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A Journey to Freedom


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A Journey to Freedom

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  #1 (permalink)
 sorge2000 
Wauseon, Ohio
 
Experience: Intermediate
Platform: NinjaTrader, Thinkorswim
Broker: thinkorswim / PFGBest
Trading: ETFs
 
Posts: 63 since Jan 2011
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In an attempt to trade every day (that I can) from now on, I traded today. After all, the world of FOREX never sleeps or takes Holidays.


I've had 3 losing days in a row and am not shaken.


As I've written earlier, I hate my job and want to trade full time. But here's where it gets crazy. I have only $1,200.00 in one Forex account, $1,000.00 in another and a few hundred in the Forex checking account.
I know that is not enough to make a living on, but I was doing ok before the margin requirements changed and I had that nasty margin call. I had a $5,000.00 balance in my account and was very close to replacing my income. Of course, I was a crazy man in the risk/reward category.

I don't care though. This is my Odyssey. This is my salvation from a very unfulfilling life.
I Love Trading.


This Journal will be my accountability partner. I used to trade in the wee hours of the morning with a friend from Rhode Island but he stopped and I didn't have the discipline to continue on my own.


I'm on my journey home from the Trojan War (unpleasant job situation). I've been given an opportunity as I'm not working and will be able to trade during the day.

So here we go!

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  #3 (permalink)
 sorge2000 
Wauseon, Ohio
 
Experience: Intermediate
Platform: NinjaTrader, Thinkorswim
Broker: thinkorswim / PFGBest
Trading: ETFs
 
Posts: 63 since Jan 2011
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This is the chart for trades made on Thursday September 1, 2011

The price action was choppy and I made 4 trades before going to work.
1) I entered a short position with the current trend but was stopped out.
2) I re-entered short because the price was at a resistance level in an overall down trend. I was also angry (Bad reason to enter!)
It worked out though.
3) I was stopped out of trade 2 (in profit, I move my stops when in profit) and re-entered short. I was stopped out again.
4) I entered a long position when a long counter trend indicator appeared and I was stopped out again.

This put me close to my daily loss limit of 30 pips.




-25 pips

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  #4 (permalink)
 sorge2000 
Wauseon, Ohio
 
Experience: Intermediate
Platform: NinjaTrader, Thinkorswim
Broker: thinkorswim / PFGBest
Trading: ETFs
 
Posts: 63 since Jan 2011
Thanks: 19 given, 41 received

Friday September 2, 2011

3 trades today. It was a little later in the morning as I had a very short day at work.

1) I entered a long position above a pivot line after receiving a long counter trend indicator. I was stopped out.

2) I entered a "double" position (2 mini contracts with 2 targets) with the trend. Stopped out again.

3) I was at my loss limit so I entered a paper trade. It was another "double". The first target was triggered but I was stopped before hitting the second target.



-29 pips

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  #5 (permalink)
 sorge2000 
Wauseon, Ohio
 
Experience: Intermediate
Platform: NinjaTrader, Thinkorswim
Broker: thinkorswim / PFGBest
Trading: ETFs
 
Posts: 63 since Jan 2011
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Monday September 5, 2011 U.S. Labor Day

The irony of this is that I labored today to get out of my job as a Union Electrical Technician.

Today I made 2 trades before the volume dropped off.

1) I entered a long position on a long counter trend indicator. This trade was made in accordance with my rules despite a little nervousness. (I was in a losing streak beginning in August).
It was a "double" trade and the first target was triggered. When the red candle formed I moved the stop to breakeven and was stopped out at breakeven.

2) I entered another "double" on the red short indicator but moved both targets to the first target. I took profit on both but the price continued down in a long spike. I would have triggered the second (10 pip) target easily.

This is a weakness that I have to overcome. I have a method that will give me much better profits but I don't stay with the trade. It's a fear thing.



+8 pips

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  #6 (permalink)
 bluemele 
Honolulu, Hawaii
 
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One thing you may need to evaluate is that you may love trading, but if you have other negativity in your life then it will impact your trading.

I am not trading as well as I have in the past, but when I felt that I was at my peak, then I became somewhat disconnected with the world and found it very difficult to even interact within my job.

All I am saying is that what would it take for you to enjoy your job or enjoy it 'long enough' until you built up reserves or enough or whatever?

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  #7 (permalink)
 sorge2000 
Wauseon, Ohio
 
Experience: Intermediate
Platform: NinjaTrader, Thinkorswim
Broker: thinkorswim / PFGBest
Trading: ETFs
 
Posts: 63 since Jan 2011
Thanks: 19 given, 41 received

It's quite amazing that you would address the negativity in my life. That is a major problem and I've been trying to address that very thing. I'm currently reading a book entitled "The Power" by Rhonda Byrne to work on the negativity.

In order to "enjoy" my job I think I would have to disconnect from it or learn to push aside the negative parts of it.

You wrote:

"but when I felt that I was at my peak, then I became somewhat disconnected with the world and found it very difficult to even interact within my job."

Do you consider that a bad thing or is it something I should strive for?

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  #8 (permalink)
 cory 
the coin hunter
virginia
 
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sorge2000 View Post
...

I've had 3 losing days in a row and am not shaken.
...

So here we go!

one of the problem i can see right away is your chart is too chaotic indicators pointing left and right. try to tame the chart like this;

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  #9 (permalink)
 sorge2000 
Wauseon, Ohio
 
Experience: Intermediate
Platform: NinjaTrader, Thinkorswim
Broker: thinkorswim / PFGBest
Trading: ETFs
 
Posts: 63 since Jan 2011
Thanks: 19 given, 41 received

I have a thing to do this morning so I sim traded today.

1) I entered this first trade with the move already in progress. I chose a short trade because of the red short indicator.
When I received the long counter trend indicator I got out losing 4 pips. This was a "Stay with the trade" rule violation.
Very often a move ignores the counter trend arrows.

2) My long reversal was stopped out toot sweet!

3) Having seen the error of my ways I re-entered on the short side, triggered both targets (the second because I walked away from the computer for a few minutes) and recovered some of the loses.



-4 pips

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  #10 (permalink)
 Cashish 
Miami FL USA
 
Experience: Advanced
Platform: Ensign 10, NT7 DOM
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sorge2000

Some traders consider the backtested/forward tested (simulated) results of a system meaningless or of little value. I somewhat agree because IMO, when transitioning to "cash," things get very real and most traders get emotional when entering trades, in the beginning at least. But on the other hand I need proof or reassurance that the system/edge actually works and fits within my personality/trading style and/or comfort zone if you will. I have to ask, what is the percentage of wins vs losses over a period of say 100 trades of your system? Did you devise this system yourself and has it proven to you it's overall profitability is worthy of your time? To put it bluntly I don't see it. I do believe you have the makings of a trend following system, but I think (from very limited observation) it's curve fitted VERY tightly and generates opposing signals during normal market rotation/noise. I've also noticed one day you have an indicator on the chart and the next day it's gone, this is a red flag to me that you may be trading a work in progress (not good, IMO). I'm a firm believer the work of trading is finding that "comfortable fit" between system and trader. Of course the inner work (the psychological part) seems to drag on forever, but I don't think I could start on that until I knew I had a profitable method to adhere to. IMO, from what I've seen on your thread, you're swimming in quick sand and desperately need a lifeline, I hope you're open minded enough to take this post as constructive criticism and nothing more. Oh, BTW I grew up in NW Ohio and have many memories of Wauseon,,, Wow it's been 40 years.

Here's a link to a very insightful webinar presented by "Da Big Dawg" himself, I invite you (or anyone else) to view it if you haven't already, Big Mike covers a lot of ground in over 2 hours!

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  #11 (permalink)
 bluemele 
Honolulu, Hawaii
 
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sorge2000 View Post
It's quite amazing that you would address the negativity in my life. That is a major problem and I've been trying to address that very thing. I'm currently reading a book entitled "The Power" by Rhonda Byrne to work on the negativity.

In order to "enjoy" my job I think I would have to disconnect from it or learn to push aside the negative parts of it.

You wrote:

"but when I felt that I was at my peak, then I became somewhat disconnected with the world and found it very difficult to even interact within my job."

Do you consider that a bad thing or is it something I should strive for?

Honestly, I think to be a trader you have to be a terrible business person. Business is all about manipulation, arbitrage, relationships (negative and positve) etc.. A lot of fakeness in business and we have built ourselves into beings that feign interest in things we really have no interest at all!

In trading (IMO), you don't have any of that. You just let the market tell you how it wants to dance and you let go of any other 'interpretations' of life. You don't need to figure out if there is a deeper meaning or you don't have to create a different intonation in your voice to 'sell' an idea or get momentum on something or 'lead' properly.

I believe that to be successful in business you have to be 'fake'. If you are too ego-based in trading it will ruin you.

I believe in business you don't always get the equivalent return for who you really are. Greedy bastards tend to do well in business (from some people's measure) even if they do not provide the value.

In trading, Greedy Bastards get eaten up. Hence, my journey of unlearning to be a greedy bastard.


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  #12 (permalink)
 sorge2000 
Wauseon, Ohio
 
Experience: Intermediate
Platform: NinjaTrader, Thinkorswim
Broker: thinkorswim / PFGBest
Trading: ETFs
 
Posts: 63 since Jan 2011
Thanks: 19 given, 41 received

To answer your question:
- 125 trades since March 2011
- 68.8% of which are winning trades
- up 125.4 pips using this method.

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  #13 (permalink)
 sorge2000 
Wauseon, Ohio
 
Experience: Intermediate
Platform: NinjaTrader, Thinkorswim
Broker: thinkorswim / PFGBest
Trading: ETFs
 
Posts: 63 since Jan 2011
Thanks: 19 given, 41 received


bluemele View Post
Honestly, I think to be a trader you have to be a terrible business person. Business is all about manipulation, arbitrage, relationships (negative and positve) etc.. A lot of fakeness in business and we have built ourselves into beings that feign interest in things we really have no interest at all!

In trading (IMO), you don't have any of that. You just let the market tell you how it wants to dance and you let go of any other 'interpretations' of life. You don't need to figure out if there is a deeper meaning or you don't have to create a different intonation in your voice to 'sell' an idea or get momentum on something or 'lead' properly.

I believe that to be successful in business you have to be 'fake'. If you are too ego-based in trading it will ruin you.

I believe in business you don't always get the equivalent return for who you really are. Greedy bastards tend to do well in business (from some people's measure) even if they do not provide the value.

In trading, Greedy Bastards get eaten up. Hence, my journey of unlearning to be a greedy bastard.


Good luck on your journey.

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  #14 (permalink)
 sorge2000 
Wauseon, Ohio
 
Experience: Intermediate
Platform: NinjaTrader, Thinkorswim
Broker: thinkorswim / PFGBest
Trading: ETFs
 
Posts: 63 since Jan 2011
Thanks: 19 given, 41 received

When I opened the charts this morning I had a green Long signal with the 2 other indicators agreeing.
The price was nearing the top of my regression channel so I waited for a short or short counter trend signal.

When I got the short signal (Red Arrow) I entered the position.
Its down a way in the candle because I didn't want to enter until I got the arrow confirmation despite the turn down of the awesome oscillator.

The price continued to move down quickly and in less than a minute I had +11.1 pips which was the target.







+11.1 pips

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  #15 (permalink)
 Cashish 
Miami FL USA
 
Experience: Advanced
Platform: Ensign 10, NT7 DOM
Broker: IB, IQ
Trading: Currency Futures
 
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Posts: 803 since May 2011
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Thanks sorge, for providing the statistics of your method. I've been using the NinjaTrader (DOM) for many years and especially like the analytics within the software. Your post in response to my questions reveals several avenues for further questions, I hope you'll indulge me.


sorge2000 View Post
To answer your question:
- 125 trades since March 2011
- 68.8% of which are winning trades
- up 125.4 pips using this method.

If I do a little math of the numbers you've provided I come up with the following:

86 Winning trades = 68.8% of 125 trades since March 2011
Average Winning trade = 1.46 pips

This average winning trade size of 1.46 pips would concern me and force me to ask myself two questions. (1) Do I immediately place my entry order when I get an entry signal, or am I hesitating when I get the signal looking for further confirmation from something other than my predefined signals? This hesitation will often lessen the anticipated range of potential profit, sometimes quickly and sometimes totally. And (2) am I intentionally closing out my winning trades to soon for reasons other than my valid exit criteria or am I allowing my winning trades to remain working in the market to their full potential??
My next obvious question is, what is the average MFE (maximum favorable excursion) on this sample of 125 trades? As you know, the difference between the two will provide you with a pretty good idea of the amount of pips the system is leaving in the market. Be aware however the NT MFE calculation is terminated when you exit the trade, if prices continued on in the favorable excursion without you those pips are not reflected in the NT calculation. I'll be the first to agree that knowing when to take profits is the nemesis of trading in general. And I've read in your thread you are aware of, and are addressing these two issues. I use hard targets myself, but cutting the occasional runner off at the knees is never a pleasant experience.

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  #16 (permalink)
 sorge2000 
Wauseon, Ohio
 
Experience: Intermediate
Platform: NinjaTrader, Thinkorswim
Broker: thinkorswim / PFGBest
Trading: ETFs
 
Posts: 63 since Jan 2011
Thanks: 19 given, 41 received

My answers to the 2 question quiz are;

- I get out way too early. Usually my entries are very good.
I will set a target, the price will retrace after having moved into profit and stop me. I then tighten the target for the next trade and that target is hit and the price will then continue in my direction and leave many pips on the table.

- As far as the MFE, I haven't looked at that in the past.

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  #17 (permalink)
 sorge2000 
Wauseon, Ohio
 
Experience: Intermediate
Platform: NinjaTrader, Thinkorswim
Broker: thinkorswim / PFGBest
Trading: ETFs
 
Posts: 63 since Jan 2011
Thanks: 19 given, 41 received

Today I made 3 trades before I had to leave.

I entered the first trade on a green arrow in an up trend. I didn't look at the other 2 confirmation indicators and was promptly stopped out.

Trades 2 and 3 were short trades entered after I received a red arrow with the Oscillator going down and the price had broken through the bottom of the regression channel.
Trade 2 is a good example of "loss of nerve" and getting out too early (as I mentioned in the previous post).

I re-entered for trade 3 and exited on the yellow long counter trend arrow.




+9 pips

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 Cloudy 
desert CA
 
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bluemele View Post
Honestly, I think to be a trader you have to be a terrible business person. Business is all about manipulation, arbitrage, relationships (negative and positve) etc.. A lot of fakeness in business and we have built ourselves into beings that feign interest in things we really have no interest at all!

In trading (IMO), you don't have any of that. You just let the market tell you how it wants to dance and you let go of any other 'interpretations' of life. You don't need to figure out if there is a deeper meaning or you don't have to create a different intonation in your voice to 'sell' an idea or get momentum on something or 'lead' properly.

I believe that to be successful in business you have to be 'fake'. If you are too ego-based in trading it will ruin you.

I believe in business you don't always get the equivalent return for who you really are. Greedy bastards tend to do well in business (from some people's measure) even if they do not provide the value.

In trading, Greedy Bastards get eaten up. Hence, my journey of unlearning to be a greedy bastard.


"I believe in business you don't always get the equivalent return for who you really are."

You put into words what I've felt strongly about having worked in a corrupt sweatshop small business. Business (the ones I've worked in or heard about in the media) seems to be reverting back to the robber-baron days of the 19th century and slavery ("American" global multinationals using foreign national slave wagers AND training them at entry level instead of Americans which has been going on the past 15 years, but completely slipped the media and hidden under the rug by Bush , Obama, congress and both parties) of the 18th century back to the dark ages. All bullying at the workplace, deceiving, intimidation, betrayal by former "coworker friends" and backstabbing. Bravo!

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