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The PandaWarrior Chronicles
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The PandaWarrior Chronicles

  #1671 (permalink)
Elite Member
Vernon, BC, Canada
 
Futures Experience: Beginner
Platform: Sierra Charts
Broker/Data: Zaner Group (Transact)
Favorite Futures: ES
 
Posts: 103 since Apr 2010
Thanks: 113 given, 62 received

Risk is our business

for U trekies "risk is our business" - Risk is our Business - YouTube

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  #1672 (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

Sideways with a single directional movement. Out of patience. I'm tired as I didn't sleep to well last night. So done for the day.

Last trade I scaled into three times, missed a fill at the top of the move down, so ended up with a much less profitable trade than I was looking for. Otherwise, a huge day for me. As it was, I ended with a nice profit after two trade sequences.....

I'm trading less and making more money. Scaling in is making the difference as well as holding longer.....both essential for longer term success I think.

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Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #1673 (permalink)
Elite Member
Mumbai, India
 
Futures Experience: Advanced
Platform: ChartNexus
Favorite Futures: Stocks, Commodities, Futures
 
iqgod's Avatar
 
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The first step on the moon!!



Superdoug3 View Post
for U trekies "risk is our business" - Risk is our Business - YouTube

Hereby announcing that I finally allowed my ten tick target to be hit (6E) - a first in the past few months.


I imprinted @tigertrader's advice, and also actually followed @josh's advice 'this is a risk game and those who take risk get paid' - the funny part was I actually checked and rechecked that my ba__s were in place (LOL imagine a trader in position groping himself) but seriously this was a click moment for me.



In a sudden rush of experiencing it instead of simply philosophizing it:

Whenever I play defensively I miss every opportunity by not entering because I am trying not to lose money.

Whenever I stop playing my game I lose money. I stop playing my game when I take four ticks out of a trade that has an average expectancy of 10 ticks.

Most importantly are the "why?"s

If I am missing stuff it becomes a stressor. Solution: To counteract that stressor I am simply playing my game as defined in my plan.

Risk management and patience are like north pole and south pole - the constant struggle is with uncertainty which makes (used to make?) me jump the rules - e.g. if I am wrong with timing then patience takes on a slightly different context in an early entry rather on a perfect entry. Solution: Every time I am not playing a trade for its maximum value I am going to revisit my original premise as to why I am in the first place. This should give me more staying power.

The early entry part especially: Its easy to say to myself in hindsight that I should have waited. Perhaps I will in the future but that is countering price risk with information risk. However assuming I enter a tad bit early and feel trapped then what?

I keep stifling my self, seeing the position moving against me towards an MAE that I already can anticipate, (can I take off the position and reenter again at the correct point - sure I can, but that is for another post!).

Now this is important: The moment such a position jumps from red to green after what seemed like eternity I see the escape route! The exit! That is where I start taking it lightly (whereas I should be doing the opposite - I should be HOLDING now that the position I have built up is finally working). Loss aversion is the demon here and as @xelaar and @PandaWarrior said, it is best extinguished by perfect practice and knowing the market and my setups to the point that I no longer fear loss aversion because losses then become part of my winning strategy!

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  #1674 (permalink)
User requested to be banned
Orlando, Florida
 
Futures Experience: None
Platform: shoes
Favorite Futures: happy
 
GaryD's Avatar
 
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iqgod View Post
Hereby announcing that I finally allowed my ten tick target to be hit (6E) - a first in the past few months.

Next up: 15/25/35

It is tough @iqgod, you have heard me complain about it. But I am leaning towards being right less than 50% of the time. Here was my big trade of the day. And I felt my heart race, I tasted adrenaline in my mouth. But, it is possible. And, truth be told, I closed the last contract early, I have no idea why, but it is still an every day push to do the right things.

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The PandaWarrior Chronicles-long-cl-6-4-13.pdf  

Last edited by GaryD; June 4th, 2013 at 02:33 PM.
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  #1675 (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


GaryD View Post
Next up: 15/25/35

It is tough @iqgod, you have heard me complain about it. But I am leaning towards being right less than 50% of the time. Here was my big trade of the day. And I felt my heart race, I tasted adrenaline in my mouth. But, it is possible. And, truth be told, I closed the last contract early, I have no idea why, but it is still an every day push to do the right things.

Current win rate: <32%. Current Equity Curve Slope. >45%

I am happy.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #1676 (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


iqgod View Post
Hereby announcing that I finally allowed my ten tick target to be hit (6E) - a first in the past few months.

Nicely done....

Now in the spirit of "what have you done for me lately", what's next? 15 ticks? How about 20?

Even better, how about adding a single lot at +10 and letting it all run to +30? Now you're on the path to winning!

Regardless, congratulations on a win. Feels nice to finally get something positive done.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #1677 (permalink)
Elite Member
Philly, Pa
 
Futures Experience: Master
Platform: NinjaTrader
Favorite Futures: ES, ZB
 
tigertrader's Avatar
 
Posts: 5,948 since Jul 2010
Thanks: 6,314 given, 31,870 received

Not only do you need to know thy market, but you need to know thyself.

When you sit down to trade:

@iqgod,

are you relaxed,

or are you anxious?

are you only afraid of losing money,

or are you also afraid of failing?

do you expect a positive outcome,

but get frustrated when it disappoints?


embrace trading as a challenge,

and focus on-the-moment

but, do not put pressure on yourself to make money

prioritize the process, and not the outcome

once you have the methodology down,

you can focus on the outcome that the methodology was intended to produce.


Last edited by tigertrader; June 5th, 2013 at 08:24 AM.
 
  #1678 (permalink)
Elite Member
Raleigh NC
 
Futures Experience: Beginner
Platform: Ninja
Broker/Data: Mirus/ZenFire
Favorite Futures: Oil
 
Patrick S's Avatar
 
Posts: 628 since May 2012
Thanks: 394 given, 519 received

Now I get it!!

My Friend Panda has been bustin my stones for the past year. At first I thought it was because he was just a major Dinkus Head! Of Course that is not the case. He sees himself in me. He sees the mistakes I make as similar issues he used to suffer with and it was @tigertrader who was bustin his stones. I wonder who was crackin on tiger trader in his younger days?
Thanks also goes out to @iqgod for sharing his honesty. Sometimes I think you guys with the red hash tag have arrived and are confident money making machines. Keep posting brother, You are helping me.

If you always do what you have always done you will always get what you have always gotten.
Celebrate because you executed your edge. Not because you won.
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  #1679 (permalink)
Elite Member
Philly, Pa
 
Futures Experience: Master
Platform: NinjaTrader
Favorite Futures: ES, ZB
 
tigertrader's Avatar
 
Posts: 5,948 since Jul 2010
Thanks: 6,314 given, 31,870 received


Patrick S View Post
My Friend Panda has been bustin my stones for the past year. At first I thought it was because he was just a major Dinkus Head! Of Course that is not the case. He sees himself in me. He sees the mistakes I make as similar issues he used to suffer with and it was @tigertrader who was bustin his stones. I wonder who was crackin on tiger trader in his younger days?
Thanks also goes out to @iqgod for sharing his honesty. Sometimes I think you guys with the red hash tag have arrived and are confident money making machines. Keep posting brother, You are helping me.

Barry Lind, Leo Melamed, and Tom Dittmer, were among my early mentors. Fast-forward to today, and my inclusion in Victor Niederhoffer's "spec-list" has allowed me access to the personal musings of some of the sharpest minds in trading. I am always reticent to post there, because the bar has been set so high by the other members.

Critical thinking, self-examination, and passion have always been an integral part of my approach to trading. I used to make copies of my trading cards at the end of the day, and bring the copies home to analyze them (trade-by-trade) from memory.

While a passion for trading is a prerequisite for success, it can't be a "blind passion". One theme that I picked up from Victor is Bacon's Principle of "ever changing cycles". Bacon's philosophy lead me to constantly question if my methodology is optimally effective given the current market regime, or has it been "played out." Always ask yourself, if you could be trading better - remaining flexible is the key. If your methodology fails to work or it stops working, change it.


Last edited by tigertrader; June 5th, 2013 at 12:17 PM.
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  #1680 (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


No need for charts today. I fat fingered an entry....well not really....what happened is I had a resting order to scale in, got stopped out on the first bit and forgot to pull the resting orders. Then price chopped around for a bit, I got in again, then the resting order was triggered, of course I no longer wanted that order there and my blended entry was in the wrong place, I moved the stop for the whole thing to -10 and got hit.

Combine that with a couple of smaller losers early and I am done for the day....

Not a good way to strike out....no problem losing the right way...but losing because your eyes are closed while swing the bat is just stupid....I know things like this happen once in awhile but they make you feel like a total idiot when they do....

Anyway, on to other things.

I have an appointment with a trainer tomorrow. Not really looking forward to this. All these trainer type dudes all seem so freaking gung ho about getting you to Mr Universe ASAP. I had to remind him to take a breath, dial it back a bit and take baby steps. After all, I am middle aged white male, unaccustomed to intense physical activity. To make it worse, when I walked in the place, all the 20 something alpha males were in front of the wall length mirror preening like a bunch of peacocks. In my mind I said, "just you wait, in 20 years you'll be back in here looking like me begging someone looking just like you do now to fix your problems". Time is the ultimate equalizer.

I've spent more time in the hospital in the last month with my brother, my dad and mom and of course myself, than I care to admit. The docs in the ER are accusing us of having our family reunion there. Last night I told the doc it was a potluck dinner and why didnt she bring something.....she was from India and I think the potluck dinner thing went right over her head. She just stared at me like I was from Mars. The ER staff and our family had a good laugh at her expense.

Its gotten so bad I now have a shoulder bag with snacks, hand sanitizer, something to read and a spare phone charger all ready to go....if its at night, I tuck my 9MM in the bag along with the rest and I'm ready to head out in 2 minutes or less......my parents are working on getting into Scripps in San Diego and hopefully find out what's really wrong with them....they are in their 70's but still, this is ridiculous.

Cheers......

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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