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New Beginnings: The Journal of a Trader's Journey to Equanimity


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New Beginnings: The Journal of a Trader's Journey to Equanimity

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  #41 (permalink)
 plethora 
Los Angeles, CA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Rithmic
Trading: GC
 
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mainstream View Post

Your post got me off my butt to install Parallels into my Mac so my laptop is Windows based.
That said, Windows 7 turned out to be uninstalled incorrectly and is being reloaded. If all
works out well I'll get a 30" monitor and save $$ on a new computer. I truly can't see enough
on my monitors. Thanks for motivating me. I have a lot to do to arrive at the starting point
of simulator-trading...

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  #42 (permalink)
 plethora 
Los Angeles, CA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Rithmic
Trading: GC
 
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mainstream View Post


I meant to respond to this post. This is the item could not open which motivated me to productive action. Thanks again.

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  #43 (permalink)
 plethora 
Los Angeles, CA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Rithmic
Trading: GC
 
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aquarian1 View Post
Hi Plethora,
I guess its all been said by the other replies. It must be very hard if you " have no other way to support myself"
I would like to say I agree with Metal - go to a simulator. If you MUST trade then perhaps you could set yourself a rule I will only take one trade of one ES or 100 SPY shares per day. That you are trading on the low volume before Christmas is ... well silly.

Here are my suggestions if you would like to see what might work for you:
1. First thing in the morning after you have made your coffee, sit quietly and and in a notebook just for this purpose, list 10 things you are thankful for numbered 1 to 10.
"Thank-you for my coffee. Thank-you for a warm place to sleep." ect

2. Secondly, write some of your accomplishments.
"I got to bed on time."
They can be anything. Big or small but stated in the positive. Be generous with yourself - it doesn't have to be something that someone else would regard as an accomplishment.

3. Thirdly, Stand in front of a mirror and say
"Plethora I love you."
for a couple of minutes - from Louise Hay You Can Heal your Life.

3B. Go for a brisk walk at a pace of 4 miles per hour, swing your arms breath deeply and smile

4. Write a list of affirmations and read them aloud.

5. As for trading, well the others are better sources than I.

The ES is very hard to trade, very 'hurky-jerky' without good trending.
On narrow low volume days you are meat for the floor traders.

All the best.

Those are great suggestions, aquarian. I can't wait till I get to the point of doing them. May I ask, if you think the ES is very hard to trade without good trending, what is your solution for yourself as I see it is your preferrred instrument to trade? Thanks again.

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  #44 (permalink)
 plethora 
Los Angeles, CA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Rithmic
Trading: GC
 
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Posts: 629 since Dec 2010
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MetalTrade View Post
Loosing a lot of money because of my fault fixed my problems.

BINGO! I'm fixing my faults. I truly now know what they are/were. Well at least the ones that aren't concealed by a blindspot.

Metal, I PM'd you. I need help. It's torture trying to snag Perry's complete system. There's no way I'm going to that thread and publicly asking for help.

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  #45 (permalink)
 plethora 
Los Angeles, CA
 
Experience: Intermediate
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Broker: Rithmic
Trading: GC
 
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sysot1t View Post
you gain that confidence by learning the basics, applying oneself, and achieving success and when facing failures admiting to those failures and learning from the mistakes... no success without effort and putting in the time to learn it is what I believe in.

That's how I gain confidence and where my thoughts have been. Thank you.

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  #46 (permalink)
 plethora 
Los Angeles, CA
 
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sysot1t View Post
Excitement is great, but until you get to the point of where you do not feel excitement to trade or click the button then you are ready for live.

FWIW I'm not excited anymore. It's grueling trying to load Perry's system. Sheesh. Man-0-man. But I understand your point, sysot, and your words are so true.

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  #47 (permalink)
 aquarian1 
Point Roberts, WA, USA
 
Experience: Advanced
Platform: IB and free NT
Broker: IB
Trading: ES
 
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Posts: 4,035 since Dec 2010
Thanks: 1,509 given, 2,592 received


plethora View Post
Those are great suggestions, aquarian. I can't wait till I get to the point of doing them. May I ask, if you think the ES is very hard to trade without good trending, what is your solution for yourself as I see it is your preferrred instrument to trade? Thanks again.

I hope you try one or two - perhaps just start with the Thank-yous and do it for a few weeks. The Universe loves a grateful person!

I only trade the ES. I have spent more than two years specializing on it and all my collected data is related to it.
When it is slow and thin like this I don't trade. I am patient and I will wait for the market to return to its more normal daily trading range in the new year. A day I don't trade and don't lose money is still a plus day. I have certain rules that I stick to and one it no trading on days less than 12pts.

I am looking for a minimum of 2:1 reward:risk ratio. As my stop is usually 3 pts then I must see 6 points profit potential minimum or I don't take the trade. On a 15pt day - more normal range - if you slice off the bottom 3 pts you have 12pts to the high. You may not take all of the 12pts though that would be ideal.

So if 1240 is the expected low, I would wait for the market to show the bottom is in (hence the lost of 3 pts) and take the trade with a trailing 5pt stop. Once the trade is 6 pts in my favour an alarm goes off and I watch it in case it starts to turn south. (however my style is not the average and many people are only looking for 2 or 3 pts.)

Some people believe you should specialize in one instrument and not jump around. Others have a trading style that allows them to trade several. I sometimes watch these free videos:
Free Trading Videos
The fellow, Michael, there has had a short bond trade that moved into a swing trade and worked very well for him for December (probably since Big Ben started QE2! LOL)

i hope it helps

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  #48 (permalink)
 aquarian1 
Point Roberts, WA, USA
 
Experience: Advanced
Platform: IB and free NT
Broker: IB
Trading: ES
 
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MetalTrade View Post
You mean ex-floortraders right ?

The making of lists, talking in the mirror and other stuff like that doesn't work for me. Loosing a lot of money because of my fault fixed my problems.

Hi Metal,

The suggestions weren't mean for you - its not your journal.

Different suggestions for different people.I suggested what I felt was best for Plethora at this time. Most of trading is a mental game. The mechanics of a system are of second importance until you are feeling positive and confident.

You had already told Plethora to stop trading right away and go to the sim before she lost all her money. Now you write "losing a lot of money solved my problems" -surely you're not recommending to someone that is feeling overwhelmed that they add to their stress by "losing a lot of money?

I doubt very much you "solved" anything (though since you don't have a journal (?) that might be incorrect.) I would wager you have never tried any of the suggestions I have mentioned, yet you past your judgment/opinion on them. A mind is like a parachute it needs to be open to work. All your post does it make it harder for others who could benefit by the suggestions to implement them. (Out of respect for Plethora if you wish to continue the discussion PM me.)

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  #49 (permalink)
 Ryanb 
Netherlands
 
Experience: Advanced
Platform: none
Trading: Stocks
 
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Posts: 196 since Sep 2010
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This test in combination with the book gave me a lot of knowledge about myself, sounds to me that you are somewhat risk addicted. i did it your way when i started in the crash of 2008/2009 it didn't crush me, but as soon as the market is gone in their normal behavior i gone down, and now i`m still learning a lot.

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  #50 (permalink)
 plethora 
Los Angeles, CA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Rithmic
Trading: GC
 
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Posts: 629 since Dec 2010
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Based on Tharp, I am a "Detailed Trader". ROFLMAO

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You tend to earn your success by being thorough, methodical, systematic, organized, and dependable. You are also realistic and responsible as long as things make sense for you. You probably decide logically what needs to be done and work toward it little by little until you are finished.

One of Your Trading Strengths - You should be really good at data analysis/developing business plans especially when someone provides you with the exact steps to take.

One of Your Trading Challenges - You can be overly critical and only notice the negatives in your trading. If you do not learn to recognize your mistakes, you could become stuck.

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