I really do not wish to violate my rule again at least not for a few month down the road from now. Anyway just talking is useless. I actually had quite a big amount in my account I think I can trade up to 8 - 10 contract at any 1 time now of course if I trade the maximum I would hit margin call anytime. The problem is that if I had not enough money in my account I had difficultly trading at all. That why I decide to fund my account with sufficient money before I trade this round. Been thinking yesterday night. I can do 2 things. 1) Make thing right and follow my system all over again from today. Forget about the losses and me breaking the rule. Start afresh. 2) Try to make back my losses yesterday. (Market is somehow overbought coming down soon my gut feel is telling me, this is the time I can make back my losses) Option 2 is very tempting. But what happen if I losses again my hole become bigger. I know I shouldn't even be thinking of option 2 at all. Anyway I decided to take option 1. chinook Benysl, Don't worry, you'll again violate your rules, very soon. You'll always think that today is the exception. You'll say to yourself I'll violate my rules one more time--After today, I'll never violate them. This will go on for a while until you lose all of your capital after you increase your position size to your margin max following a losing trade and holding overnight. You won't be able to sleep that well that night. Next morning, when you look at the pre-open charts, you won't believe the gap that went against your position. You'll feel your stomach burning and you want to go and throw up. When the markets start regular trading hours, your broker will close your position and you'll have zero maybe even negative account balance.
Day 1 after I start afresh. Today is a No Trade Day. I am not suppose to trade at all. So far market open and I am follow my rule. I have made it a point to follow so no question about it. If I trade again I have violated the rule. Will post when market close and let you guys know if I have follow the system.
My advise to you Benysl is that you stop trading your account and papertrade your system until you are rock solid of its performance capabilities and not entertaining any gut feelings - at all. Listen to what all these seasoned traders are telling you. You are getting some top notch advise. Your strong desire to become successful in the markets is so elevated that you may be out of control. That will only eat up your account, and it can happen very quickly, I might add! I wish I had the luxury of all the experiences of so many traders to advise me of my shortcomings when I blew out my account several times. Maybe it takes several blowouts to finally tame yourself. Try posting your trades only. Don't use your capital. This will take extreme discipline and control. Post so that you will commit your trading system to the scrutiny of others to determine its viability. Once you can truly see that you have something to work with, then put your capital to work. Trust me, the markets will still be there. Then maybe you will have an improved system to work with and have faith in it to take you to the success we all desire. Just a suggestion. Much Success,
the worst thing that I can do is paper trade really my paper trade rarely last me more than 2 weeks. Paper trading is a boring task. It is not the questioning of whether my system is working or not as I have done a backtesting and analyse the results. Drawdown with a mere $2000+ max consec losses of 5 and max consec winners of 14 and a percentage of 60% win and a profit factor of 2. No optimisation involve. I had 2 win before I hit my loss yesterday. It is within expectation that the loss occur but somehow I guess it is within myself that I try to turn this loss lesser or even trying to make it a winners. Anyway thanks for your advice. I cannot afford to blowout this account cos if I blew out I might not have a 2nd chance to trade again. My gf is tired of me trying to make a living from trading.
Try this, open note pad and type -- msgbox " I MUST NOT, UNDER NO CIRCUMSTANCES DEVIATE FROM MY TRADING PLAN!!!! IF I DO I WILL GIVE ALL MY MONEY TO THE PROFESSIONAL AND FEEL SICK TO MY STOMACH!!!! I WILL FEEL DEPRESSED AND WILL NOT BE ABLE TO GET IT UP WHEN MY GIRL FRIEND IS HORNY!!! FFS FOLLOW YOUR TRADING PLAN"-- save the file as std txt. Change extension from .txt to .vbs .. Open Schedule Tasks, assume Win OS and add a task. Add the file you just created and have it run every 30 mins or what ever you feel necessary from market open to when ever. So when you have a bad day or even a good day and feel like doubling up or throwing the bank at the market, this box should pop up and remind you what you should be doing.... Hope this helps
I use tradestation 2000i for my backtesting. Good suggestion maybe I should write whatever I want in a notepad.
My challenge to this chatroom and myself. For the next 100 trading days I will not violate my trading rule. I had a day job and my order is pretty standard to my broker. Buy at stop. Once in entry enter stop loss. Towards the end of the day exit at MOC if not stop out. I presume there may be times I might miss some exit or trade but it should not be because I am not following my system. My system suffer a max consec of 5 losses and a drawdown of $2000+. My last trade is a loss with $500. Anyday I violate or break my rule be it winner or loser. I lose the challenge The 100 trading days challenge (about 6 months) Follow the system no matter what unless the drawdown greater $3000 or max consec losses greater than 6 Let the trading begin. Day 1 (today) No trade day. Act accordingly to plan
Why use a system? Why not use your brain? Does George Soros use a system? Does Warren Buffett use a system? Did Bernard M. Baruch?
Now you're on the right track my friend. Seems like your method is 1-2 trades a day (possibly 3-4 trades a week). You have got to be able to set up your trade, enter your orders and let it fly! We all have suffered through the stages of secondguessing the market. Ever seen your stop loss missed by 3 pts then have a profitable trade? Ever seen your stop loss hit exactly then see the market go strong in your favor without you. Hard to take, isn't it? But these are the hard facts of trading. If you hold true to what you say, then your statements should start coming more inline with your backtests. Pulling for ya!