The Million $$$ Quest...

Discussion in 'Journals' started by Ripley, Oct 15, 2005.

  1. Ripley:

    Do you think you are getting better at avoiding huge losses? I remember months ago you lost a lot of your trading capital in the span of a few weeks from futures trading.

    Are you in a better state of mind now than then?
     
    #11     Oct 17, 2005
  2. I still have huge losses. But, I only have them after I am up a certain amount for the day. Thus, its not as bad as they used to be.

    I need to remember that after I met my daily Profit Target for the day, all I have to do is break even on all the rest of my trades and that I don't have to fight the market. All I have to do is just trade my plan.. I don't have to make something happen. Just stick with the plan.

    I cannot afford to take any more huge losses. Most likely, and hopefully today was the last one.
     
    #12     Oct 17, 2005
  3. nkhoi

    nkhoi Moderator

    nothing to learn, just walk away from table when your target met.
     
    #13     Oct 17, 2005
  4. I don't want to trade against you samson....I hear you're hot money these days! Leave a little for me will ya?
     
    #14     Oct 17, 2005
  5. Ripley, if I could suggest maybe take a break and go back to a simulator. That is what I am doing and I am still have mental challenges, because I really treat it like the real thing, a good thing I think!

    Velocity Futures has X Trader sim for free and it has been good practice for me. Until I can make the money I want on the sim there is no reason to risk real dough!

    This alone has saved me thousands of bucks! I wish this would have been availble a couple of years ago when I went up to 65k to blow out minus 7K several months later! A good learing lesson though.

    I am torn between believe I am at war with the market or trying to get in harmony with market? Maybe I can be at war with you other traders yet be in harmony with the market? :D
     
    #15     Oct 17, 2005
  6. My target is only there so that I could take little bigger risks. You never walk away. There is always opportunities for you to make a lot more money.
    I won't be able to make my million trading on the SIM...

    My attention just isn't there in the afternoons. It maybe a little too long of a lunch, and my mind deviating into other things and isn't focusing on trading the way I should be. Anyway, I just can't wait for 9:30 AM.

    I am up huge, and then I give it a little bit of a room.. And I tell myself I am up so and so, lets give it a bit more room. Before I know it, I am risking everything I made for the day, and I will say thats my stop loss on this trade. Then that point comes, and you give it a bit more time as the prices pass by that point. Then you hope it would come back to your stop loss point, so that you won't be net negative for the day. And you baghold and you end up the day being a loser.

    The same old story day in and day out. Its time for me to put that to a stop. I need to keep in mind that if I lose -$1,000 it would take me +$2,000 to get back to even. I need to finish everyday in the money.
     
    #16     Oct 17, 2005
  7. Then maybe you shouldn't trade in the afternoon. Try something different, double up you positions if you trade well in the morning, when you hit your goal, quit, don't get greedy. Set a goal and stick to it. I want to make $400 per day trading e mini Russell, but so far I can't get past $100 mentally on the simulator, the challenge is in my mind as I think it is for alot of traders.
     
    #17     Oct 17, 2005
  8. Limits impede progress...learn to trade consistently and then push yourself harder every day. You'll never get better if you are content.
     
    #18     Oct 17, 2005
  9. Day 2
    COULD'VE BEEN BETTER

    # of Disasters: 5


    Today was a tough day for trading. It wasn't a great start, but I ended up meeting all the goals I had for the day.

    I need to finish profitable everyday. I cannot lose money. I need to stay above the water.

    I know what I need to do to keep my +$ after my profit target has been hit: I should only take the best trades, and I need to tell myself that I am not going to risk everything I made on this trade.

    Even then, I missed out on some great opportunities as well as I broke some of my rules and thats not a great feeling.
     
    #19     Oct 18, 2005
  10. volente_00

    volente_00


    I disagree. Set your goals small and you shall reach them and then you just slowly add size to make more money. If you start out from the beginning with a crazy goal then you are only setting yourself up for failure and psychological damage when you fail to reach them.
     
    #20     Oct 18, 2005