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What is your single biggest weakness?


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What is your single biggest weakness?

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  #31 (permalink)
Palm Harbor, Florida/USA
 
Experience: Intermediate
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gigwam View Post
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.

Does such a trade exist? As I said earlier, it a setup looks perfect, something is probably wrong with it. Otherwise, who would take the other side?

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  #32 (permalink)
Toronto, Canada
 
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Bionan View Post
Does such a trade exist? As I said earlier, it a setup looks perfect, something is probably wrong with it. Otherwise, who would take the other side?

A perfect trade according to your rules and setup. Also, the institution taking the other side is not always trying to scalp, there are many reasons to take a trade, hedging, etc.

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  #33 (permalink)
Ladysmith BC, Canada
 
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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.

I can never figure where to put my Trail Stops

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  #34 (permalink)
Langley
 
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BubbityDog View Post
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.

Hi BubbityDog. I think this is a universal problem for all traders.

What I do. And this is just me. If I have a target I NEVER bring it closer IF I'm in profit. If you see my journal of charts you'll see that. Ill move it away for MORE points but of course that directly effects probability but again if IN profit I DO NOT move closer to get out early as YOU NEED THOSE WINNERS to offset losers.

Good trading to you. Hope this helps.

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  #35 (permalink)
Langley
 
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Daytrader999 View Post
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.

Hello Daytrader999.

The BIGGEST improvement I've ever made in my trading was deciding to NEVER AGAIN take outsized losses... EVER!!!

I'm only human and have done it a few times but my goal is still to NEVER do it again... NEVER!

It is an account destroyer and a psychological killer!!

Your wins are only in relation to your losses and vice versa so your winners have to be LARGER or more frequent than your losses.

Of course its ALL easier said then done.

Good luck Daytrader999!

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  #36 (permalink)
Legendary Market Wizard
Ilsede, Germany
 
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Sandpaddict View Post
Hello Daytrader999.

The BIGGEST improvement I've ever made in my trading was deciding to NEVER AGAIN take outsized losses... EVER!!!

I'm only human and have done it a few times but my goal is still to NEVER do it again... NEVER!

It is an account destroyer and a psychological killer!!

Your wins are only in relation to your losses and vice versa so your winners have to be LARGER or more frequent than your losses.

Of course its ALL easier said then done.

Good luck Daytrader999!

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Thanks, I can't agree more ! Since I (nearly) came over this big issue, my trading AND my account pnl significantly approved...

And when I go through my stats, I'm almost always way better off by going all-in and all-out and taking profit on my pre-defined targets.

Of course I know that you can make more / big money by catching runners, but in my case I'm much more consistent AND profitable by taking my 'bread & butter' trades and take my share when the market presents it to me...but of course this depends on every trader's personal style and psychology.

Good trading to you as well !

"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
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  #37 (permalink)
Langley
 
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Daytrader999 View Post
Thanks, I can't agree more ! Since I (nearly) came over this big issue, my trading AND my account pnl significantly approved...

And when I go through my stats, I'm almost always way better off by going all-in and all-out and taking profit on my pre-defined targets.

Of course I know that you can make more / big money by catching runners, but in my case I'm much more consistent AND profitable by taking my 'bread & butter' trades and take my share when the market presents it to me...but of course this depends on every trader's personal style and psychology.

Good trading to you as well !

Yeup totally agree.

This is the ONLY style I've ever been profitable at. If you look at my journal you'll see the same.

Today was an absolute perfect example of that. Im not sure how many trades I took... more than a dozen but if you look they are all either at profit taking at small defined areas or I managed my losses, including I believe, TWO FULL STOPS.

But I TOOK THOSE FULL STOPS WITHOUT QUESTION!!!

I ended the day with profit of 9.4 points after comm and slippage so pretty happy with the day. But again I fully took all stops!

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  #38 (permalink)
Palm Harbor, Florida/USA
 
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Daytrader999 View Post
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.

Nothing wrong with wider stops as long as you decrease your position size accordingly. I use SharkIndicators Blackbird with NinjaTrader (not a commercial for either). One of the things I like about Blackbird is that I can define the max risk per trade (currently 1% of the account balance), set my stop location and profit targets, if any, prior to executing the trade, and have Blackbird automatically adjust my position size. It will also show me my risk and profit potential for each trade. Lately the market has required larger stops, so I can set them far away, even allowing enough room far a scale in, and let the software do the math.

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  #39 (permalink)
Langley
 
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Bionan View Post
Nothing wrong with wider stops as long as you decrease your position size accordingly. I use SharkIndicators Blackbird with NinjaTrader (not a commercial for either). One of the things I like about Blackbird is that I can define the max risk per trade (currently 1% of the account balance), set my stop location and profit targets, if any, prior to executing the trade, and have Blackbird automatically adjust my position size. It will also show me my risk and profit potential for each trade. Lately the market has required larger stops, so I can set them far away, even allowing enough room far a scale in, and let the software do the math.

I've never heard of that feature that does that right on your platform. That's pretty sweet actually. I trade so frequently I have to set less often than I'd like, like daily. Be really nice even to see what the numbers say per trade as account grows and shrinks. Hopefully grows

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  #40 (permalink)
Legendary Market Wizard
Ilsede, Germany
 
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Bionan View Post
Nothing wrong with wider stops as long as you decrease your position size accordingly. I use SharkIndicators Blackbird with NinjaTrader (not a commercial for either). One of the things I like about Blackbird is that I can define the max risk per trade (currently 1% of the account balance), set my stop location and profit targets, if any, prior to executing the trade, and have Blackbird automatically adjust my position size. It will also show me my risk and profit potential for each trade. Lately the market has required larger stops, so I can set them far away, even allowing enough room far a scale in, and let the software do the math.

Thanks, I know that you can manage your risk properly with Blackbird.

What I was talking about is moving your stop AFTER you got in the trade AND then moving it too far out of the way. So as a result, your risk and money management parameter don't match your position size (and account size) anymore...

"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
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