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Beth's Journey to Make Her Millions


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Beth's Journey to Make Her Millions

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  #1211 (permalink)
 Linds 
Victoria, Australia
 
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Now I keep seeing info/opinions on this everywhere - this is from Perry's thread..post 521

TRADING TIMES: (all times are EST)

I think that the following info will be useful to all traders.

Currency Futures: (6A, 6B, 6E, 6S, 6J, 6C)
02:30 - 05:30
08:00 - 11:00
14:00 -

Start looking at your charts 15 min before the above starting times i.e. 02:15 etc. You will normally see very good moves around the starting times.

Index Futures: (ES, NQ, TF, EMD, YM)
08:00 - 11:00
14:00 -

Start looking at your charts 15 min before the above starting times i.e. 07:45 etc. You will normally see very good moves around the starting times.

VERY IMPORTANT TIMES

10:00
14:00

At theses times the market will REVERSE. If the market was going up until theses times, it will reverse and go down, and visa versa. Watch the market carefully at these times for nice reversal moves.

..There is some general consensus emerging no?

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  #1212 (permalink)
 wgreenie 
Cambridge, Ontario
 
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Linds View Post
Now I keep seeing info/opinions on this everywhere ...

There is some general consensus emerging no?

Thanks Lindsay. You are now my eyes and ears .. smile ..

For 6E, 9:00 am to 11:00 am has been the consensus segment.

This week my challenge has been the frozen issue (still). For example, I was anticipating a signal when price got to a certain level. Well, it did when 20+ bars plotted within seconds with the expected trade completed without me.

I have been in touch with Ninja and the only solution they have been proposing "re-install the system". I am very reluctant to do that + have no faith that it will resolve the frozen issue. Sooo, I am waiting for some slow signals when I have a few seconds to place a trade. Else SOH and tame my temper when some profitable signals mature/complete during the frozen process ooooo

Beth

Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
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  #1213 (permalink)
 wgreenie 
Cambridge, Ontario
 
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You all know I prefer morning trading (not owl hours) though I don't mind more practice in the afternoon and at night. With Jungian's kind encouragement (consider taking most valid signals), I'm quite happy with today's practice performance LOL!

Funny that no frozen issues at night. Fast price movement maybe the cause.

Time to relax. Happy & Successful Ticks Always for You and Me please .. smile ..

Beth

Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
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  #1214 (permalink)
 jungian 
Ontario
 
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A quote from inspirational author Wayne Dyer states:
“When you dance, your purpose is not to get to a certain place on the floor. It's to enjoy each step along the way.”


BETH:

I think you are clearly comfortable with any system you have chosen to trade. You are comfortable with your
stops and your targets. What you are still uncomfortable with is your ability to BELIEVE in your own efforts
and success. You have PROVEN yourself to others and a certain part of yourself as well with your posts. But there is
that one missing step. That 100% belief and confidence in what you are doing.


Like the show "So you think you can dance?"...Lets pretend its "So you think you can Trade?"

Take a look at 'Dancing with the Stars' for example. None of those people got to where they were without lots and lots of practice. Hours of sweat. Pounds lost. Toes stepped on. But you notice none of them ever look down when they are dancing. The best dancer's feet move almost without them knowing it. That is how your trading will become.

In trading your purpose is not to get your account to a certain number and be a superstar. You have
your own system. You have your own rules. You have your own comfort level and 'style'. You don't have to have
a perfect score. What you do have to have is the CONFIDENCE to do what you have been doing in the past
without looking where you will end up on the floor. Each 'step' or trade you have trained for and you will
get to where you are going a lot easier if you avoid 'thinking' and 'just do it'.

For me I think the most important concept to realize is the 'Need to be right' must be thrown away. Like a small
anchor that weighs down even the heaviest ship, you will stand still, paralyzed with fear.

Mark Douglas in his book "Trading in the Zone" talks about the importance of realizing you have NO CONTROL over the outcome of your next 1 trade, or 2 trades, or 10 trades. You have your system and methodology and the rest is out of your hands.

DOUGLAS's concepts paraphrased:
"Even when we have an edge, a profitable strategy over a series of trades, each individual trade result (win/loss) is random. And we can incur a series of losses randomly.

We have to accept that mentally, and from a risk control perspective, so that we can keep trading to the positive result.

There is no way to know the outcome of any one trade. We expect a positive result over time. We must accept losses along the way, in order to be profitable in the end."


I have attached two pictures. One shows your trading represented as candle stick bars. I thought it would help you to visualize the idea of positive expectation and the idea that trading is about probabilities and sticking to your rules and looking at the long term picture rather than focusing on one trade, or one day or one week's results.

The other picture illustrates the concept further. It shows each trade as a bar aswell. You will see that there are 4 losers in a row, a winner, a loser, followed by 5 winners. This is the expectation with your trading. But look at where the graph ends up. Does your P&L statement really care about anything that happened between the 1st trade and the 52nd trade? NO! You followed your rules and you ended up with a positive return over 52 trades, without worrying about each individual trade. The trade log to the right just represent a random sample of trading similar to the ones you have been posting.

Beth, I know you have been practicing in SIM but imagine this for a moment...

Imagine for a moment that I have a computer program that has been 'piggybacking' your sim trading for the
past months. Now imagine that the money you have made in sim has been put away for you and you are going
to receive a cheque in whatever amount that happens to be.

THAT IS YOUR MOTIVATION! There is a cheque waiting to be written. You are already writing it now.

GOOD LUCK AND WISHING YOU CONTINUED SUCCESS!

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  #1215 (permalink)
 wgreenie 
Cambridge, Ontario
 
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jungian View Post
A quote from inspirational author Wayne Dyer states:
“When you dance, your purpose is not to get to a certain place on the floor. It's to enjoy each step along the way.”


BETH:

I think you are clearly comfortable with any system you have chosen to trade. You are comfortable with your
stops and your targets. What you are still uncomfortable with is your ability to BELIEVE in your own efforts
and success. You have PROVEN yourself to others and a certain part of yourself as well with your posts. But there is
that one missing step. That 100% belief and confidence in what you are doing.


Like the show "So you think you can dance?"...Lets pretend its "So you think you can Trade?"

Take a look at 'Dancing with the Stars' for example. None of those people got to where they were without lots and lots of practice. Hours of sweat. Pounds lost. Toes stepped on. But you notice none of them ever look down when they are dancing. The best dancer's feet move almost without them knowing it. That is how your trading will become.

In trading your purpose is not to get your account to a certain number and be a superstar. You have
your own system. You have your own rules. You have your own comfort level and 'style'. You don't have to have
a perfect score. What you do have to have is the CONFIDENCE to do what you have been doing in the past
without looking where you will end up on the floor. Each 'step' or trade you have trained for and you will
get to where you are going a lot easier if you avoid 'thinking' and 'just do it'.

For me I think the most important concept to realize is the 'Need to be right' must be thrown away. Like a small
anchor that weighs down even the heaviest ship, you will stand still, paralyzed with fear.

Mark Douglas in his book "Trading in the Zone" talks about the importance of realizing you have NO CONTROL over the outcome of your next 1 trade, or 2 trades, or 10 trades. You have your system and methodology and the rest is out of your hands.

DOUGLAS's concepts paraphrased:
"Even when we have an edge, a profitable strategy over a series of trades, each individual trade result (win/loss) is random. And we can incur a series of losses randomly.

We have to accept that mentally, and from a risk control perspective, so that we can keep trading to the positive result.

There is no way to know the outcome of any one trade. We expect a positive result over time. We must accept losses along the way, in order to be profitable in the end."


I have attached two pictures. One shows your trading represented as candle stick bars. I thought it would help you to visualize the idea of positive expectation and the idea that trading is about probabilities and sticking to your rules and looking at the long term picture rather than focusing on one trade, or one day or one week's results.

The other picture illustrates the concept further. It shows each trade as a bar aswell. You will see that there are 4 losers in a row, a winner, a loser, followed by 5 winners. This is the expectation with your trading. But look at where the graph ends up. Does your P&L statement really care about anything that happened between the 1st trade and the 52nd trade? NO! You followed your rules and you ended up with a positive return over 52 trades, without worrying about each individual trade. The trade log to the right just represent a random sample of trading similar to the ones you have been posting.

Beth, I know you have been practicing in SIM but imagine this for a moment...

Imagine for a moment that I have a computer program that has been 'piggybacking' your sim trading for the
past months. Now imagine that the money you have made in sim has been put away for you and you are going
to receive a cheque in whatever amount that happens to be.

THAT IS YOUR MOTIVATION! There is a cheque waiting to be written. You are already writing it now.

GOOD LUCK AND WISHING YOU CONTINUED SUCCESS!

Hi Jungian

My heartfelt thanks for taking the time to analyze my progress. Yes, I agree with you 1,000,000,..% that I do not have enough faith/confidence in myself .. sigh .. Other than the first sim trade I did around the US market's opening, I had my live account on the SuperDom and was ready for "only" real trades. Well, there're 4 high probability signals (I've decided to take the ones with divergence only) incl the last one on the enclosed. All did provide me a chance to place a trade IF I acted promptly (with minimal reluctance). Yet an invisible barrier had held me back. I resumed sim-trading in the afternoon incl practice on managing counter-trend trades. I am getting better when I was in a trade. Good or bad when my psyche is not performing!!

My No 1 excuse has always been scared funding! It's a joke when I keep replaying this excuse .. like a broken record .. sigh .. Certainly I can afford losing a few hundred $ in a week (the worst scenario if I have 8-10 losing trades in a row). Soooo, what's wrong with me??

I believe I have successfully developed a system I am comfortable to trade with (no more big SL cushion and a reasonable risk/reward ratio). I have had an acceptable sim trade performance record with most of the systems I traded so far. It's unfortunate that I am unable to overcome the psyche obstacle in my petite head.

I feel like disappointing many of you esp my supportive hubby .. almost a blank report this week .. my heart bleeds .. Yes, will be great if sim trading counts!! I need to find a way out soon ..

Beth

Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
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  #1216 (permalink)
 cory 
virginia
 
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wgreenie View Post
...
My No 1 excuse has always been scared funding! It's a joke when I keep replaying this excuse .. like a broken record .. sigh .. Certainly I can afford losing a few hundred $ in a week ..

Beth

certainly not, pull the trigger only when you have 100% chance (all signals are there and checked)

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  #1217 (permalink)
 soumi71 
Toronto
 
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<<<My No 1 excuse has always been scared funding! It's a joke when I keep replaying this excuse .. like a broken record .. sigh .. Certainly I can afford losing a few hundred $ in a week (the worst scenario if I have 8-10 losing trades in a row). Soooo, what's wrong with me??

I believe I have successfully developed a system I am comfortable to trade with (no more big SL cushion and a reasonable risk/reward ratio). I have had an acceptable sim trade performance record with most of the systems I traded so far. It's unfortunate that I am unable to overcome the psyche obstacle in my petite head.
>>>>
Beth , we all go through this daily, being under capitalized is the number one reason we fail , nothing wrong with your system at all , trading needs practice and practice and practice will increase confidence , document your trades , adjust what went wrong and practice one more time , these are the 3 steps that you need to repeat over and over until , your executions start to look like automation than anything else , this will take the emotions off the trading , trading is soo much like a professional sport , you step on the court with the best everyday , ask yourself before taking the trade , is this the one that I will be risking money for ? is this the one that a professional trader would take ?
Try to build a consistent streak of winners , bang it and bag it , this will impact your mind in a positive way , even it's only a few ticks , it will build up overtime .
One more thing , try to find a part-time job , it will help with the "trading for a living part " you will belss stressed if you have a second income , and you will actually execute with less emotions because you are not trading with scarred capital .
I hope that what I wrote helps you in a way , good luck
you will get there I am sure
soumi

"Risk more than others think safe.
Dream more than others think practical.
Expect more than others think possible.
Care more than others think wise"
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  #1218 (permalink)
 MWinfrey 
Lubbock TX
 
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Hi Beth,

Don't know if this will be good for you but it worked and is still working for me with my undercapitalized account. Choose one trade a day that meets your ideal criteria and take that one live. Let the other ones be sim. I'm building my account slowly but surely. At least so far that is working.

Mike

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  #1219 (permalink)
 wgreenie 
Cambridge, Ontario
 
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cory View Post
certainly not, pull the trigger only when you have 100% chance (all signals are there and checked)

Yes Cory! All high probability signals have been meeting my checklist. For example,

- Trade with the overall trend (no counter-trend trades for my live account UFN)
- Inside Bar entry
- Divergence (new requirement for this week)
- OB or OS

The signals met my defined 100% chance yet I was reluctant to enter .. sigh ..

Beth

Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
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  #1220 (permalink)
 wgreenie 
Cambridge, Ontario
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Zen-Fire
Trading: 6E
 
Posts: 1,773 since Dec 2009
Thanks: 1,258 given, 1,203 received



soumi71 View Post
One more thing , try to find a part-time job , it will help with the "trading for a living part " you will belss stressed if you have a second income , and you will actually execute with less emotions because you are not trading with scarred capital .
I hope that what I wrote helps you in a way , good luck
you will get there I am sure
soumi

Yes Soumi71 you can read my mind. For the past 2-3 weeks, I sent out dozens of applications for part-time and contract clerical/customer service jobs in the neighborhood. I am certain that I over-exceed their personnel expectation yet I have not been getting any calls for an interview .. I am talking about min $10/hour job here .. I even considered kitchen help and got strong opposition from UKNOWHO as I am physically not built for it.

Well, I don't understand why a potential employer will not consider me when I can type over 100 wpm + years of admin/operation experiences. Bear in mind that I applied when they had the hourly compensation written out .. meaning I am fine with the offer!!

Back to square one .. .. I better get my act together and make the trading profession WORK! Else I may as well stay idle and learn how to cook an economical and nice meal at home!

Beth

Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
Visit my futures io Trade Journal Started this thread

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