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Good luck on your prop trial but aren't you concerned with the limited trading opportunities over the holidays during your month long trial? Do you have the choice to start first week of Jan 2011? I'm sure you would have considered this just wanted to put it out there. Hope you hit lots of singles and doubles with the occasional home run during your trial and get accepted into their trading program.
Sounds like Patak trading. I asked a couple of my floor trader friends about the owner PTK but they didn't know him by name.
I think the split is reasonable for taking traders off of SIM, and if you have a track record with a larger size you can always move on or re-negotiate.
This is so profound what you wrote here. This shift in psychology and writing will help you tremendously.
I wish you well in your trading firm.
M
PS. I have placed this on my screen: Sticking to my Method+Risk Management+Don't Remove Profit Targets=Better Chance.
Just like you I try to remove the "make money" part.
Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
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I got down early and the mental games started. Am I good enough? Thats the million dollar question. This time its for real. Even though its sim money, it feels real. The pressure to perform.
I tried something yesterday that did not work. It was outside my normal trading patterns but something I've noticed happens every day in CL and so I tried to trade it. The trade premise worked just fine, my impatience and lack of having ever traded this set up before meant it was doomed to fail. Today, that same set up paid three times.(50+) ticks each time. Just like the trade premise said it would. I did not trade it however, I stuck to my old system and while I was down early, I managed to toughen up and dig out of the hole. I ended the day positive...just barely but overall it was a good day in that I was able to accomplish a difficult task, dig out of pretty deep hole.
Today the losing streak came to an end. I haven't had more than one losing day in a row in forever and yesterday marked number two. I was pretty discouraged yesterday afternoon and even going into this mornings session.
So after trading day was over, I sat down with excel (my new best friend) and mapped out the next 20 days or so. Now I know there are some that say you can't map out a day that far in advance and they would be right, but I strongly believe you need a goal to strive toward or how will you be able to measure your progress? Even if I don't make all the daily goals, I will be satisfied if I make most of them.
As the last 60 days have played out, my biggest weakness (so far) as a trader has been impatience. If I am out of the market, often times I feel like I need to be in the market and if I am in the market, I can't wait to get out. Stupid I know but the truth nonetheless. I've noticed I make more money when I trade less...today was 22 trades and a basically BE day. A lot of work for nothing. But my impatience is definitely working against me these last few days. While its insane to limit the number of trades during this try out I am in, it seems like maybe I should at least for a couple of days. I tend to pick better trades if I know I've only got a limited number to work with.
The more I trade, the more I realize and understand this is NOT about mechanics, it is about the mental aspect. There are literally hundreds of valid methods and signals. Every guru has one. It probably works. I can look at every method on the forum and tell you it probably works enough to make money. Its whats between your ears and in your heart that really matters.
Its about mental toughness, discipline, and the heart to keep trying. I need all three. I was watching the Houston Texans get killed last night in the first half....then in the second half, the mental toughness, discipline and heart all kicked in and they tied the game.......and then a mental lapse by the QB in overtime lost the game for them. They had a legit chance to win and they blew it. Its the same in trading, you can be behind but you can win if you play like the Texans did last night right up til the end.
Cheers.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
New losing streak started....But that is the wrong attitude. Its not a new losing streak, its just another trading day. One in which I traded poorly. My fault.
To many trades, not enough patience and finally, hesitation to pull the trigger on what I knew were good trades. Hesitation born of frustration, not trusting myself to read PA correctly, second guessing my signals. Probably not gonna trade tomorrow even though I need (want) to. I need to reset my mental game.
So tomorrow, I am just gonna watch charts, mark entries and stops and wait.
Life is interesting.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
No trading yesterday. Today I made back about half of my losses this week. So a net loss week for me. Could have been worse.
Funny how things go, on a nice win streak and then sign up for something important and start losing. But yesterday helped clear out the mental funk I was in and today being a pretty decent winning day also really helped.
I've had to redo some of my risk management to fit the program and I am still struggling a bit with the software but overall its coming together.
Hopefully next week will be a good week and if I duplicate what I did today over the next four trading days, I'll be in good shape.
Have a great weekend.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris