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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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  #81 (permalink)
 chipotlebop 
Pleasant Hill, CA
 
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aztrader9 View Post

Oh, one last thing, today, my average winners are now larger than my average losers! I count this as a major improvement.

The market has many personalities. You still need the test of time to optimize your tactics in any market behavior. Looking forward to your continued positive results. Keep moving forward. Reset, and maintain strong mental control.

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  #82 (permalink)
 PandaWarrior 
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Ok not really, but I wanted to get your attention.....and mine.

An odd thing happened on the way to the bank today. You know, the bank where I am going to deposit all the money I'm gonna make trading!...no really I am!.....Just not today.

Alright, on to the serious stuff. After the last few days, was feeling a little euphoric. Perhaps to much. Got up this morning thinking, "I'm gonna hit it out of the park today". I did but the wrong way!

The first trade was a nice winner, BUT I missed the entry AND left a ton on the table. I think this triggered something in me today I've never felt before. A sense of "I'll show the market it can't leave me behind". Or something like that. Not really sure what I was actually thinking at the time. The first trade was very well managed and so were the next two. Small wins as the market began its turn back to the upside while I was still short.

Then the wheels came off. Three big losers in a row. That's my cue to exit stage left. Not today. Keep right on trading like there is no tomorrow. A winner. I'm back baby. Two losers in a row. Exit stage left or stage right. Just exit....not today. A nice winner. I'm gonna get it all back. Make the target bigger (rule broken). Three losers in a row. Jump off the stage, anywhere is ok, just get off. Another winner. Yes, I can still recover. Three big losers in a row. Did someone say, "oh crap"? Oh yeah, that was me.

What the heck happened here? Somewhere in the heat of battle, I started revenge trading and did not realize. Don't tell me sim doesn't matter. I have a ton riding on this right now. I felt the sensation for the first time in my life of what it might feel like to be a heroin addict. I could literally feel my body saturated with some sort of chemical flowing through my veins telling me to take "just one more trade". I could not resist.

I glanced at the P&L. Down $2200. That did it. I snapped out of it. Took my hands of the mouse. Sat there for a bit just realizing what I'd done. Coming to terms with the sensation of revenge trading induced high. I sat there for at least five minutes, soaking it in. I want to remember this for the rest of my life. I want to remember it forever like it was yesterday. I want to recognize it if it ever happens again. I want to kill it the second it raises its ugly head again.

I know I broke most if not all my rules today. I know because I went back and looked at the charts after trading was over and I'd had a chance to process. I took 19 trades today. The debrief revealed 9 that could have been taken following my rules. 7 winners, 2 BE and zero losers. I don't really remember taking all those trades, the first three yes, and the last one yes. That one was a 10 tick winner because I had control of myself again, took a deliberate trade, managed the trade correctly and exited with a profit.

After the dust has settled, the headline of this post is accurate. I had a fantastic day. Even though I lost a lot of money, I now recognize revenge trading. I had no idea what it was until now. I more fully understand how you can blow your account out in a single day. Why people actually do this.

This was needed. I had to experience this before live money trades take place. Even when I was losing real money last year, I did not experience this kind of loss of control. I'm glad it happened. It is humbling. I hope I am self aware enough to recognize it, let it pass and then use the experience to reduce its damage if it ever happens again.

I am up $1300 for the month. Down from being up $3300 after my first trade of the day and then up $3700 after the first three trades. It is humbling. I am not invincible. But I am capable and I will win.

Two charts, what actually happened and what should have happened. Plus the results.

On to tomorrow. A better day trading awaits.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #83 (permalink)
 aslan 
Madison, WI
 
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Bravo! I am glad this happened, most people experience this as they blow out their account. Most impressive, is that you stopped. Most people would keep on going, and then reset the sim account the next day and all is forgotten, but you stopped and took it in. Keep a link to this post, perhaps even print it out, and hang it on the wall for you to remember, and go thru it once in a while to remember to follow the rules, and if the wheels are starting to wobble, pull over and get your mojo back. There is nothing wrong with stopping for the day and coming back tomorrow.

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  #84 (permalink)
 PandaWarrior 
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aslan View Post
Bravo! I am glad this happened, most people experience this as they blow out their account. Most impressive, is that you stopped. Most people would keep on going, and then reset the sim account the next day and all is forgotten, but you stopped and took it in. Keep a link to this post, perhaps even print it out, and hang it on the wall for you to remember, and go thru it once in a while to remember to follow the rules, and if the wheels are starting to wobble, pull over and get your mojo back. There is nothing wrong with stopping for the day and coming back tomorrow.

Excellent idea! I'll do it now. Along with the charts and the results.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #85 (permalink)
 David_R 
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AZ,

would you share your excel spread sheet??

David

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  #86 (permalink)
 TheWizard 
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This seems a likely thread in which to post my request.

I have a friend who is considering day trading, as her business slowly dies. It's an "old technology" business who's days were numbered at the beginning of the internet age. Her husband started it 30 or 40 years ago, is now retired from it (he's much older than she is). He was recently diagnosed with dementia, they've got a 25 year old autistic son at home and a mother-in-law who is bed-ridden.

I know - wow! What a sad story. Yes, but it's true. I'd like to help her learn to day-trade, the only thing is there's not much $$ for her to get started. She looked STARTLED, to say the least, when I mentioned Mirus wants $2500 just to open an account. I think she was thinking along the line of $500 - $1000.

DOES ANYONE OUT HERE IN THE FORUM KNOW OF A BROKERAGE FIRM THAT WILL OPEN AN ACCOUNT WITH LESS THAN $2500?

(sorry for the ALL CAPS - that was the important part of this message - just to draw attention).

Thanks for any & all help!

After all, it's what you learn AFTER you know it all, that counts!
 
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  #87 (permalink)
 papa15 
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AZ
I passed thru Phoenix yesterday on my way back to NC. The pilot announced the temperature as 112F. I don't care if it is dry heat or not, that is hot. But who am I to point fingers....our temperature today was in the upper 90's with very high humidity.

Back to reality....I have had days like you had today, in fact, more than 1. I hope you really learn the lessons from this and don't have to repeat it as I have done.

I would encourage you to take a look at Jeff's Three Setups thread. I have found better success with the inside bar method. It is very straightforward, and it is working. Just a thought.

Papa15

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  #88 (permalink)
 Private Banker 
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Hi All, I'm the new guy here.

Wizard, you may want to look into trading the mini or micro currencies. IMHO, an excellent book for someone to learn the basics is John Carter's " Mastering the Trade". I know there are other great books out there but this has some very simple and easy explanations and methods. I have nothing to do with TTM but definitely enjoyed reading his book and thought I would pass it on.

BTW, AZTrader, great thread! Definitely enjoying reading your progress. Don't worry about the blow up day, you just paid for an education that no school will teach (even if it was a sim a/c). It was the emotional aspect that you experienced that is important. Just remember, stick to your rules... The market will be waiting for you the next day.

Best of luck and I look forward to reading your continued posts! Cheers!

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  #89 (permalink)
 PandaWarrior 
In the heat
 
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David_R View Post
AZ,

would you share your excel spread sheet??

David


I will tomorrow. I have a couple of mods i want to make to it and then clean it up...there are some odd things on it now....

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #90 (permalink)
 David_R 
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TheWizard View Post
This seems a likely thread in which to post my request.

I have a friend who is considering day trading, as her business slowly dies. It's an "old technology" business who's days were numbered at the beginning of the internet age. Her husband started it 30 or 40 years ago, is now retired from it (he's much older than she is). He was recently diagnosed with dementia, they've got a 25 year old autistic son at home and a mother-in-law who is bed-ridden.

I know - wow! What a sad story. Yes, but it's true. I'd like to help her learn to day-trade, the only thing is there's not much $$ for her to get started. She looked STARTLED, to say the least, when I mentioned Mirus wants $2500 just to open an account. I think she was thinking along the line of $500 - $1000.

DOES ANYONE OUT HERE IN THE FORUM KNOW OF A BROKERAGE FIRM THAT WILL OPEN AN ACCOUNT WITH LESS THAN $2500?

(sorry for the ALL CAPS - that was the important part of this message - just to draw attention).

Thanks for any & all help!

Maybe a forex account will let you open for $2500 or less. I'm not sure about futures. You can always open it with say $5000 and then withdraw half. I think. Good luck

D

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