Thanks. I do intend indeed to focus more on well-thought-out trades vs seat-of-the-pants salvos. My sizing on average is not bad, I just have to resist the temptatio to step up huge that comes from time to time. I think the losses played a part in making me go for the jugular in that trade. Should not be the case. I need to learn to take losses gracefully.
I really expected something more concrete from someone who started this thread, has been trading this style, taken the well ment criticisms from other traders on the board, and suffered through having 33% of his account obliterated due to wild gambling and revenge trading. Buy by your response I see you really have no interest in changing. LOL, if you can deal with the huge drawdowns, more power to you, but you sure as hell won't be taking 75k to 500k by Year End, and I though that was the point of the thread, not "I'm starting with $100k (or actually 91k), taking wild gambles with huge equity swings, and withdrawing 10k every month" If you insist on swinging for the fences, sincere goodluck to you, I would never wish anything but the best for a fellow trader, but two more weeks of 33% drawdowns and your ass will be toast ... think about that. Jimmy Jam P.S. ... and after your next crash, please don't come around here looking for bullshit sympathy after you've been told time-and-again to stop doing it.
Did he ever say or imply that he was looking for BS sympathy? This is his journal. He's not asking anything of any of us. No one should be berating him for his excess gains/losses, or equate it to gambling. Large equity swings come with the territory when you're aspiring for +500% annual gains. The only-risk-2% rule simply doesn't apply to this type of trading.
JimmyJam, Do everyone a favour and don't post here anymore, it doesn't do anyone any good and if the reason you are here is to give yourself a little ego boost then good for you but you are not doing ANYONE and good... Do you see the balls it takes to come on this thread and post as Neke has done and to even reply to your post? Anyway I think your post says enough about the type of person you are so i'll keep my opinions to myself but if you think your doing neke any good than keep kidding yourself and if not why post? If you don't believe in him you don't have to, but coming on here and telling him has no point. Neke: Shame about the week but it seems to be something nature that real thought comes from our biggest mistakes. Good luck and well done on keeping the journal up during good times as well as the bad, make the rules changes you feel are necessary and get ready for next week as the money is there for the taking in markets like these you just need the plan to take it...
It's implied. Bullshit, this bad trading and he's been lucky ... and if you think this type of risk taking is appropriate, you're totally clueless and I won't hold my breath to see how long it is before you and Neke blow-out your accounts. The guys have been tell'in em to cool it (to no avail) and they even correctly anticipated his recent exorbitant loses by analyzing his emotionally driven equity curve (as he makes gains he gets more aggressive and takes more risk, when he blows up he gets more conservative and goes back to, well, not even the fundamentals of good trading, but just good trading, period) ... a pity he doesn't have a clue that it should be just the opposite. Later chump, Jimmy Jam
Hey listen FGBS, He's putting his account up on an anonymous trading board so you'd damn well better believe I'll post here if I want to. It's your problem (and his) if you can't handle the truth, that's all I'm putting out there ... if you can't see he was trading crazy on his last run and needs to cut that shit out, you're the one who shouldn't post your feel good namby pamby rhetoric, not me. Here's a prediction: Neke trades conservatively for the next six weeks, and then, thinking he has his gambling problem under control, he charges full-speed ahead, trying to make his $500k by the end of year, and blows out SPECTACULARLY! ... while still collecting that 10k per month. Jimmy Jam
Neke, Thanks for posting this journal . It takes courage to post your results. Especially when things go backwards a bit. Hang in there and I'll be pulling for you. Tony P.S. Don't let the negative posts sway your game.
BTW, they actually made the same request over at Frosty's Automated Trading Journal - Part II, as I beseeched him to set appropriate risk controls for his automated trading (using the term loosely) system. He ended up closing the system down (at a substantial loss) after five other traders started telling him the exact same thing while he continued to bleed his account. If you (or Neke, or anyone else) is taking my posts as being negative, that's on you, not me ... the pounding he allowed the market to give to'em was a lot more negative than anything I could have ever said to'em. It's a lovely weekend, do something useful with it. Jimmy Jam
I've myself struggled with these same issues (and am still struggling) It all boils down to not defining stops before you enter your trade. Trading has to have risk/reward precisely defined. Granted we all make mistakes - revenge trading, etc... But if you entered that MA trade and said 'i am willing to lose $X' on this trade, then you would've been able to precisely manage your stop on that trade, and maybe you'd be out only $10k or so on it. Can't go back - but you can get better going forward. I have been trying to do the same thing here. attempted to buy the dip on Friday in es. Didn't wait for 1462 (instead bought 1468), and didn't define my stop clearly in my head before I entered the trade. You know when I bailed? 1439, near the lowest print of the day (or nowhere near as bad) I waited because I hoped for a buy the dip rally near end of day. But had I just bailed on my original trade I could have attempted (maybe failed, but failed less) a rebuy later on. Its a hard game, but I know had I waited for a better entry and defined my stop before entering... ie waited for 1462 to go long, then put a stop or even net short turnaround at 1456 (below the day's support) it would've been a good day. Wait for solid entries, put stops, and plan before you trade. Scaling makes it more difficult to stay simple .. and makes it harder to stick to stops Lets help each other here.. jimmyjam is right about one thing ... reckless trades without stops, with martingaling, etc. can be equated to (russian) roulette while disciplined and -relatively- unemotional (because you have a plan) trades might be more akin to a controlled 'wait for opportunity' game of poker. Its all speculation regardless. But you have better chances with the latter.
Your insight is soooo good jimmy jam, I don't understand why I nor everyone else in this thread isn't waiting for your next amazing post to see what we can learn from it... I can't wait for your next post on some other thread along the lines of "don't get your hopes up it will never work (take it from me I have posted this on other threads too and they went busto)" As for doing something useful with my weekend, no worries there you might think about doing the same instead of giving your unwanted unhelpful opinion on threads where people have the courage to write the pure truth about trading (your go do something useful with my weekend comment made me laugh as you have posted 4000 time in less than 2 years... the wealth of information and advice that you have shared with this community must be amazing!!!) Some guys just like watching other people make mistakes, some people point them out and laugh, and yet others recall them and tell them they shouldn't have made that mistake...(Really? Ow now I get it I shouldn't make mistakes). What I am trying to get at is this, does your post or any of the follow ups really teach Neke or anybody else anything? (I would argue not), does it add anything insightful to this thread? (Again same opinion) Is it funny or does it add a little humour after a hard week? (NO) So if your giving your unwanted opinion here's mine I think you post at a thread such as this one not adding any new info or useful advice because commenting on people having a hard time or failing makes you feel like a better, funny, or bigger person. And if thats why you post then I am sure there is another post coming but instead of posting it here you might as well start your own journal about what you think other people are doing wrong and why you think they will fail. Then again, that wouldn't be your thing as it seems your post is simply made to piss a couple of people off under your own idea of offering useful advice (look at this other post of some guy that also failed). Neke sorry to take your journal on a bit of a sidestep I won't reply like this again but instead maybe make my own journal for posting my frustrations about jealousy and negative hope in human nature. Hope everyone is using this weekend to reload as next week could just be something special... p.s. JJ your highlighting the "bleed his account" in red almost made me piss myself... keep up the good work