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The gold trade was just being goofy. I was messing with gold in sim to see how it "felt" to be in a trade, and just picked long at the time for whatever reason. Then I guess I went to comething else, phone call, switched charts, who knows, and forgot about being in a sim long. I never would have known had I not tried to restart and Ninja said I had an open position I was not aware of. I got nervous, did I really do that? But turned out it was the meaningless sim I had.
So, instead of close it, and having taken a trade and then forgotten about it, I decided to trade like a moron and see what happened. Today it closed net profitable, but only after being down over $10k on a $2900 sim account. So the win was impossible.
The comment about "just gonna be rich" was just me goofing the part of the gold trader.
I know, i always read your thread in detail. I was messing about too. We have to have a laugh some times as trading on a serious level is not fun and games (I WISH IT WAS)
But on a serious note, taking trades like that is stupid gary as you know
It can develope bad habits and hope
But still "FUN" because we cannot lose....HA!
Have a great day and keep up the hard work, i love your style and i cannot wait to see the day you pull off a large scale trades on a daily basis
Focus on the ticks and not the money
Yes i know you know i know and every one knows
So easy to say but yet so hard to peform
Thats what splits the people who do this for a living and the people who fail to do this for a living
have a great day gary
" I will follow my rules, I will take my stops, I will be disciplined and i will work with the market....NOT AGAINST IT! Professional mind control is the key"
Yes, I thought about that nearly non-stop as I drove 2 hours back to Orlando tonight. I believe I see what I am doing wrong when I trade larger size. If I am trading one contract, I just kind of feel it out as it goes. I know roughly the probabilities, when it reaches it's prime expectencies, when I think it has a better chance, but the important thing is I feel the trade the whole time and do not really care if I drop it. Add contracts, and I don't always "not care".
My primary account in my business lost their account recently. We were their star players, and every project we have done has gone flawlessly. Just started a new job today and expect to get what may be the last one, in Boston, before the end of the month. It was a good run.
That news of a possible end to the lead income generator of my business is what has escalated my drive to go full time in trading. That also means I have pressured myself more than I should to make the transition.
I am a good trader. That is the irony. At one or two contracts, when I do not care, I trade very well for the most part. Certainly net profitable, but just not enough money to want to leave everything else behind to do it.
In my re-read of Market Wizards, I was reading about Tom Baldwin, at the time of the interview possibly the largest independent trader in the bond pit, ;
Jack Schwager - "At what point were you confident that you were going to be succesful at it?"
Tom Baldwin - "That is an interesting question. You are never really confident in this business, because you can always be wiped out pretty quickly."
That was from a trading legend, "never really confident"... That does not do much to build confidence.
I decided to trade larger I would go for larger targets and hold longer, but the problem is, that is not exactly how I trade when I am doing 1-2 contracts. I am quick to decide, quick to forget, hold when I feel like it and don't sweat the heat in those instances, smell a failed trade comeing when I am really in the groove. 4 ticks, 6 ticks, -4 ticks, just treading water and feeling things out, then hold one and done. Or two, and then done.
When I size up I start putting so much emphasis on the risk to reward, but in a textbook sense. Calculators even. When I trade 1 cntract, screw the calculators, there are no guarantees, and so I just keep my losses low. There are more than enough times when I feel really good about a trade to even consider keeping one that feels so-so. Or, so I operate at smaller size.
I have decided I do not believe in the variable size approach. I found a niche of how I trade, and there are no variables to "1". If I trade 4, it is 4, not 3, not 5. FOUR.