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Let's get this over with. My worst day since I started this journal. Just a colossally poor job by me today.
Option Side: As I am flat now, I wanted to do a little research on other approaches. My day trade methodology works very well, and has for a long time. But the option trading has not been doing much. I like to have more than one thing going, in order to help flatten out the yield curve, so to speak. So, never having examined this site too much, I decided to poke around for some ideas. Not a trading system, I could never use somebody else's system, but just some ideas that I hoped might resonate and spur some things I could test and research. And what happens? I go down a freakin' rabbit hole. I found some journal from some apparently 18 year old kid named Alex something-or-other who seems to have been a self-proclaimed guru who may or may not have been trying to scam some users, and got banned. 67 pages!! And I read through them. What is wrong with me?? And that sent me down a couple more internet rabbit holes before I finally came to my senses. But now I am extremely irritated with myself for wasting so much time. Then I get an email from this site saying check out these popular webinars. Is this really a good use of my time? I am not a chart person. Show me a webinar that has some trading ideas that don't require chart staring, and I may be interested. Fortunately (??) the two I clicked on said I can not access them because I am not an Elite member. And why am I not an elite member when it's a lousy 100 bucks? Because I rediscovered this site a few months ago after paying 1099 for Ninja Trader lifetime. I bought the license because I want to automate my day trading. I also started studying C#. I'm making progress, but have a ways to go. Ah, I digress. So when I came to this site and it said become an Elite member and save $100 on a NT license, I felt like I could have had it for free, in effect, and I blew it (since I didn't know). So now I'm irritated about that. Story of my day. But it gets worse.
Day Trading Side: Got the first leg on a minute late. No big deal, didn't affect the trade whatsoever, but it really drove home the point that I had wasted so much time already today. Did 2 units. Trade didn't do a whole lot until 11ish, then it got to +650 per unit. Ok, not bad. Then it just started dropping. Not rapidly, just a little at a time, but eventually it got all the way back to +100. Now I know the right thing to do is let it work. It works, or it doesn't. But I'm irritated. I feel like I have done absolutely nothing productive, in fact just the opposite. It's absolutely pouring for the 40th day in a row, my backyard is flooded, I can't go outside and get any work done. Just sit here and brood about how much time I wasted. If I am researching, or otherwise being productive, I'm usually pretty good about not micromanaging my trade. You can guess where this is going. I biased my trade, first one way, then the other. Neither worked. Then I added to it. then subtracted. Chased my tail to no avail (hey, that rhymes) all afternoon. Trade for 2 units netted 2488.20 profit. Yes, it worked just fine and if I had let it do its job, I would have at least had a profitable day to help alleviate my frustration at the lack of productivity. But that's not what my account is going to show tomorrow morning. It's not going to show 2488 in profit. In fact, it's not going to show any profit at all. It's going to show a loss. Because I managed to turn a very good trade into a loser. Oddly enough, that's the only thing I find satisfying about the day. Most of the time I do indeed trade like a professional. And I feel like the market should reward me when I do. I feel like I deserve it. When I do what I did today, I deserve to lose money. And I did. I'm OK with that. It's only fair.
Exact numbers in the morning.
p.s. If anyone reads this who is an Elite member, would you be so kind as to express an opinion on whether or not it would be of value to somebody like me? That meaning, I'm not interested in chart-reading tips, I'm probably not going to find value in any indicators, etc. I am looking for ideas. I am a simple trader. I can explain my day trading approach in a single sentence. I can explain my option strategy in just a few words. I do want to diversify in case I can't find a valid reason to resume the option trading.
Hi post and thank you. I hope for many good days ahead.
As for your Elite questions. It is the best money I had spent with anything to do with trading in the past 10 years ( am a Bigmike tenure). I highly recommend it to all.
number 1 reason to become an elite member : All the cool kids are members
but really the info here is worth more then $100 indicators/webinars/journals form guys and gals who make way more money then most. Not to mention the support for everyone is great... you get shit on one day in the market and express what happened a handful of people are always willing to pitch in and see if they can help
-P
"Truth is not what you want it to be; it is what it is, and you must bend to its power or live a lie"-Miyamoto Musashi
Well, it might or might not be, of course. It's something that is not going to be clear without trying it, and that's kind of too late, isn't it?
Looking at the stats, between 70 and 80% of the posting on FIO every day is by Elite members. They are not only posting in the Elite section, of course, they're posting all over the forum. But basically, the active posting is by Elite members, and quite a lot of it is in the Elite-only section.
The best way for me to answer you is simply to ask whether what you have seen on FIO has seemed to you to be of value so far. If it has, well, most of what you've seen has been by Elite members. So has all of the content that is Elite-only, in the discussions and journals that are in the reserved Elite section. There is a huge amount of stuff that is not available to the public.
But would it help you? I have no idea of course. I would say the odds favor it, assuming you like what you have seen so far. If you haven't, well, probably not.
There's where the choice is. For myself, I am extremely happy I joined Elite about 6 years ago. It has turned out to be a very good trade.
My advice is always to try it, when someone asks. People don't usually come back later with "Nah, that was a mistake."
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
I spread trade as well, and here's my slightly redacted notes from Tuesday (8/13/2019) : "Woke up groggy and was a couple minutes late for opening orders. Mistakenly went short instead of long NQ, corrected this almost immediately but was flustered. The general confusion and tiredness caused me to bail prematurely with a $xx profit and call it a day. Had I woken up fresh and traded normally, I would have made at least $1,xxx."
So, I believe the fact that you "got the first leg on a minute late", together with the irritation due to timewasting, attributed to your performance today. We all have those days, and we all deal with them differently.
P.S. I'm not an Elite member, so I can't be of any help in that regard.
You will find the more experienced traders and what I consider to be professional traders post in the elite section. If it is knowledge and ideas you seek this is where you will find it.
I have been here since 2011 and have learned something new which has improved my trading every year I have been here.
From my perspective, it would be great to have new ideas from an experienced trader like yourself. It appears from your posts you have a lot to offer.
Thanks for the comments. I'm usually fine if I execute properly and lose. It happens. Part of trading. You move on. But when I am the reason for the loss, that's a bit different. Reminds me of the movie WarGames (shows you how old I am) when the guy (I think it was Dabney Coleman) says we need to take the men out of the loop. Hah!
Thanks @bobwest, @Silver Dragon, @MiniP and @kareem40 for your input. I am going to sign up for Elite membership. I'm convinced I'll find enough there to justify the small cost.
