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What is your single biggest weakness?


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What is your single biggest weakness?

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  #21 (permalink)
Palm Harbor, Florida/USA
 
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addchild View Post
Would more time at the desk actually translate to more pnl? Why not automate more of your trade?


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Would you run an automation unattended? Even with a good strategy, it seems like there are too many things that could go wrong. I could run an automated strategy from entry to exit, and I have thought about this, but I don't think I would be comfortable doing it for day trading.

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  #22 (permalink)
Bay Area California
 
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Bionan View Post
Would you run an automation unattended? Even with a good strategy, it seems like there are too many things that could go wrong. I could run an automated strategy from entry to exit, and I have thought about this, but I don't think I would be comfortable doing it for day trading.

This probably belongs in a different thread.

Entirely unattended, no. But I am willing to let software supervise things for limited periods of time (a few hours at most) with very fixed parameters.

But you are right, there are lots of things that can and do go wrong and you need to be very careful.

.
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  #23 (permalink)
Market Wizard
Netherlands
 
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YogaTrading View Post
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.

[...]

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?

Hey @YogaTrading - totally feel this the same way. When I got profitable, after a while it created a void in my life. Like in the years before I could spend 20 hours a day reading, learning, analyzing all this stuff. And at some point that goes away. It went away for me cause all I read now is stuff that I know doesn't work for me or I recognize it to be total b.s.
Also, as you say, I know for myself that all the money I need to get is in the first 2 hours of the open. But what to do with the rest of the day all of a sudden. Now that the freedom is there, it feels kind of hard to grab it. So I stop trading and still have the chart on in the background when I'm cooking dinner and I'm still looking at set-ups lol. And in fact, I really enjoy doing so.
Sort of feels as if when the market is done getting your money it wants something else from you so it now requires you to put in continuous discipline and trading actually becomes much more boring. Nowadays I wait for the open (which is 3.30 pm my time), I do my thing for an hour or two and I'm done. This is what my performance indicates I should be doing instead of keep trading, get tired, make mistakes, trade overnight and all that stuff. It's the most simple thing but incredibly hard sometimes to maintain the discipline while the market is only a mouse click away.

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  #24 (permalink)
Las Vegas, Nevada, USA
 
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Pa Dax View Post
Hey @YogaTrading - totally feel this the same way. When I got profitable, after a while it created a void in my life. Like in the years before I could spend 20 hours a day reading, learning, analyzing all this stuff. And at some point that goes away. It went away for me cause all I read now is stuff that I know doesn't work for me or I recognize it to be total b.s.
Also, as you say, I know for myself that all the money I need to get is in the first 2 hours of the open. But what to do with the rest of the day all of a sudden. Now that the freedom is there, it feels kind of hard to grab it. So I stop trading and still have the chart on in the background when I'm cooking dinner and I'm still looking at set-ups lol. And in fact, I really enjoy doing so.
Sort of feels as if when the market is done getting your money it wants something else from you so it now requires you to put in continuous discipline and trading actually becomes much more boring. Nowadays I wait for the open (which is 3.30 pm my time), I do my thing for an hour or two and I'm done. This is what my performance indicates I should be doing instead of keep trading, get tired, make mistakes, trade overnight, and all that stuff. It's the most simple thing but incredibly hard sometimes to maintain the discipline while the market is only a mouse click away.

Thanks, Pa Dax
It really requires me to ask Why am I taking this journey? if it does not produce a better lifestyle.
so being sure it does requires an alternate plan.. Like not sitting in front of computers

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  #25 (permalink)
Las Vegas, Nevada, USA
 
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JMAL View Post
My vote, insufficient time to trade. Only time to trade normal trading hours is when I get the day off work or when I’m on vacation. I have always felt if I had more real hands on time I might be trading full time. Then again maybe it has saved me from loosing countless trading accounts while learning.

Truth ........It has saved you from your potential impulsivity.

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  #26 (permalink)
Legendary Market Wizard
Houston, TX
 
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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.


addchild View Post
Would more time at the desk actually translate to more pnl?

The honest answer is I wouldn't know until I tried it. I would say 60% of business is crude, that wouldn't change. 25% of my business is Natural Gas. Some of the opportunities have got away from me as I don't have time to chase low value things. The real key is the other 15%. At least one of the things I do has potential in other markets. But would it work? Bigger problem is I'm already trading to much. For example today I was super busy in NG, so wasn't paying as much attention to CL as normal. As it happened don't think I missed much but if I had been busy in both there is only so much you can watch.

But answering the question, I think yes!


addchild View Post
Why not automate more of your trade?

I've automated a lot, but it really isn't as hands off as it could be. Why not then? Well two main reasons. 1) I trade a lot in less liquid markets. There's a big difference between 105/106 and 100/111 or even 90/121 but an algo sees 105.5 value in all three! 2) Some of what I do I'm competing with others, some who are a lot faster than me. Hence the problem becomes managing the out trades. Not easy to do in fully automated in illiquid markets!

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  #27 (permalink)
Legendary Market Wizard
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I chose 'time', as my trading income is not near the income I can make in the same amount of time in my other business. It is a paradox which would take too long to explain, so I'll leave it at that.

I have learned, by my nature, that I have to be totally focused on trading when I am doing it. Automation of my trading eases this burden somewhat, but I'm not at a point where I can do both. One thing I can do is to keep learning, broadening my knowledge, and developing skills outside of my normal working hours.

~vmodus

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  #28 (permalink)
Toronto, Canada
 
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My biggest weakness which I'm working really really hard at is patience. Patience for that A+ setup that I have no doubts about and will easily take anytime.

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  #29 (permalink)
Vancouver, WA
 
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Bionan View Post
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.

I don't know about that. I think you are right about the best traders with the deepest pockets. But, in retrospect, I can see I have taken the other side in some pretty raggedy, low probability trades, thereby doing my part to increase somebody else's chances of picking my pocket.

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  #30 (permalink)
Palm Harbor, Florida/USA
 
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redneck4Christ View Post
I don't know about that. I think you are right about the best traders with the deepest pockets. But, in retrospect, I can see I have taken the other side in some pretty raggedy, low probability trades, thereby doing my part to increase somebody else's chances of picking my pocket.

90+% of ES trade volume is by institutions. So its likely that the person on the other side of the trade is a computer. Computers don't make mistakes unless they are programmed to do so. Considering all the different time frames, trading styles, and objectives, it is also a good possibility that the person on the other side will make money, even if you do. It's a fallacy that trading is a zero sum game. You could be buying for a 240 minute swing from a trader who just profited from a 5 minute short scalp. You can both make money. The trader on the other side may have a wide stop with multiple scale-ins, so even if he shorted at the wrong time, his trade could still be profitable. Most reasonable trades, if managed properly, and unemotionally (that computer again), can at least break even.

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