|
|
 Posted - 02/29/2012 12:45:29   |
NFLX 10:15 +0.62, ABX 10:15 -0.50, CSTR 10:30 -0.52, PANL 10:45 +0.52, OPEN 11:00 +0.52
Tach,
it looks like you entered PANL well below the KC channel. I'm
wondering if you are entering based more on price action rather than any
particular indicator? |
|
|
|
| Posted - 02/29/2012 12:51:13 |
tachy's original guidance was to "buy at a good price".
Does that mean good price relative to the KC or relative to the KC AND to a say, 200MA?
ant___ |
|
|
|
| Posted - 02/29/2012 12:52:07 |
still in an ESI profitable trade but took it when price was good relative to the KC, not to a 200MA.
Edited:
Very good profits on this trade...entered at 11:32 at 68.70 took a .52
PT on half the shares then a Trailing Stop much higher on the last half
of the shares at 1:11 at 71.25. |
|
|
|
| Posted - 02/29/2012 13:45:44 |
quote:
Originally posted by cam111
Closed
NFLX at + .52 in about 20 seconds. Back in NFLX at lower price, but it
is currently down...could have been a bad move. Closed QCOR at +26.
...waiting right now on V and RRC (was up .32 and I didn't pull the
trigger)
how many are re-entering
positions after profit? they way I saw this was basically OSOK per
issue... so if I lose, I dont re-enter, and if I win by chance due to
volatility, I still dont re-enter.. curious if everyone else is doing
similarly or just re-entering in the hopes of capturing more vols.. |
|
|
|
|
|
|
|
|
|
|
|
|
| Posted - 03/01/2012 11:18:47 |
Closed NFLX +.52, ALXN +.12, RRC +.30 PANL +.15
Still
in QCOR and EW. The beating continues on V;(I couldn't stomach the
loss yesterday and carried it over...probably a newbee move) |
|
|
|
| Posted - 03/01/2012 12:50:54 |
won: HUM 10:15 +.52, NFLX 10:55 +.68, MNST 10:25 +.52
lost: EW 10:45 -.50, HSP 10:30 -.50
So
far I've had 27 trades trying to follow tach's method. I've won 18 and
lost 9. The market has been up though, so time will tell if I can
maintain this. |
|
|
|
|
|
|
|
|
|
| Posted - 03/01/2012 14:34:54 |
Ouch, been there, kidney stone ranks right up there as far as pain goes. My sympathy and best wishes.
FWIW, I've heard cranberry juice good for prevention. |
|
|
|
|
|
|
| Posted - 03/01/2012 15:05:51 |
quote:
Originally posted by tachyonv
cam,
frequently carrying over works out...that is bad...because it
reinforces doing it again....but..for all those times it does work out,
it only takes one very bad loss to wipe out a whole month or two's
gains. You have arrived as a trader when you can take the losses caring
far more about having stuck to your rules than a small twinge about the
loss.
OK, took my medicine
today...broke V up into 4 painful bites (paid commission on each one
too). All in all had a good day but would have been much better at
controlling losses! Any suggestions welcome. C |
|
|
|
|
|
|
| Posted - 03/01/2012 15:36:20 |
quote:
Originally posted by tachyonv
A
trader sleeps far better when s/he carries no losing positions
overnight. Two reasons: not worrying about the next day; and knowing
s/he did the right thing, exercised self discipline.
When taking a loss, reward yourself with something, for doing a good job.
I haven't carried a position overnight in many, many years....sleep well
Approach
every trading day with no "baggage"...just follow price action and
execute my set of rules...very routine...do the same thing day in day
out, several times during the day...both Long and Short
Don't care if markets are up or markets are down....go with the flow...
When
I was uncomfortable with shorting, put lots of stress. When I was able
to overcome that personal issue, what a world of difference it made,
relieved a lot of built-in stress, and my profitability jumped..lets say
consistent profitability became a reality. Taking trading losses
stopped stressing me out...why? realized its just inherent in this
trading business. Trade the statistical probabilities... |
|
|
|
| Posted - 03/01/2012 18:36:52 |
quote:
Originally posted by TradingDude
what symbols, cam?
24
trades today. First 10 were profitable. Had a string of increasing
short positions in LULU as it ran up. When I was way upside down I
started to partition off losses and ended up with a closeout that was
slightly profitable. As mentioned before I'm somewhat learning as I
go...my entries and exits are more of a feel than a strategy and plan
(which is what I need to get to). Right now I watch the KC upper and
lower limits for the selected symbols and look at the charts to see if
they are trending up or down or close to a 52wk high if they are at the
lower limit I'll buy and immediately put a sell order at +.52. If there
is alot of trading volitiliy I'll sit back and wait, if the stock is
moving slow, I'll periodically bring back the profit target. If the
stock is trading at a high and above the KC upper limit, I'll put in a
short position with a buy to cover at .52 down (these trades are
usaually in the afternoon). Now here's where I get tripped up...it
feels like as the positions fluxuate, I start tightening my profits (and
hopefully losses) to where I'm in a position 1000 shares and exit at
50.00 profit. Is this typical or normal? I get a little freaked out
when all my positions are red and rapidly declining...any help or
personal perspective is appreciated.
Long on NFLX (x2) EW (LOSS) PANL QCOR (X2) RRC (X2) ALXN V (took a .97 loss carried over from yesterday)
Short on NFLX (x2) LULU ALXN (x2) RRC PANL (LOSS)
Cam |
|
|
|
| Posted - 03/01/2012 19:30:11 |
tradingdude
and tachyonv already gave you the most basic advice, which is simple
and true... what I will add to that based on your statement about
freaking out when you see red is: how much are you risking as a
percentage of your account?
you might be trading too big and
unable to handle the drawdown or loss that would entail being wrong and
taking the stop across the board... maybe that is why you turn your
losers into swing trades... so you would need to determine what your
account risk management parameters will be and that should help you
further.. and if you are going to carry overnight, buy protection.. if
you are short, buy a call... if long, buy a put.. a little bit of
premium goes a long way against undesired movement on any issue
overnight... imagine if bad news had showed up for Visa overnight about
them disclosing losing backup tapes with millions of customer accounts
or getting hack and having millions on liability now that would affect
earnings ... that $1 loss would have been more a lot more as the stock
gap down (more than likely) due to the news...
when trading, we
are never right 100%... so keeping the losses small is critical.. if
you are making the transition from investing to trading, it is in fact
greatly different from what one is usually told... one should never
average down one's losers (IMO) and be willing to reverse the position
without hesitation or take the loss... trading to me is short term, and
going to cash by EOD is preferred... unless I have protection (aka
options)... and by ensuring I dont risk more than 1-2% of my account, I
can also survive being wrong more than a few times.. and as long as the
method being traded has positive expectancy (like the method we are
discussing on this thread) then what I will make will always be more
than what I will have lost to stops..that simple..
|
|
|
|
| Posted - 03/01/2012 20:15:19 |
| Ottotrader
- I didn't quote the above to conserve space. Thank you very much on
the suggestions for carryover risk management. I have heard of that
before, but didn't think to apply it here. I'll learn how to put those
in place. My risk is in the 1-2% (mostly less than 1)total account
value range, so I think I'm OK there. I guess the biggest issue for me
is the "scary unknown" of when to let it ride or when to take the loss.
For example today if I would have sold LULU at the greatest level of
exposure I would have closed the position down around $1500 (real money
from my point of view). But "luckily" I felt that the postion couldn't
sustain a 6% daily growth rate without any specific earnings new or
other material change and altough it skyrocketed I only lost 120. This
same approach with V cost me $1000 - the stock trended down for no real
apparent reason and did not recover even in an up market. As you can
imagine the results aren't helping me develop a strategy for when to
take a loss and when to take the risk that I will recover.
Thoughts/suggestions? Thanks again! Cam |
|
|
|
| Posted - 03/01/2012 21:06:32 |
| Sometimes
helps to reduce position size to something like 100 shares or even
less, so that P/L is not a factor and you can focus on testing/building
your trading system. When money is involved, our thinking becomes more
emotional and less objective. When you are happy with system, gradually
increase size to desired level. |
|
|
|
| Posted - 03/01/2012 22:43:39 |
quote:
Originally posted by tachyonv
If this method is boring for you - yes, it is boring, once mastered - be advised that good trading IS boring.
Be an automaton when trading for profit - a bored automaton. For
excitement, sky dive or gamble in Las Vegas or drive race cars or
whatever, with your profits from boring trading. But excitement and trading simultaneously is a bad mix.
cam111,
I have to agree with tachyonv; from my own experience whenever I am
bored and find myself trading I just treat it like a slot machine.. and
someone makes a lot of money off me those days... I found the fix my
ensuring my FCM/BD has built into my account daily limit losses to 2% of
the total account value, but also by noticing when I am in that mood
and then just turning the trading platform and the charts off and just
browsing the net or going to work out or play with the kids or just
going out for a drive.. with trading being all about probabilities, one
just studies the setup, places the bet and walks away... it will either
work as one expected it given the probabilities, or it will not... |
|
|
|
| Posted - 03/01/2012 23:04:16 |
quote:
Originally posted by cam111
I
guess the biggest issue for me is the "scary unknown" of when to let it
ride or when to take the loss. For example today if I would have sold
LULU at the greatest level of exposure I would have closed the position
down around $1500 (real money from my point of view). But "luckily" I
felt that the postion couldn't sustain a 6% daily growth rate without
any specific earnings new or other material change and altough it
skyrocketed I only lost 120. This same approach with V cost me $1000 -
the stock trended down for no real apparent reason and did not recover
even in an up market. As you can imagine the results aren't helping me
develop a strategy for when to take a loss and when to take the risk
that I will recover. Thoughts/suggestions? Thanks again! Cam
risk
management is about controlling the unknown. Having a clear plan will
give the ability to address that fear. tachyonv provided a clear and
detail plan with all risk management at the start of the thread. Please
read it, a few times, and write down on a notebook your take aways and
you will have the plan you need.
not sure how you walked away,
but if you shorted in the morning, you basically went against the long
and short trend... I mean, LULU was a great play up... it gap'ed up over
80c, and in top of that, everything said the trend was up... there were
two opportunities identified as per the systems rules that would have
provided an entry... and as per the system plan, you could have held the
trade until 12:35 CST and capture double the target from the system.
You state you dont know how to do things and that you are trying to
learn; my suggestion: go back to the original thread, print it out..
write down the rules one by one to aid on knowledge acquisition and then
trade 100 shares across all identified positions for the next month
following the rules religiously and dont think too much, just follow the
plan and the rules..
If someone had provided me this system
just 3 years ago .. my account would have crossed a million by now and I
would have saved me lots and lots of cash on many "educators" out there
from whom I leaned very little.. and I would have saved also the
tuition I paid to the markets to learn overall.. this system is so
simple that it is not even funny, no need to complicate it by over
thinking too much.
Attachment:DATA/201203012304093-1-2012 10-50-51 PM.png 65971 bytes
|
|
|
|
| Posted - 03/02/2012 12:48:59 |
loss on RRC today -.50 + comm
first week of trading
4 wins, 1 loss
still
only making 1 trade a day for well less then 1% of my account value.
If I have a good week next week I'll bump up the shares a little.
only
advice to people that are struggling is to start very small with
position size and stick with the security selection process and entry
and exit rules. If it ain't broke don't fix it! Way too often people
deviate from a system then have a drawdown and abandon the system.
|
|
|
|
| Posted - 03/02/2012 14:17:32 |
providing
a detailed report so that cam111 understands why one should just take
losses and move on... here are my trades (hitting the bid/offer for
entry/exit) ... 5 winners, 7 losers... 12 positions overall max risk of
$624 and max gain of $600... the net P&L was a $58 loss.. had I held
on to some of the losers, my loss would have been much greater for no
real reason.. besides, fridays are always the worst days to trade
directionally.
I followed the system as close as I could in
terms of entry.. and I didnt close positions when I thought the market
was heading lower anyhow, but rather let them be a la retarded monkey
style and exit at the end of the trade as determined by the plan.
Attachment:DATA/201203021409032012-03-02-trades.png 77484 bytes
Attachment:DATA/201203021409102012-03-02-charts.png 327506 bytes
all
trade entries were made between 10:10AM and 10:18AM EST... I wanted to
see what MAE/MFE would be for the trades as well, so I tracked the HH
and LL for the duration of the trade... it was fun to watch. |
|
|
|
|
