Still freaking short, not liking it at all...probably give another day...I had nice opportunity to go flat at lows but the news event I got to move the market was there, initial reaction was in favor of short term pull back but didn't happen, I kind of surprised at everything now...don't know...just hit buy and close my eyes looks like that's the only way now...let me see tomorrows action and see...
@tigertrader, some people despise you for being brutally honest, but I know your intentions are good. Sometimes being brutally honest is exactly what people need, a wake-up call. @bmtrading9 needs serious help and I tried before, and failed, to get through to him.
Can you help?
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Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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The following 4 users say Thank You to Big Mike for this post:
Yes, please bring it on. Maybe I need hundred whiplashes or more than that...My thinking was right regarding Russel, I entered the trade and exited afterhours thinking can enter later...regarding ES short I thought news event will kick it towards downside, it happened but immediately reversed...by looking at the chart I ask same question again and again how can one be long here and everytime market proves me why not..what if I enter long and market reverses? What if my original plan is right? These questions keeps haunting me...I am sure lot of people went thru this...anyway please help.
I am a successful software architect earning some six figure salary, with equally successful spouse earning around six figure salary so financially I am stable with two kids (they take up my morning time so can't be around for open)...
I am of Indian origin, studied Bachelor of Science myself i.e self studied and cleared examinations myself, suffered alot during that period because I got very little help/guidance...I am one of the very few to pass that examination. Then I moved to US got a scholarship to study my master and finished my masters, got job etc.
The reason I am telling all this is maybe something is wrong physiologically...
I was buy low and sell high guy, I had not that much success initially around 2007 so left investing etc. then came 2008 crash and I bought all bank stocks and held on to every single one of them until that flash crash, that changed everything for me deep deep inside I am terrified that might happen to me again, then got introduced to shorting/options then to futures...again because of my mentality of buy low I got burnt with oil and left it. So this year I promised myself never ever short so what I did bought ES around 2060 when it dropped from ATH's then after holding because BTFD working all these years and suddenly it stopped working on Aug 24th by that time I was in loss on my long and couldn't get out quickly and reverse the position...again memories of flash crash in front of my eyes....
These are my BIGGEST PROBLEM's what I think are
1. I do my analysis and all then somehow miss the entry and price moves away from me too far (or I let it go too far) then I will start thinking about reversal so what do I do? take opposite position and keep holding. For example yesterday I did my analysis on Russell and entered a long position at proper entry and get out for few points and never entered again because price moved away from me too much and of course FED day.
2. I guess I am good in finding bottom rather than top so I just need to stop looking for top/reverse.
Anyway thanks for taking time and trying to educate and help me...I am prepared to do ANYTHING to fix my trading...
I don't like to watch tick by tick it is making me to make bad decisions one after another.
Swing trading - I enter a position if I am underwater my thought process would be I have time so give my position some time and start looking for confirmation bias, like charts, twitter etc...and keep holding it. If I am good with position then I close is early to see price moves in my direction and cannot buy it back because price is too high and I look for reversals...
Last edited by bmtrading9; October 28th, 2015 at 07:28 PM.
The following 2 users say Thank You to bmtrading9 for this post:
I started reading book THE DISCIPLINED TRADER by Mark Douglas. I exited my short at 2076 and entered long bcoz price is unable to close below below previous weeks high but looks like I am going to get stopped out, but that should be fine...anyway looks like I can't find context, l can't trade long or short because I am always fearful, can't reverse quickly and always my stops get hit bcoz of small stops, if I go for wider timeframe market pulls away so much then my timeframe keeps increasing in a hope that price will get back...that's my issue in a nutshell.
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Last edited by bmtrading9; October 29th, 2015 at 08:16 AM.