michael on early next year

Mike

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.

The following 5 users say Thank You to Big Mike for this post:
 
  #1207 (permalink)
Elite Member
In the heat
 
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Posts: 3,155 since Mar 2010
Thanks: 6,306 given, 13,250 received


Big Mike View Post
Matt will be on futures.io (formerly BMT) Monday, and I'm trying to get Michael on early next year

Mike

I posted so I can have it in my quick summary inventory at the beginning of the thread. Outstanding interview

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #1208 (permalink)
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Thanks: 6,306 given, 13,250 received

Major Mental Cluster

I had a long bias coming in as all the charts were long. I got my first short signal one the 1M and passed, I had taken several shorts last week that were all BE trades as the HTF were long. Today I simply passed waiting for the longs to show up.

Once the 1M and 3m were short, I kept thinking the 9M would hold at support and presto, the longs would take over and up we would go.

By the time I figured out we were short, I was disappointed I didn't recognize it sooner, I would have been chasing and I just decided to let it go.

Trouble was, on the daily chart I had decided we would go down instead of up in this range. And yet I failed to act on it.

No losers today but no winners either. In fact, no trades at all.

A total and complete screw up today.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #1209 (permalink)
Elite Member
Tampa, FL
 
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PandaWarrior View Post
I had a long bias coming in as all the charts were long. I got my first short signal one the 1M and passed, I had taken several shorts last week that were all BE trades as the HTF were long. Today I simply passed waiting for the longs to show up.

Once the 1M and 3m were short, I kept thinking the 9M would hold at support and presto, the longs would take over and up we would go.

By the time I figured out we were short, I was disappointed I didn't recognize it sooner, I would have been chasing and I just decided to let it go.

Trouble was, on the daily chart I had decided we would go down instead of up in this range. And yet I failed to act on it.

No losers today but no winners either. In fact, no trades at all.

A total and complete screw up today.

I don't think it's a screw up. Had you actually taken a long trade, then maybe it would be a complete screw up. Tomorrow's another day and on the CL there will be plenty of opportunities. You decided not to chase and shut it down, which in my mind is a victory

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  #1210 (permalink)
Elite Member
Wake Forest, NC
 
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PandaWarrior View Post
I had a long bias coming in as all the charts were long. I got my first short signal one the 1M and passed, I had taken several shorts last week that were all BE trades as the HTF were long. Today I simply passed waiting for the longs to show up.

Once the 1M and 3m were short, I kept thinking the 9M would hold at support and presto, the longs would take over and up we would go.

By the time I figured out we were short, I was disappointed I didn't recognize it sooner, I would have been chasing and I just decided to let it go.

Trouble was, on the daily chart I had decided we would go down instead of up in this range. And yet I failed to act on it.

No losers today but no winners either. In fact, no trades at all.

A total and complete screw up today.

I disagree with you...you do great when all your timeframes are in sync and today they were not...better to be on the sidelines waiting patiently for all things to align than to be writing about how you jumped in before the charts were in synch and you either a. broke even b. lost

Not every day is a trading day.....
Papa15

My focus is on:
1. Avoid the opening chop.
2. Honor stops
3. Ensure reward > risk on all trades
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