Yep, that's why you need a passion to be able to withstand the pain, but maybe he has enough love and dedication to the game and will end up as a survivor if not a winner...
Well my account was 5k prop and its not the money that pisses me off, ( and yes thats a blow up )..just the mental breakdown....But I suppose you know what your doing so feel free to PM me with your brilliantness.......I guess having over a 5-2 win ratio mean I know jack.....?....As Chewbacca stated I entered the I dont give a F*ck state and I did DESERVE what happened to me....I added to lossers.....and paid the price......
A special thanx to all the traders to have given me advice and support...I know chewy you have gone through your share of drawdowns, thanx for the encourangement....the wiskey tonight helped and I am ready to re-think my approach... I will be back
i don't know if anyone already posted a link for POP, but here's one: http://www.futuresmag.com/futuresclassroom/phantom/phantom.html and there is a PDF version over at Nqoos' site (http://www.trading-naked.com/Articles_and_Reprints.htm) http://www.trading-naked.com/library/Phantom_of_the _Pits.pdf hth take care - omni
What strikes a chord with me about your story is that I really like your strategy (I did the same thing on MSFT, but for a week to a month hold,) but let me explain why I think you were turned around: 1) MSFT was going to be under pressure this whole week due to the SP rebalancing. An obvious daytrade each day was to sell into any .05 to .10 spikes and ride it down for a .10. I did this early in the week as intraday trades. As the week wore on, late in the week I shifted from intraday trades on MSFT to acquiring it slowly for a multi-week swing. You see, if you were never going to hold MSFT for say two or more weeks (and probably at least a month) why would you ever come into the day averaging down into a long position that is going against you relentlessly with the hope of making a profit that day given the fact that MSFT would be under pressure the whole week? You see what I am getting at? Your strategy did not fit the time frame and the "macro view"! You came in with an idea (which I like in the right time frame) but did not take note of the environment in which you were implementing that idea. You were turned around both in your time frame and in your direction of likely movement intraday. Rarely are things this crystal clear in the markets and it was a great opportunity to make money hand over fist. When people talk about "pockets of inneficiency," these rebalances are the mother of all pockets. 2) To beat a dead horse over the head, my guess is that you were trading about 10 to 20 times the size you should have been trading, especially on Quad Expiration week where stocks make all kinds of strange and counter intuitive moves, unless you have something like SP rebalancing that makes things clearer. nitro
======================= Gianos; You may have noticed I mentioned that my timeframe may be longer than yours on shorts/longs; for sure it is, because on even on shortest swing trade,16 cents or even 26 cents stop loss on MSFT would be noise/not productive. Not likely if i told you my stop % it would help your shorter time frame; but pay attention to 20 ,50 day moving averages can help you lots. ======================================== ================================ ======================== And the main points , were while your long entry was excellant , friday 1;50 or 2;00 approximately chicago time afternoon ,excluding MSFT weakness for most of week. Actually for the past week MSFT, some major airlines were weak, much lower probability of long profit, compared to QQQ,SPY,DIA,LUV, friday. Thanks for you feedback because you may want to study this whole post, not just read it; I am afraid you havent understood what I am saying about probabliitiy of profit, with 20.50 day moving averages. And may want to study big, big ,big difference between MSFT above most of simple ma=long; contrasted to MSFT below most simple ma=short.