Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
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 for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
I can relate to how you feel... I have made some really stupid mistakes when I was wrong on a trade, gotten back in and revenge traded .. my worst instances were averaging down on a CL trade going bad... ended up 60-70ticks down ... and walking away from an ES trade that was losing because I got pissed the F*** O** at the fact I was losing.. that cost me about 80 ticks... I now try, and I say try since at times I have to remind myself all the time to do it, to walk away if I lose any single trade.. I walk away and think what did I do, what was I thinking, did I follow my rules, did I missed something .. and basically after that I give myself some time to cool off and no look at the screens until I am more calm and then trade again, or just close the computer if I cant control emotions and go do something else.. we are our own worst enemy at times..
never trade angry, never trade happy, when trading dont think.. follow your plan and react based on the rules.. never be hopeful.. ends up costing you capital.. I only risk 2-3% of my account per trade now.. but the more I chat with professional traders and fund managers, 1-1.5% is best to risk per position..
as you said, onwards.. learn from the mistake and carry on...
I'm a bit confused about your entry method. Don't you use the Buy / Sell buttons in CT with a strategy selected so
that it will enter an automatic target / stop position? ... or is this the bit you misfired on?
I don't want to learn that lesson the hard way.... Thanks for sharing.
I should have been more clear.....I was late to the computer, not to the trade. I arrived just after the short set up, and instantly took the re-entry.....but made the button error. No ones fault but mine.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
I use chart trader which has several entry methods but a stop order is not one of them. For that you have to right click in the chart, and select either a limit order or one of two stop options. I selected the wrong one which is somewhat easy to do as it is a menu item and if you are not careful, can select the wrong one by mistake.....I am thinking of using a dom for this now. Almost impossible to make that mistake on a dom.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
Daily target of 30 ticks hit within an hour. My trading was not great but the objective was hit and I did it without a runner and without getting emotional. First two trades were losers. I forgot to pay attention to where price was in relation to my daily trading plan and took two longs right into resistance. Stop and stop....then short....followed by several alternating win/lose trades. Finally got off three winners in a row and done for the day.
I then drove 3 hours to the airport to take my friend to meet his plane, turned around and drove three hours back, then lunch with my kid....daddy daughter day.....then with my wife to singing practice....she sings, I do sound ( a little hobby of mine the last 20 years) and finally to bed in about 15 minutes.....a VERY long day today that started off right with a nice bit of cash in the trading account.
One more day and I get to sleep in......TGIF
Cheers
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
1. Thou shalt be patient
2. Thou shalt follow thy rules
3. Thou shalt not slip thy stops
4. Thou shalt practice rigid money management
5. Thou shalt never take profit off early
6. Thou shalt close thy losers as early as possible
7. Thou shalt never change thy charts
8. Thou shalt not covet thy neighbors indicators
9. Thou shalt not become greedy
10. Thou shalt never trade tired, mad or distracted
And number 11: Thou shalt be patient
I broke # 1,2,34,5 & 10 today. Worst losing day in a long time.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
Excellent Rules. I believe that #6 is the key once you have mastered your charts and know you have an edge. Car sales persons accept 35% winners, what can't traders?
R.I.P. Andy Zektzer (ZTR), 1960-2010.
Please visit this thread for more information.
I have gotten some PM's asking for some of my settings along with my set ups:
There is a lot of theory behind the set ups but I thought I would post a chart with the basics.
Targets can be 5-30 ticks....but I use 10 most of the time and I also will set a target at the next major fib line as well. Normally if a 1/4 fib failure sets up, then its going to at least the 50 and many times the opposite 1/4 fib.
Stops can be as little as 8 ticks or you can use a prior swing.
The major component of this system is patience and discipline as with all systems.