Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

TraderFoo

What Would Have Been a Good Way to Trade Today (monday 7/27)

Recommended Posts

I got chopped out of almost every trade today. Stopped out by 1 tick, made my stops bigger, got stopped out by 1 tick again .. and so on :crap:

 

So hindsight being 100%, I still don't know what the best approach would have been.

 

Maybe there's not a great answer to this post .. and in that case it will just serve as me venting :frustrated:

Share this post


Link to post
Share on other sites
I got chopped out of almost every trade today. Stopped out by 1 tick, made my stops bigger, got stopped out by 1 tick again .. and so on :crap:

 

So hindsight being 100%, I still don't know what the best approach would have been.

 

Maybe there's not a great answer to this post .. and in that case it will just serve as me venting :frustrated:

 

The best way would have been to have followed your trading plan. Does your trading plan say to make your stops wider? How about stop trading after x number of losses/ticks?

 

If you had a trading plan, you wouldn't have to wonder what you should have done differently today as you already would know that just following your plan is all you need to do and that losing days are just part of the business.

Share this post


Link to post
Share on other sites

great point, thanks :) .. i have a trading plan template here on my computer... but never did anything with it.

 

playing it by ear as i learn has only got me under/over/and back to break-even on my account, so a trading plan sounds like the perfect next step.

Share this post


Link to post
Share on other sites
I got chopped out of almost every trade today. Stopped out by 1 tick, made my stops bigger, got stopped out by 1 tick again .. and so on :crap:

So hindsight being 100%, I still don't know what the best approach would have been.

Maybe there's not a great answer to this post .. and in that case it will just serve as me venting :frustrated:

 

 

 

what are you trading?

what resolution is your analysis?

 

if you post your chart (or desktop), people can offer more applicable suggestions.

Share this post


Link to post
Share on other sites
great point, thanks :) .. i have a trading plan template here on my computer... but never did anything with it.

 

playing it by ear as i learn has only got me under/over/and back to break-even on my account, so a trading plan sounds like the perfect next step.

 

If you don't have a plan and just play it by ear, you are in essence making random trades. With random trades, you should also expect random results.

Share this post


Link to post
Share on other sites

I mostly trade ES, 1-2 contracts on usually 500 tick or 2 minute charts during the first 2 and last 1 hour of the regular hours. I usually run a 2-3 point stop and trade gaps and pullbacks to pivots.

 

i think sevensa pretty much hit it on the head though. regardless of the feedback i got, it would not have been as bad if i was following a plan instead of chasing, moving stops, and not just shutting down the computer after consecutive bad trades. (if that were part of my plan)

 

usually i have a lot more discipline, but i think doing so well last week that i let it get to my head. last week i had my best day, today i had my worst day. it's a great lesson.

 

i need to find some good parameters/limits for a trading plan on a smaller account. ($5k) and more importantly, then, i need to follow it.

Share this post


Link to post
Share on other sites

A few thoughts..

 

Two cars is too much for a $5k account, especially while you're learning. A learning trader doesn't want high leverage, as you want to make your mistakes as cheaply as possible. I recommend that new traders start by trading ETFs (even on a swing basis), so they can formulate a strategy and get to real money as soon as possible. That way, you can make a whole lot more mistakes, and learn a lot more, for less money.

 

Also, a lack of a plan is the greatest downfall of a trader. Until you have a set plan that can be followed, trades are based on your whims. You end up chasing, averaging down, etc. Find a methodology that suites you, discover an edge (and verify that the edge actually exists), and practice it.

 

When you're trading based on probabilities of success (any bona fide edge), you're playing a game that I've told several newer traders. Pretend I have a 6 sided fair dice. If 1, 2, 3, or 4 rolls, you pay me $10. Otherwise, if a 5 or 6 rolls, I pay you $40. You're allowed to play as much as you want. Do you play the game? I would in a heart beat: the expected value per roll is +$6.67. However, on any one roll, I'll likely lose. Further, the outcome of any one roll doesn't matter at all.

 

Trading is the same. With an edge, you're playing a probabilities game. The outcome of any one trade doesn't matter. You'll have streaks where you lose several in a row, and you did nothing wrong. A losing trade shouldn't bother you at all, just as a losing throw of the dice wouldn't bother you. But you'll never know until you form a solid plan.

Share this post


Link to post
Share on other sites
I got chopped out of almost every trade today. Stopped out by 1 tick, made my stops bigger, got stopped out by 1 tick again .. and so on :crap: So hindsight being 100%, I still don't know what the best approach would have been. Maybe there's not a great answer to this post .. and in that case it will just serve as me venting :frustrated:

 

We use biases from higher time frames to keep us out of trouble and in opportunity regardless of the speed of the market.

 

In a previous post on bias based trading I have described how to formulate such indicators of bias.

 

Here is a shot of the last 5 hours of trading in today's (7/27/2009) ES. Times are PST.

 

biastoday.jpg

Share this post


Link to post
Share on other sites
We use biases from higher time frames to keep us out of trouble and in opportunity regardless of the speed of the market.

 

In a previous post on bias based trading I have described how to formulate such indicators of bias.

 

Here is a shot of the last 5 hours of trading in today's (7/27/2009) ES. Times are PST.

 

biastoday.jpg

 

Urma,

I have been looking for a nice chart like the one you showed today to Trader Foo.

I have Trade Station but I have never seen that chart. Did you set it up or is there a canned chart area that I am missing?

If you made it would you be willing to share?

Thank you,

estate1997

Share this post


Link to post
Share on other sites
Urma,

I have been looking for a nice chart like the one you showed today to Trader Foo.I have Trade Station but I have never seen that chart. Did you set it up or is there a canned chart area that I am missing?If you made it would you be willing to share?Thank you, estate1997

 

Here is a link to a thread on this board that I posted as a primer on how to formulate such an index of weighted biases.

 

http://www.traderslaboratory.com/forums/f34/primer-formulation-index-weighted-biases-6400.html

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • Question: To those that had/have cancer, what were the signs that made you think “something is not right here” to make you go see a doctor? Answer: So, 5/25/2018, I woke up, got ready for work, and as I walked to my car, I started gagging. Like something was stuck in my throat and I needed to clear it. And then it went away.   But 10 minutes after that, I was T-boned at 40mph on the driver side door. But what made me see a doctor was while my muscles felt better and bruises were going away, the gagging still continued, I started having fevers, my neck felt swollen, I was having such a hard time breathing, and I'd have random sharp pains in my chest, but not from where the seat belt saved me.   2 weeks after the accident, I finally see an urgent care doctor, who looks me over, tells me I'm fine, but luckily requests a neck X-ray. And I ask for a chest X-ray, which he rolls his eyes but let me have (most of my pain was in the neck, so I understand).   The very next day, he calls and says “So, that chest X-ray shows there's a 4 inch mass on your heart and lungs, and your lungs have been filling up with fluid, as well as in your pericardial (heart) wall. We need you to come in tomorrow.”   Turns out the big mass, due to the accident, caused my heart and lungs to tear and fill with fluid, the swollen neck and gagging was caused by 2 metastasized tumors, and the fevers and weight loss were symptoms. Stage 4b Hodgkin's Lymphoma.   But thankfully, we went very aggressive with chemo (and had a lot of bad side effects that don't normally happen to patients), and now I'm about 16 months cancer-free. Yay lucky X-rays! Rachel Jurina, Quora Source: https://www.quora.com/To-those-that-had-have-cancer-what-were-the-signs-that-made-you-think-something-is-not-right-here-to-make-you-go-see-a-doctor   Profits from free accurate cryptos signals: https://www.predictmag.com/  
    • As a man, the reality of life is the harshest part. I don’t mind looking older or becoming weaker over time; it’s nature.   Have you ever heard that the only people who will be loved unconditionally are women and children? Men will only be loved as long as they can provide until they are no longer needed. It doesn’t matter if you already did your best to get your kids to the best school or get the best things for them, if you stop before they’re done with it, there will be no thank you. The only thing they will remember is that they have to quit school at 15, ignoring all the previous 15 years of life you provided for them. The only people who will accept you, no matter what, are your parents. But in this situation, you might be that ungrateful child.   EDIT: Wow, I didn’t think this would get so much attention.   For those who disagree, I can only say that everyone has their problem. If you don’t get the chance to face such a thing, be grateful. Remember, sometimes what you throw in the garbage is something that someone wishes ever to have.” – ElZee, Quora   Profits from free accurate cryptos signals: https://www.predictmag.com/    
    • The good thing i had noticed so far is that the traderpot value is also on the rise..
    • yup its a gradual rollout the right way in my opinion, its really good and its exciting for the sto in 2027
    • there is no avoiding loses to be honest, its just how the market is. you win some and hopefully more, but u do lose some. 
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.