What is your single biggest weakness? - futures io
futures io futures trading



What is your single biggest weakness?


Discussion in Trading Reviews and Vendors

Updated by JoeDee
      Top Posters
    1. looks_one Bionan with 10 posts (18 thanks)
    2. looks_two Sandpaddict with 10 posts (19 thanks)
    3. looks_3 Daytrader999 with 3 posts (5 thanks)
    4. looks_4 redneck4Christ with 3 posts (10 thanks)
      Best Posters
    1. looks_one Pa Dax with 12.0 thanks per post
    2. looks_two YogaTrading with 4.0 thanks per post
    3. looks_3 Sandpaddict with 1.9 thanks per post
    4. looks_4 Bionan with 1.8 thanks per post
    1. trending_up 7,159 views
    2. thumb_up 179 thanks given
    3. group 294 followers
    1. forum 60 replies
    2. attach_file 2 attachments




Welcome to futures io: the largest futures trading community on the planet, with well over 100,000 members
  • Genuine reviews from real traders, not fake reviews from stealth vendors
  • Quality education from leading professional traders
  • We are a friendly, helpful, and positive community
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts
  • We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

(If you already have an account, login at the top of the page)

 
Search this Thread
 

What is your single biggest weakness?

(login for full post details)
  #11 (permalink)
Vancouver, WA
 
Experience: Intermediate
Platform: Jigsaw, MC.NET, ToS, IB
Broker: St5/IronBm/Rithmic, IB, ToS
Trading: Emini ES
 
Posts: 72 since Apr 2019
Thanks: 689 given, 111 received


Sandpaddict View Post
I believe my biggest weakness right now is impulsiveness. If I waited only for perfect entries my win rate would no doubt climb. As it is I rely on money management and a high hit rate for my tiny edge so any improvement in that area would do wonders.

Sent using the futures.io mobile app

My thoughts are similar. The word, "compulsiveness" came to mind to describe my malady but "impulsive" seems to cover it pretty well. As much as I hate to admit it, "lack of discipline" is the main malady that I need to own and work on.

I have had days where I went past my draw-down limit and clawed my way back to profitability. On other days, in a similar situation, I have dug a deeper hole.

On the other hand, if I am up, my mind's eye sees that as a cushion to assume more risk and I end up giving it all back.

I have a plan but then I see something too good not to jump on and/or a new idea for an edge comes to mind and a current price move looks like a good time and place to vet it.

Reply With Quote
The following 8 users say Thank You to redneck4Christ for this post:

Can you help answer these questions
from other members on futures io?
Sending an ACH from BoA to GFF Brokers
Brokers
US OTCQB STOCK Brooker for UK BASED RESIDENT
Brokers
Seeking an MT4 Indicator/EA that scans all Currency Pairs to identify setup
Platforms and Indicators
Time Specific Volume Bars for Market Hours? Thinkorswim
ThinkOrSwim
Traderoomplus
Trading Reviews and Vendors
 
 
(login for full post details)
  #12 (permalink)
Legendary Market Wizard
Houston, TX
 
Experience: Advanced
Platform: Trading Technologies
Broker: Primary Advantage Futures. Also ED&F and Tradestation
Trading: Primarily Energy but also a little ES, GE, GC, SI & Bitcoin
 
Posts: 3,628 since Dec 2013
Thanks: 2,899 given, 6,880 received

Definitely ‘Insufficient Time to Trade’. Although I trade about 45 hours a week if I had more time I would do even more.

Reply With Quote
The following 4 users say Thank You to SMCJB for this post:
 
(login for full post details)
  #13 (permalink)
Legendary Market Wizard
Los Angeles CA
 
Experience: Beginner
Platform: NinjaTrader, TOS
Broker: NinjaTrader, TD
Trading: GC, MGC
 
Salao's Avatar
 
Posts: 743 since Jun 2017
Thanks: 5,578 given, 2,959 received


I have been trading futures for a year and a half and for most of that time my biggest weakness was related to all the false beliefs that I initially had about trading. As I straighten that mess out and increase my technical knowledge, let's just say I am becoming pretty aware of the psychological challenges associated with overconfidence, greed, fear, and frustration. . It's the next frontier of my journey. Although I am still on the lookout for false beliefs. .

Reply With Quote
The following 7 users say Thank You to Salao for this post:
 
(login for full post details)
  #14 (permalink)
Alameda
 
Experience: Intermediate
Platform: ToS, SierraChart, IBKR
Trading: Emini ES
 
Posts: 5 since Apr 2019
Thanks: 8 given, 9 received

Voted for "Holding my winners" as I tend to get out too early, often against plan.

Sometimes scratching a trade saves my butt, but that only builds bad habits... I've actually gone through and done the math against take profit price targets and can find entire groups of trades where a loss would have been a winner, winners would have been much greater, or losses would have been much less. Yet even knowing the math, mentally it's hard for me to stay in.

Reply With Quote
The following 4 users say Thank You to BubbityDog for this post:
 
(login for full post details)
  #15 (permalink)
Legendary Market Wizard
Ilsede, Germany
 
Experience: Advanced
Platform: NinjaTrader 8
Broker: Rithmic / CQG / Ninja Trader Brokerage
Trading: NQ
 
Daytrader999's Avatar
 
Posts: 1,237 since Sep 2011
Thanks: 1,227 given, 1,710 received

I voted for 'Losers get out of control', because especially in such a volatile market like NQ I tend to move my stops quite a bit more out of the way than I should...but I'm still working on it !

On the other hand, I mostly use fixed targets, and sometimes I leave money on the table...but this is only my 2nd weakness.

"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn
Reply With Quote
The following 2 users say Thank You to Daytrader999 for this post:
 
(login for full post details)
  #16 (permalink)
Las Vegas, Nevada, USA
 
Experience: Beginner
Platform: NinjaTrader
Broker: Dorman Trading
Trading: ES
 
YogaTrading's Avatar
 
Posts: 53 since Sep 2014
Thanks: 700 given, 108 received


redneck4Christ View Post
My thoughts are similar. The word, "compulsiveness" came to mind to describe my malady but "impulsive" seems to cover it pretty well. As much as I hate to admit it, "lack of discipline" is the main malady that I need to own and work on.

I have had days where I went past my draw-down limit and clawed my way back to profitability. On other days, in a similar situation, I have dug a deeper hole.

On the other hand, if I am up, my mind's eye sees that as a cushion to assume more risk and I end up giving it all back.

I have a plan but then I see something too good not to jump on and/or a new idea for an edge comes to mind and a current price move looks like a good time and place to vet it.



My speculation is that your "thoughts" are familiar to a lot of traders. The word, "compulsiveness" describes a personality characteristic that can be deemed as our nemesis as traders. "impulsive" actions can destroy a trader, as my own experience has shown, by blowing up accounts. The fact that you hate to admit it, "having a lack of discipline" but are expressing it, is where traders begin to adapt to change, but first you have to admit it..kudos on that.

I recently came to own my own "discipline" issue and have been trying to figure out my way of developing a strategy to combat it. I am not sure as a trader "compulsiveness" totally goes away. This could be one of the hardest issues I've come to face. I am starting to realize the Market is an ever-flowing stream of money, and it is just there like a river, and it generates an enormous amount of excitement, as a fisherman gets when he sits on top of a large school of fish, and thinks how quickly can I catch them, how many can I catch? even though he knows there will be other fishing days, at that moment all logic goes out the window. This triggers me the same, to feel like I can just keep making money. I have come to see the ever-flowing river of money as a trap. How do I engage it without allowing my compulsiveness to take over.? Million dollar question.

For the sake of this conversation, I will share my own impulsive behavior control theory, and if I could get some feedback from some of the more advanced traders, I would be grateful.

I've come to recognize for my self, that I have to have a very defined window to engage with the market (River) and that window of time can not be broken, as it also plays into the statistical edge. So I created a defined window of time, Tues, Wed, Thurs..only...8:30 am to 12 noon CST only. I can only take 7 trades a day (fishing limit) and I can only take 3 losers in a row. (loss limit) Now the way I manage that window of time and what I do and how I do it is driven by my trade plan, which requires another level of discipline and control.

Having discipline at very specific moments of time, for me, seems a better way to handle my impulsivity, long term. (Practice Practice)
I can maintain my control and focus during the window of time, it seems better suited than figuring out how to change my impulsiveness across 5 days and 24 hrs of potential trade opportunities, which is what drives the impulsiveness, knowing I can sit in front of my computer and engage the river of money.

My trade plan is pretty solid, what I've learned is if I reduce the amount of trading time down, it helps me to focus on taking trades inside my plan, stop looking at all the potential other trades the brain will create because it thinks it has an endless amount of time. No it does not anymore. It has 7 trades only and only 3 days.

I am using an ATM to engage the market, stops are set and targets are set, is it perfect, no, does it need to be perfect, no.....it needs to be consistent on a level that produces a profit. That consistency will show up much more clear (or not) if I control the window of time I engage the river of financial opportunity, which is so overwhelming at times.

The other issue I have had to address as a trader, is I think trading will give me freedom, but in reality, I do not take advantage of that because I will sit in front of the computer 8 hrs a day and then study into the wee hours of the night...In my mind this is detrimental.
The defined window of time to trade is needed or I will never leave the house, it becomes a trap.

I am throwing this out on the table for discussion, to ask for advice from those who are consistent on the profitable side, I can address being consistent on the losing side....so no comments needed there......but from the minds of profitable traders what else can I add?

Am I seeing this the right way? what else could make a shift in my mind's ability to control my impulsivity?

Reply With Quote
The following 9 users say Thank You to YogaTrading for this post:
 
(login for full post details)
  #17 (permalink)
Palm Harbor, Florida/USA
 
Experience: Intermediate
Platform: NinjaTrader, SharkIndicat
Broker: Interactive Brokers, NinjaTrader Brokerage, TD Ameritrade
Trading: ES
 
Posts: 74 since Dec 2019
Thanks: 76 given, 86 received


redneck4Christ View Post
My thoughts are similar. The word, "compulsiveness" came to mind to describe my malady but "impulsive" seems to cover it pretty well. As much as I hate to admit it, "lack of discipline" is the main malady that I need to own and work on.

I have had days where I went past my draw-down limit and clawed my way back to profitability. On other days, in a similar situation, I have dug a deeper hole.

On the other hand, if I am up, my mind's eye sees that as a cushion to assume more risk and I end up giving it all back.

I have a plan but then I see something too good not to jump on and/or a new idea for an edge comes to mind and a current price move looks like a good time and place to vet it.


Remember that even the best trades only have about a 60% probability, because any more than that, there would be nobody to take the other side of the trade. Likely there is an institution on the other side, and what institution would take a 30% probability trade? Be skeptical of any trade which looks too good to pass on.

Reply With Quote
The following 3 users say Thank You to Bionan for this post:
 
(login for full post details)
  #18 (permalink)
Dhaka Bangladesh
 
 
Posts: 50 since Sep 2018
Thanks: 6 given, 23 received

mine is insufficient trading capital but I am not sure if one can call it weakness, its rather a blocking factor. It's like game of poker, if you were holding a pair of JJ and the flop had Q or anything higher they would act as blocker and not let you raise in a community pot (by the way the general term blocker means something else in poker which I think is useless). Therefore I wish I had a weakness.

Reply With Quote
The following 3 users say Thank You to soumen for this post:
 
(login for full post details)
  #19 (permalink)
sweden
 
Experience: Advanced
Platform: NinjaTrader,MetaTrader
Trading: futures, FX
 
Mabi's Avatar
 
Posts: 137 since Oct 2010
Thanks: 121 given, 129 received

Mine is insufficient trading capital and others. To replace my current salary i would need 3 times more trading capital then i have today to be trading for a living. All thought i am not sure i would like to do that anyway since trading is a lonely business and going to a daily workplace, business trips, challenging engineering and meeting people everyday is really nice. So it will have to wait until i retire then i be trading full time in the mean time it is a great thing and even if i am averaging 50% per year on the funds i am trading i spend that and more on just trading buying servers, tools and on 3 rd party programming skills hunting for the holy automatic grail.. hehe

Reply With Quote
The following 3 users say Thank You to Mabi for this post:
 
(login for full post details)
  #20 (permalink)
Bay Area California
 
Experience: None
Platform: TT T4
Broker: Phillip Capital
Trading: Futures
 
Posts: 791 since Nov 2011
Thanks: 814 given, 871 received



SMCJB View Post
Definitely ‘Insufficient Time to Trade’. Although I trade about 45 hours a week if I had more time I would do even more.



Would more time at the desk actually translate to more pnl? Why not automate more of your trade?


Sent using the futures.io mobile app

.
Reply With Quote


futures io Trading Community Trading Reviews and Vendors > What is your single biggest weakness?


July 9, 2020


Upcoming Webinars and Events
 

Technical Analysis Workshop w/NinjaTrader

Oct 27
 

Bookmap

Oct TBD
 

SharkIndicators

Oct TBD
 

Carley Garner

Oct TBD
 

Ironbeam

Oct TBD
 

Zytrade

Oct TBD
 

GruttePier

Oct TBD
     



Copyright © 2020 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts