It ainít called catching, its called fishing - Trading Journals | futures io social day trading
futures io futures trading


It ainít called catching, its called fishing
Updated: Views / Replies:15,236 / 229
Created: by suko Attachments:9

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 9  
 
Thread Tools Search this Thread
 

It ainít called catching, its called fishing

  #11 (permalink)
Market Wizard
Kyoto, Japan
 
Futures Experience: Intermediate
Platform: TW TOS LiveVol
Broker/Data: TD, TW, IB, Saxo
Favorite Futures: UVXY, VXX, VIX, /VX
 
suko's Avatar
 
Posts: 994 since Oct 2013
Thanks: 705 given, 782 received

Updated Rules

My rules updated with risk management:

Trading Rules version Oct 29, 2003

1. Follow trading plan with defined entry, stop and targets
1. No trades more than 10% of portfolio
2. No more than 3% risk on any trade
4. All positions have stops at all times
5. No intraday trading, shorting, futures, options, Forex, penny stocks or margin trading
6. No trading after hours or first 30 minutes of session
7. Published journal with analysis of trade numbers and behavior/psychology
9. Avoid CNBC and Cramer

Reply With Quote
 
  #12 (permalink)
Market Wizard
Kyoto, Japan
 
Futures Experience: Intermediate
Platform: TW TOS LiveVol
Broker/Data: TD, TW, IB, Saxo
Favorite Futures: UVXY, VXX, VIX, /VX
 
suko's Avatar
 
Posts: 994 since Oct 2013
Thanks: 705 given, 782 received

Poor me, poor me, pour me a drink!

That's a catchy little Twelve Step slogan for recovering alcoholics. How do I know this, you might ask.

Self-pity is I think one of the greatest weaknesses in my trading psychology. Self-pity in combination with envy.

Right now I am saying to myself that everybody else in this market has been making tons of money and I am the only one bleeding out my ass. And I need to get in there and get a piece of what that guy next door is getting. Get my snout right up to the trough.

This has particularly been driving me crazy because since the start of 2013, as Abenomics began to kick in here in Japan and the NIKKEI doubled in the space of a few months, everybody on my street went out and bought a new German car.

And meanwhile all my money was tied up and I couldn't get into the market until just before it corrected in May. This is exactly what happened to me in 1999. I just get money into the market when all the smart money has already sold.

Self-pity, greed, impatience, lust, envy -- what else is on the list here?

OK, I am going to get my German car. But I am going to do it by patiently mastering these emotions and executing well, not by letting myself get slaughtered crowding up to the trough behind everybody else.

Reply With Quote
The following user says Thank You to suko for this post:
 
  #13 (permalink)
Elite Member
Birmingham UK
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: IG/eSignal
Favorite Futures: Dax
 
ratfink's Avatar
 
Posts: 3,336 since Dec 2012
Thanks: 11,276 given, 7,090 received



suko View Post
Self-pity, greed, impatience, lust, envy -- what else is on the list here?

Se7en is still a great film ...

Travel Well
Reply With Quote
The following user says Thank You to ratfink for this post:
 
  #14 (permalink)
Market Wizard
Kyoto, Japan
 
Futures Experience: Intermediate
Platform: TW TOS LiveVol
Broker/Data: TD, TW, IB, Saxo
Favorite Futures: UVXY, VXX, VIX, /VX
 
suko's Avatar
 
Posts: 994 since Oct 2013
Thanks: 705 given, 782 received

Stinking Thinking

Envy.

I was listening to that famous Charlie Munger speech yesterday
and at some point he says that envy drives the market more than
anything else.

I've got a book here on my desk called "The Seven Deadly Sins of
Investing," by Maury Fertig. Which makes no reference at all to
behavior economics or psychology and just approaches this a
"sins."

Obviously not easy to overcome these "sins," any more than it is
easy to stop being a rule breaker.

But awareness is a good start. To be able to identify "stinking thinking"
is maybe half the battle.

Reply With Quote
The following 2 users say Thank You to suko for this post:
 
  #15 (permalink)
Market Wizard
Kyoto, Japan
 
Futures Experience: Intermediate
Platform: TW TOS LiveVol
Broker/Data: TD, TW, IB, Saxo
Favorite Futures: UVXY, VXX, VIX, /VX
 
suko's Avatar
 
Posts: 994 since Oct 2013
Thanks: 705 given, 782 received

Getting the story straight

OK, analysis of my GERN trade.

Entered at 4.75 and stopped out 10 days later at 3.90 for a loss of
1.3% of my capital. My account is now down about 4% from the start.
I could probably keep doing stupid trades like this for another year or
so, at the current rate, before I burn through all my capital.

12 months is all I've got. Actually, if I go down another 20% from here
I am going to pull the plug and go back to all cash.

OK, so what was my thinking on GERN?
1. no thinking, just chasing momo reflexively like a dog chasing a car
2. listening to voices on Stocktwits (which I should add to my trading rules,
except I love Stocktwits so much I doubt I could give it up)
3. emotional attachment to the stock (due to the fact that I already made
a little money trading GERN earlier in the month on an earlier breakout)
over a long period of time (I have this idea fossilized in my brain that GERN
is going to be the monster stem cell winnner, when in actuality they are no
longer in stem cells)

Anyway, my key takeaway here is that I have a long-term investor mindset
involving long term narratives (ONVO is another favorite of mine for exactly
the same reason) when I am trying to function as a short term trader.

I need to reaffirm my mission, I am a short-term trader, not a value investor.
I am trying to pretend to myself that I am actually a value investor in short
term trader's clothing, because in my mind trading is associated with stupidity
and losing money. I really think it may even be a moral judgement. Value
investors are wise and moral, traders are foolish and immoral.

I shouldn't care about the long-term narrative.

What do the charts say?

Reply With Quote
 
  #16 (permalink)
Market Wizard
Kyoto, Japan
 
Futures Experience: Intermediate
Platform: TW TOS LiveVol
Broker/Data: TD, TW, IB, Saxo
Favorite Futures: UVXY, VXX, VIX, /VX
 
suko's Avatar
 
Posts: 994 since Oct 2013
Thanks: 705 given, 782 received

Who cares to be completly honest?

OK, I will admit it, I didn't even look at the GERN chart before executing the trade.
Part of the reason for that is that, again, I have a fossilized negative attitude about
charts and technical analysis. I am deeply suspicious of it, it's all a bunch of voodoo,
right?

But now I am starting to learn about charting. I am going to try to post a chart of
my GERN entry. Let's see if I can do this.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


Newbie analysis, I'd say from looking at the SMI that there was good momentum after
the upward triangle crossing on OCT 17, with an entry right about where it crosses the
dotted line.

But I entered on OCT 22 right at the inflection point where weak momentum died, and should
have been short there. So if I had been looking at the SMI no way would I have made that
trade.

OTOH stop was timed right around support, so I ended up getting that $1600 chopped
right out of me. Looking at the final upward triangle on the SMI, I would venture to say that
GERN has bounced off support enough to head upward again. Doesn't look like strong
momentum where the chart ends though.

Where should I have set the stop in the first place, when making the trade?

Reply With Quote
 
  #17 (permalink)
Market Wizard
Kyoto, Japan
 
Futures Experience: Intermediate
Platform: TW TOS LiveVol
Broker/Data: TD, TW, IB, Saxo
Favorite Futures: UVXY, VXX, VIX, /VX
 
suko's Avatar
 
Posts: 994 since Oct 2013
Thanks: 705 given, 782 received

Keeping it real

I hate to be crass, or to wallow in this, but I need to bear in mind
that, in real terms, the $1600 I just lost on that GERN trade is almost
exactly the price of something that a special person covets. This could have
been a possible "catalyst" that would have overcome a layer of "resistance"
and lead to a whole new kind of action.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


Maybe I should print this picture out and wear it around on my
forehead all day.

Reply With Quote
 
  #18 (permalink)
Market Wizard
Kyoto, Japan
 
Futures Experience: Intermediate
Platform: TW TOS LiveVol
Broker/Data: TD, TW, IB, Saxo
Favorite Futures: UVXY, VXX, VIX, /VX
 
suko's Avatar
 
Posts: 994 since Oct 2013
Thanks: 705 given, 782 received

Finding the incentive

Charlie Munger says the key to understanding everything is to find
where the incentives are.

I'd say the primary incentive that drives civilization forward is:

toys for boys

That's certainly true for me. It's all in the bling bling.

Reply With Quote
 
  #19 (permalink)
Market Wizard
Kyoto, Japan
 
Futures Experience: Intermediate
Platform: TW TOS LiveVol
Broker/Data: TD, TW, IB, Saxo
Favorite Futures: UVXY, VXX, VIX, /VX
 
suko's Avatar
 
Posts: 994 since Oct 2013
Thanks: 705 given, 782 received

Where the incentives are

It's not as simple as follow the money. As an abstraction, like the desire to provide for my retirement,
money is not a very good incentive.Heck I don't ever intend to retire. When I cannot work and earn
my keep, then shoot me and use a big gun.

For me, pure, unadulterated heart heart pounding lust is what unlocks the motivation, generates
the wave of enthusiasm that allows me to get the big stuff done. Not some far-away abstraction.
It needs to be immediate, concrete, and realizable.

I am going to need that kind of motivation and enthusiasm to drill deep enough into this trading
thing to find the zone where I can be profitable.

Reply With Quote
The following user says Thank You to suko for this post:
 
  #20 (permalink)
Market Wizard
Kyoto, Japan
 
Futures Experience: Intermediate
Platform: TW TOS LiveVol
Broker/Data: TD, TW, IB, Saxo
Favorite Futures: UVXY, VXX, VIX, /VX
 
suko's Avatar
 
Posts: 994 since Oct 2013
Thanks: 705 given, 782 received

Getting in touch with your inner Gordon Ramsay


We don't get Gordon Ramsay over here in Japan, so I have just recently discovered his TV shows.

I watch his shows slackjawed, and think about them constantly afterward. I like to think I don't do this for
the scenes of the F-word and all the bollickings people get. What I love is the perfectionism in shows
like Best Restaurant. The attention to detail, to craft, by undisputedly one of the world's masters. The
insight.

He's unapologetic "What we're doing here is not easy, we are aiming for perfection." I think that the
bollickings that he gives to people are probably nothing compared to the bollickings he gives himself
with his own inner voice.

You don't get to the top of anything by being easy on yourself.

In the case of trading, with a 90% failure rate, you don't even survive by being easy on yourself.

I can just hear Gordon, "What the F$CK did you think you were doing with that GERN trade! You
donkey! You ass. That's my money you are pissing away."

Reply With Quote

Reply



futures io > > > It ainít called catching, its called fishing

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Ducman's second Strategy called 'Riven' Ducman Elite Automated NinjaTrader Trading 26 January 4th, 2017 03:02 PM
Ducman's first Strategy called 'Myst' Ducman Elite Automated NinjaTrader Trading 642 June 13th, 2016 08:24 AM
OnBarUpdate not called for indicator within Stragety corbeste NinjaTrader Programming 2 August 13th, 2013 02:56 AM
anyone know what this ninjatrader indicator is called? tortoise NinjaTrader 3 May 7th, 2013 02:16 PM
Jim Cramer Just Called Jamie Dimon A Loser kbit News and Current Events 2 June 13th, 2012 07:57 PM


All times are GMT -4. The time now is 06:11 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-14 in 0.15 seconds with 20 queries on phoenix via your IP 54.160.245.121