Putting up your trades can be devastating to your ego, and these guys can never be sure how they will work out in advance, which has to be worse.
Everyone has his/her own priorities and we can assume that they get something out of it, too. How could that be bad?
I'm perfectly fine with the obvious explanation that (1) they want to contribute to the forum, and (2) actively participating, back and forth, benefits them too: everyone has something they can learn.
Some people learn by watching, some people learn by also sharing. Both are fine.
All of the active posters on the spoos thread have given me many, many things to think about. Sometimes I agree, sometimes not. But I have to say that the end result has been very good, for me and, it seems, many others. (And by the way, if someone's ego likes his posting on the forum, why would that be a reason not to read them? And if you post a lot -- ahem, as many of us do, myself included -- can you say that ego never has any role in it? And should anyone else care?)
And nobody forces anyone to read their stuff....
Take what you can from it, forget the rest, and add something when you can. Or stop reading. No problem.
On the original point: it is obviously a terrible mistake to try to imitate or follow anyone; you can never know exactly why they did what they did, and perhaps you would actually disagree if you knew all of it. Even if they explain everything in their decisions, you can never give them the authority to make your decisions.
However, I think it's very clear that @Oiler is aware of that. What he actually said was that paying too much attention to other's comments was hurting him. This is important, and he understood it.
So I salute his self-awareness. This is a good thread, here.
The following 6 users say Thank You to bobwest for this post:
So if you are against public journals? Why are you here?
I post publicly because it is harder to lie to myself if it is posted live and publicly. I can write whatever I want privately and change and deceive myself. If I post publicly once it is out there it is out there. I can't easily change it and lie to myself.
I came to FIO because I wanted to learn and interact with others.
The following 5 users say Thank You to tturner86 for this post:
The time off helped me realize that it is important to do treat the market with some expectation that it will behave similarly at times.
Going after a piece of the daily range is my goal. At the same time I wish to stay in the game. At this point I will trade when feeling good decisions and not hesitate about adding to a trade. Now I am comfortable trading 2 units. This helps me when the range feels tighter.
Getting out with 3 pnts/unit today was not my target but it was a good test of my expectation that the daily range would be tested. The forum did provide me with guidance to check support levels at the 88 level. Knowing that helped with my conviction about going up a bit more. Also, the tick data is becoming more of a guide for me when I am getting out of a trade or even just to explain some of the movements during the day.
Always looking for helpful tools to use as I am planning to continue to learn.
Also, just feeling a wiped from watching the screen and tending to some domestic/family issues. So did not hang in till the close.
Have been trading at odd times as of late. Non trading commitments have increased.
The lesson learned is to avoid trading if the proper routine is not possible. Having said that, it boils down to getting a better trading plan. Do not enter a trade without knowing your exit strategy.
Recently, I have been hanging onto trades if I am convinced that after some volatility my profit target will be hit. The danger is the loss aversion tendency. Today I had one trade, that was a good test of can you take a small loss and admit you are wrong. Essentially, the ego gets in the way when you know your are wrong - the ego still needs a good talking to. The ego is in the way when I do not have an exit strategy.
Smarten up, and sit on the sidelines at times, as this equivalent to being in the penalty box.
The following user says Thank You to Oiler for this post:
Having heard the noise yesterday while driving in the car, I was lured into a trade that was wrong. I am hanging onto the trade and it is forcing me to get systemized.
Today I set up the daily routine for trading days that start in the morning and still need to prepare something for trade days that start later in the day due to work commitments.
Listening to Anne Marie Baiynd (trading coach) on youtube and liked what I have heard also started looking at her blog in the morning to get view on the ES. She is objective, systematic and analytical, some traits that I need to focus on when I feel like doing a Gut feel trade.
I held a short ES position last night and will continue again today. Too often, I find I treat these positions like they are options that will expire tomorrow.
When I start to lever up - this approach will not make sense, but at the moment I do not feel the need to panic.
Deep down, this is a loss aversion coping strategy....it is bad!!!
Has been a litmus test as the strengths and weaknesses of my trading have been highlighted.
Strengths, patience - am managing to hold trades to targets.
Identifying S and R is improving.
Weakness, impatience - am continuing jump in to early. Have target entry in my mind, failing to see the trend and get blown up without a hard stop. This has caused me to hold positions overnight - which I do not mind - but doing it when it was not the plan.
Two frustrating trades from this month - both involved adding to a losing trade and at a point in day where I am showing fatigue in my decision making.
Chalk that up, Plan, always have a plan. Jumping in just because market is moving- Playing catch up - has always proved me wrong.
This morning I tallied up the trading results for past 5 months.
Business Revenue months - August/October total $2777USD
Business Expense months - Dec/Sept/Nov/YTD -$6028USD
Net Loss $3251
Five or less trades accounted the loss. Lesson, small losses need to be taken. Trade with less emtion. Trade less.
The following 3 users say Thank You to Oiler for this post:
I displayed major mistakes in trying to buy a break through resistance too early. Then managed to get out when it finally tried and failed to break out.
To make matters worse, I displayed the same behaviour again only to miss my limit order and get nailed down hard for a loss that was dangerous. The Loss Aversion and failure to get on the trend after it starts - bad habits.
Searching for a quick coach, I did not go too far, signed up with trainer that runs a trading room. She speaks clearly and repeats herself - repetition is the mother of skill - and it is what I need. Mentor qualities.
Today I traded NQ for the first time in ages and had some luck. I am sure that if my risk/reward was measured it would show that I would fail but managed to pick up 22 points on 2 contracts early in the day. Once that was complete I left the desk for the day, only to come back and see that it was a beauty today. Honestly, the market will be there tomorrow and I plan on continuing to learn with the help of others and with self study.
Initially I did not want to spend any money on learning, but after some big losses - the need for some reflection made it clear that I was not going to make it on my own. To stay in the game I will seek advice and move fast to get what is needed to be successful.
Finally set up the NT 8 with my IB feed. I now have the Vwap - all of the sudden I feel like tv is now in colour. Also, have an appreciation for what is being said in the forum in terms of SD1 etc. Next, must install MP indicators for NT 8.