Thanks for the continued posts really enjoying them as always and most of all congratulations again on your trading. I was wondering if you wouldn't mind answering a few questions about the trading yesterday.
Although I'm asking questions about your trading I think the real reason I'm asking is so I can try and understand your mindset in these trades a bit more, I understand you are really busy so if you don't have the time no worries at all.
In trade 2 did you close this trade because you thought it then maybe a complex pullback to continue the uptrend and you were looking at the higher lows appearing into the level?
Also trade 6 was this closed because of the level that it was trading into just below?
I really like your idea about the mindset notes to read during the day I actually started a thread about this (doesn't look like its going to win thread of the year at the moment)
I think you're right though just short sentances would be best, the ones I was thinking were:
1) Manager risk do not manage return (returns are a by product of managing risk not the other way around)
2) Focus - Where is the next opportunity
3) A trade is a probability nothing more
4) Fear will destroy your patience/capital
5) Greed will destroy your returns
6) Everyday is a battle never expect anything less
They need some work maybe but thank you for posting yours really great to read.
This trade was closed out because at first it looked good, I got a nice bear candle after entry. But then... no follow through, we had a weak move back to entry level, then a very weak attempt at a push down. By then I was through with the trade. BUT Not through with the bias of wanting to be short. Just a risk management exit.
Honestly, I am not sure why I closed out trade 6 THIS specific time. I do know that you can see that I closed out the trade at the first area of opposing orderflow, which is the previous swing low. Usually I will only take a partial profit there, but sometimes I just don't think the market will continue and take it all off the table. Sometimes I look like a genius, sometimes I look like a fool.
Yes, phrases are great to say to yourself throughout the session. I can't say whether mine or yours are good or bad, each person must find what motivates/drives them to their best performance mindset and use those.
Keep up the good work Mike.
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I'm at the office on Saturday afternoon looking at charts, reviewing trades, getting better. Perfecting my trade management process to be specific at the moment.
Some people feel bad for me because I work so much. I feel bad for others that have to work. This is not work for me.
Random post I know, but just thought I would share. You've got to love THE PROCESS to make it work consistently. You can't just love making money, or not having to punch a time card, or not being caught up in the stuffy corporate world. You have to love trading, reviewing trades, learning your own edge, constantly adapting, constantly self reviewing emotions, etc, etc.
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Well, I really tried to take the day off, but couldn't resist taking a peek at the charts and ended up taking two scalps this afternoon.
The first one was long, which ended up stalling on me, so I scratched the trade for a few ticks. I shorted soon after that and took a couple ticks on that trade. Not bad for 45 minutes of work I suppose.
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I hope you all had a good Thanksgiving.
I forget that my charts don't say... but FYI it's a 250 tick of CL.
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I figured I would give an update here as I haven't been on in a while. FWIW.....
The CTA seems to not be working out, I lost nearly 12% in November, and had a major issue. My partner, who had no trading experience, was there to raise assets, run the business, and make sure I managed risk properly.
Once we started into the drawdown, he started demanding that I change my trading methods and such. This led to tension and disagreements, and eventually after I told him to back off, he left the company overnight and called most of our clients to scare them away too. (It worked). Trading has been good since then for my few clients left, but I'm managing peanuts. Alabama is not the place to be to raise risk capital. Or maybe I just suck as a salesman. No one wants to call me back or open an account, then it's not an easy conversation with the partner breakup and such as well.
So, I'm not sure what the future holds for me, or what I'll be doing. I could focus on trading my own small account, or look for a trading job somewhere (bank, CTA, HF, etc) , or get any job and save up money for a sizeable trading account. Heck... as it stands, I could get a topsteptrader 150k combine and make 60% of that instead of 20% of my small fund now. My stats are good enough to pass the combine, although the profit target would have to be a very good period with no bumps/stalls in the equity curve to hit the 150k profit targets.
What's happened has pretty much been too painful to write about here, and share publicly until I've had the time to mentally/emotionally deal with it. I know from past events that I take time to even recognize problems and work though them; I'll hide/ignore them for a while before facing up.
Sorry for the downer post, but it is what it is. I may or may not continue this thread. All just depends on what direction I take.
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I suppose you're missing the math. If I have a 100k account under management, and make +5% for the month; then I charge my 20% performance fee, which comes to a $1,000 profit to me. That would cover the fixed expense of my office space for the month. That's also before taxes, ongoing sales expenses, office utilities, then annual costs for website, NFA dues, local business taxes, etc, etc. It's not enough income for me to survive right now.