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Mergodon TopSteptrader Live Account Journaling
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Mergodon TopSteptrader Live Account Journaling

  #21 (permalink)
Mate
Budapest, Hungary
 
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kevinkdog View Post

Sad to see this.



Here is some harsh advice. The brutal truth. I don't mean to offend you, but I do want to shake you up so you realize what's up:


In my opinion, your solution detailed above to the problem of exceeding the $500 daily loss limit is not a solution at all.

It is simple, really.

You exceeded the $500 Daily Loss Limit. This is absolutely 100% in your control - one of the only things in a Combine that is in your control.

If you cannot pass this requirement, you really should not be trading at all.

You need to come to grips why you did this, put a written plan in place to not do it again (hint: don't take any trades where you run the risk of hitting the limit - simple as that), and (most importantly) follow your plan!


All the other stuff is important only once you master this basic rule.


I wish you the best of luck. Again, I apologize if I came across harshly, but I am trying to help.

It is not harhasing at all. As you can see I made the same conclution as well. I failed, because I overtrade, and I was not in controll. So I need a change:
- less stress, longer combine
- trade less, trade in timing windows

So what I am doing is what you are saying, I am just giving myself a more straigth forward rules than before. That is the beouty of the combine, you can blame someone else. Thx to hope in!

Máté
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  #22 (permalink)
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matevisky View Post
It is not harhasing at all. As you can see I made the same conclution as well. I failed, because I overtrade, and I was not in controll. So I need a change:
- less stress, longer combine
- trade less, trade in timing windows

So what I am doing is what you are saying, I am just giving myself a more straigth forward rules than before. That is the beouty of the combine, you can blame someone else. Thx to hope in!

Maybe you need a change in your rules for other reasons, but " - less stress, longer combine
- trade less, trade in timing windows" is NOT the answer to failing the Daily Loss Limit.


For example, how does doing a "longer Combine" help you avoid the Daily Loss Limit? It doesn't.

That is my point: your solution (your proposed 4 changes) is WAYYYY too complicated, and really not even applicable to the Daily Loss Limit.

The solution is simple: Never open a new trade where a loss will put you over the Daily Loss Limit.


If you cannot even follow this SIMPLE rule that is TOTALLY in your control, how can you ever expect to be successful trading (the answer is you can't expect to be successful, and you won't be).

Some things in trading may be complicated, but the Daily Loss Limit is not one of them. Simplify your rules, make sure your rules address the real issue, and you'll be on the path to success.

If you have any questions please send me a Private Message or use the futures.io "Ask Me Anything" thread
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  #23 (permalink)
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I can't stress this point enough, your Daily Loss Limit really is one of the few things you actually can control....so I really subscribe to that.

If you spiritualize these simple rule, you'll stack the odds in your favor !


kevinkdog View Post
Maybe you need a change in your rules for other reasons, but " - less stress, longer combine
- trade less, trade in timing windows" is NOT the answer to failing the Daily Loss Limit.


For example, how does doing a "longer Combine" help you avoid the Daily Loss Limit? It doesn't.

That is my point: your solution (your proposed 4 changes) is WAYYYY too complicated, and really not even applicable to the Daily Loss Limit.

The solution is simple: Never open a new trade where a loss will put you over the Daily Loss Limit.


If you cannot even follow this SIMPLE rule that is TOTALLY in your control, how can you ever expect to be successful trading (the answer is you can't expect to be successful, and you won't be).

Some things in trading may be complicated, but the Daily Loss Limit is not one of them. Simplify your rules, make sure your rules address the real issue, and you'll be on the path to success.


"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn
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  #24 (permalink)
Mate
Budapest, Hungary
 
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Coming back to my point, here is the following:
- I failed on the simpliest rule. Agree with daytrader, it is the simpliest to keep in mind and I failed it. Thus, i dont want to overtrade at all. I've been developed on entry strategy, which giving me a time window, to find the trade. That's all. If I am not finding a trade there, then that is a no trade. If I find one, and fail, than that is the fail. But I dont want to shoot bullets anymore. These idea was coming from GFIs1 as I told it before, and from Vince CL trades as well, who is reading the 800tick pattern. Anyhow.
- I am also admiting that fact, I like to be impulsive, and overtrade things, so it will also help me to keep me in controll.
- Going for 20 days has the same thing. It is a slow trading idea (1-2 trades / day on YM only) If I can keep it up for 20 days without overtrade myself, than that means I can go forward. If not, than I need to learn more.

We will see. I dont want to change major rules at all. I dont want to use another strategy. I've done my study to timewindow trading and it gives enough opportunity and overall winning tick to complie the combine in 20 days, even in 10 days as well.
It is still important to be consistent, and dont changes things what I am not able to change, simply just avoid them. So I am avoiding myself, to full in love in impulse, and I am forcing my self, to see the market clarity when it is clearn enough to make a good bet, what will happen.
You are going to see how I am progressing, and all the comments are welcome! I am not make it personal, because I am on the looser side of the trades, so I am here to learn, but I have to find my own way, I have to choose my own path, and at the and I will be alone.
Trading is just like Yoga. You are do it your self, and noone else can do it for you

Máté
Full time traderLive journal here
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  #25 (permalink)
Market Wizard
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kevinkdog View Post
The solution is simple: Never open a new trade where a loss will put you over the Daily Loss Limit.



Daytrader999 View Post
I can't stress this point enough, your Daily Loss Limit really is one of the few things you actually can control....

Hi, I don't want to be piling on after you have already heard the same thing twice, but let me suggest a very simple, and completely foolproof rule:

"If the amount of my stop, plus commission, plus two ticks for slippage, would put me over my daily loss limit on the next trade if the trade goes against me, then I will take no more trades and stop for the day now."

Everything else you are thinking about, including your measures to control overtraining, may be very valid, and, as you say, it is up to you, but unless you actually stop trading whenever it is mathematically possible to hit the limit, then you certainly will eventually hit it.

You might also think about having a lower personal loss limit than the Combine limit, and something like "If I have x losses in a row then I stop for today." (You decide what "x" is -- but not a large number....)

But if you just add that rule about stopping when it is possible to be over the limit, then you will never be over the limit.... Very few things are actually perfect, but this is one!

Good luck, hope to see you succeed.

Bob.

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  #26 (permalink)
Market Wizard
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matevisky View Post
The starting position was weak as well. I was not doing my daily rutin at all. There was no music, no well defined trading arena, etc... But anyhow what was really missing is discipline and consistency and a plan to follow.

I have looked back over my personal records for a few months and find the one item that best correlated with a successful trading day was if I had a good walk and a clear head to start the day. Otherwise I can forget it. Most other things (e.g. number/type of trades, etc) were mostly noise in the equation.

For now I have taken a step back to review my whole approach and plan for the year, might not restart until we get a dry month.

Travel Well
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  #27 (permalink)
Mate
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Day 01/20

Eh, It was a weekend. I've done all my setup the only missing point was to refresh my charts. It was very interesting to see, there was not enough bar on the chart, which made me nervus, but not nervus enough to think more. Anyhow. I was enterint for short I thought we are trending, than I realized something is very-very wrong. Anyhow I did a quick refresh, it was finished up around 25 mins after the market open. We were top again, and we were heading down, so I've stoped trading.
It was a small victory, and an already learned lesson again. On the weekend, if NT running, than I still have to restart it.
On the otherside, I was started to do some trading with Vince slow hand method on the CL. It was 2 trade 1 winner, 1 BE, basically it is nothing to add. I need lots of pratice there, but I like the clean chart, without many indicator, and a slow motion trades
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Based on my new plan I was searching some entry to lazy method, but there was not any, so I've been stoped trading at 16:10. I had some other job to do, and my plan is to trade the market during the open, and let the runners run after the open if any. If not, than dont trade. I have 20 days to complie I've missed this monday trade, which was for my taste, but I dont bother with it.

Máté
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  #28 (permalink)
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kevinkdog View Post

The solution is simple: Never open a new trade where a loss will put you over the Daily Loss Limit.

At first look this sounds like a good advice, but there are cases, when it should be ignored.

Unless TST changed the rules, you can go below the DLL, you just can't close the trade. So let's say you are on your last trading day and you are either very close to making it or breaking even for the whole Combine, but you are down for the day. We all have different set ups. If a very low risk:reward set up comes along, it makes sense to go for it, because you wouldn't pass/breakeven the combine anyway, so a much better than 50% set up just makes good sense.

At that point even a high risk trade makes sense, because you are not going to make it anyway, so you might just go for it....But if it is early in the day, just wait for the better set up...

Here is an example from a CL trader's combine:


Quoting 
Had a Red day, and really the last Red day that I can possibly have in this combine. The remaining 2 days need to be green in order to meet that TST criteria of Daily win% greater than 55%. I also now have a negative in the overall account balance, something that really needs to get back up in the positive area, at the very least.

If his first trade on the 2nd to last day takes him close to his DLL, he still should try and come back, because his combine is blown anyway, so there is nothing to lose. But he still should wait for the best possible set up... Let's say he makes it back to slightly positive, then on his last day it starts again, and he is fighting for his Combine. (he needs to make $401 in 2 days)


Last edited by Pedro40; February 11th, 2014 at 10:03 AM.
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  #29 (permalink)
Mate
Budapest, Hungary
 
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Day 2 trade report

This was not my day at all. I was starting with a disconnection from topsteptrader server. I dont know where was the issue, but I missed the first runup. Than I got in, and stopped out with a bigger pullback with some tick. Happens, but in the shadow of the disconnection, I was not happy. Than we have been finished the runup, I made a quick to early decision, which was a mistake for sure, but than I was ready for a drop.
Drop didnt happened. I thought we will come back down, but we didnt. Anyhow, I was in break even almost. Than my feeling was still we are going to go back, didnt read the signs well, we were preparing for a big trend. So I made a big loss to make sure is it trend or not (it was) than I was hoping for a good pullback to ready to fly up to trend.
The pullback was coming I was out again with some tick, get in again. Was a bit risky with a very small SL size (3-4 tick) but it was worthy
During the trend, I was not monitoring the trade closely. I was moving my SL, and sometimes the TP level. After we did a break with 15900 area, I thought we will stop. We didnt, and I was out. Anyhow it was a good runup.
I made +580USD, but it was not my type of trade. I dont need trends, when it happens, it was a good feeling I was able to read YM with confident, just like I am doing it on the TF.
Oke, now you can ask I am in +600USD after 2 days. I believe I am safe now. I have 18 days to complie. My goal is not to hit the +1500USD but to doing the same rutin every day. If I will make more, I will make more. If I fail. I will fail. But the goal here is to prove my self, and TST team I am a good trader (beginner, but a good one) and not to hit some statistic.
We will see what is going to happen. See ya tomorrow
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Máté
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  #30 (permalink)
Mate
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Day 2 TST report


Not much to add 18 days left Only thing maybe around @ratfink idea, I was doing a big walk before the trades has been started. I will do it today again
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