Thursday, October 23, 2008

Practice of taking stops

First trade, not so much clever but I used it to follow my emotions. I was feeling bad and wanted to avoid being stopped out. Because of that I didn't want to get out on any price before my max set stop. I was hoping whole time that it will come back. Finally stop took me out and I felt misery. Really funny now when I wright about that. So I was in misery and I had urge to go back in, trade, get the money back. Ugly emotions, luckily I was just noticing them. When I think about it, too bad that I didn't start long before giving attention to those feelings after stop.
I cool down a little and my thoughts were that I got to lose identification with all of that emotional garbage.

I was writing blog entry and market started pushing again so I had second trade which was profitable.

-10 pips for a day

I think that I just get to go in that direction to get rid off bad stuff. Not so much attention at is every trade profitable or not, put emotions under control, especially those regarding stops. Emotions under control is when you have them but don't have to act on them forcefully. So I'm glad that I got stopped out and felt all the bad that I do. If that is the worst thing, it's not so bad and I can get custom to it. I feel little ashamed writing about it now after so many years of trading. It's such basic stuff. You get bad emotions when taking stops. So what, move on.

I will probably now pay less attention am I trading profitably or not overall, but more to execution and all surrounding each trade.



Lets put it this way, I know losses are part of the business. Heck to me, if I am not taking losses something is wrong.

I still do not like to lose, but I know it must happen to make a profit, so I take the risk. I know that my winners will outweigh the losses so losses don't bother me too much. Try and remember that each trade is just one trade out of the next thousand trades and that no individual trade makes you a great trader or a poor trader.

I closed out the week up 8%, mainly because I did not trade on my birthday (22nd). My maximal draw down was 7.4% but that was due to my input errors. Total time spent actually trading was probably about an hour if not less.

I am confident I can pull at least 1R(currently 2%) out of the markets probably every day, simply because my zone is small compared to the average range of the day and I stay on the right side of the trade thanks to the casino. The casino has been the most consistent money maker for me period.

I am dying to code it up so I can just turn it on when I want it...

Have a great weekend buddy. We'll come back on monday and get back at it again. ;))

4x For Life said...

First, Happy Bday Orion and what is this casino you keep talking about?
Fx a loss is a loss that is part of it. What else you guys wanna do go fishing?


4x For life, the casino is a statistical trading strategy that has made me a winner every day I follow the rules. I am currently writing a manual about it, so give me your email @ so I can send you a copy when I get done.

My myspace profile had a detailed description of the casino strategy, but I delete the account because I was not able to network and help many people.

Send me an email and I will send you some more info ok? I hate fishing. lets watch porn instead ;)

FX said...

Well 4x let's hope that I can just have a loss and after go fishing better than averaging.

Orion happy birthday and man you are killing me with your percentages :))
I'm kidding but really it's like you are every week 5-10% up, until next time this year it will be crazy money if you are able to risk as before.

I will put some widget on this blog with porn movies and fishing tips to keep you two happy.


HaHAHA!!! Laughin my ass off about that one!