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)
Sure...money is on the line. But money is always on the line. Otherwize, why would you trade? Its a job, a vocation, a carreer, a means to an end.
You are talking about the money you can potentially make in the market, or lose. But what about the opportunity cost?
What about the unpteen hours you have put in working at your craft. What about the study you have undertaken, the backtesting you have done, the meditaion you have participated in? Who paid for that? you did? Or rather, you invested it. Should you not get a return on your investment. Do you not deserve value?
The market doesnt owe you anyting. but it should pay you for a job well done. So, take it out of the market in the form of a check. Set up and LLC, run your trades through it and have it pay you a salary...(plus bonus) Get a board of directors that you are accountable too, and explein to them, quartely, why you are doing the things you are doin. Become accountable on a longer time frame. Do everyting you can possible do so that its not about the money (even though its always about the money) Why?...because you trade best when it isnt about the money.
My question is, why does money change things for you? (not speccifcally you, but in general) It isnt the money itself, but what it represents as to ones view of self. Lots of money --- good, smart, good provider. Little monoey---bum, failure, ne'ar do well.
No one really wants to be a multimillionaire. People want to live the life of a multimillionare...to have the freedom from the drudgery of a 80 hour workweek at something you dont like.
Money isnt created or destroyed...it just moves form one hand to another...or one form to another.
SO, appraoch trading as a businessman. Buy cheap and sell dear, or sell dear and buy cheap. Buy support, sell resistance. Do that well, the money will take care of itself. Whatever form it takes.
In the investment business it cant be about the money. Because, when its about the money, people crash and burn. Seen it over and over and over. In collegues, in clients...
Its not about the money (Well, it shouldnt be...)
Of course, the opinions expressed here are my own, and does not constitute investment advise. This diatribe is for educational purposes only.
And yes my Friend just got that tattooed on his back! (I’m not kidding) Ledged!
" 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"
I am one week into being on the road, Orlando, to DC, to Boston, to DC, to Boston, starting last Thursday. I tried to take a trade this morning, but just did not feel right. I lost $70 on a decision to not trade, or rather exit one. That was a good move in my mind, even though I had no business taking it in the first place. .
But then I had a dispute on a job that got me somewhat upset, and came back to my room to make some calls and review some emails, and took another trade. I did it out of frustration.
It moved against me some and I averaged in, twice, to be in a trade I never should have taken, 3 contracts, down about 5-6 ticks and just stared at it as I talked on the phone, very detached feeling from it.
As it came back to breakeven plus a tiny bit, I got out of the additional two, and was back down to one contract again, and I did get 26 ticks out of that one to finish up $290 today. That was very poor trading on several levels, and I am disappointed in that.
Hard to believe that I am satisfied with my losing trade, and upset with my winning one today, but that is where I am as I sit here in my motel reflecting on the day.
On a different note, I have shifted my view of risk some over the past week. A near week away from trading has given me a different perspective, and I may be seeing a new comfort with a larger dollar risk, by approaching the trade differently. That thought process running through my head contributed to my numbness as I avereged down in my bad trade today. I was not that concerened about it.
So, while the motivation behind the trade was way off, and my risk/reward situation I handled incorrectly caused me to get 3 contracts of heat and 1 contract of profit, I felt different about the risk itself.
I also held the 1 contract to 21+, then down to 8+, then back to 28+, then down... Not caring. And anticipating the small swings as they happened.
I closed due to the 2:30pm time frame coming, but other than that was not interested in getting out. It has been awhile since I had that feeling, but I have been getting my head aimed back in that direction lately.
I made a comment about $500 a week and then $40k in a day. During my flight I thought through the math of that, and it really doesn't seem like that would be the actual spread based on normal expectancies for me. While a hypothetical trade of 10 CL contracts on a $4 swing is all it would take, and that could be managed with proper risk for me, the odds are I would not take a trade with that all or nothing approach. Forgetting about the math though, the intent was to suggest that if risk is held as a constant, allowing profit to have greater freedom of motion is something I am wanting to do once I stop the outside interruptions. And expiramenting with building a base in a swing is something I keep playing with.
When I get a solid month with no other requirements, I am going to try some new approaches that I have been working through in my mind. The busier I became with business, the shorter my hold time got. I am expecting that to reverse itself soon.
I was previously expecting a new 5WM up, but the major LSP resistance pushed back hard enough to have traded into possible W2 deep enough to consider it an overlapping move, which leans more towards a major ABC. If that is correct, W2 down has subdivided into a symmetrical minor abc, and could give a low risk to reward entry at the break below the red line. That is where my head is as of tonight.
I don't necessarily like the idea of shorting CL with all the Iran issues still in play, but adding to my current theory is the relative weakness I think I saw in CL with today's 6E short squeeze. Having not really had time to get into any real groove with the movement and volume today, I may have missed some critical sign of strength, and ES held a stronger stance than CL did, so I am mixed on my level of conviction on this one.
9:37am - noticing how CL struggles in a small consolidation between 89.30 and 90.10, and winding tighter as the equities open. If ES can fall, CL should follow.
However, it is Friday, and that is not a day for large positions...