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The PandaWarrior Chronicles
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The PandaWarrior Chronicles

  #701 (permalink)
Live Your Bliss
Canary Islands, Spain
 
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PandaWarrior View Post
I was chicken today. Excellent entries, nice pull back areas to short from, price honored the levels I was seeing...but I couldn't hold em today.....so I was down 30 ticks before I found my courage.....

Then I couldn't believe price might be long after screwing it up so bad on the short side.

I waited until the major resistance level and trend line was broken before I got long....There was a TON of room to make some ticks before that ever happened though but I waited it out.

I got long before the level was actually broken with a confirmed close above it, had i waited for that, I would have missed it all.

Now to price risk vs information risk. When I was shorting this morning off the levels I was seeing, all I could hear was @FT71 talking about information risk vs price risk. As I was waiting for a momentum bar to take me in, I recognized it as price risk....I've known this all along but it didn't affect me until today. Thats why I got nervous, I was shorting in the middle of the range due to my need to have confirmation. The trades were good, I just talked myself out of them using the logic I should have been in sooner therefore the trades were bad and just get out.....

The long was pretty fast and so didnt have all that much time to second guess it much. I knew where I wanted to be out, and held it that far while tightening up the stop periodically. I had 50 locked in when it hit my target.

Time to go eat Easter leftovers.

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What a great description of the psychological issues we face every day!! Being honest with oneself like that is just excellent progress, Panda. If you're aware, you can fix it.

As traders, we get paid for taking on (good) risk. Hopefully it's information risk that we take on.

"...the degree to which you think you know, assume you know, or in any way need to know what is going to happen next, is equal to the degree to which you will fail as a trader." - Mark Douglas
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  #702 (permalink)
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In the heat
 
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More of the same. Excellent entry opportunities, failure to hold.....at least on the short side.

I am sick of being a wimpy trader.....Wall Street used to have a saying...BSD....you need to read the book The Quants or any of the other books that discuss the CDO meltdown to know what it means but I think a little of that bravdo is necessary to win.

Anyway, still got 54 ticks overall. Not bad but half of what it should have been.

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Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #703 (permalink)
Site Administrator
Manta, Ecuador
 
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As far as I know, there are still BSD's on wall street:

Like this guy:
JPMorgan Trader Accused Of "Breaking" CDS Index Market With Massive Prop Position | ZeroHedge

Mike

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  #704 (permalink)
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Oh but they are calling him "The London Whale", not a BSD

Will Bruno Michel Iksil, the London Whale, join Fabrice Pierre Tourre and Jerome Kerviel as French fall guys in financial scandals? - Laurel Zuckerman's Paris Weblog

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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  #705 (permalink)
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Cant spell out BSD in the paper

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris

Last edited by PandaWarrior; April 10th, 2012 at 02:38 PM.
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  #706 (permalink)
Elite Member
Cucamonga, CA
 
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PandaWarrior View Post
More of the same. Excellent entry opportunities, failure to hold.....at least on the short side.

I am sick of being a wimpy trader.....Wall Street used to have a saying...BSD....you need to read the book The Quants or any of the other books that discuss the CDO meltdown to know what it means but I think a little of that bravdo is necessary to win.

Anyway, still got 54 ticks overall. Not bad but half of what it should have been.

I'm still at M&M,,,,not even M&M,,,,crumbs of M&M stage and was going to ask you a question about how you made the transition from M&M to bigger bite.

I was doing ok trading TF for a few ticks here and there with more than 75% win ratio and account grew little by little everyday but as soon as I went for bigger bites (20 or 40 ticks target) the equity curve started dipping south.

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  #707 (permalink)
Elite Member
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PandaWarrior View Post
More of the same. Excellent entry opportunities, failure to hold.....at least on the short side.

I am sick of being a wimpy trader.....Wall Street used to have a saying...BSD....you need to read the book The Quants or any of the other books that discuss the CDO meltdown to know what it means but I think a little of that bravdo is necessary to win.

Anyway, still got 54 ticks overall. Not bad but half of what it should have been.

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Well, the important thing is, you came out ahead.

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  #708 (permalink)
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kalalex View Post
I'm still at M&M,,,,not even M&M,,,,crumbs of M&M stage and was going to ask you a question about how you made the transition from M&M to bigger bite.

I was doing ok trading TF for a few ticks here and there with more than 75% win ratio and account grew little by little everyday but as soon as I went for bigger bites (20 or 40 ticks target) the equity curve started dipping south.


Not sure what M&M is but I assume its scalping of some kind....and the transition is by no means over. But I recognize is this. To win over a career, you must have bigger winners than losers and you must have more winning days than losing days.

For the vast number of traders, I suspect that scalping is a discipline they cant sustain. I would have days where I could do no wrong scalping....and then go right back to losing again. It was my discipline.

Trading for larger targets requires a mind shift in terms of focusing on the bigger picture more, understanding where support and resistance is and waiting for both the signal and the target. To be fair, signals are easy. The exit is the where the money is at.

If you experienced draw down trading bigger targets, more than likely what has happened is you are using the same size stops you were when you were scalping, you trailed your stop to soon. You went break even to fast...just look at my chart for proof of that...and you took full stops but not full winners.

Deciding where to exit is the hardest part. I use some fib tools to help me with that. Its not perfect but its repeatable and that is key. Now if I could just actually hold to those targets, I'd be fine.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #709 (permalink)
Elite Member
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blue lines

PandaWarrior

Nice trading, I glance in on your thread time to time.

Might you share what your blue lines are and the settings

Thx In Advance
R

PS your avatar still says beginner, more towards advance now

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  #710 (permalink)
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Rad4633 View Post
PandaWarrior

Nice trading, I glance in on your thread time to time.

Might you share what your blue lines are and the settings

Thx In Advance
R

PS your avatar still says beginner, more towards advance now

Thanks for the kind words. Until I pay off all my debt, live where I want to live and do what I want to do all financed by trading, I will remain a beginner.....

As to the blue lines, its an indie that plots various fib levels off the daily HOD and LOD. I have them set to transparent except for those two.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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