I'd like to become a better trader

Anna K. · Feb 3, 2011

Quote from PropTraderMTL:

In a narrow market, when prices are not getting anywhere to speak of but move within a narrow range, there is no sense in trying to anticipate what the next big movement is going to be up or down. The thing to do is to watch the market, read the tape to determine the limits of the get-nowhere prices, and make up your mind that you will not take an interest until the price breaks through the limit in either direction. A speculator must concern himself with making money out of the market and not with insisting that the tape must agree with him. Never argue with it or ask it for reasons or explanations. Stock-market postmortems don't pay dividends.

this quote was made in the 1920s! Some things never change
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thanks!

ddlee · Feb 3, 2011

BL

I like your quotes from POP (phantom of pits)

best free read I ever had

volente_00 · Feb 3, 2011

Quote from Best Looser:

Vol, thanks for the book, btw, big respect for T-day theory

As far as my name, 'Best Loser' doesn't have a negative connotation at all to me. Quite the opposite, to me it means that it's ok to take a small loss, to accept losing as an essential part of the game, so the name is meant to do exactly what you said - to affect my actions indirectly.

Phantom of the pits said - "Trading is a losers game and not a winners game. He who loses best will win in the end. "

I'm trying to change the way I look at my trading from focusing on making money first, to, first, focusing on how I lose money: to losing small , to accept losing as part of the game, to lose correctly, don't average down, to not be afraid to take a trade because I may lose.

does it make sense to you?
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All of that is covered in the pdf book in my previous post.

P.O.P is a great one as well.

How bout DEMTDAYBOYZ ?

ElecEquity · Feb 3, 2011

Quote from Best Looser:

Staying away this afternoon because we are in a CONGESTION!

I failed to pull the trigger on another trade today - buy the pull back to 94. Because I made money on my first trade this morning, I didn't want to risk loosing it.
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Quote from Best Looser:

Vol, thanks for the book, btw, big respect for T-day theory

As far as my name, 'Best Loser' doesn't have a negative connotation at all to me. Quite the opposite, to me it means that it's ok to take a small loss, to accept losing as an essential part of the game, so the name is meant to do exactly what you said - to affect my actions indirectly.

Phantom of the pits said - "Trading is a losers game and not a winners game. He who loses best will win in the end. "

I'm trying to change the way I look at my trading from focusing on making money first, to, first, focusing on how I lose money: to losing small , to accept losing as part of the game, to lose correctly, don't average down, to not be afraid to take a trade because I may lose.

does it make sense to you?
More...

It's only one o in losing btw.

If you understand that losing is a part of the game and you want to become good at taking small losses, why did you pass on a signal after a winning trade because you were afraid of losing money?

PO · Feb 4, 2011

Quote from ElecEquity:

If you understand that losing is a part of the game and you want to become good at taking small losses, why did you pass on a signal after a winning trade because you were afraid of losing money?
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If I had known that, I wouldn't be writing this journal. Hopefully I'll find out soon

PO · Feb 4, 2011

Quote from PropTraderMTL:

I really can't help you with your ego problems. Everyone has problems with ego... the lucky few don't have any problems.

In terms of avoiding the chop have a look at this quote from Jesse Livermoore

In a narrow market, when prices are not getting anywhere to speak of but move within a narrow range, there is no sense in trying to anticipate what the next big movement is going to be up or down. The thing to do is to watch the market, read the tape to determine the limits of the get-nowhere prices, and make up your mind that you will not take an interest until the price breaks through the limit in either direction. A speculator must concern himself with making money out of the market and not with insisting that the tape must agree with him. Never argue with it or ask it for reasons or explanations. Stock-market postmortems don't pay dividends.

this quote was made in the 1920s! Some things never change
More...

great quote.

PO · Feb 4, 2011

P&L for today +$614 = 4.25 point per contract.

Only 2 trades today, one a scratch, second 4.5 points.

Good thing - stayed away from being chopped up in a congestion.

Bad - missed 2 good trades because of fear of losing money. I think I have a short bias now, I find it easier to take short set ups then long set ups. I need to be and equal opportunity trader and get rid of my short bias.

Rally into payroll numbers has a high prob. of selling off next week, it can start tomorrow.

PO · Feb 4, 2011

sell 3 @ 2.75 for a touch of PP after breaking down below YC.

$tick is negative

covered @ 2.5, because it seems to reverse. $tick got neutral again.

PO · Feb 4, 2011

Quote from Best Looser:

sell 3 @ 2.75 for a touch of PP after breaking down below YC.

$tick is negative

covered @ 2.5, because it seems to reverse. $tick got neutral again.
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I clearly jumped the gun on this trade. Correct premiss, terrible execution. It didn't reverse, just retracement to YC, it never went above it. PP touched.

jjf · Feb 4, 2011

Quote from Rickshaw Man:

I recommend you do this in private. So much about this business is psychological, these public forums will mess with your sub conscious.
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This is the best advice you will ever receive for what you are trying to do