Oh yes i know this one, in one of my crazy days, weeks, i had a week of extreame profits, and there was an auction of the house my wife wanted us to buy, the way the things where going i saw my self buying it for cash.....
I do not want to even remeber next couple of days, just to say i was throwing up in toilet for about 3 hours after that....
Markets are logical and
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I read your post with much interest as I am also interested in Market Profile and you had some success at it, until your emotions took over and you did some revenge trading (revenge trading probably happens to everyone at some point).
I was wondering if you managed to get back on track and focus and your MP methology.
If you're still around, let us know how you keep on, always interested to hear from traders who manage to turn around their trading, up their skills and become profitable. I sincerely hope you did not give up after your emotions took over as I have a feeling you are on the right track...
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An excellent point and one that is the key to trading succesfully imho.
To the op, try this, look at a blank chart, any t/f any market, now try to clear your mind of all conventional thinking and focus on price with the following in mind, what has to happen for price to move from a to b ? what are the common traits of price?
I have not given up, yet.....maybe I am a gluten for pain.
Went back into it with the monies I have left(16k)
Wrote to Roger F. and asked if his offer for a futures.io (formerly BMT) member to participate in his trading room was still available. He wrote me a very nice email, basically said that me looking in was not going to be enough for turning my trading around.
And made a very attractive offer if I became a paying client of his course. I am considering....
Anyway, where are we today?
after much research on my own, I concluded that the best trade opportunities happen with the trend.
and I often observed good trades utilizing the phenomina called hidden divergence; where there is a discrepency between price and an indicator.
Traders international teaches it.
Felton teaches it.
and others, so I believe its not going away any time soon.
As of last week, I took 18 LIVE trades on the 6E, was slightly up until recently, when I incurred two sessions of 4 losing trades at a time. I was trading 3 contracts, with a SL of 5 ticks per; TP on the first 2 contracts was 7 ticks, letting the 3rd run for whatever additional monies i could get, of course I had a breakeven after 4 ticks and if my 3rd contract ran well, i incrementally moved it's stoploss. Well, with that lossing streak, I am down $1.6 k
Have considered throwing in the towel forever!!
However the Masochism has kicked in again!!!!
I just re-vamped EVERYTHING on my chart.
No longer concentrating on hiden Divergence,
I'm in recovery mode and I need to trade accordingly.
I now only have the following on my 555 tick chart:
1. keltner channel
2. PriceActionSwing indicator, set to only show me a double top/double bottom
3. felton Momentum
I am looking to NIBBLE my way back to Breakeven at least (God Willing )
Entry: Only going with the trend; take a trade at a pullback to 90% of the middle or opposite keltner channel AND the PriceActionSwing indicator has marked the pullback with a DT or DB mark AND the felton momentum has stopped moving in the pullback direction AND has started moving in TREND direction, PLUS I will enter on the last 40-50 ticks of the trigger price bar ONLY if it is going in the trend direction!!!!
Folks, I am at the edge of sanity with this thing
All I want to achieve is One trade a week for approx $300
and after 5 years and 5000 chart hours I feel i was just on a merry-go-round.
Today, I nibbled a $100
Forgot how to post a screen shot of my little trade today, I have in in a word document.
Much heartfelt thanks to BIG MIKE, JEFF C., Sharky, LongBoat, Exiledgoblin, Fattails, and a mountain of other dedicated traders on this site of which would require 10 pages of space to thank!!!!
Thank you all for your interest, kind words, and incredible advice!!!!
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Glad to see you back. I was just wondering, so Reza's Market Profile didn't have that good a success rate after all? I was thinking about taking the time to read about it beginning with that CBOT .pdf , but if your experience could save me the trouble and time of not going for it. Good luck with your new foray in the markets.
It was my understanding all Elite Members receive Felton Trading services free of charge.
I do not advise you to spend more money looking for yet another educator or another system, another holy grail, etc. Only once you take full and completely responsibility for your own trading, develop your own method, prove the method to yourself, and correct your own shortcomings will you be successful.
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.
If you want to support our community, become an Elite Member.
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Mike, you suck!!! Where were you 2.5 years ago while I was blowing a lot more $$$ than ol' Bobby here on trading education, rooms, indicators? Each new thing was gonna' make me rich. I read a lot of your stuff in the beginning and it really sunk in; needless to say I am on my way thanks to your futures.io (formerly BMT) forum conconction and the people that post and answer my questions.
All I can say is thanks and to your statement. I hope a NewB reads this and takes it all in, I don't wish the pain I have caused my family and my bank account on anyone. Someone elses stuff is OK for getting ideas, but ultimately you are right; you have to own PROVEN method YOU can trust.
Last edited by Rayzor; July 19th, 2011 at 10:50 PM.
Reason: adding more of my two cents
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Broker/Data: Advantage Futures, Ninja/TT and InvestorRT/IQFeed.
Favorite Futures: Treasury futures
Posts: 275 since Nov 2010
Thanks: 161 given,
Hi, I'm glad to see you're still around. I thought maybe you'd finally thrown in the towel, which IMO would have been a pity if you were finally having some success. One quick comment about the quote above, and it's not really a big deal: when I was in the pit I would leave if I had three losing trades in a row. My logic was twofold: 1) my methodology just wasn't suited to the market conditions that day, or I was not 100%, or maybe I was just too inflexible in my attitude towards market direction that day, and 2) I didn't want to walk away with such a big loss that my confidence would suffer.
In the pit I had a real edge, and that edge should make me money on most trades. If I lost money three times in a row, my attitude was that there was something wrong with me that day, and even though I hadn't figured out yet what it was, I'd better get out before I lost even more.
Did your experience with revenge trading after some success with Market Profile sour you on the Profile, or did you conclude after further trading that the Profile doesn't "work"? I think MP does sometimes offer valuable information about the market, and though I've never been a rigorous user I've kept an eye on it while trading for most of the past 20 years, both in the pit and out of it. I knew Jim Dalton personally when he was co-authoring 'Mind Over Markets" (it may be a good book based on what people say about it, but I'm not impressed by the author) and he got me interested.
Someone of this forum, maybe even this thread, had a fabulous post describing how he became successful. Basically he said he religiously logged everything he was seeing happen in the markets as it was occurring, not just his trades and p/l but relationships between instruments, market response to events, everything, and after about 6 months it all started to make sense to him and he started to develop enough feel to be profitable. I know from your many posts that you're a very hard worker, and you might consider this "feel" or "free form" approach rather than trying to trade a system, but only after having done months of logging. Feel and tape reading were critically important to my success as a pit trader. I'll try to find the post and link to it.
Concerning revenge trading and frustration, this is something you have to get under control. Knowing your own tendencies and mental state may be the most important thing you know, and you have to know when a destructive mindset is interfering with your success or is likely to do so in the near future. For me, sometimes I was too stubborn, too locked into a particular outlook, other times trading angry, other times trading well but as a result starting to get careless. Sometimes we focus so hard on the markets we forget we have to focus on ourselves as well.
One thing you ought to do if you're not already doing it is, at the end of the day, like after dinner, think about all the trades you made, especially the losers, and look for mistakes. There has to be some time between when you did the trades and when you reflect. I can't tell you the number of times I was on the train home, down a lot of money, thinking I had done nothing wrong, it was just one of those days. Usually by the time I went to bed I had decided otherwise, that I had really screwed up, and I had identified the screwup.
I'll try to find that post. Good luck, glad to see you back.
"You don't need a weatherman to know which way the wind blows..."
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