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Learning the Everything: 2015
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Learning the Everything: 2015

  #31 (permalink)
Elite Member
tacoma
 
Futures Experience: None
Platform: NinjaTrader
Favorite Futures: gold
 
Posts: 11 since Nov 2014
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When I lowered the amount I was risking on a given trade to the point where I felt NO emotion at all if I lost the trade, my success went up drastically. I didn't feel like I had to "time the top or bottom" or be 100% right. Think about the psychology here.

If you are betting 20% of a portfolio on a single move, how sure do you need to be to pull the trigger? Probably more sure than is actually possible. But if you are trading 1%? You would probably not have any problem pulling the trigger.

And the other thing is, WHY risk so much money if one isn't consistently profitable anyways? If you can't be profitable every month with a single contract, why would you think that would change for 2 contract? Or 10?

"Holy smokes! A 0.5% maximum drawdown a day would put me at trading 2 ES contracts (which, really, would be trading the full contract and negating the leverage). "

If you could successfully trade 2 contracts and capture 10 points a week(520 a year) with 2c that'd be 52k in a year. 26% of a 200k portfolio is nothing to look down on to be sure. And the important thing is you are ALIVE to be in the game for the big moves.

You could even set up your plays so that you only go in SLIGHTLY larger on a move you would consider a "once in a month" opportunity.

My 2c.

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  #32 (permalink)
One day...
SF, CA/USA
 
Futures Experience: Beginner
Platform: SC
Broker/Data: Stage 5 Trading/Gain
Favorite Futures: CL, NQ, ES, EUR
 
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Posts: 1,081 since Jun 2014
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mathius777 View Post
When I lowered the amount I was risking on a given trade to the point where I felt NO emotion at all if I lost the trade, my success went up drastically. I didn't feel like I had to "time the top or bottom" or be 100% right. Think about the psychology here.

If you are betting 20% of a portfolio on a single move, how sure do you need to be to pull the trigger? Probably more sure than is actually possible. But if you are trading 1%? You would probably not have any problem pulling the trigger.

And the other thing is, WHY risk so much money if one isn't consistently profitable anyways? If you can't be profitable every month with a single contract, why would you think that would change for 2 contract? Or 10?

"Holy smokes! A 0.5% maximum drawdown a day would put me at trading 2 ES contracts (which, really, would be trading the full contract and negating the leverage). "

If you could successfully trade 2 contracts and capture 10 points a week(520 a year) with 2c that'd be 52k in a year. 26% of a 200k portfolio is nothing to look down on to be sure. And the important thing is you are ALIVE to be in the game for the big moves.

You could even set up your plays so that you only go in SLIGHTLY larger on a move you would consider a "once in a month" opportunity.

My 2c.

Yes, you are right. I was falling into the classic rookie mistakes of wanting too much too fast. I'm sure I'll make more! My timeframe has recently changed away from a day to couple-three days to a week. It's much less stressful and easier to follow a trend, but less profitable since many times weeks end close to where they start and the big intraday moves are not captured. I'm okay with that though, for now, until I'm able to become consistent. At this point, I feel like I've hit this breakeven zone where I'm losing everything I'm making. At least I feel like I have a better grasp on the overall picture of the markets, what moves them, and such.

Thanks for your input, Mathius777, and wish you success in your trading.

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  #33 (permalink)
One day...
SF, CA/USA
 
Futures Experience: Beginner
Platform: SC
Broker/Data: Stage 5 Trading/Gain
Favorite Futures: CL, NQ, ES, EUR
 
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Posts: 1,081 since Jun 2014
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After blowing up my third account, here I am again to do it better. About a year and a half since I've started now.

Some realizations I've come to:
I do great in downturns, terrible in upturns, terrible in ranges.
My read of the charts is not bad, but is tainted by low confidence.
My read of the general market conditions is still subpar.
Need to exercise patience when uncertain, as I still like to be in the market all the time.

Some rules I will be trying to implement:
1. Focus on trying to make good decisions, rather than trying to make money.
2. Save the bullets for when the target is clear.
3. If the market is ranging, take points off the table.

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  #34 (permalink)
Trading Apprentice
manchester uk
 
Futures Experience: Intermediate
Platform: oanda
Broker/Data: oanda
Favorite Futures: gbpusd
 
Posts: 9 since Jan 2016
Thanks: 5 given, 2 received


jackbravo View Post
After blowing up my third account, here I am again to do it better. About a year and a half since I've started now.

Some realizations I've come to:
I do great in downturns, terrible in upturns, terrible in ranges.
My read of the charts is not bad, but is tainted by low confidence.
My read of the general market conditions is still subpar.
Need to exercise patience when uncertain, as I still like to be in the market all the time.

Some rules I will be trying to implement:
1. Focus on trying to make good decisions, rather than trying to make money.
2. Save the bullets for when the target is clear.
3. If the market is ranging, take points off the table.


hi jackbravo. keeping it simple really works. i used to find myself staring at the charts for hours, until i realised that i needed help. mentors and instructors cost money, but the information on this site is for free, use it wisely. good luck buddy, and never say die!

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  #35 (permalink)
One day...
SF, CA/USA
 
Futures Experience: Beginner
Platform: SC
Broker/Data: Stage 5 Trading/Gain
Favorite Futures: CL, NQ, ES, EUR
 
jackbravo's Avatar
 
Posts: 1,081 since Jun 2014
Thanks: 2,637 given, 1,755 received
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mrgufx View Post
hi jackbravo. keeping it simple really works. i used to find myself staring at the charts for hours, until i realised that i needed help. mentors and instructors cost money, but the information on this site is for free, use it wisely. good luck buddy, and never say die!

thanks mrgufx! appreciate the encouragement.

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  #36 (permalink)
Trading Apprentice
manchester uk
 
Futures Experience: Intermediate
Platform: oanda
Broker/Data: oanda
Favorite Futures: gbpusd
 
Posts: 9 since Jan 2016
Thanks: 5 given, 2 received


jackbravo View Post
thanks mrgufx! appreciate the encouragement.


no problemos! i notice you've started a new thread, a blank canvas, so i won't spoil it. i mention keeping it simple, by this i mean not only keeping your chart visual simple, but your set-up also. the decision to enter the market (or not) must be black or white, there must be no dilemma or indecision, as an overly complex thought process will blow your mind and shred your nerves. have fun!

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  #37 (permalink)
Elite Member
Chicago, IL
 
Futures Experience: None
Platform: NT8,NT7,TWS,FOREX.COM app
Broker/Data: InteractiveBrokers, NinjaTrader Brokerage FOREX.COM, IQFeed
Favorite Futures: The one I'm creating in the present....ES, ZF, ZN, ZB, FX pairs
 
Blash's Avatar
 
Posts: 1,560 since Nov 2011
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jackbravo View Post
After blowing up my third account, here I am again to do it better. About a year and a half since I've started now.

Some realizations I've come to:
I do great in downturns, terrible in upturns, terrible in ranges.
My read of the charts is not bad, but is tainted by low confidence.
My read of the general market conditions is still subpar.
Need to exercise patience when uncertain, as I still like to be in the market all the time.

Some rules I will be trying to implement:
1. Focus on trying to make good decisions, rather than trying to make money.
2. Save the bullets for when the target is clear.
3. If the market is ranging, take points off the table.

I love the part you wrote above in bold. It's so key to life in general and trading specifically. I stumbled upon a TedTalk by accident about 6 months ago and can honestly say it has had a huge influence on me and changed me greatly for the better by implementing a few relatively simple things for me. May be different for others I understand. It's about having the tool to be able to make better decisions. I wish you only the very best my friend. Here is the link to that TedTalk if you are interested.

Ron

It is an axiomatic fact that while you meditate you are speaking with your own spirit. In that state of mind you put certain questions to your spirit and the spirit answers: the light breaks forth and the reality is revealed.
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
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  #38 (permalink)
One day...
SF, CA/USA
 
Futures Experience: Beginner
Platform: SC
Broker/Data: Stage 5 Trading/Gain
Favorite Futures: CL, NQ, ES, EUR
 
jackbravo's Avatar
 
Posts: 1,081 since Jun 2014
Thanks: 2,637 given, 1,755 received
Forum Reputation: Legendary

Hey Blash - thanks for the link. Very interesting TED talk. Appreciate your comments.

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