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Zen & the Art of The Small Account


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Zen & the Art of The Small Account

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  #321 (permalink)
 tmmaggi 
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aztrader9 View Post

And one more thing, I've gotten some heat over the fact that in my trading career, I've experienced symptoms like jack hammer heart beat, shaky hands, etc when entering a live trade.

I should probably delete that last part but its part of the journey and so I thought it should be included. Is there such a thing as to much transparency?

.

AZ, I am so glad you are sharing all this stuff with us, especially your shaky hands and pounding heart. I want to hear that it's not only me who experiences that stuff. The only time I ever hear these experiences from someone is when they are trying to sell you their program so you supposedly don't experience it any more.

Definitely don't delete the other part your post. You've said what the rest of us are thinking about those people. The people who mock and make rude remarks are the ones who prevent me from having a journal of my own!

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  #322 (permalink)
 PandaWarrior 
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tmmaggi View Post
AZ, I am so glad you are sharing all this stuff with us, especially your shaky hands and pounding heart. I want to hear that it's not only me who experiences that stuff. The only time I ever hear these experiences from someone is when they are trying to sell you their program so you supposedly don't experience it any more.

Definitely don't delete the other part your post. You've said what the rest of us are thinking about those people. The people who mock and make rude remarks are the ones who prevent me from having a journal of my own!


I promised one last post but I had my email open and this response popped in and so I decided to respond.

tmmaggi, I have no idea what your story is. The details are important only to you. But the big picture is the same for everyone. Trial and error. Fear and greed. This journal has saved me. I have a place to vent, to talk, to detail some of what us little guys go through. The problem is this, most people will admit to blowing up an account or two, after all, everyone's done it right? But they won't admit to the details. The embarrassing stuff. Most of us are men and we have to be right. No weakness allowed. We won't admit we are whiz kids on sim and wimps on live. That we nearly crap ourselves when we actually have a winner.

And another thing we won't admit, that we are really scared. Not about the trade but about what happens if we don't get it. If we don't figure out this trading thing. I would be willing to bet my trading account that most of the traders here on the forum NEED trading to "work" or there are serious financial consequences. That is scared money if there ever was scared money. So fear sets in. Not of losing the trade, we accept that as part of the process. But of what happens next. And that can paralyze you.

So here is my solution to this. Somewhere in your soul, you must come to the place where the money does not matter anymore. The best traders, sales people, etc all play the game as though the score does not count. Their only goal is to play well day in and day out. Only then can they really win. If you play like you cannot lose, you will.

I'm glad you like the thread. And thanks for commenting.

Oh and one more thing......start the damn journal. Don't be afraid. Just do it......sorry for the french.....

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #323 (permalink)
 itrade2win 
New York
 
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Kudos to to AZ, nothing wrong by telling it like it is. If one can't be honest with himself then he won't be honest with others. I am embarrassed at times to post my results, but who cares what others think. I'm here for me and hopefully others can gain from my experience.

Cheers
itrade2win

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  #324 (permalink)
 Big Mike 
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aztrader9 View Post
That we nearly crap ourselves when we actually have a winner.

Almost crapped myself reading it, was funny


aztrader9 View Post
So here is my solution to this. Somewhere in your soul, you must come to the place where the money does not matter anymore. The best traders, sales people, etc all play the game as though the score does not count. Their only goal is to play well day in and day out. Only then can they really win. If you play like you cannot lose, you will.

Spot on.


aztrader9 View Post
Oh and one more thing......start the damn journal. Don't be afraid. Just do it......sorry for the french.....

More good advice

Mike

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  #325 (permalink)
 Big Mike 
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itrade2win View Post
Kudos to to AZ, nothing wrong by telling it like it is. If one can't be honest with himself then he won't be honest with others. I am embarrassed at times to post my results, but who cares what others think. I'm here for me and hopefully others can gain from my experience.

Cheers
itrade2win

The journal is for you. If you aren't honest in the journal, you are just fooling yourself. Others will benefit as well because they will relate to what you are going through, and maybe they will change their behaviors for the better as they see you doing it, or maybe they will start their own journal once they see the benefits you've received from yours, etc.

futures.io (formerly BMT) is a safe haven for honest journals, and I am very proud of this.

Good job guys.

Mike

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  #326 (permalink)
 PandaWarrior 
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Big Mike View Post
Almost crapped myself reading it, was funny



Spot on.



More good advice

Mike

1....its funny but so very NOT funny.....

2. Thanks

3. Thanks.....

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #327 (permalink)
 PandaWarrior 
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The following must be read out loud and with a stereotypical Asian martial arts instructor accent. You know, the one from all the cheap kung fu movies we all loved as a kid. Don't lie, you loved em too.........

"Boy go home with pretty girl, not change partners at dance".

Nuff said.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #328 (permalink)
 PandaWarrior 
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So my trading plan was a little anemic. I had the rules but not risk:reward ratios, no daily goals, no daily stop loss. I one in my mind but not written. The plan had no step by step for sizing contracts or daily tick goals. Nothing, just trade rules:

Yesterday, I put together a step by step plan for trading. This thing is 12 months long and includes a daily goal for each day. Somewhere I can put an actual number next to a goal. It includes places and times to scale up both size and daily tick targets.

I am working today and tomorrow on some of my daily habits I want to change or improve. Some of the tools I will use, and some other miscellaneous trading related planning.

Today I had time for one trade. 1 winner.

Cheers.......

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
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  #329 (permalink)
 Big Mike 
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aztrader9 View Post
So my trading plan was a little anemic. I had the rules but not risk:reward ratios, no daily goals, no daily stop loss. I one in my mind but not written. The plan had no step by step for sizing contracts or daily tick goals. Nothing, just trade rules:

Yesterday, I put together a step by step plan for trading. This thing is 12 months long and includes a daily goal for each day. Somewhere I can put an actual number next to a goal. It includes places and times to scale up both size and daily tick targets.

I am working today and tomorrow on some of my daily habits I want to change or improve. Some of the tools I will use, and some other miscellaneous trading related planning.

Today I had time for one trade. 1 winner.

Cheers.......

Az, I am curious how your new trading plan, risk/reward ratios, daily goals/stop loss limits, etc, compare with the sim account trading at the beginning of this thread that was so successful?

Mike

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 PandaWarrior 
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Big Mike View Post
Az, I am curious how your new trading plan, risk/reward ratios, daily goals/stop loss limits, etc, compare with the sim account trading at the beginning of this thread that was so successful?

Mike

I did not keep track of R:R, used only a fixed stop with no predefined PA exits. I had fixed targets and fixed stops. Now I am using an initial fixed stop but I am adjusting it based on price action. So I think most of the time, any stops I have hit will be less than the old fixed stop because most of the time, I know my stop will be hit because of the price action. No need to let it run all the way there. Just get out. Back then I just held until the stop was hit 99% of the time.

Back then I had a mental daily quitting time in terms of ticks. But it was mental and I ended up violating most of the time anyway. Second, I did not know what to do pas the thirty days. Since the first of August, I've been struggling with a really major issue.

What exactly am I as a trader? I am seeing opportunity everywhere now where as before I saw only chaos. I see big move opportunities, I see scalper opportunities and stuff in between. Some of my losses this last few weeks have been related to taking a trade in one style and seeing it be in violation of another style. So rather than sit and stew about it, I just got out of the trade. Those were mostly small losses but they add up. So my trading plan has addressed my trading style as well and what signals I will take. And in the end it, it came down to one question, how long do I want to trade every day? And that gave me the answer.

In the trading challenge month, I had no plan for sizing either. Well, this is important for long term wealth accumulation. Its not important now of course but if I don't plan for it now, I won't know what to do when the time comes. So now I have it built in.

Finally, I needed a step by step plan. I am a logistics guy and project manager by nature. I like to make things run smoothly and per plan. I know every plan is only good until the first shot is fired but still the plan is the guiding principal. So I went back to what worked then. Baby steps in terms of daily tick count, gradually build up with each day being a success in terms of tick count and trading by the rules. I revised the rules and score card to reflect what I learned during the challenge, consolidated them to one sheet. After a pre-determined number of days at say one contract AND daily target being hit, then graduate to more ticks. When that is done consistently for a pre-determined number of days, begin adding size. By onsies at first and two at a time. If the plan is followed perfectly, it will take me five months to get to ten contracts. And only be putting on about 3% risk at that point.

The plan is very easy in the beginning and gradually adds ambition and difficulty. The idea is to start with the very easily achievable and then move ladder like to the currently impossible.

Will be reviewing each month, each quarter, semi annually and of course annually. The monthly will be for minor adjustments, quarterly for larger ones, and the remainder for larger course corrections or new projects like adding swing trading to the repertoire. Things that will require some immersion to learn. These will be retreat type days. Go to the beach with some buddies, attend a seminar, etc.....Then once a year, in October, write the "traditional" business plan for the upcoming calendar year.

Eventually, my hope would be to gather a group of like minded traders each year in a nice resort area in January to share business plans, best practices, war stories and play some golf. Like a mastermind group. I've been part of one of these for years now in the mortgage business and it has been huge in terms of life planning, business building and relationships gained.

Short question, long answer.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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