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TEN-THOUSAND IN EDUCATION, FINALLY PAYING OFF
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TEN-THOUSAND IN EDUCATION, FINALLY PAYING OFF

  #241 (permalink)
Site Administrator
Manta, Ecuador
 
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bobbyacim View Post
Thank you SO much BIG Mike for your honest opinion, I did say 'bring it on"

And you want to know something, it even carries more weight, when it is said by someone who has Proven that they are consistantly profitable at this game, cause even I have occasional winners!
As I I recall, you have re-vamped your trade setup a few times.Why?

So I hope you are one of these, but until I know for sure if you are, I will continue.... if its o.k. with you?

I've revamped as I've gained experience, really as simple as that. And for the most part, each successive "revamp" is simplified the methodology more and more, and focused more and more on risk and money management and order execution (psychology).

Bobby, I believe everyone has the power to change. If you watched my 3 hour webinar "An afternoon with Big Mike" you'll see I've gone through major life changes in order to be successful at trading. So the question I believe is not whether someone has the ability to change or to become a good trader through that change, but rather they really want to.

Self-sabotage is very real and a frequent problem in the trading world. And of course you don't intend to do yourself harm on purpose, on a conscious level... which is why it is so crucially important to get all your surroundings in order so that even your subconscious can remain focused on positive trading

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

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to support our community, become an Elite Member.

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  #242 (permalink)
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Sorry


iTrade2golf View Post
I have read your thread and I see the desperation in your words and I offered to you for free what was given to me for free, by someone who I knew personally face to face not on a forum. He mentored and guided me to being a successful trader in my own way.

I have in no way said I have all the answers, quite the contrary I merely said to try something different that was given to me from a proven professional as you wanted.

If you were trying to find help for yourself and other who came across this thread then you would listen and explore alternative approaches than the masses since the masses are 95% and they fail.

As for the Matthew 7:3 reference I am in no way judging you of your sins, I am merely telling you that you may need to look at another profession or change you approach.

bobbyacim I wish you well in your journey and I am at this time done with this thread and will not allow it to take any more of my time

Sorry you are DONE with this thread, I really think I could have learned much from seeing you post some of your trades.

Well, I guess I can surf around and find them. I really believe every little nugget of info can be helpful. Cause someone here recently said that succesful trading is nothing more than a good dose of intuition, then they defined intuition as nothing more than "more experience"

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  #243 (permalink)
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Big Mike View Post
I've revamped as I've gained experience, really as simple as that. And for the most part, each successive "revamp" is simplified the methodology more and more, and focused more and more on risk and money management and order execution (psychology).

Bobby, I believe everyone has the power to change. If you watched my 3 hour webinar "An afternoon with Big Mike" you'll see I've gone through major life changes in order to be successful at trading. So the question I believe is not whether someone has the ability to change or to become a good trader through that change, but rather they really want to.

Self-sabotage is very real and a frequent problem in the trading world. And of course you don't intend to do yourself harm on purpose, on a conscious level... which is why it is so crucially important to get all your surroundings in order so that even your subconscious can remain focused on positive trading

Mike

Dear Big Mike,

Everytime I think I have you figured out, you subsequently prove me wrong about you.

Please forgive me for saying this in upper case letters (I know you hate it)

-YOU TRULY ARE A MAN OF GREAT WISDOM!!!!!

Thank you for allowing this lug to participate in this GREAT forum of yours!!!!!

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  #244 (permalink)
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timefreedom View Post
. Before being promoted to a "Market Wizard" here on the forum, it would be nice if there was a requirement to provide some evidence of successful trading.

@bigmike: I agree there should be some sort of ranking for members who have been able and willing to prove their profitability with statements.

"You don't need a weatherman to know which way the wind blows..."
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  #245 (permalink)
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monpere View Post
I would say here be cautious not to trade with the goal of recovering your losses, but rather with the goal of trading well, and let the money take care of itself. The moment you start thinking about recovering your losses, psychologically it will affect your trading, most likely by pushing you to take profits too early, or taking on additional risk, to satisfy the subconscious goal of reducing the recovery amount in order to achieve that goal.

Forget about your losses. They are history. Money you earn in the future will not be money you get "back" but money you earn for the first time. I knew a CBOE options trader with 4 consecutive years of profitability under his belt who lost his year, about $400,000, in a single day in November. He told me he needed to get back his losses, and I told him to take the rest of the year off. He kept trading, and within a few months he had lost his entire account and was out of business.

You can't trade well with visions of losses in your head. Getting back your losses is another form of "revenge trading", and you know how that works out.

"You don't need a weatherman to know which way the wind blows..."
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  #246 (permalink)
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jstnbrg View Post
@bigmike: I agree there should be some sort of ranking for members who have been able and willing to prove their profitability with statements.

If it's a statement you want so I can earn a badge that pays and means nothing I guess I will have to pass. All this talk of proving yourself to complete strangers that you are profitable is ridiculous. If anyone that needs proof of my profitability I will be more than happy to provide it when you start paying my bills or even cutting my grass. Trading is a solo sport and I have no need to prove anything to anyone. I have plenty of local trader friends that are far more profitable than me and knowing this has not made me a better trader; I make me a better trader. This "proof argument" is the equivilent of a stranger peering over the mensroom wall while you are using the toilet. Go ahead peanut gallery, lemme' have it.

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  #247 (permalink)
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jstnbrg View Post
Forget about your losses. They are history. Money you earn in the future will not be money you get "back" but money you earn for the first time. I knew a CBOE options trader with 4 consecutive years of profitability under his belt who lost his year, about $400,000, in a single day in November. He told me he needed to get back his losses, and I told him to take the rest of the year off. He kept trading, and within a few months he had lost his entire account and was out of business.

You can't trade well with visions of losses in your head. Getting back your losses is another form of "revenge trading", and you know how that works out.

WOW, that is extremely powerful and CONSTRUCTIVE advice.
Thank you, Thank you and please keep it coming......

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  #248 (permalink)
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Hi Jeff

Have you been reading the wave of naysayers?
Ironically, they may be right.

I just feel that if I were to send at least 50-100 trade screenshots to a really profitable trader(proven) cause as we we know sooo many people exaggerate their accomplishments; And I was told I can not do this, then I could take this advice seriously.

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  #249 (permalink)
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I looked over your trade on the ES Bobby. What you call a "hidden divergence" I've learned to call a "positive reversal" from another school of thought. With this kind divergence, price should be expected to go at least to or above the high at 4:48. (of course , just higher odds. doesn't always work) Then, you had at 7am , the small bar with tail and spike, then a really small doji on the next bar. So pretty much a consolidation pause then, on the Keltner central line. And the big uptrend bar before the last one showed that it had passed the previous high. What clues the pause at the central keltner line had a good probability it was a continuation? Well your stochastic was still on an upslope just passing or having passed the 50 level. Your CCI indicator had also just crossed the 0 level. And you had a very good positive reversal , or "hidden divergence". Why the pause and tails and spikes? Some scalpers were probably getting out at the 1330.50 or with partial profits. However the bulls stayed in control. No single red bar, or strong trendline break. Plus a good trend up through the keltner bands combined with your indicators made it more likely price would continue on through the KB to the other end. Plus the reversal at 6:38 seemed to have finished testing the previous lowest low(at least what can be seen on this chart).

I don't know about your stop indicator, but moving your stop up so soon may not have been the best. Mainly the stop should be used to keep a runaway trade from depleting your account. You just probably need more practice on the ES. Maybe a hundred more trades, or thousands, and try doing a journal either by yourself, or on the forum. And then every week see how many ticks you got. the ES has lots of liquidity and lots of institutional trading. A lot of "trading range" type of trading. So it may tend to test previous entries and exits more. Did you see Al Brook's presentation here on June 29th? If not, I recommend very much to watch it. The best down to earth discussion on how the ES is traded you can probably find publicly.

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  #250 (permalink)
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Rayzor View Post
If it's a statement you want so I can earn a badge that pays and means nothing I guess I will have to pass. All this talk of proving yourself to complete strangers that you are profitable is ridiculous. If anyone that needs proof of my profitability I will be more than happy to provide it when you start paying my bills or even cutting my grass. Trading is a solo sport and I have no need to prove anything to anyone. I have plenty of local trader friends that are far more profitable than me and knowing this has not made me a better trader; I make me a better trader. This "proof argument" is the equivilent of a stranger peering over the mensroom wall while you are using the toilet. Go ahead peanut gallery, lemme' have it.

Rayzor, you are free to post or not to post whatever you want. Anything anyone posts on a blog is voluntary. I was responding to a point someone had made that the title "Market Wizard" should be reserved for people who have actually made money trading.

As for trading being a solo sport, at the top levels today (high frequency trading and hedge funds) and historically (futures pits and hedge funds) that is not true. I guess futures pits, which is where I come from, are technically solo but solo within a large group of traders, some of whom are obviously extremely profitable. High frequency trading is a group activity, with programmers, quants, traders, and IT professionals all playing a part.

I never would have gotten into the futures business if I hadn't known for certain that it was possible to make a lot of money doing it. I had plenty of career choices open to me. That's why I am sympathetic to all those "loners" out there who have not yet made it and are looking for proof. I had my proof and it resulted in a very fortuitous career choice. It took me three years in the pits before I really "made it" and there is no way I would have stuck out that career choice in the prime of my life if I hadn't had many many examples of success both to show me that it is possible and how it is done.

"You don't need a weatherman to know which way the wind blows..."
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