Thursday is the greatest losses I made at 2011, lol.
I followed my rule, but not my Money Management.
four mistakes I made:
1. Still trade the March Contract. Actually the April had one workable signal. But I took the March which is none signal workin at all.
2. Took early trade, costs me four SL.
3. Overtrade again, double my contract to cover losses, bad idea..i was chopped to death with double the losses.
4.Not waitin my longer TF signal. There's no confirmation for my longer TF.
Followed those four rules actually made small losses, or even no trade at all. Costly experience I made so far.
I am on the time where other people should suicide right now lol.. But for me...it's a really heavy bad luck. Fully Trade on Wrong Day.
Here's what I do:
1. Backthrough my research again.
2. Fully sticked with all my rules, even it means no trading at all.
3. And this is the most important of all, STOPPED TRADING AFTER 5 LOSSES IN A ROW!!
4. Since number three is initiated, it means overtrade is never happened.
The execution and the plan really different for me. This is what separates best trader and others. I have working hard making this CL system...to be honest, it's the best system I have ever created. I am so confidence with it. But beware, missed little precision like today, can blew out my account. Adding the bad luck, if I trade like this on yesterday market, I will make money definitely. Hell if market just doing like yesterday every single day, I will profitable every single day. But that's not gonna happened.
Implemented all the four rules above in today's death Crude Oil Market should result small losses or even small profit.
--- I was died fighting the trend get up multiple times in my life
--- I was chopped to pieces on chopped market multiple times too
--- I was died fighting the chopped market also
It should be time for me to jump off the building, end my life...after almost 4 years of trading, there's no progress at all. It's even a degradation my self-pride, my confidence, everything. Looked at this way.. Most of time entered on the wrong time like today, or I was too afraid to trade and give back my profit like yesterday.
I was like unsyncrhonized with the Universe. Everything I do, it'll reject. This is it, the lowest low of my life. It couldn't be gettin any lower than this. I experienced hell from day trading. I worked hard 12 hours a day, researching and trading. I worked on weekend. But nothing come in fruition. I may not the worst bad-luck person in the world. But I felt like all my hardwork evaporated in vain. Building a system+bad execution = Disaster.
If I knew this will happened to me, I would never trading at the first place. Since October 2010, my quality of life down to hell-hole. This was the deepest, darkest, and most painful.
Is there a way to cleansing my mind and my soul from this deadly game?
you know what they say, work smarter not harder. But I think you already know that. You are applying what works today (looking back) for tomorrow. Only one problem, tomorrow may not be the same as today. Market zigs and you zag, be one with market zig when it zigs zag when it zags. if you dont know when it will zig back to studying more rules are not going to help.
ReplyDeleteThanks cory,
ReplyDeleteThe only thing important now is limiting my losing trade. One full lose trade maybe big, but still reasonable and with solid trading, should catch it on 2-3days of trading.
And I have problem with that
I'm last person to give anyone advice or ideas about trading judging from my trading last few months. I will just share my thoughts regarding you that I gathered reading your blog until now.
ReplyDeleteFirst of all you know how to trade. You know how to cut loss, you know how to let profit run.
As I understood from before you don't work anymore and trading is your current occupation. Also in your country 1000$ is nice salary. Correct me if I'm wrong.
I'm aiming with this toward what you want or need from trading. How much is that you need? Wouldn't it be great to get that and not to have to work in some other 9-5 job? Anything above that is welcomed and something to be grateful for. Lately it seems to me since you upgraded your goals to much higher levels that your trouble started. So that put you into red with your funds, money that you don't want to lose. So now it's rat race to get it back and be back in black. But high monetary loss is very high pressure on your psychology. If you are in red some amount that you know you could get with some other job in let's say two months there wouldn't be much problems.
So now from day to day you are rushing in, trading, doing this, doing that and nothing's really working. It also seams to me that you wouldn't be happy with anything less than getting it all back in a week (I'm exaggerating a bit just to point it out).
My opinion is that you need to slow down your rhythm.
You don't need to trade every day, or every instrument. You can chose your battles, firstly based on how you feel that day. Only trading in the zone can get good things. If at start you know that personally you are far from 100%, your just gambling and you can go to nearest casino.
Get your personal priorities in order, cut down on greed, stop investing your whole life worth in how you perform in a task of trading that day. Write off your losses (for now). Make a plan how to earn salary, nothing more, from market. Achieving only that for one month would put you in good state of mind. Then make slow plan how to recover losses and work on that. Don't jump on ideas of making 10X more after one good month. Where exactly are you rushing to? For what you need all that money? Answer those questions for yourself and then you will see what you really want.
I hope I'm not being too personal, I just shared my exact thoughts. If you were across the table drinking beer with me I would say things in this manner. Maybe I got it all wrong, no problem if that's the case. After all this is internet and some facts can be misjudged. Good luck
We've all been there. Snap out of it, put the past in the past, take it slow, and get disciplined. And if you can't lose anymore, trade sim perhaps (although I'm not a fan of sim trading). But whatever you do, you need to get your head back in the game. I know this is easier said than done...
ReplyDeleteHi FX,
ReplyDeleteThanks for ur advice. Actually I just recovered more than two third of my losses. But it still lot of losses.
No doubt about it, I had this great system trading Crude Oil. Not a flawless system, but should be survived me in this market. After the aftermath-chopped, my system actually might give me(max profit before pullback stopped out) -12,+110,+12,+33,+65
Just one little neglected rule that I am not too concern about that is only took trade if trending already confirmed. That's happened at 11.00 EST after I chopped alot.
I never had idead of making bigger after one good month. In fact I have trouble advancing like adding the contract. Not mentally ready.
Thanks a lot for ur concern. I remember when I trade very good, I made nice profit day after day even without this better system. Because I am not afraid of losing, and confidence that I will suceed. Now after experienced this roller coaster, I come back with my state of mind that I will survive with this system. My system if used correctly like a goldmine for me. It's too good that I even can't believe the effectiveness. Maybe someday it only allowed me to trade after 01.00 EST, but at least it will limit my losses if happened. Most days, it allowed me to trade after 09.00EST and usually it worked.
Hi MBA,
ReplyDeleteThanks for ur concern. If only I had very good state of mind like yours, no doubt I will profiting almost every day. Maybe not as much as you, but my system I developed really good for me. It can filtered chop, enough signal but not too much, filtered entry at optimal level,etc
De'Trader,
ReplyDeletethe time has come for you to decide whether you want to be right or you want to make money trading. You cannot be both. The choice is yours.
What is your goal?