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Trading Well: The MOST Important Thing


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Trading Well: The MOST Important Thing

  #11 (permalink)
Mumbai, India
 
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Valid Entry


josh View Post
How do you define a valid entry? Said another way, what "validates" taking the trade?

Coming soon.....

Please bear with me till then.

Yours humbly,
iqgod

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  #12 (permalink)
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iqgod View Post
Here is how I performed in the past nine months.:

It simply shows that I had been a breakeven trader. This is an Interactive Brokers account which I opened with a starting balance of $5000.

The first step in trading was to learn how not to lose money (this does NOT equate to no losing trades). This took a long time to learn.

The second part has then been how to start making money. This is where the focus of the journal is going to be.

Congrats iqqod! I've heard that's the best way to start out with a relatively small balance and to keep it at least maintained and not losing money which is maybe the biggest breakthough of the learning. If the account is depleted to the halfway point then one is suggested to take time off , maybe a few months and regroup and/or stay in sim. Then when returning live, the account is replenished so one never suffers , psychologically, a full busted account.

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  #13 (permalink)
Birmingham, AL
 
 
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Keep up the good work buddy. You're on your way.

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  #14 (permalink)
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iqgod View Post
- He is consistent with his trades i.e. he takes all the valid trades and does not cherry-pick. He knows that cherry picking will ruin his system and make a high probability system useless. This is a constant uphill struggle against the weak parts of human nature.


iqgod View Post
Stop trading after three consecutive losers. Its a holiday from trading (ssshhh not so fast... you still have to watch the markets!)

Do you think these two points conflict with each other, ie if one stops trading after say two or three consecutive losers as part of a daily max loss/risk management strategy and misses valid trades because of this, does this destroy the odds of the high probability system working in your favor over time, with strings of losing trades here and there needing to be taken?

Thanks for your journal and sharing!

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  #15 (permalink)
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Futures Operator View Post
Do you think these two points conflict with each other, ie if one stops trading after say two or three consecutive losers as part of a daily max loss/risk management strategy and misses valid trades because of this, does this destroy the odds of the high probability system working in your favor over time, with strings of losing trades here and there needing to be taken?

Thanks for your journal and sharing!

Hi @Futures Operator,

Yes, they do conflict against each other.

The problem being addressed here is that after three consecutive losers I usually (always?) tend to go on tilt.

Once I have conquered that part I will provide some leeway to this rule so that the system does not get skewed because of the disruptive effect of the human hand.

Thanks for pointing this out!

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  #16 (permalink)
New York, NY
 
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iqgod View Post
Hi @Futures Operator,

Yes, they do conflict against each other.

The problem being addressed here is that after three consecutive losers I usually (always?) tend to go on tilt.

Once I have conquered that part I will provide some leeway to this rule so that the system does not get skewed because of the disruptive effect of the human hand.

Thanks for pointing this out!

@iqgod, you're welcome, I point it out because I am conflicted with the same myself. Based on my past results, I believe I would be most profitable by limiting my losses to the minimum and my losing days to the minimum, even calling it a day after just two full stop outs; even if this skews the odds of the system working over time by missing valid setups. I believe this is because for my psychological skill level, I am more likely to be trading poorly at that point or out of sync with the market.

I would be interested to hear more discussion on this topic from others, but IMO the risk management aspect of protecting against huge losing days is more important than possibly reducing the odds of the system by missing valid setups.

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  #17 (permalink)
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Trading is BORING

At this point in my life trading has become so boring - 90% of the time its a doormat position (a doormat with eyes if you will).

Suddenly (or not so suddenly if you are in the correct attitude) 10% of the time the sniper has to activate.

Once the shot is fired its back to the doormat position, the trade is now out of your hands!

Rinse repeat! (and more often than not -yawn!)

This was not what I expected profitable trading would be all about.

Of course good trading means you have a disciplined lifestyle.

The routine is almost set. Do the hard work pre-market then get into the doormat position (the market is the 800-pound gorilla stepping on you so I better be a doormat) - and trading is limitless - the more you put in the more you reap!

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  #18 (permalink)
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Great stuff - thanks for taking the time

Thanks iqgod for taking the time to put your thoughts in the forum

For me a big step was thinking about the goals I was after in life and working to them here and now. This helps me because I focus on trading knowing that my life is does not depend on it.

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  #19 (permalink)
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Sticker

The most important line for me as I begin another trading session:

I DO NOT KNOW what price is going to do next.

I DO NOT KNOW.

But I am aware of, and KNOW that I DO NOT KNOW.


..... but .....


"I buckle up my seat belt and take that next trade. I have a tested and verified edge. Wearing a seatbelt does not guarantee anything, yet I have to drive on a reasonably clear and safe highway ("trust my edge")."


Last edited by iqgod; June 18th, 2013 at 08:43 AM. Reason: grammar
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  #20 (permalink)
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6J trades on day 3 of combine


As I sit down to contemplate the mistakes I made, I will post my chart first - I have marked up every mistake I made:


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