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The Pandawarrior Chronicles II


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The Pandawarrior Chronicles II

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  #201 (permalink)
 bobwest 
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PandaWarrior View Post
I like all in all out because of the math...

I like confirmation, it makes me feel better about my directional thinking. I would rather not catch a falling knife so to speak.

I like moving stops, it makes me feel better in the moment...

Feeling better in the moment does not seem to be working all that well.

Stripping things down to the bare essentials I come up with:

1. I can continue to leave my entries alone and modify things by scaling out. This gets some profit on the table and I can leave the stop alone so if hit, its a break even trade. This is easy to implement.

2. I can modify the entry so confirmation is no longer something I use. This introduces a new level of uncertainty, but it does get my stops much further away from the action....and potentially can allow me a break even stop without worrying to much about it being hit, plus it could add another 20+ ticks to my profit potential. This would be difficult for me to implement as it would require more waiting than I'm used to and it would require i revise my entry technique more than perhaps I'd like to at this point.

3. I can eliminate confirmation and scale out and potentially scale back in if given the opportunity. This would be the hardest to implement I think. It would require an entirely new way of thinking about trading.

4. I can man up and keep things exactly the way they are and simply not move the stop. This is the simplest to implement as it requires no further modification. But this has not worked so far.

5. Lastly I can explain myself to my wife and the reason she's not driving the new car she'd like. And then make a daily report to her about how I actually traded. I wonder about the wisdom of this but personal accountability can go a long way towards behavior change.

I have the weekend to think about it. I'll decide by Sunday night.....

Hard choices. I wouldn't even think of trying to say what you should do. I couldn't possibly know.

But I would suggest making the fewest changes, on a fundamental level, that are possible. Big changes are going to be very hard to make successfully.

That undeniable fact may help in finding a satisfactory answer....

Good luck with this.

Bob.

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  #202 (permalink)
 PandaWarrior 
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The Profit on CNBC believes in People, Products and Process.....

And in this game, the product is the market we trade, the process is how we see the market, the decision making matrix we use and how we enter and exit the market.

The people is of course us....

As is usually the case, the people involved is more than likely the most broken piece of the puzzle, next is the process, it might or might not be broken....for this exercise we will assume the process is more or less good and valid. The product we will also assume is both acceptable and static, meaning we will not make changes to it.

With that in mind, it appears as we already knew the process and product are fine.....its the people (me) that cannot follow the process.

With that in mind, as a first step, I've brought in my wife to act as a process monitor. At the end of each trading session, I must give her a blow by blow account of how I did or did not follow the process. She is the only one to whom I really have accountability. I can journal here and in my blog but there is no accountability to anyone....and it appears I can use a health dose of this....

Secondly, there has been and will be an ongoing process of acceptance. Of surrender. I cannot control the market or what it does. I know this with my head....but my heart has not accepted it fully. Today I fully accept this fact....and tomorrow I will say it again. It will be an ongoing daily verbal acknowledgement of the reality of what IS, NOT what I want it to be.

Change does not happen without acknowledgement and acceptance of of what IS.....and as the people variable of the people+process+product formula, getting the people to accept the failure, the break down, the conflict that exists within them, that they are the problem......this is what IS.....instead of hoping for what might BE.....acceptance of what IS.

Once that is done, change can happen quickly and with what might be seen as a quantum leap forward.

I'm leaning toward making no changes in my tactics.....only just letting the market do what its gonna do....and bringing my wife into the process of course. Accepting the outcome as what was supposed to happen....let it flow....I suspect this is the correct but narrow way....it leads to success....I choose the narrow path.

It's gonna be a daily walking out of this acceptance and a daily acknowledgement of my inability to control the market or to force my will on it and a daily surrendering of my need for control. Its a step I'm willing to make....on faith.

Tomorrow I'll finalize tactics (if any changes are made), note any further thoughts or aha moments that come....for now, I'm at peace.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #203 (permalink)
 tigertrader 
Philly, Pa
 
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PandaWarrior View Post
I feel like shit today.

My Achilles heel is this....moving those damn stops to soon.....stupid thing is I know I do it but can't stop myself. At the end of the day, I see what could have been had I just done NOTHING.....I even put my targets in good places....it seems I know HOW to find ENTRIES and EXITS, but dealing with the emotion in between is becoming a serious issue. Each time it happens, I tell myself like a good repentant alcoholic that tomorrow will be DIFFERENT. That tomorrow I won't move the damn stops....that tomorrow I will walk away. That tomorrow I will be the trader I know I can be......

And tomorrow comes and I don't move the stops and I get taken out for a loss....then the next day I move the stops and once again, I find myself on the sidelines watching while price moves toward my targets....and remain the trader I AM.

Today for instance, I sold in a near perfect location....after around 28-30 MFE, I moved to BE, thinking, CL will do its famous 20 tick pull back and I'll have 8-10 ticks of room between me and price.....but today it did a 29 tick pull back and took my stop to the TICK and then sold off for more than 100 ticks.....

After a long time, I found another place to get in, and EXACTLY the same thing happened. This time by a few ticks but still, the EXACT same thing.

Its time to admit I have a serious problem. Hi, my name is Brian and I am a stop moving aholic. I've been a stop mover since the beginning of my trading career. It has ruined me and I am ready to recover from my addiction.

I wrote about this a couple of weeks ago. How my method produced nice winners if I would just leave them alone. It felt good to write this. I even meant it. But honestly I'm not sure I even followed that plan even once. Well Wednesday I did but what really happened there is I took my kiddo to school and left the trade open....and my targets got hit while I was out....otherwise, who knows what stupidity I might have committed.

Today was one of the easiest days to make money in recent memory on CL and I have two trades for BE+1 to show for it. I've simplified my entry decisions as much as I think I'm gonna get them for now. They are clear and easy to see. I use confirmation, so sue me....its not the confirmation that hurts, its the stop.....yes if I didn't use confirmation, I might be able to go to BE and not get hit, but I KNOW this is gonna happen, its part of the system, that break out pull back that seems to happens 95% of the time. And yet, I cannot seem to stop violating the most basic thing....don't move the stop.

I stopped losing by going BE aggressively....but I was also searching around for the holy grail, so going BE often times saved me from my own ignorance.....and I grew to love the BE.....knowing it was protecting me while I learned and solidified my ideas.....but now that I have, its a noose around my neck. Its literally killing me. Its cost me tens of thousands of dollars this year alone in missed winners.....dare I say it, maybe even 100K in profit has been missed because of this issue.

I used to say things like "no one changes until the pain of staying the same exceeds the pain of change." Now I'm not so sure. The pain of staying the same is extreme and yet I don't change. Now the question is WHY?

Another issue is this, once price has moved away from the entry zones, I HATE chasing but often times, a chase can work, the profits are reduced of course but the premise of the trade remains valid.....risk can increase but if you wait for a pull back, that to can be reduced....but for some reason, I feel like once the initial entry is gone, just sit it out. Who knows when and where it will reverse.....maybe the move is over.

I'm at McDonalds writing this and CNBC is on the TV, they are talking about "Easy Money Trades". If only they knew!. Today was easy money all over the place and I have none.....

Something MUST change and it MUST change soon. I'm growing to hate this in a way I didn't think possible. I told my wife today, days like this make me wonder if I can be a great trader. I know I can be a good trader but being a great trader requires that I change this behavior and change it permanently. I could be a good trader just scalping 10-20 ticks a day. Add size as the account grows....I have the patience and the discipline to do that. I'd be up around 30 ticks today......But I want to be a great trader.....and that requires behavior modification.

Honestly, I'm at a loss. I have the weekend to think about it....and maybe the rest of the year....I don't know if I should trade any longer until I figure out what's causing this. Actually I will finish the combine, I have two more days left. Hopefully I will roll it over. All I need to do is have one tick winners with a single lot both days and I'm good....then maybe I sit out the rest of the year.....who knows.

@tigertrader says everyone gets what they want from the markets. That sounds like bullshit to me on the surface and yet I wonder if I'm not wrong about that. And if I'm wrong, what does that say about me as a person both emotionally and mentally? Do I subconsciously WANT to not be a winner? That sounds irrational at best and laughably stupid at worst....and yet????? If so, my family is in serious trouble.....

Ok, I accept I am the problem. I accept there is something I am not aware of limiting my prospects of being a great trader. Worse, while I'm aware that I'm not aware of what's missing, I've no real idea of what that variable is....and I don't know how to find it and fix it. At the same time, I have a certain feeling hovering around the periphery of my consciousnesses that purports to be the answer...something that sounds vaguely like the word surrender. Something I've not been willing to do.....is it possible to win the war by not fighting at all? Maybe, fighting has not produced desirable results.

And in case anyone is wondering, I made $80 today in the combine. Don't laugh and don't judge. I've done enough of that for all of us.


Big Mike View Post
Brian, there are many axioms in the market, but like most things they work or are true only about half the time.

We all struggle with similar things, the difference is the longer you are in the business the quicker you catch yourself making a mistake and then correct it.

You are looking for absolutes but won't find them. Stops are like everything else in trading. They can work, they can hurt, they are not black/white good or bad.

Bottom line is you need a direction for the market you believe in, preferably macro, then be as fluid as possible and allow your trades to pay you.

I wonder how you would do if you traded USO as the ETF and you traded it with the rule of no more than one execution a day, either a buy or sell but not both. Forcing a more macro view and more time to get paid.

Sent from my phone

the point @Big Mike is trying to make is you have to trade the market, which is something you have never been willing to do. what you have done instead, is try to develop some kind of quasi-systematic trading approach whose top priority is to delineate and reduce risk and not optimize profitability. you spend more time analyzing your personal trading statistics than the market itself; because visible historical results, provides you with the perception of reliable expectations regarding trade frequency, win rate, profit expectancy, and drawdowns. while the apparent benefit may be a feeling of comfort and control, all it really provides is a set of unrealistic expectations and an improper area of focus.

at the very heart of being a trader is attitude. it is about being confident in oneself and one’s decisions; and confident, yet honest about one’s methodology. clearly, there is no right or wrong style for trading the markets — it is a highly personal decision and one that should be tailored for each individual’s personality, trading experience and objectives. nevertheless, it still has to be profitable and scalable. you obviously don't have confidence in your decisions, and are over-confident in your methodology. i think you know damn well that your strategy isn't all that it's cracked up to be. you're confusing some random streaks of winning trades as an affirmation of your approach, and are allowing yourself to be misled into thinking that your method is robust. a trading system that doesn't provide you with the information and confidence to stay in trades and add is anything but robust.

you are going to make some emotion driven mistakes along the way, but if you focus on how to trade the market, you'll know when trades are good, and you won't want to get out of them until they're not good anymore.

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  #204 (permalink)
 PandaWarrior 
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tigertrader View Post
the point @Big Mike is trying to make is you have to trade the market, which is something you have never been willing to do. what you have done instead, is try to develop some kind of quasi-systematic trading approach whose top priority is to delineate and reduce risk and not optimize profitability. you spend more time analyzing your personal trading statistics than the market itself; because visible historical results, provides you with the perception of reliable expectations regarding trade frequency, win rate, profit expectancy, and drawdowns. while the apparent benefit may be a feeling of comfort and control, all it really provides is a set of unrealistic expectations and an improper area of focus.

at the very heart of being a trader is attitude. it is about being confident in oneself and one’s decisions; and confident, yet honest about one’s methodology. clearly, there is no right or wrong style for trading the markets — it is a highly personal decision and one that should be tailored for each individual’s personality, trading experience and objectives. nevertheless, it still has to be profitable and scalable. you obviously don't have confidence in your decisions, and are over-confident in your methodology. i think you know damn well that your strategy isn't all that it's cracked up to be. you're confusing some random streaks of winning trades as an affirmation of your approach, and are allowing yourself to be misled into thinking that your method is robust. a trading system that doesn't provide you with the information and confidence to stay in trades and add is anything but robust.

you are going to make some emotion driven mistakes along the way, but if you focus on how to trade the market, you'll know when trades are good, and you won't want to get out of them until they're not good anymore.

At least there's one thing thing right about this post, its about attitude....about being confident in oneself and in one's decision.....as well as honesty about methodology......and about one's personal shortcomings....

I mentioned Gary in the post not so he would see it and chime in but to be honest about where I'd heard the quote although I've seen that same quote many times in other places....so I'm sure he picked it up somewhere as well. As it turns out, he chose to chime in and I should have seen that coming. I rather thought he'd given up on me and wouldn't bother reading the post.....much less respond....oh well....

Before I leave off on this reply, a quick stat: My method which isn't all that its cracked up to be has been profitable since May of last year...there have been a few tweaks along the way.....simpler decision making for the most part, all the while achieving a win rate of less than 45% overall. In fact, I've had one losing month since then. One.....the point of the post in case anyone missed it, was this...the PnL would have been exponentially greater had I not interfered with said non robust method. Not as a result of some hindsight visual hocus pocus, but because of actual real life trades. Trades that worked without me because I exited prematurely because of pure emotion...and not because I lack confidence or because of a lack of robustness.

This is all I'm going to post about this. I'll post the combine results as promised but that's it.

One last thing, this is a bit hard for me because I'm not all that confrontational with people, especially with people that have taken time to speak to me on the phone...but I've decided to put Gary on the ignore list. I just don't like the tone and spirit of his posts. He's a good guy and I do think he wants to help (I might be wrong about this and he just wants to show off) but for some reason he can't help but be derogatory and negative on a personal level with traders....not just me but most traders he's tried to "help" have all experienced his bombastic approach. A number of them have PM'd me over the last few weeks and months wondering why he hasn't been banned for some of his posts.....and I have no easy answer for them....and since life's to short to have the negative input around you all the time, it's the ignore list at least for now...... another decision I have confidence in....

For all the of the thread readers, thanks for continuing to read and hit the thanks button.....I post almost exclusively in my own threads, although lately I've posted in a few other threads, I am still amazed that anyone reads my stuff much less thinks enough of it to hit the thanks button....

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #205 (permalink)
Paige
Gainesville, Florida, United S
 
 
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Another snippet from "Gambling Theory and Other Topics" by Mason Malmuth.

"Any competent statistician will tell you that one should first form a hypothesis and then collect data to either (statistically) confirm or reject the hypothesis. The way not to go is to collect data first and then look for patterns or trends to exploit. The reason that collecting data first is flawed is that with a large body of data, pseudo-patterns, which are logically flawed, will appear."

I think what he's saying here is that you could easily find "patterns" that *appear* to correlate with financial market performance within any body of historical data -- regardless of what type of data you examined.

Personally, I always buy (Boeing - BA) when it rains in both Cairo, Egypt and Cleveland, Oh -- on the same day - and there are more than 7 births to people named "Smith" in the greater Little Rock, Ak area.

Peace,
Paige

 
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  #206 (permalink)
 cejstrup 
Denmark
 
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I like following your journal. Because you're going through some of the same things I am.

One thing I don't get is this. You said you could do 20-30 ticks a day and be a "good" trader.

If you can do that consistently on a daily basis, how is that not being a great trader ?

Is it because you feel like great traders have to pick those 100+ tick moves often ? Trading with a positive expectancy over time and you could just add contracts and be golden

I think you're being too hard on yourself at times.

But one thing I can relate to is the "no management is the best management" approach.

I've seen many trades miss my stop by a tick then go full profit.Or miss my target by a tick, reverse back to almost hit the stop then go back up and hit the target.

Best of luck on the combine

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  #207 (permalink)
 bobwest 
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You have a good journal, which is valuable to others because you are honest and you try to grapple with issues that everyone faces at one time or another. There's nothing more that could be asked for in a journal. So that's why people read it and say "Thanks."

I hope that your run-in does not sour you on posting your thoughts here, whenever you happen to feel like it. Lots of people appreciate and understand the struggles you are going through, and also recognize that you are actually very successful at your trading. Obviously, you want to do better, as anyone would. But that does not change the fact that you have a proven track record.

Thanks again for your contributions here.

Bob.

------------------

PS: As to the famous, much-repeated quote, here is the original:

"Win or lose, everybody gets what they want out of the market. Some people seem to like to lose, so they win by losing money."

It's by Ed Seykota, quoted in Jack Schwager's Market Wizards. Reference here: Ed Seykota - Wikiquote

I think that people like to repeat that quote (without attribution) because it can mean about whatever they want it to mean (), usually without the part about winning by losing, which may make it too specific. It does make you think, though.... whatever it might mean.

(Seykota was an early pioneer in purely automated, computer-driven trend-following systems. He apparently made a lot of money at it. I don't see how that makes for deep psychological insights, especially about discretionary trading, but perhaps it does.... Ed Seykota - Wikipedia, the free encyclopedia )

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  #208 (permalink)
 PandaWarrior 
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cejstrup View Post
I like following your journal. Because you're going through some of the same things I am.

One thing I don't get is this. You said you could do 20-30 ticks a day and be a "good" trader.

If you can do that consistently on a daily basis, how is that not being a great trader ?

Is it because you feel like great traders have to pick those 100+ tick moves often ? Trading with a positive expectancy over time and you could just add contracts and be golden

I think you're being too hard on yourself at times.

But one thing I can relate to is the "no management is the best management" approach.

I've seen many trades miss my stop by a tick then go full profit.Or miss my target by a tick, reverse back to almost hit the stop then go back up and hit the target.

Best of luck on the combine

Its not about the number of ticks, its about execution and sticking to the game plan....and yes, if the plan says 30 ticks then great but if it says 42 or 93 or whatever number, then not sticking to that is failing to execute like a professional. All professionals lose at some point but they usually win because they executed a game plan better than the opponent. That is what this is about. Being the best I can be within the context of my current skill level, account size, risk tolerance, etc.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #209 (permalink)
 PandaWarrior 
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bobwest View Post
You have a good journal, which is valuable to others because you are honest and you try to grapple with issues that everyone faces at one time or another. There's nothing more that could be asked for in a journal. So that's why people read it and say "Thanks."

I hope that your run-in does not sour you on posting your thoughts here, whenever you happen to feel like it. Lots of people appreciate and understand the struggles you are going through, and also recognize that you are actually very successful at your trading. Obviously, you want to do better, as anyone would. But that does not change the fact that you have a proven track record.

Thanks again for your contributions here.

Bob.

------------------

PS: As to the famous, much-repeated quote, here is the original:

"Win or lose, everybody gets what they want out of the market. Some people seem to like to lose, so they win by losing money."

It's by Ed Seykota, quoted in Jack Schwager's Market Wizards. Reference here: Ed Seykota - Wikiquote

I think that people like to repeat that quote (without attribution) because it can mean about whatever they want it to mean (), usually without the part about winning by losing, which may make it too specific. It does make you think, though.... whatever it might mean.

(Seykota was an early pioneer in purely automated, computer-driven trend-following systems. He apparently made a lot of money at it. I don't see how that makes for deep psychological insights, especially about discretionary trading, but perhaps it does.... Ed Seykota - Wikipedia, the free encyclopedia )

I knew someone important actually said it...thanks for finding it and pointing out the subtle difference....its actually a rather large point.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #210 (permalink)
 Anna K 
LA, ca
 
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due to Panda's request, I've deleted my post. It's his journal after all. I tried, but sometimes truth doesn't matter, peace does. Best to all.

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  #211 (permalink)
 PandaWarrior 
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Anna K View Post
due to Panda's request, I've deleted my post. It's his journal after all. I tried, but sometimes truth doesn't matter, peace does. Best to all.

Thank you @Anna K, I appreciate it. Truth matters but this isn't a war and I'm not fighting.....its not worth it.....

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #212 (permalink)
 PandaWarrior 
In the heat
 
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Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #213 (permalink)
 Anna K 
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Panda, impressive turnaround in your combine. Btw, did you notice that your 2 biggest losing days came on the days when CL was in a tight and congested range? If you can somehow catch and eliminate those...

Are you planning to do another combine?

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  #214 (permalink)
 PandaWarrior 
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Anna K View Post
Panda, impressive turnaround in your combine. Btw, did you notice that your 2 biggest losing days came on the days when CL was in a tight and congested range? If you can somehow catch and eliminate those...

Are you planning to do another combine?

Those losses had more to do with my poor state of mind than anything else. I was not in a good place mentally...my dad had just been diagnosed with cancer which I noted in the journal on those days....

I'm not done with this combine yet....and if I don't win but roll it over, of course I will....

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #215 (permalink)
 tturner86 
Portland, Oregon
 
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PandaWarrior View Post
Those losses had more to do with my poor state of mind than anything else. I was not in a good place mentally...my dad had just been diagnosed with cancer which I noted in the journal on those days....

I'm not done with this combine yet....and if I don't win but roll it over, of course I will....

Nicely done. Good luck!

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  #216 (permalink)
 mfbreakout 
BOSTON, MA
 
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PandaWarrior View Post


Hi Brian,

I have the highest respect for traders who try TST combine per their rules. The way daily stop loss limit is set for these combines puts traders practically in a straight jacket but as Big Mike said ' It's their money so one has to follow their rules"
My only recommendation will be to keep numbers of contracts traded for the day on the low side.

It's amazing by itself that you been able to continue combine while dealing with your dad health issues.



My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
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  #217 (permalink)
 PandaWarrior 
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mfbreakout View Post
Hi Brian,

I have the highest respect for traders who try TST combine per their rules. The way daily stop loss limit is set for these combines puts traders practically in a straight jacket but as Big Mike said ' It's their money so one has to follow their rules"
My only recommendation will be to keep numbers of contracts traded for the day on the low side.

It's amazing by itself that you been able to continue combine while dealing with your dad health issues.

I wholeheartedly agree....especially the ten day combines are designed for failure in my view....essentially you must start small and since the daily stop doesn't increase as you add to it, you are forced to either scalp a certain number of ticks every day, trade all day long or take unreasonable risk with larger size and hope things go your way early on. Otherwise you are screwed....

The continuous combine on the other hand makes more sense, you can simply trade smaller size for a longer time period and take more reasonable risk doing it.....but I won the ten day combine and so that's what I'm trading....

No trades today as I did not get a valid signal I could reasonably take....even though last night I KNEW I would be short this morning....but price went up instead of down and so I waited until I could get a "counter trend" signal on the 5M chart and just as I was getting ready to hit the button short, it exploded down....I missed all of it.....but oh well, there's tomorrow.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #218 (permalink)
daddy
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PandaWarrior View Post
No trades today as I did not get a valid signal I could reasonably take....even though last night I KNEW I would be short this morning....but price went up instead of down and so I waited until I could get a "counter trend" signal on the 5M chart and just as I was getting ready to hit the button short, it exploded down....I missed all of it.....but oh well, there's tomorrow.

I also "felt" I should go short.. And I did, but check this: it took my stop, and turned on it exactly, then began the fall..
As you wrote, there's tomorrow.
I never wrote in your thread before, but I have to say, I really appreciate your thoughts, they resonate deeply in me every time. Even my Dad had cancer..
Keep up the great thread, I guess lots of us are with you in your journey.

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  #219 (permalink)
 Anna K 
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PandaWarrior View Post
Price is trading in a 50 tick range all night. Its short but coiled up pretty tight and a long could materialize.

Tried three times to be short, on the second attempt, I shorted a single lot, then added to it on each subsequent bar. It went +40 on the original short and and when I added on the pull back, the entire thing stopped out. I then tried to be short at the double top area, shorted the inside bar and was stopped out. Three shots, all failures.
One last shot at the shorts as it breaks the trend line.....two lots....looking for around 90 ticks to the lower short target area.

It's been a range day for the most part, no trending follow through to speak of.

Brian, I didn't know about your dad, so all the best to you and your family.

Btw, above is what you said about the day on the 12th, still seems to me like congestion did play some part in your trading on that day, but obviously you know yourself best.

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  #220 (permalink)
 tturner86 
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mfbreakout View Post
Hi Brian,

I have the highest respect for traders who try TST combine per their rules. The way daily stop loss limit is set for these combines puts traders practically in a straight jacket but as Big Mike said ' It's their money so one has to follow their rules"
My only recommendation will be to keep numbers of contracts traded for the day on the low side.

It's amazing by itself that you been able to continue combine while dealing with your dad health issues.

A note for other traders that total of contracts traded is on both sides. In and out.

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  #221 (permalink)
 tradermark2009 
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Hi Brian, thank you for the thread, and I wish you rest and peace with your dads healthly recovery. If you should think the TST combine is tough you should have seen my wife on showing her my Fridays statements for the week during the year. LOL, will sometimes.


PandaWarrior View Post
I wholeheartedly agree....especially the ten day combines are designed for failure in my view....essentially you must start small and since the daily stop doesn't increase as you add to it, you are forced to either scalp a certain number of ticks every day, trade all day long or take unreasonable risk with larger size and hope things go your way early on. Otherwise you are screwed....

The continuous combine on the other hand makes more sense, you can simply trade smaller size for a longer time period and take more reasonable risk doing it.....but I won the ten day combine and so that's what I'm trading....

No trades today as I did not get a valid signal I could reasonably take....even though last night I KNEW I would be short this morning....but price went up instead of down and so I waited until I could get a "counter trend" signal on the 5M chart and just as I was getting ready to hit the button short, it exploded down....I missed all of it.....but oh well, there's tomorrow.


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 cejstrup 
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PandaWarrior View Post

The continuous combine on the other hand makes more sense, you can simply trade smaller size for a longer time period and take more reasonable risk doing it.....but I won the ten day combine and so that's what I'm trading....

If you get a rollover on this 10-day combine, instead of getting another 10-day you can ask Topstep to turn it into a continuous combine. That's what I'm doing with my latest rollover.

The minimum for a continuous is 2 months, so you'd have enough credit for 2 months of the 50k combine ...

Just a thought

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  #223 (permalink)
 bobwest 
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cejstrup View Post
If you get a rollover on this 10-day combine, instead of getting another 10-day you can ask Topstep to turn it into a continuous combine. That's what I'm doing with my latest rollover.

The minimum for a continuous is 2 months, so you'd have enough credit for 2 months of the 50k combine ...

Just a thought

Have they agreed to do that? It's an interesting idea, if so.

Thanks.

Bob.

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 cejstrup 
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bobwest View Post
Have they agreed to do that? It's an interesting idea, if so.

Thanks.

Bob.

Hi,Bob

yes they have

I recently rolled over a 150k custom combine worth 450 USD. I'll have it converted to either 30k continuous for 3 months or maybe a 50k cont. for 2.5 month. Still haven't decided yet

Edit:

Due to administrative limitations it wasn't possible to convert it anyway. I will get a refund instead.

Remember, a refund is always a possibility as well....

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 PandaWarrior 
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I blew up the combine on the last day. Hit the DLL....wasn't really thinking I suppose but going into the day, I had decided that if the first trade was a loser, I'd quit and roll over the combine. But honestly, that is trading the combine and not the account....so I went for it and forgot how much I was down for the day....and the risk manager took me out, which is what its supposed to do, its a protection after all but in the sense that I was trading the account vs trading the combine, I blew it big time....

Thanks for all that voted for my journal. If anything is to be learned from this, its this, pay attention to the loss limit! And trade the early part of the combine as though its the last week. Its tough to trade well the last week if your back's against the wall.



Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #226 (permalink)
 PandaWarrior 
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Well its that time of year, time to review, to plan, to think and to make changes as needed. I normally spend the last 60 days of the year thinking about the past, planning for the future and then making tactical changes as dictated my thinking and planning.

I have a few new financial goals this coming year. Not the least of which is to make sure I exploit my opportunities the best of my capability. However, besides that, I plan on starting a foundation or non profit to begin working on some of my long term goals. This will require further consistency in my trading.

Another thing I've worked on is eliminating distractions and unnecessary inputs. One of those is the daily posting here at futures.io (formerly BMT). Over time I've talked about reducing my posting frequency and have always come back to it. I think its more to do with the community than for anything else. But honestly, the community feels smaller for some reason. I don't feel in touch with it like I did and since I write my personal journal in Evernote, my private blog and this thread, it gets a bit redundant. So after talking about it for a long time, I've decided to reduce another distraction and simply post a weekly summary here in the thread. If you want to read my daily stuff, you'll need to find me at my blog which can be found in my profile here at futures.io (formerly BMT).

I will be adding long term forex trading to my trading plan as well this next year. It will not be a quick thing. I have looked at it quite a lot this year and have gone back and forth on trading forex. In the end I can see it being a portion of a longer term portfolio. Using a basket of currencies as part of a diversification strategy can only be a good thing. I've done well in the past as a longer term trader/investor with much less understanding of what I was doing so I think I can add forex slowly and build it up into a nice piece of the puzzle.

The rest of the year promises to be decent, I think the volatility will continue at least for another week or so until the market figures out what the OPEC meeting really means for the future of energy and how Russia will respond. I really think Putin is the wild card on the international stage. He could disrupt lots of peoples plans for the future with a few quick moves if he is so inclined.

I have a lot going on personally the next few weeks so it looks to be pretty busy. My dad is going in for CAT scans and then surgery to have his cancer removed. That should last until around the 17th or so. Then more family in for the Christmas holiday. For sure I won't be trading between Christmas and New Years.

Take care, see you next weekend.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #227 (permalink)
 bd92154 
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PandaWarrior View Post
I blew up the combine on the last day. Hit the DLL....wasn't really thinking I suppose but going into the day, I had decided that if the first trade was a loser, I'd quit and roll over the combine. But honestly, that is trading the combine and not the account....so I went for it and forgot how much I was down for the day....and the risk manager took me out, which is what its supposed to do, its a protection after all but in the sense that I was trading the account vs trading the combine, I blew it big time....

Thanks for all that voted for my journal. If anything is to be learned from this, its this, pay attention to the loss limit! And trade the early part of the combine as though its the last week. Its tough to trade well the last week if your back's against the wall.



PandaWarrior,

Like everyone else here I totally look forward to your journaling and journey to becoming an even more successful PROFESSIONAL Trader. Sorry to hear about your combine and what you are going through.


I look at your Combine and I see a lot of take aways that are positive:

1. Obviously you were trading with a ton of external stress.
2. Although you didn't pass the first time a 29.98% annualized rough rate of return is not bad. (I'll put my calculations below and that is not even accounting for the fact that you would have had increased capital in a year, just straight stick growth.)
3. Oh I forgot to also put down that you were doing your Combine during some of the traditionally toughest days to trade in the year. Had it been a month ago things probably would have been much different.
4. You have now completed it once and it was positive; so you know you can do it again.

You are a great trader now, and will be even better in the future.

Oh almost forgot my rough. Calculations. 10 day combine = 2 weeks trading so in two weeks you went from 150K to 151,730.
52/2 =26 two week periods in a year
26*1,730 = $44,980 conservative projected returns even with your current combine

($44,980 /150,000)* 100 = 29.99% would be your projected annual returns.

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 PandaWarrior 
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bd92154 View Post
PandaWarrior,

Like everyone else here I totally look forward to your journaling and journey to becoming an even more successful PROFESSIONAL Trader. Sorry to hear about your combine and what you are going through.


I look at your Combine and I see a lot of take aways that are positive:

1. Obviously you were trading with a ton of external stress.
2. Although you didn't pass the first time a 29.98% annualized rough rate of return is not bad. (I'll put my calculations below and that is not even accounting for the fact that you would have had increased capital in a year, just straight stick growth.)
3. Oh I forgot to also put down that you were doing your Combine during some of the traditionally toughest days to trade in the year. Had it been a month ago things probably would have been much different.
4. You have now completed it once and it was positive; so you know you can do it again.

You are a great trader now, and will be even better in the future.

Oh almost forgot my rough. Calculations. 10 day combine = 2 weeks trading so in two weeks you went from 150K to 151,730.
52/2 =26 two week periods in a year
26*1,730 = $44,980 conservative projected returns even with your current combine

($44,980 /150,000)* 100 = 29.99% would be your projected annual returns.

Hi Bill, nice to hear from you......all that might be true but I suspect the amount of risk I take might make most investor types turn white headed overnight.....therefore those returns are less attractive than one might otherwise think.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #229 (permalink)
 bd92154 
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PandaWarrior View Post
Hi Bill, nice to hear from you......all that might be true but I suspect the amount of risk I take might make most investor types turn white headed overnight.....therefore those returns are less attractive than one might otherwise think.

Oh so you have seen real picture on line have you.... LOL
Risks are fine as long as you don't let them get away from you.
I've watched your journal, and don't really see a crazy trader that is out to lose all his money.
No me on the other hand, well I have been in trader rehab for some time now.
Just getting back into real money trading again with baby steps.

Sent you a PM with more detail.

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  #230 (permalink)
 PandaWarrior 
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Dad came through the cancer surgery just fine. Took longer to recover than we expected, a being at the hospital full ten days is one of the most exhausting things a person can do except be the one required to be there.....next up, my mom's pacemaker replacement in early Jan. Hopefully thats it for a long time!

Been working on further simplifying my trading, holding for larger gains, taking better trades with better entries. Those things are working out better than I had hoped. Still dealing with holding trades through the "kill zone" but by getting better entries, the kill zone is less of an issue now....

Going to be finishing up my annual review and my future planning over the next couple of weeks. I'm taking it slow this year as there are a few things I really need to get solidfied and then simplify.

The longer I live the more convinced I am that life should be simple, goals clear and direct and effort expended in as few areas as possible to the most effective long term. So this year I am working on getting rid of the good to focus on the best and this is a PAINFUL process. I have a lot of good things I want to do but figuring out which one is the best is difficult. In the end, I have to go with the ones that give me joy, everything else is just duty and obligation. Therefore I plan on giving those things as little head space as possible, automating at much as possible and create as much margin as I can to do and participate in the things that bring joy to myself and my family.

Thankfully, we have a pretty good idea of what those things are, now its a process of eliminating the good....easier said than done.

Might be my last post until the new year....not really trading much after this week.

Cheers.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #231 (permalink)
 Big Mike 
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Good news Brian, glad to hear it

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  #232 (permalink)
 bobwest 
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Glad your dad's OK. Good luck with your mom and with your priorities assessment.

Have a good -- and a new -- year.

Bob.

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  #233 (permalink)
 PandaWarrior 
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I've been on sim since last monday. I wanted to test a few things and confirm a few things.....I do so well on sim I'm thinking of starting a trading room where I post up front I am in sim and participants can emulate me if they like! I mean everyone does well in sim right? So why not have a trading room where people KNOW you are in sim, KNOW you do better in sim because there's no pressure and simply copy the trades you take? What could be better than being paid for sim trading!!!

But honestly, sim trading has its place, for me its about testing new ideas, money management, trade management, etc....and I do reasonably well on sim even testing new ideas. That being said, as a trader, I still have issues that perhaps will never really go away.

To help mitigate these issues, I've struggled with various methods and strategies over the years trying to find something that allows me to have it all, big wins, short time in the market and very low risk.

To my everlasting chagrin, you really can't have it all. There's really no such thing as a big win, ultra low risk and a very short trade duration. Yes sometimes it happens but its the exception not the rule....and I've always wanted it to be the rule and not the exception.

So this last week and this, I've been working on who I really am as a trader. A scalper looking for a single leg, an intra day position trader or perhaps both.

Here's what I am discovering, I do not want to be an intra day position trader PRIMARILY. I want to book profits early and IF I get a nice runner then wonderful. That being said, going forward, I plan on always allowing at least one runner opportunity....especially if I see a confluence set up that is screaming big day potential.....even without this, sometimes a "normal" day is 100+ ticks....and it can do that on a rotation day since the ranges have expanded so nicely.

Which means a scale out approach and if its within my time opportunity window, a scale back in to add to the runner. I know the scale out approach is mathematically inferior, but its much more emotionally superior. I thought doing the correct thing mathematically would make me feel emotionally better....incorrect assumption.

A few things I've tried these last few days;

1. Mean reversion....there's a reason this is called "mean". The market is quite unfriendly to this type of trading, you could even call it 'mean".

2. Top and bottom picking, This actually works IF you are picking TOPS in a down trend, but all you get by picking bottoms in a down trend is stinky fingers. Choosing tops or bottoms is fine as long as you are trading in the direction of the dominate trend.

3. Adding to trades; I've worked on this this before and I have yet to master the art of it, but that being said, this is the way to make a fortune in this business, adding to winners.....and I"m getting better.

4. Finding entries off the one minute chart while taking direction from the 5M and higher time frames; This also is an art and one that I think will pay dividends down the road, but once again, its not something I've mastered but will continue to improve on as time goes by.

5. WIDE stops; Ok this is MUCH harder to do emotionally BUT it sure works well! Especially if you are picking tops in a downtrend or bottoms in an up trend. Why is this/ Because you are going with the trend and if you look at levels, moving averages, etc along with any other ways to determine an overbought situation in a down trend, you can do pretty well with wide stops. It keeps you out of the noise and allows for the fact that you may have missed the top by a bit but still got the zone and the timing right. All in all, I think wide stops are fine, IF the trade is with trend, otherwise you are toast.

6. Really large (for me) targets. This works really well IF you just leave the darn thing alone and let it play out UNLESS you get (rare) reversal signal the opposite direction.

Whats the end result of all this? A few things.

1. Trade with the trend always and if you can't determine a trend. don't trade.
2. Mean reversion trades are ok IF there is plenty of room to get at least one to one RR. Even then they should be with small size and tight stops. Be aggressive in closing these trades if they stall or go negative. And don't pick the bottom blindly, instead use the reversal tools I have even if on a smaller time frame to find the reversion trades....or just wait for the continuation trade...safer anyway.
3. Use the tools I have, they do in fact identify trend and direction.
4. I'll be scaling out and in....I'll just have to deal with the benefits and drawbacks of this. The cost of doing business
5. I will be using aggressive money management to increase my size. Its the only way. I've created a MM system to tell me when to increase and when to decrease.
6. I won't be managing my trades much any longer. Its counter productive.
7. Its kinda ok to just not doing anything while the large targets are working.
8. Time is easier and cheaper (safer) to leverage than my trading account.

This post has ran a bit long, I've been writing it for several days now. I've not had much time to sit and just write and even now I'm a bit pressed but I wanted to get it published before tomorrow.

cheers.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #234 (permalink)
 PandaWarrior 
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I ditched all moving averages on my entry chart (5M)......they can be quite misleading.......try it you might like it....They've been a crutch for a LONG time.....

Simplicity is the ultimate sophistication, Leonardo da Vinci


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  #235 (permalink)
 PandaWarrior 
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Well it happened, someone stole my banking information from somewhere and cleaned me out....every single penny....happened yesterday....thankfully not ALL my money was in the bank but enough of it to cause a very sleepless night last night after the fraud control department hung up with me at 8:30 last night.....

Just finished up at the bank this morning....they were very good about it....most of the fraudulent charges have already been reversed and the last few are in process, should know tomorrow but in the meantime, the bank has offered to front the cash until its all cleared up....which was nice of them.....

Turns out I was in Atlanta and Arizona yesterday at the same time using the same card which is what triggered the investigation by the fraud department.

Crazy days we live in, people work so hard at stealing other peoples stuff its like they have a full time job which is what presumably they are trying to avoid in the first place....

Sheesh....

Simplicity is the ultimate sophistication, Leonardo da Vinci


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  #236 (permalink)
 program 
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sorry to hear that Panda, hopefully you can get it worked out. good luck.

I have approximate answers, possible beliefs and different degrees of certainty of different things. But I'm not absolutely sure of anything and there are many things i don't know anything about.
 
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 Big Mike 
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PandaWarrior View Post
I ditched all moving averages on my entry chart (5M)......they can be quite misleading.......try it you might like it....They've been a crutch for a LONG time.....

Even VWAP?

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 Big Mike 
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Yikes sorry to hear that Brian. Was it credit card or checks? In person use or internet? Just curious because a friend went thru this many years ago with stolen checks, it was a nightmare

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 PandaWarrior 
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Big Mike View Post
Even VWAP?

Sent from my phone

Yes, although IF I add any back, it will be VWAP....

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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 PandaWarrior 
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 PandaWarrior 
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Big Mike View Post
Yikes sorry to hear that Brian. Was it credit card or checks? In person use or internet? Just curious because a friend went thru this many years ago with stolen checks, it was a nightmare

Sent from my phone

it was a cloned debit card they used as credit....no pin number needed....all charges were made in person in Atlanta whilst I was in sunny AZ.....I think I'll have most of the money back tomorrow.....so it should be painless except the feeling of being violated.....very disturbing....

I too went through a stolen check thing many years ago....and yes it was a nightmare.....

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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 bobwest 
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PandaWarrior View Post
it was a cloned debit card they used as credit....no pin number needed....all charges were made in person in Atlanta whilst I was in sunny AZ.....I think I'll have most of the money back tomorrow.....so it should be painless except the feeling of being violated.....very disturbing....

I too went through a stolen check thing many years ago....and yes it was a nightmare.....

Glad you're getting it back.

It is a strange world....

Bob.

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 Thegunshow 
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PandaWarrior View Post
it was a cloned debit card they used as credit....no pin number needed....all charges were made in person in Atlanta whilst I was in sunny AZ.....I think I'll have most of the money back tomorrow.....so it should be painless except the feeling of being violated.....very disturbing....

I too went through a stolen check thing many years ago....and yes it was a nightmare.....

Used your debit card at a restaurant lately? Had a similar issue a few years back and the charges were made in the Atlanta area. Living in Michigan at the time it was unlikely I bought those appliances...

 
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 tturner86 
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I cycle (destroy and request a new card every yr). I also have multiple VISA prepaid debit cards that I use for smaller purchases at places where I don't quite trust their 'system'. That way if one of those get hacked its only $100-$200. Very rarely do I use my actual bank debit anymore.

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 PandaWarrior 
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tturner86 View Post
I cycle (destroy and request a new card every yr). I also have multiple VISA prepaid debit cards that I use for smaller purchases at places where I don't quite trust their 'system'. That way if one of those get hacked its only $100-$200. Very rarely do I use my actual bank debit anymore.


I rather like these ideas...I shall implement the rotating debit card immediately (of course I have a new one now but will rotate it in January next year).

I also like the prepaid visa idea as well.....I like it a lot actually...for a variety of reasons...

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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 tturner86 
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PandaWarrior View Post
I rather like these ideas...I shall implement the rotating debit card immediately (of course I have a new one now but will rotate it in January next year).

I also like the prepaid visa idea as well.....I like it a lot actually...for a variety of reasons...

I really like the idea of using them online. That way if one of my profiles (ebay, amazon, etc) is compromised then only that card is affected. And most of the time I keep small amounts ($5-$10) on them until I am ready to make a purchase.

I learned it from a business mentor as a way to budget yourself. Only load the card at the beginning of the month with what you are alotted to spend.

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 cory 
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citicard lets you do virtual card


Quoting 
Virtual Account Numbers — Generate a temporary credit card number that makes it virtually impossible for anyone to steal the real one while you're shopping online.


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 Anagami 
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Brian! @PandaWarrior

Just found your second journal. Glad to see you are still trading.

I have to say a few things with complete frankness, if you don't mind.... not because I'm smarter (I'm not) or a better trader (no way)... but because I feel this could help you.

You forgot the original insight!!! "The secret sauce is YOU!!!" Beyond a certain level of technical trading skill (which you have), trading is 100% psychology!! (I think this is what @tigertrader is trying to get at when he speaks of 'attitude' replying to you.)

Reading your second journal with fresh eyes, I see a talented trader who is trying to fix a psychological problem technically, an impossibility. You are running away (trying to) from feelings you don't want to feel into an imagined safety of infallible technical rules. Of course, you know they don't exist... the answer is working on yourself.

I just posted on my blog the following quote:
“The unconscious will let you have only what you think you deserve.” - from Letting Go, by Dr. David R. Hawkins
I found this insight to be true and worth pondering. This is the reason for our negative feelings, self-sabotage, and every other type of aberration we commit while trading. Consciously, we know our goals, methods...etc. But the subconcious rebels; there is a deep and powerful dissonance.
The answer is NOT getting more technical, but getting more personal with yourself.
Peace brother.

PS Glad your dad is Ok... I lost 3 family members to cancer.

"The mind is its own place, and in itself can make a heaven of hell, a hell of heaven." - Milton
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 PandaWarrior 
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I wanted to say thank you to all the traders that skyped me or sent emails with their well wishes during my surgery and subsequent recovery.....

In a nutshell, I had holes between my brain cavity and my middle ear that over time became larger and larger and leaked spinal fluid into my middle ear causing all sorts of issues. Eventually brain tissue herniated into those holes and began filling my middle ear up with both fluid and brain tissue. None of this was good as you might surmise.

My new ear nose and throat specialist finally figured out what was causing me so much trouble and sent me to University of Tucson Medical Center to have it fixed.....the surgeon was one of the top specialist in this field (there are only 200 nationwide) and his team took good care of me.

Its now four weeks post surgery and my head is still a bit mushy where they cut my skull open and my ear is still full of surgical packing material which makes for a rather odd feeling in there and my ear is completely numb due to the incision but no pain except for where they seperated the muscle connecting the jawbone to the skull.....that hurts a bit but otherwise I'm doing pretty well....

Post surgery symptoms were pretty harsh....lots of hallucinations that drove me near insane for a week.....extreme vertigo which required me to use a cane to avoid taking a digger.....and I still can't bend over or lift anything heavier than a gallon of milk.....but I'm driving finally and doing most of my normal daily routines. I'm still getting a bit tired in the afternoons but that is getting better day by day.

I started trading again last Wednesday after watching Monday and Tuesday.....it took me a couple of days with live money to get back in the swing of things.....but since last Wednesday, I am break even.....three losing days and two winning days and my account stands at about the exact same amount as I started with last week....so I am happy about that.

I had a couple of weeks to do nothing but think.....my motivation to study, read or otherwise engage in meaningful mental activity completely disappeared after the surgery and so instead of catching up on my reading and video watching, I just ignored everything and literally spent nearly 10 days alone most of the time in complete silence. These days were long and mostly boring but I learned something.....I can wait it out.....with no real strength to do much, no interest in reading or even watching TV, I was pretty much forced to simply sit and do nothing while I regained my strength.

This was a pretty eye opening experience and one that I spent a long time thinking about in relation to trading. I figured if I could lay on the couch, sit in silence for hours and end up being ok mentally with it, I could sit for hours waiting for a trade or sitting in open trade waiting for it to play out.....and these last few days I've been doing just that.....lots of waiting and no real mental stress......I've waited for stops to be hit and for profitable trades to work.....and while one of those losing days I was totally on the wrong side of the market, I still waited patiently for the trades to either work or not. And when I stopped out for the day, my sense of a wasted day was missing....it was like, "oh well it didn't work today". And the same with the winners.....they worked and that was great.....pack it in for the day and come back tomorrow.

Ok so all that is probably to much information but lots of people have enquired and I thought I'd update here.....and for the morbid, here's a picture of my head two days post surgery....


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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 cory 
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holly smoke! speechless!

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 Itchymoku 
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Get better soon Brian, I hope you have a quick recovery.

R.I.P. Joseph Bach (Itchymoku), 1987-2018.
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 Silver Dragon 
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Brian,

I am glad to hear you are on the mend! Stay strong my friend!!

Robert

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 Big Mike 
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Brian, wow. I am glad things are improving!

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 bobwest 
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Thank you for the update. Glad you are doing well.

Bob.

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sharpshoota
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Wow! That's good news, I'm glad you are doing better PW.
Best wishes to you and your family

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 GFIs1 
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Welcome back @PandaWarrior

Hope you are on the market soon again!
Of course recovery is first - and your appetite will increase soon then.

GFIs1

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 lancelottrader 
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That sounds like a horrifying ordeal. So sorry you had to experience that. Best of luck on your recuperation.

Failure is not an option
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 Scalpingtrader 
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Glad to have you back. You gotta come up with a better scar-story for the ladies though..

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 Anagami 
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Just noticed the update with the photo. Very interesting, thanks for posting Brian, glad you survived the ordeal!

What you describe reminded me of Milton Erickson, maybe the greatest hypnotherapist of all time. When he was young he had polio, couldn't move... so he just stayed in silence... and watched people around him. This led him to understand things that other people didn't... and launched his life in some very unexpected directions.

"The mind is its own place, and in itself can make a heaven of hell, a hell of heaven." - Milton
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 Itchymoku 
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@PandaWarrior it's good that the surgeon made the incision behind the ear because it looks like it'll mesh with your hairline and be hard for people to see without being told where to look. How is your other ear?

R.I.P. Joseph Bach (Itchymoku), 1987-2018.
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 PandaWarrior 
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@PandaWarrior it's good that the surgeon made the incision behind the ear because it looks like it'll mesh with your hairline and be hard for people to see without being told where to look. How is your other ear?

the other ear is fine....this was a birth defect of some kind that got worse over time....at least thats what they told me.

Simplicity is the ultimate sophistication, Leonardo da Vinci


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 tturner86 
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Surgery sucks, but glad they figured it out and getting you back in fighting shape.

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 cory 
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tturner86 View Post
Surgery sucks, but glad they figured it out and getting you back in fighting shape.

with the stiches he could pass for MMA fighter.

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 tturner86 
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cory View Post
with the stiches he could pass for MMA fighter.

Or some ex road racers I know.

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 jlwade123   is a Vendor
 
 
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Glad to hear you are on the road to recovery Brian. Well done.

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 PandaWarrior 
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The eye is a very deceptive thing....trading what you see is great advice but what exactly do you see? Some see shorts and some see longs....if they didn't you'd never fill the exit order of your trade....so what exactly are you supposed to see? Context, trend, patterns, higher time frames, news, fundementals????? The answer is yes.....you need to see everything you need to see and nothing more.

It does seem odd there are days where in spite of all evidence to the contrary, you see exactly the opposite of what is actually happening. Last two days, I've been on the exact wrong side of the market even though its been glaringly obvious that shorts are the order of the day in CL....but I've seen longs....with predictable results.

Somehow the monkey brain reclaims what he feels is his rightful place at the forefront of my consciousness at the most inopportune times....

Day before yesterday, I got a reasonably large winner....I felt pretty decent about that and at the end of the day, I decided I had traded to large of size initially with to tight of a stop. I got away with it but it was the wrong thing to do. So I decided that yesterday, I would trade smaller with much larger stops and do it right....and add to the trade if it went my way.....very purposeful decision making process.....but when trading actually commenced, monkey brain promptly forgot that well thought out decision and resorted to normal size and tight stops....and predictably, I got nailed yesterday.....later on in the day, I remembered my well laid plan of smaller size and wider stops and went back to see if perhaps that might have worked out a bit better.....and of course it would have......so resolved to do so today....only monkey brain stepped in at exactly the same moment I opened the platform and sabotaged those wonderful plans....again, monkey brain ruined an otherwise wonderful trading day for me....

What to do? Trading what I see is sometimes problematic if monkey brain is in charge. He is often blind to the truth of what's going on.....but rational Brian recognizes that monkey brain is in full on assault mode and has taken steps to shut him down.

Tomorrow is smaller size....I even told my wife I'd be trading smaller tomorrow and I'm all in all out tomorrow as well..no scaling in or out...just hold.....and monkey brain will have to fight the check list. I do better when I run through the checklist prior to trading or even placing a trade....and the checklist has been in the pocket mostly the last few trading days......

Lastly I've improved I think my top down approach in terms of directional filter and trade location (CL is mostly down right now but still) and then I've agreed to limit my trading to one or two trades a day for the next few days.....this is completely arbitrary but when I lose I'm generally over trading anyway.....so self limiting can help in the near term prevent more losers if I am still out of sync with the market.

It feels good to be back in the markets even if I am losing a bit more than I care to but I need to be on the right side of the market soon or take a step back for a few days....perhaps the surgery affected me more than I realize but I think not. I think its just a phase I'm going through.....

The patience I wrote about recently is still with me and the sense of not really caring which way any individual trade goes is a new and wonderful feeling to have.....and yet still I want to win.....so while individual trades may not matter so much, taken as a group over the last few days, a trend has developed and I need to reverse that trend soon.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
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 Silver Dragon 
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Brian,

I am finding when I trade the opposite of what the market is doing its because I am trading what I want the market to do instead what the market is actually doing. I am learning to walk away when this happens.

As you know it is impossible to predict the market, so the solution to this problem (for me) is to trade the "now" and not to look past the last bar chart and try to predict where I think the market is going. This process also takes the monkey brain out of the equation.

So, if the market is going down, go short; if the market is going up, go long. Obviously this is over simplified but the approach is sound and is a work in progress. I will admit it is hard to give up the old ways and even harder to go short in a down market.

Robert


PandaWarrior View Post
The eye is a very deceptive thing....trading what you see is great advice but what exactly do you see? Some see shorts and some see longs....if they didn't you'd never fill the exit order of your trade....so what exactly are you supposed to see? Context, trend, patterns, higher time frames, news, fundementals????? The answer is yes.....you need to see everything you need to see and nothing more.

It does seem odd there are days where in spite of all evidence to the contrary, you see exactly the opposite of what is actually happening. Last two days, I've been on the exact wrong side of the market even though its been glaringly obvious that shorts are the order of the day in CL....but I've seen longs....with predictable results.

Somehow the monkey brain reclaims what he feels is his rightful place at the forefront of my consciousness at the most inopportune times....

Day before yesterday, I got a reasonably large winner....I felt pretty decent about that and at the end of the day, I decided I had traded to large of size initially with to tight of a stop. I got away with it but it was the wrong thing to do. So I decided that yesterday, I would trade smaller with much larger stops and do it right....and add to the trade if it went my way.....very purposeful decision making process.....but when trading actually commenced, monkey brain promptly forgot that well thought out decision and resorted to normal size and tight stops....and predictably, I got nailed yesterday.....later on in the day, I remembered my well laid plan of smaller size and wider stops and went back to see if perhaps that might have worked out a bit better.....and of course it would have......so resolved to do so today....only monkey brain stepped in at exactly the same moment I opened the platform and sabotaged those wonderful plans....again, monkey brain ruined an otherwise wonderful trading day for me....

What to do? Trading what I see is sometimes problematic if monkey brain is in charge. He is often blind to the truth of what's going on.....but rational Brian recognizes that monkey brain is in full on assault mode and has taken steps to shut him down.

Tomorrow is smaller size....I even told my wife I'd be trading smaller tomorrow and I'm all in all out tomorrow as well..no scaling in or out...just hold.....and monkey brain will have to fight the check list. I do better when I run through the checklist prior to trading or even placing a trade....and the checklist has been in the pocket mostly the last few trading days......

Lastly I've improved I think my top down approach in terms of directional filter and trade location (CL is mostly down right now but still) and then I've agreed to limit my trading to one or two trades a day for the next few days.....this is completely arbitrary but when I lose I'm generally over trading anyway.....so self limiting can help in the near term prevent more losers if I am still out of sync with the market.

It feels good to be back in the markets even if I am losing a bit more than I care to but I need to be on the right side of the market soon or take a step back for a few days....perhaps the surgery affected me more than I realize but I think not. I think its just a phase I'm going through.....

The patience I wrote about recently is still with me and the sense of not really caring which way any individual trade goes is a new and wonderful feeling to have.....and yet still I want to win.....so while individual trades may not matter so much, taken as a group over the last few days, a trend has developed and I need to reverse that trend soon.


nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal
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 teamtc247 
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Silver Dragon View Post
Brian,

I am finding when I trade the opposite of what the market is doing its because I am trading what I want the market to do instead what the market is actually doing. I am learning to walk away when this happens.

As you know it is impossible to predict the market, so the solution to this problem (for me) is to trade the "now" and not to look past the last bar chart and try to predict where I think the market is going. This process also takes the monkey brain out of the equation.

So, if the market is going down, go short; if the market is going up, go long. Obviously this is over simplified but the approach is sound and is a work in progress. I will admit it is hard to give up the old ways and even harder to go short in a down market.

Robert

I can relate to both your posts. I think it just takes time to grow into this. Don't always need to trade, just need to take advantage of the low risk high probability trades per your method. Sometimes you're right and other times you're wrong. What you see and what you want are usually two different things, but when it's there make sure you take full advantage of the opportunity, and when it's not cut your losses short. Often I know when I'm wrong a lot sooner than later, but often it's just how I process that information. Happy trading guys.

Process oriented goals #1.
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 Anagami 
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PandaWarrior View Post
The eye is a very deceptive thing....trading what you see is great advice but what exactly do you see? Some see shorts and some see longs....if they didn't you'd never fill the exit order of your trade....so what exactly are you supposed to see? Context, trend, patterns, higher time frames, news, fundementals????? The answer is yes.....you need to see everything you need to see and nothing more.

It does seem odd there are days where in spite of all evidence to the contrary, you see exactly the opposite of what is actually happening. Last two days, I've been on the exact wrong side of the market even though its been glaringly obvious that shorts are the order of the day in CL....but I've seen longs....with predictable results.

Somehow the monkey brain reclaims what he feels is his rightful place at the forefront of my consciousness at the most inopportune times....

Day before yesterday, I got a reasonably large winner....I felt pretty decent about that and at the end of the day, I decided I had traded to large of size initially with to tight of a stop. I got away with it but it was the wrong thing to do. So I decided that yesterday, I would trade smaller with much larger stops and do it right....and add to the trade if it went my way.....very purposeful decision making process.....but when trading actually commenced, monkey brain promptly forgot that well thought out decision and resorted to normal size and tight stops....and predictably, I got nailed yesterday.....later on in the day, I remembered my well laid plan of smaller size and wider stops and went back to see if perhaps that might have worked out a bit better.....and of course it would have......so resolved to do so today....only monkey brain stepped in at exactly the same moment I opened the platform and sabotaged those wonderful plans....again, monkey brain ruined an otherwise wonderful trading day for me....

What to do? Trading what I see is sometimes problematic if monkey brain is in charge. He is often blind to the truth of what's going on.....but rational Brian recognizes that monkey brain is in full on assault mode and has taken steps to shut him down.

Tomorrow is smaller size....I even told my wife I'd be trading smaller tomorrow and I'm all in all out tomorrow as well..no scaling in or out...just hold.....and monkey brain will have to fight the check list. I do better when I run through the checklist prior to trading or even placing a trade....and the checklist has been in the pocket mostly the last few trading days......

Lastly I've improved I think my top down approach in terms of directional filter and trade location (CL is mostly down right now but still) and then I've agreed to limit my trading to one or two trades a day for the next few days.....this is completely arbitrary but when I lose I'm generally over trading anyway.....so self limiting can help in the near term prevent more losers if I am still out of sync with the market.

It feels good to be back in the markets even if I am losing a bit more than I care to but I need to be on the right side of the market soon or take a step back for a few days....perhaps the surgery affected me more than I realize but I think not. I think its just a phase I'm going through.....

The patience I wrote about recently is still with me and the sense of not really caring which way any individual trade goes is a new and wonderful feeling to have.....and yet still I want to win.....so while individual trades may not matter so much, taken as a group over the last few days, a trend has developed and I need to reverse that trend soon.

I found that I have to stop feeding my monkey brain in the off-hours. It is counter-productive to try to be one person while trading and another in my life. So I consistently kick the monkey's ass whenever I can... which usually means doing the more difficult thing when there's a choice to be made. The sign of the monkey brain being operational is gravitation towards the easy road. Do the right thing at all times, which is usually the more difficult thing, and the monkey brain becomes less and less dominant. Not that I mastered it.

"The mind is its own place, and in itself can make a heaven of hell, a hell of heaven." - Milton
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 PandaWarrior 
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Anagami View Post
I found that I have to stop feeding my monkey brain in the off-hours. It is counter-productive to try to be one person while trading and another in my life. So I consistently kick the monkey's ass whenever I can... which usually means doing the more difficult thing when there's a choice to be made. The sign of the monkey brain being operational is gravitation towards the easy road. Do the right thing at all times, which is usually the more difficult thing, and the monkey brain becomes less and less dominant. Not that I mastered it.

I completely agree with this.....in my personal life I try to do the right thing even when its hard.....one area that over time I've turned around completely is organization and clutter. I used to be a horrible collector of junk...piles of paper, dirty and clean clothes on the floor all the time, things never put in the same place twice, etc.

Then one day I knew I had to change so over the weekend I cleaned every thing....then made the effort to always keep it that way.....I still fall back into that mindset once in a while...but I recognize it quick and revert back to the new habits I've developed.....and that new habit has effected other areas of my life as well....all for the better.

I think habit development is more difficult in trading because of the fear of loss and the fear of missing out.....I don't really suffer from greed so much but I do fear missing out and to a lessor degree, I fear losing although I have to say I've always been able to take a stop.....I don't think I've ever moved a stop hoping a loser turns into a winner.....I have moved them once I realized they were in the wrong place but never to avoid a loser.....my biggest mental or emotional hurdle is fear of missing out.....and that causes the monkey brain to jump in when he should be waiting....and it causes the monkey brain to close early to avoid giving back open profits.....

today however, I managed to quiet monkey brain for the most part....he still go me in early with to wide a stop which meant I closed the trade for a loser even though it would have eventually been a winner....I got back in when the risk was lower and held it until it stalled out a bit....ended up leaving money on the table of course but I had already predetermined where to exit and if it stalled prior to that to just exit which I did.....still, today's conversation with the monkey brain was far more muted than the last two days.....he really only got out of hand once today.

Simplicity is the ultimate sophistication, Leonardo da Vinci


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  #271 (permalink)
 Anagami 
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PandaWarrior View Post
I completely agree with this.....in my personal life I try to do the right thing even when its hard.....one area that over time I've turned around completely is organization and clutter. I used to be a horrible collector of junk...piles of paper, dirty and clean clothes on the floor all the time, things never put in the same place twice, etc.

Then one day I knew I had to change so over the weekend I cleaned every thing....then made the effort to always keep it that way.....I still fall back into that mindset once in a while...but I recognize it quick and revert back to the new habits I've developed.....and that new habit has effected other areas of my life as well....all for the better.

I think habit development is more difficult in trading because of the fear of loss and the fear of missing out.....I don't really suffer from greed so much but I do fear missing out and to a lessor degree, I fear losing although I have to say I've always been able to take a stop.....I don't think I've ever moved a stop hoping a loser turns into a winner.....I have moved them once I realized they were in the wrong place but never to avoid a loser.....my biggest mental or emotional hurdle is fear of missing out.....and that causes the monkey brain to jump in when he should be waiting....and it causes the monkey brain to close early to avoid giving back open profits.....

today however, I managed to quiet monkey brain for the most part....he still go me in early with to wide a stop which meant I closed the trade for a loser even though it would have eventually been a winner....I got back in when the risk was lower and held it until it stalled out a bit....ended up leaving money on the table of course but I had already predetermined where to exit and if it stalled prior to that to just exit which I did.....still, today's conversation with the monkey brain was far more muted than the last two days.....he really only got out of hand once today.

I'm still struggling with the fear of missing out. I tried remedying it by:
1. Trading freestyle - no setup, just watching price action, complete discretion on entries and exits. Yeah, had some fantastic days but this style of trading requires more than my talent. If somebody out there can do it, good for them.I can't, not with long term profitability. Less than 1% of traders?
2. Multiple setups - very tempting.... but lately decided to really master just one thing.... monkey HATES it... like today, missed a move. If I traded freestyle (#1), I would have just entered short and exited on slowing momentum of the second leg....
3. One setup - sucks, but necessary. Feels like days when you don't trade are 'wasted'.... the same old trap of looking for profit, wanting to be rewarded.... the will to meaning as a trader. The answer is finding meaning in following one's method, not in taking trades or 'winning'.

"The mind is its own place, and in itself can make a heaven of hell, a hell of heaven." - Milton
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 bobwest 
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Anagami View Post
the same old trap of looking for profit, wanting to be rewarded.... the will to meaning as a trader. The answer is finding meaning in following one's method, not in taking trades or 'winning'.

"The will to meaning" -- very nice observation.

Bob.

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  #273 (permalink)
 tigertrader 
Philly, Pa
 
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let's not forget that @PandaWarrior has been trading for 6 years, not 6 months; and neither the tenor of his posts have changed during that period of time, nor has his trading. continuing to patronize him with uplifting moral aphorisms and cliched trading advice is not going to do him any good. his problem is not superficial, but is deeply rooted and ingrained in his persona and psyche. like every other trader who has banged his head against the wall of frustration while learning how to trade, he is his own worst enemy. doing the same thing over and over again and expecting different results, is as einstein said, insane. this is not to say brian is insane, but he is certainly very stubborn, unrealistic, and dishonest with himself. peel away the layers and there are a myriad of causes that have stultified his progress. at the very core, his problem begins with his attitude and approach to trading. either he doesn't fully grasp what's emotionally required to be a trader, is unwilling to make the sacrifice, or he is simply incapable of making the transition. until he adopts the requisite traits necessary to be a trader, he will simply be an individual who is attempting to trade, and not a trader.

his methodology is predicated on the avoidance of risk and as a result he has dramatically reduced his ability to profit. his results have been random to date, because he makes random trades, based on a simplistic, risk adverse, bar-to bar, methodology that does not possess any discernible edge. process has taken a back seat to outcome, and doing what it takes to be profitable, has been replaced with doing what makes brian the most comfortable. on a more pragmatic level, he does not trade the market. there is no two way interaction between the thought/ action process and feedback received from the market. he makes assumptions that are not based on an objective analysis of fundamentals, sentiment, cross asset relationships, volatility, or price action; and instead, trades in a vacuum, looking for hackneyed set-ups that confirm his subjective bias. on the days he guesses right, he makes a little money; and the on the days he's wrong he loses a little money - never making very much, nor losing very much, but still riding the emotional roller coaster from trade-to-trade.

the stubborn adherence to an approach and methodology that has never worked should be an obvious indication that one needs to make some drastic changes. it' simple logic and common sense that if it something doesn't work, you stop doing what doesn't work, and you try something else. and if that doesn't work , you keep trying new things, until you find something that does work. brian needs to finally come-to-grips, with the fact that how he approaches trading, and how he physically trades, is inherently flawed and inadequate; and do what's necessary to revamp and improve the entire process. he doesn't need to be coddled because he's a nice guy and sympathetic figure. what he really needs is an intervention and a self-administered wake-up call to action and change, otherwise he'll be in the same place 6 years from now, if he's not finished way before then.

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 mfbreakout 
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tigertrader View Post
let's not forget that @PandaWarrior has been trading for 6 years, not 6 months; and neither the tenor of his posts have changed during that period of time, nor has his trading. continuing to patronize him with uplifting moral aphorisms and cliched trading advice is not going to do him any good. his problem is not superficial, but is deeply rooted and ingrained in his persona and psyche. like every other trader who has banged his head against the wall of frustration while learning how to trade, he is his own worst enemy. doing the same thing over and over again and expecting different results, is as einstein said, insane. this is not to say brian is insane, but he is certainly very stubborn, unrealistic, and dishonest with himself. peel away the layers and there are a myriad of causes that have stultified his progress. at the very core, his problem begins with his attitude and approach to trading. either he doesn't fully grasp what's emotionally required to be a trader, is unwilling to make the sacrifice, or he is simply incapable of making the transition. until he adopts the requisite traits necessary to be a trader, he will simply be an individual who is attempting to trade, and not a trader.

his methodology is predicated on the avoidance of risk and as a result he has dramatically reduced his ability to profit. his results have been random to date, because he makes random trades, based on a simplistic, risk adverse, bar-to bar, methodology that does not possess any discernible edge. process has taken a back seat to outcome, and doing what it takes to be profitable, has been replaced with doing what makes brian the most comfortable. on a more pragmatic level, he does not trade the market. there is no two way interaction between the thought/ action process and feedback received from the market. he makes an assumption or develops a bias, that is not based on an objective analysis of fundamentals, sentiment, cross asset relationships, volatility, or price action; but instead, looks for hackneyed set-ups that confirm his subjective bias. on the days he guesses right, he makes a little money; and the on the days he's wrong he loses a little money - never making very much, nor losing very much, but still riding the emotional roller coaster from trade-to-trade.

the stubborn adherence to an approach and methodology that has never worked should be an obvious indication that one needs to make some drastic changes. it' simple logic and common sense that if it something doesn't work, you stop doing what doesn't work, and you try something else. and if that doesn't work , you keep trying new things, until you find something that does work. brian needs to finally come-to-grips, with the fact that how he approaches trading, and how he physically trades, is inherently flawed and inadequate; and do what's necessary to revamp and improve the entire process. he doesn't need to be coddled because he's a nice guy and sympathetic figure. what he really needs is an intervention and a self-administered wake-up call to action, otherwise he'll be in the same place 6 years from now, if he's not finished before then.

I do not know about Panda personal trading situation but all the things Gary has pointed in this note has applied to my trading, some of the things have been corrected and some are still work in progress.
Gary is a poet and write beautifully. My impression is that a person who really cares for other traders success will put so much thought ino writing something like this.



My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
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  #275 (permalink)
 PandaWarrior 
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tigertrader View Post
let's not forget that @PandaWarrior has been trading for 6 years, not 6 months; and neither the tenor of his posts have changed during that period of time, nor has his trading. continuing to patronize him with uplifting moral aphorisms and cliched trading advice is not going to do him any good. his problem is not superficial, but is deeply rooted and ingrained in his persona and psyche. like every other trader who has banged his head against the wall of frustration while learning how to trade, he is his own worst enemy. doing the same thing over and over again and expecting different results, is as einstein said, insane. this is not to say brian is insane, but he is certainly very stubborn, unrealistic, and dishonest with himself. peel away the layers and there are a myriad of causes that have stultified his progress. at the very core, his problem begins with his attitude and approach to trading. either he doesn't fully grasp what's emotionally required to be a trader, is unwilling to make the sacrifice, or he is simply incapable of making the transition. until he adopts the requisite traits necessary to be a trader, he will simply be an individual who is attempting to trade, and not a trader.

his methodology is predicated on the avoidance of risk and as a result he has dramatically reduced his ability to profit. his results have been random to date, because he makes random trades, based on a simplistic, risk adverse, bar-to bar, methodology that does not possess any discernible edge. process has taken a back seat to outcome, and doing what it takes to be profitable, has been replaced with doing what makes brian the most comfortable. on a more pragmatic level, he does not trade the market. there is no two way interaction between the thought/ action process and feedback received from the market. he makes assumptions that are not based on an objective analysis of fundamentals, sentiment, cross asset relationships, volatility, or price action; and instead, trades in a vacuum, looking for hackneyed set-ups that confirm his subjective bias. on the days he guesses right, he makes a little money; and the on the days he's wrong he loses a little money - never making very much, nor losing very much, but still riding the emotional roller coaster from trade-to-trade.

the stubborn adherence to an approach and methodology that has never worked should be an obvious indication that one needs to make some drastic changes. it' simple logic and common sense that if it something doesn't work, you stop doing what doesn't work, and you try something else. and if that doesn't work , you keep trying new things, until you find something that does work. brian needs to finally come-to-grips, with the fact that how he approaches trading, and how he physically trades, is inherently flawed and inadequate; and do what's necessary to revamp and improve the entire process. he doesn't need to be coddled because he's a nice guy and sympathetic figure. what he really needs is an intervention and a self-administered wake-up call to action and change, otherwise he'll be in the same place 6 years from now, if he's not finished way before then.

Very few external things or people motivate me.....very few.......I have built a multi million dollar mortgage/insurance/real estate business largely by myself (Full disclosure, I bet very big at the wrong time and lost it all by myself as well).

The drive, the motivation and the required action all came from within. Only once or twice during the building of that business did an outside influence have much impact on me.....one of those was quite profound and yet even that was simply a guidance toward something I already knew I needed to do but had been reluctant to begin that process. Once influenced though, I undertook it with gusto and while it took a while to play out, one of the ultimate results was the adoption of my daughter from Thailand. Probably the best decision of my life to this point.

This post however has influenced me in a way I have not experienced in quite a long time. Without going into detail about my inner thoughts, Gary has managed to both infuriate me and motivate me at the same time. Regardless of his actual motivation for the post which I suspect is not as altruistic as he might otherwise claim, he has managed to awaken something in me I haven't felt for a long time......and it feels good.

I wont debate his allegations regarding my trading at this point....suffice to say I was profitable or break even every month last year.....and at least as far as his assertions go with regard to only making a little money, that much is true. I left a ton of money on the table last year from my simplistic method.....actual trades I closed early out of fear of giving back or failing to understand how far the market might go.....or both.

Gary, while I don't really appreciate some of the language you choose to use in many of your discourses both here and in other threads, (some of it is unnecessarily insulting on a personal level) I thank you for clarifying some very important points for me today. It has helped me make some decisions I should have made long ago.

Take care.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #276 (permalink)
 tigertrader 
Philly, Pa
 
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PandaWarrior View Post
Very few external things or people motivate me.....very few.......I have built a multi million dollar mortgage/insurance/real estate business largely by myself (Full disclosure, I bet very big at the wrong time and lost it all by myself as well).

The drive, the motivation and the required action all came from within. Only once or twice during the building of that business did an outside influence have much impact on me.....one of those was quite profound and yet even that was simply a guidance toward something I already knew I needed to do but had been reluctant to begin that process. Once influenced though, I undertook it with gusto and while it took a while to play out, one of the ultimate results was the adoption of my daughter from Thailand. Probably the best decision of my life to this point.

This post however has influenced me in a way I have not experienced in quite a long time. Without going into detail about my inner thoughts, Gary has managed to both infuriate me and motivate me at the same time. Regardless of his actual motivation for the post which I suspect is not as altruistic as he might otherwise claim, he has managed to awaken something in me I haven't felt for a long time......and it feels good.

I wont debate his allegations regarding my trading at this point....suffice to say I was profitable or break even every month last year.....and at least as far as his assertions go with regard to only making a little money, that much is true. I left a ton of money on the table last year from my simplistic method.....actual trades I closed early out of fear of giving back or failing to understand how far the market might go.....or both.

Gary, while I don't really appreciate some of the language you choose to use in many of your discourses both here and in other threads, (some of it is unnecessarily insulting on a personal level) I thank you for clarifying some very important points for me today. It has helped me make some decisions I should have made long ago.

Take care.

the last habit a trader should exhibit is avoiding conflict. i much rather confront someone head on about their under-performance, lack of accountability, or even something minor like an error in judgement, than patronizingly tip-toeing around the subject with them, hoping they get the hint. one might call it it not being passive aggressive, but i like to think of it as being indirectly aggressive - and forthright and honest. truth is; it has been 6 years of whining, excuses, intellectualization, and self-denial. there’s also been a refusal to admit to a trading methodology that could best be described and inchoate and rudimentary, if not outright misleading and detrimental to yourself and others - a stunning example of how not to approach the process of trading. as you can see, there are many things you not only should be made aware of, but that you should feel deeply concerned about. i don’t believe you have the objectivity or fortitude to admit your shortcomings to yourself; at least, not without internally justifying them. so, your response is not only anticipated, but expected. what you needed brian was a wake-up call; or better yet, a reality check. what you really needed was an honest and an objective appraisal of your efforts to become a profitable trader, and not another gratuitous pep talk from your support group. i tried that approach along with some practical advice, but that was a futile effort on my part. perhaps you will look back on this one day, and thank me.

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 PandaWarrior 
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Gary, you are not my coach, boss, risk manager, mentor or anything other than an acquaintance on an anonymous forum.

I did not ask for your advice publicly although I have spoken to you privately with essentially the same results....lots of criticism with very little actionable advice.

It is not your job to belittle, make fun of or otherwise attempt to aggressively give me or anyone else here a wake up call.

Your over the top manner with regards to "helping" has irritated many many people on the forum and while I've tried to politely let you know it's not appreciated, you persist so to make sure there are no possible misunderstandings, your discourses are no longer welcome here in my thread.

And if I remember correctly, I did thank you already.

Simplicity is the ultimate sophistication, Leonardo da Vinci


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  #278 (permalink)
 Itchymoku 
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Encouragement goes a long way especially after something so serious as a major surgery. Even if structured criticism is merited and well thought, it can be misconstrued as something malice if not mixed with encouragement. When everything is said and done, people remember how they felt about what is said, not exactly what was said. That's why I've always tried to make an effort to use positive words because I believe they do a lot more benefit over the long run to the reader especially in times of hardship. So many people give up so easily in this career because they don't get enough encouragement. When someone does really well it seems to go unnoticed, but when someone screws up all you see is a dozen posts of others trying to point out what was done wrong. I think it's best to praise strengths than to ridicule weaknesses.

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 Traderwolf 
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PandaWarrior View Post
Gary, you are not my coach, boss, risk manager, mentor or anything other than an acquaintance on an anonymous forum.

I did not ask for your advice publicly although I have spoken to you privately with essentially the same results....lots of criticism with very little actionable advice.

It is not your job to belittle, make fun of or otherwise attempt to aggressively give me or anyone else here a wake up call.

Your over the top manner with regards to "helping" has irritated many many people on the forum and while I've tried to politely let you know it's not appreciated, you persist so to make sure there are no possible misunderstandings, your discourses are no longer welcome here in my thread.

And if I remember correctly, I did thank you already.


I am not taking sides with anyone here.. but I want to speak for myself and myself only..

First, Brian.. it looks like you have had some very serious surgery and have come through it successfully. I am very grateful for that and wish you continued improvement in your health.

I simply do not understand why there continues to be an underlying theme on BMF that if you do not trade like certain people on a certain thread you are doomed for failure. Anyone who has any experience in trading knows there are many ways to trade successfully and what works for one does not work for another.

Anyone who has been around trading for a long time also knows it can take many years to become a successful trader. AL Brooks said it took him 10 years... Al Brooks Video.. We have all heard the famous 10,000 hour guideline.. so it takes a long time..

I find the language of some harsh, the criticism unsolicited, and the judging of others very demeaning. If those are tactics and approaches one likes, maybe one should be in law enforcement, drug intervention counseling, or other places where unsolicited public comments are needed. A full time trader who does this consistently is stepping way over the line in my opinion and may have some very serious issues himself... But only God has the right to judge others and there is no God on this forum.

If the intent is to help, find a charity that strikes your heart and really help those in need. Don't publicly criticize those who do not ask for help. Oh, and bashing a guy fresh off of brain surgery? All I can say is wow. I am actually ashamed at the lack of compassion.

Life is too short to surround yourself with those who bash you at every chance they get on what appears to be am EGO building exercise. I choose peace.

Peace and out,

Wolf

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  #280 (permalink)
 mfbreakout 
BOSTON, MA
 
Experience: Advanced
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In the spirit that open debate is helpful i will share my own personal experience when i was given trading advice by someone very similar to Gary last year. I met someone couple of years ago who was trading CL, Forex like i have never seen before. At this time i was stuck in a rut. Always afriad. The days i was not afraid, i will loose money. I will very clearly see how he was trading, could relate to it, could understand it but just could not do it.

My question always to him was where is your STOP LOSS? His answer always was that he comes to the market every day with $150,000 of risk and he trades. He does not use stop loss and he knows when he is wrong and the days he is wrong , he takes $150,000 loss. In my heart , i will say this is BULLSHIT and go on doing whatever i was doing. I just could not get any where. The day i was relaxed with wide stop loss ( like 150 ticks stop loss for CL) i will get hit. The day i was very conservative, market will do exactly what i thought it will do. I will just sit there with my 1 car position and watch market runs 100, 250 ticks in my favour. I will not add to my position because couple of days ago, i got hit for a 10K, 20K loss. In summary my entire focus was on damage control.

This trader tried couple of times to put sense in to me nicely but it did not made any difference. This trader has an ego bigger than any trader i have ever met ( He has every right to be). He is trading 400-1000 contracts a day and making $300- 500,000 a weak. He has been trading for 30+ years. He is just tired of seeing traders after traders making the same mistakes over and over again. He answers one question and we go back to him with 4 other questions while still doing the same old shit we have been doing. After a while he just gives up and writes criticisim which will make Gary notes look like a love letter.

I did not under stand why he has to be this rude till i started getting some success and started helping some traders. Here is the problem, traders want to learn everything from other traders but at their own terms. They want teacher, coach etc. to guide them, help them etc but without any ACCOUNTABILITY. They just want lollipops all the time. They suck energy out of you and go back to whatever they were doing. They believe in selective learning. Whatever appeals to them they take it and come back after a week, a month for more while doing the same shit during all this time.

I did not understand frustration of this trader about me and many other traders till i got put in his shoes. I am in no way clsoe to his level of success, his experience etc but after a while even i get frustrated looking at other traders keep getting hosed years after years.

In summary my belief is that to learn something from someone - one has to give in and not cherry pick. Period.

Note: I understand Gary is not Panda warrior coach and neither Panda has ever asked Gary for help. My note is for general consumption and it's not about what Panda should do or how Gary should write, coach etc. This post is not meant to imply that Gary way of trading is the ONLY way. I can not trade ES to save my life even though i have read most of Gary's post. I do believe that Gary posts are on the mark. One can get lollipops for a nickel on their own. Instead of being defensive ( it's easier for me to say. I will be pissed off too and have been pissed off) and worrying about harsh language, focus on the message. As Panda Warrior posted " I thank you for clarifying some very important points for me today. It has helped me make some decisions I should have made long ago. " This alone is worth 24K SOLID GOLD. All the lollipops in the world would not have achieved what Gary post has achieved for Panda and me. Panda should be acknowledged for realizing the importance of Gary's post and Gary should be thanked for having the courage, clarity, experience to write it. It takes tremendous effort to write something worthwile and shake someone to the core.



My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
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  #281 (permalink)
 PandaWarrior 
In the heat
 
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tigertrader View Post
what you really needed was an honest and an objective appraisal of your efforts to become a profitable trader,


Had this actually happened with specific examples of WHAT to do, it would have been fine but what I and all the others got were personal attacks by a know it all whose posts are the intellectual equivalent of a 13 year old girl taking hundreds of selfies and posting on them her Facebook page hoping all her Internet friends will like her.

Please don't mistake my trying to be nice in a public forum as avoiding conflict. Healthy conflict between two people that know and respect each other is good for both. Your supposed conflict is nothing more than a bully trying to make sure everyone knows how strong they are....it's a poor and pitiful substitute for true self awareness and strength. True strength is characterized by humility, gentleness and grace. None of which you seem capable of displaying even when provided multiple opportunities. And you've exhausted my limited quantities of same.

And now this exercise has become a colossal waste of time and energy.

I've requested Mike close the thread immediately. Life's to short for crap like this. Had I wanted school girl drama I would have went to Elite Trader.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
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  #282 (permalink)
 PandaWarrior 
In the heat
 
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mfbreakout View Post
In the spirit that open debate is helpful i will share my own personal experience when i was given trading advice by someone very similar to Gary last year. I met someone couple of years ago who was trading CL, Forex like i have never seen before. At this time i was stuck in a rut. Always afriad. The days i was not afraid, i will loose money. I will very clearly see how he was trading, could relate to it, could understand it but just could not do it.



My question always to him was where is your STOP LOSS? His answer always was that he comes to the market every day with $150,000 of risk and he trades. He does not use stop loss and he knows when he is wrong and the days he is wrong , he takes $150,000 loss. In my heart , i will say this is BULLSHIT and go on doing whatever i was doing. I just could not get any where. The day i was relaxed with wide stop loss ( like 150 ticks stop loss for CL) i will get hit. The day i was very conservative, market will do exactly what i thought it will do. I will just sit there with my 1 car position and watch market runs 100, 250 ticks in my favour. I will not add to my position because couple of days ago, i got hit for a 10K, 20K loss. In summary my entire focus was on damage control.



This trader tried couple of times to put sense in to me nicely but it did not made any difference. This trader has an ego bigger than any trader i have ever met ( He has every right to be). He is trading 400-1000 contracts a day and making $300- 500,000 a weak. He has been trading for 30+ years. He is just tired of seeing traders after atraders making the same mistakes over and over again. He answers one question and we go back to him with 4 other questions while still doing the same old shit we have been doing. After a while he just gives up and writes criticisim which will make Gary notes look like a love letter.



I did not under stand why he has to be this rude till i started getting some success and started helping some traders. Here is the problem, traders want to learn everything from other traders but at their own terms. They want teacher, coach etc. to guide them, help them etc but without any ACCOUNTABILITY. They just want lollipops all the time. They suck enrgy out of you and go back to whatever they were doing. They believe in selective learning. Whatever appeals to them they take it and come back after a weak, a month for more while doing the same shit during all this time.



I did not understand frustration of this trader about me and many other traders till i got put in his shoes. I am in no way clsoe to his level of success, his experience etc but after a while even i get frustrated looking at other traders keep getting hosed years after years.



In summary my belief is that to learn something from someone - one has to give in and not cherry pick. Period.



Note: I understand Gary is not Panda warrior coach and neither Panda has ever asked Gary for help. My note is for general consumption and it's not about what Panda should do or how Gary should write, coach etc.


I appreciate the spirit in which this post is offered. Also I get a lot of what your saying.....here and in your other threads....believe it or not, it's helped me quite a lot and I thank you for that.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
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  #283 (permalink)
 addchild 
Bay Area California
 
Experience: None
Platform: TT T4
Broker: Phillip Capital
Trading: Futures
 
Posts: 808 since Nov 2011
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PandaWarrior View Post
intellectual equivalent of a 13 year old girl taking hundreds of selfies and posting on them her Facebook page hoping all her Internet friends will like her.

This is funny because its actually how I always imagined most of these posts. Sometimes there is worthwhile info but its usually not worth wading through all the narcissistic diatribes to get at it.

.
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  #284 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
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Trading: Futures & Crypto
 
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Per Brian's request, this thread is now closed.

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