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Jagui's journal to freedom


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Jagui's journal to freedom

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  #61 (permalink)
 Big Mike 
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jagui View Post
I wish trading platforms had a way to impose a daily loss limit.

This is a bit off topic, but I've often wished a platform had a few more psychological features instead of just pure technical features. For instance, like you said, a daily loss limit to 'strongly encourage' you to not place another trade on the DOM. One feature I've wished for was a "random" live/sim account swapper. Imagine placing trades on the DOM and not knowing if it is was live or sim. Clearly some technical issues, but from a psychological standpoint, you could really advance your experience level dramatically.

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  #62 (permalink)
 jagui 
Italy - Roma
 
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If I remember well, XTrader somewhere has the function of enforcing some risk parameters to the trader. This should be a sort of a "Manager Module" or the like...

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 Ryanb 
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Hi there Jagui,
I wanted to give the slingshot trade an automation try, but where do i get the McGinleyDynamics indicator?
And do you use a normal VMA or a ADXVMA. if you use a normal VMA where did you get the colored VMA?

Could you upload both to the filesharing here?

Thanks

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  #64 (permalink)
 Mickey Caine 
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Hi Jaqui

I use Infinity as my Broker. with them you can set a daily loss limit, which if hit does not allow you to place another trade unless you call to have it removed. A good way to impose a much needed discipline. Their platform is great (IMHO) very stable and their customer service is the best I have come across in this business or for that matter, any other.

Email: [email protected]">[email protected]

Good luck with your trading.

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  #65 (permalink)
 Andrewt 
Perth Western Australia
 
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Yes jaqui, I can certainly identify with your posts here. These are some of my frequently experienced problems also. I have even resorted to some auto trade programs that I leave running at night while I try to get sleep. I live in Austraila and market open is a 9.30 pm for me. Very difficult to run my small business during the day after trying to stay up to recover from an initial losing trade into the night. Good luck. regards Andrew

jagui View Post
I tried to write a trading plan to start trading seriuosly, and soon I realized that this could easily be just another formal excercise. It serves you nothing to write the most perfect trading plan in the world if you don't unconsciously believe it.

So I relaxed and looked deeply into myself and found out that all I need is nothing more than a simple set of rules. I know well that discipline is the area I have to improve if I want a long term success. I'm not a beginner, I have setups, a deep understanding of probability and risk, capital, good money management skills and experience.

What I don't have now is enough time, because I run a small business. I've been tracking my trading errors for 9 months, and they are related to time. These are the errors I did the most, in order of frequency:

  • trades not related to one of my setups
  • delayed entries
  • missed trades
  • poor sleeping

I often did non-setup trades because I felt the urgency to trade to maximize the use of time. During the day I may have only 2 or 3 hours free to trade, so I did not want this time "wasted". Of course I know it is better no trades than losing trades.

I did delayed entries and missed trades because I was doing my other job while keeping the charts open on other monitors, and so I could not be focused enough on following the setups forming, leading to late entries and missed trades, and a poor work too.

At the evening I often work until late, because I have to finish my job, which I didn't do during the day because I was trying to work and trade at the same time => not enough sleep time.

It's amazing how powerful keeping a trading journal here can be. Just writing this post has made so clear that a better time management will improve my trading by removing the main source of errors.

Another weakness is failing to wait for the second target and closing half of the position too soon. I usually have two targets and can almost always spot a good second target but I often fail to wait and close the position too soon.

Other errors are very rare. I never do revenge trading, overtrading and news trading.


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  #66 (permalink)
 Big Mike 
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Ryanb View Post
Hi there Jagui,
I wanted to give the slingshot trade an automation try, but where do i get the McGinleyDynamics indicator?

If memory serves, @fluxsmith created a McGinley Dynamics indicator.

Yup -- here it is, just used the search feature in Downloads section:


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  #67 (permalink)
 jagui 
Italy - Roma
 
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Ryanb View Post
Hi there Jagui,
I wanted to give the slingshot trade an automation try, but where do i get the McGinleyDynamics indicator?
And do you use a normal VMA or a ADXVMA. if you use a normal VMA where did you get the colored VMA?

Could you upload both to the filesharing here?

Thanks

The VMA is the standard VMA included with Ninja. I modified it to do the coloring.
I'm attaching to this post both the VMA and the MGD. Later I'll share them in the download section.

I'm also interested in giving a serious try to automate the slingshot setup, I never tried hard. I think the 1min euro could be a good candidate to the automation.

Attached Files
Register to download File Type: cs JMcGinleyDynamics.cs (6.3 KB, 26 views)
Register to download File Type: cs JVMA.cs (11.9 KB, 27 views)
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  #68 (permalink)
 jagui 
Italy - Roma
 
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Trading: Index futures, Forex, Stocks
 
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Posts: 200 since Jul 2010
Thanks: 280 given, 287 received


Mickey Caine View Post
Hi Jaqui

I use Infinity as my Broker. with them you can set a daily loss limit, which if hit does not allow you to place another trade unless you call to have it removed. A good way to impose a much needed discipline. Their platform is great (IMHO) very stable and their customer service is the best I have come across in this business or for that matter, any other.

Email: [email protected]">[email protected]

Good luck with your trading.

This is great news. Thanks for sharing. I'll look at them.

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  #69 (permalink)
 jagui 
Italy - Roma
 
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Posts: 200 since Jul 2010
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Andrewt View Post
Yes jaqui, I can certainly identify with your posts here. These are some of my frequently experienced problems also. I have even resorted to some auto trade programs that I leave running at night while I try to get sleep. I live in Austraila and market open is a 9.30 pm for me. Very difficult to run my small business during the day after trying to stay up to recover from an initial losing trade into the night. Good luck. regards Andrew

Thank you for sharing your condition, I feel less lonely now .

Currently I'm trying to scalp the market at supposed high volatility times. Got some success and some loss. There are days I'm clean and winner, and days (like today) where clients call every minute for every reason, breaking my focus during the 20 minutes or so I'm devoting to trading.

At least today I was able to stand aside and not trade without the necessary focus, and of course the euro, which I planned to follow, offered some good setups.

My problem is that the amount of work and customer managing is an external variable I can't control. This may render every style of daytrading not sustainable in the medium term.

From this month I started trading the daily timeframe again, where I can be more relaxed and focused, looking at market for about 30-60 minutes before going to bed. This is already paying out, I have a huge winning position on SILVER and other good positions on EUR, CHF and AUD. Don't know if I should share this long-term trading here, this is a "Day Trading Forum"... maybe @Big Mike can clarify this.

Me too am thinking about an automated system for daytrading.

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  #70 (permalink)
 Big Mike 
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Last Updated on October 8, 2010


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