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Zen & the Art of The Small Account


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Zen & the Art of The Small Account

  #231 (permalink)
 
PandaWarrior's Avatar
 PandaWarrior 
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Big Mike View Post
I think the 2 trades is a step in the right direction. Such a rule won't make you profitable long term, but it will help get you back on track short term and force you to focus. Also, if you break the two trades a day rule, it also clearly shows you cannot follow your rules, and have no business trading.

Mike

Thanks @Big Mike. At least it shows I have no business trading live money....that much I will admit.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #232 (permalink)
 itrade2win 
New York
 
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Big Mike View Post
I think the 2 trades is a step in the right direction. Such a rule won't make you profitable long term, but it will help get you back on track short term and force you to focus. Also, if you break the two trades a day rule, it also clearly shows you cannot follow your rules, and have no business trading.

Mike

Mike

I agree with you regarding following rules based theory, but wouldn't it be advantagous to create the rule to say either a profit target of 1 or 2 pts for the day or a circuit breaker of say 2 to 4 pts for the day or what limit the person is comfortable with?

Cheers
itrade2win

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  #233 (permalink)
 
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 Big Mike 
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itrade2win View Post
Mike

I agree with you regarding following rules based theory, but wouldn't it be advantagous to create the rule to say either a profit target of 1 or 2 pts for the day or a circuit breaker of say 2 to 4 pts for the day or what limit the person is comfortable with?

Cheers
itrade2win

Sure, sounds fine to me I just prefer the 'x trades' rule because I find there is no grey area.

Mike

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Big Mike View Post
Sure, sounds fine to me I just prefer the 'x trades' rule because I find there is no grey area.

Mike

I too prefer the x trades method. Otherwise I can just trade and trade and forget about the number of points, ticks or whatever. 2 trade is easy to remember and is totally quantifiable.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
  #235 (permalink)
 Laserdan 
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Big Mike View Post
if you break the two trades a day rule, it also clearly shows you cannot follow your rules, and have no business trading.

Mike

AGREED!!!!

Laserdan
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  #236 (permalink)
 
PandaWarrior's Avatar
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I only took two trades today. Both losers.

1st trade, legit setup that failed. No worries.

2nd trade, entered long in an attempt to test high of the morning and forgot about news. I got 6 ticks of profit and then news hit, filled my stop of 8 ticks and I ended up with 3 ticks of profit before it actually filled the order. In real life, this probably would have been 8 ticks or more of loss instead of 3 ticks of profit.

The chart below is one that has my marked trades in real time. As you can see, I have it marked for my next target which is low of day. It could take all day to get there. So far, I am 100% on the real time marked trades.

I will post the final one along with my actual trades showing at end of day.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #237 (permalink)
 Laserdan 
North Carolina
 
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Big Mike View Post
if you break the two trades a day rule, it also clearly shows you cannot follow your rules, and have no business trading.

Mike

Remember...

just for one day...if you cant keep your one day rule...Only you know if you are not telling the truth...

you can make another rule for tomorrow if you really kept your word today

Laserdan
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  #238 (permalink)
 
jerry828's Avatar
 jerry828 
Sweden
 
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aztrader9 View Post
I only took two trades today. Both losers.

1st trade, legit setup that failed. No worries.

2nd trade, entered long in an attempt to test high of the morning and forgot about news. I got 6 ticks of profit and then news hit, filled my stop of 8 ticks and I ended up with 3 ticks of profit before it actually filled the order. In real life, this probably would have been 8 ticks or more of loss instead of 3 ticks of profit.

The chart below is one that has my marked trades in real time. As you can see, I have it marked for my next target which is low of day. It could take all day to get there. So far, I am 100% on the real time marked trades.

I will post the final one along with my actual trades showing at end of day.

AZ, I've been lurking around this thread with great interest for some time now. I believe that you are an extremely talented and accomplished individual, and your ability to search within yourself is both impressing and touching.

Now the bad news, in the trading world that doesn't count for much. Being right in this context is making money, nothing else. And even worse, nobody gives you any appreciation other than yourself. It's stone cold, and I believe that you are aware of this by now.

I have traveled the very same road, and found that being a PhD, MENSA member, a successful business owner or anything else objectively considered as an accomplishment outside the trading business provides no merit in this game. I was mentally programmed to be right all the time, and if I wasn't I considered it a failure.

For me, trading is all in the head. You don't need a PhD or even high school degree to find a method that gives you an edge. But you better need to prove your edge, believe in it and most important of all, be consistent and throw any ego aside.

You will never be right all of the time but you can be right most of the time. That's hard enough to accept for most people.

  #239 (permalink)
 
PandaWarrior's Avatar
 PandaWarrior 
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Laserdan View Post
Remember...

just for one day...if you cant keep your one day rule...Only you know if you are not telling the truth...

you can make another rule for tomorrow if you really kept your word today

That's very true.....and thanks for pointing that out.....

And I have already made a new rule for tomorrow. 3 Trades....check back later....

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #240 (permalink)
 
PandaWarrior's Avatar
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jerry828 View Post
AZ, I've been lurking around this thread with great interest for some time now. I believe that you are an extremely talented and accomplished individual, and your ability to search within yourself is both impressing and touching.

Now the bad news, in the trading world that doesn't count for much. Being right in this context is making money, nothing else. And even worse, nobody gives you any appreciation other than yourself. It's stone cold, and I believe that you are aware of this by now.

I have traveled the very same road, and found that being a PhD, MENSA member, a successful business owner or anything else objectively considered as an accomplishment outside the trading business provides no merit in this game. I was mentally programmed to be right all the time, and if I wasn't I considered it a failure.

For me, trading is all in the head. You don't need a PhD or even high school degree to find a method that gives you an edge. But you better need to prove your edge, believe in it and most important of all, be consistent and throw any ego aside.

You will never be right all of the time but you can be right most of the time. That's hard enough to accept for most people.

It has taken 18 months to realize that being wrong is perfectly ok. In all other aspects of life, being wrong is seen as a weakness. Never mind most truly successful people failed for years in anonymity before they made it. In trading its a non-event, or at least its supposed to be anyway.

This journal is not about being right. Its about trading well. At first it was about being right. But thats over. I do disagree with you though on knowing you who are inside is without merit. Quite the reverse, I think you need to know who you are as a person, what you believe in and what your weakness are as well as your strengths before you will really be big time. Otherwise, I couldn't agree more with you. I think trading will reward the patient and focused person regardless of intellect and education. And perhaps those without better degrees more....not sure on that one though. I have no personal experience to justify that statement. Just a gut feel.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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Last Updated on July 25, 2011


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