The Loser's Diary

[looser]

Hi
Good introspection. it is said that more than 90% day traders end in losses and the rest derive profit from the 90%."There is always a Bigger fool " is one of the truths.So if you have money to be spent, strong mind to accept losses, continue Day trading but not to recover losses!But as you have aptly observed, when your job do not allow you to concentrate on the terminal/position, better leave it. Enjoy your life. Enjoy your job.Enjoy your family life. One can always make money thru other avenues.Without day trading also people can live.
ssr

Well said sunkesrao ji but there is another aspect to this, one can move in higher time frames if the time availability is less during the day. While day trading we keep ourselves limited to 2 min, 5 min or may be 30 mins time frame so one has to check the data every 2 mins, 5 mins or 30 mins when there is formation of next candle.
I'll try to move in to higher time frame i.e. End of Day so i can manage check for quotes twice or thrice a day.
I am deciding my strategy and soon i'll be posting my strategy in the posts reserved above. Just what do i want to do is strictly follow my system and not to deviate from it, profits will automatically follow. :clapping:

Regards

Loser Anonymous

 

[columbus]

Well said sunkesrao ji but there is another aspect to this, one can move in higher time frames if the time availability is less during the day. While day trading we keep ourselves limited to 2 min, 5 min or may be 30 mins time frame so one has to check the data every 2 mins, 5 mins or 30 mins when there is formation of next candle.
I'll try to move in to higher time frame i.e. End of Day so i can manage check for quotes twice or thrice a day.
I am deciding my strategy and soon i'll be posting my strategy in the posts reserved above. Just what do i want to do is strictly follow my system and not to deviate from it, profits will automatically follow. :clapping:

Regards

Loser Anonymous

I found 3min Time Frame as the best.Of course not after 2 PM.I use 5 min
then.

 

[timepass]

....because i hold on to my losing positions in hope and i forget my system when my emotions are heavy on me.

Now I know why I am in profits till 12.30-1 and lose double of that by 3.30

:thumb:

 

[looser]

Well said sunkesrao ji but there is another aspect to this, one can move in higher time frames if the time availability is less during the day. While day trading we keep ourselves limited to 2 min, 5 min or may be 30 mins time frame so one has to check the data every 2 mins, 5 mins or 30 mins when there is formation of next candle.
I'll try to move in to higher time frame i.e. End of Day so i can manage check for quotes twice or thrice a day.
I am deciding my strategy and soon i'll be posting my strategy in the posts reserved above. Just what do i want to do is strictly follow my system and not to deviate from it, profits will automatically follow. :clapping:

Regards

Loser Anonymous

A Bird's eye view to a Bull's eye by tnsn2345 has quoted the beautiful lines:

"I am like a baker, baking breads to cakes, to cookies in different ovens, and for different baking products, you need different temprature and time settings, I just need to open and check those ovens at those set time and not in between. As such when the timer of different oven stops as per what is being baked inside, i.e. end of my holding period, I exit automatically."

 

[looser]

I found 3min Time Frame as the best.Of course not after 2 PM.I use 5 min
then.

Ya what i meant was if one trader is trading in "N" min time frame, then this trader should re-evaluate the market prices and positions after every N minutes when there is a formulation of new candle and all the indicators/ parameters have attained new value as per the changed position. (N can be 1,2,3, 5, 30,60 in ur case it is 3 before 2PM and 5 After 2.00 PM). Now if one is trading in EOD charts then he is required to check price action atleast once daily to evaluate the latest position.:thumb:

Regards

Loser Anonymous

 

[akrsrivastava]

My purpose of calling myself looser is very simple and straight forward. It will keep me reminding that i as a human being will be falling in pit of emotions (greed fear etc.) It will remind me that i am not above markets when i m making profits, i still can repeat my mistakes. By nature i am a looser because i hold on to my losing positions in hope and i forget my system when my emotions are heavy on me.

You are in good company. Dr. Alexander Elder in his book "Trading for a living" has written that Every morning before trading I sit in front of the quote screen in my office and say: "Good Morning,my name is Alex, and I am a loser. I have it in me to do serious financial damage to my account."

 

[looser]

You are in good company. Dr. Alexander Elder in his book "Trading for a living" has written that Every morning before trading I sit in front of the quote screen in my office and say: "Good Morning,my name is Alex, and I am a loser. I have it in me to do serious financial damage to my account."

the question is not just reading but following!

so just trying to follow.

 

[AW10]

Looser. Appreciate that you are taking steps to change yourself and hence your trading.
First step in changing our behaviour is to realise the need of it.

I have few observations hence just sharing my views on few posts from Looser.

I am here to record my emotions before and after the trade so that at the end of one year of my trial period i should be able to pin point my weakness and strengths and decide weather i should continue or not (I take this period from 01-04-2011 to 31-03-2012).

Are you really going to wait for 1 year to figure out that things are working or not for you ? If I understand is correctly, then u want to see yourself of +ive track as soon as possible and in 1 yrs time u want to see +ive results. Imo, you should have less frequency to evaluate if you are going on right track or not.. maybe weekly/monthly specially when u are working on a Change. Once well settled, then for monitoring purpose yearly freq could be enough.

Few other views
1) The most important factor in Trading is YOU. so work on Trader YOU, Try to change yourself by doing what successful trader would do. It is tough mental battle, so you would better of addressing psychology part along with all other parts.
2) your id and constant reminder of being Looser.. is feeding to your subconscious mind that you are looser.. it is -ive trading or success behaviour. Some of us may find it motivating or get push from -ive feedback.. but for majority, +ive inforcement of right msg makes the change easy. If you want to come out of loosing streak, then that is what u shd be telling your subcons mind.. i.e. I was looser, but will be winner cause I am taking right steps to become a winner.
3) Your trading strategy - trend following is one of the biggest myth of trading to me. Market spends more time in range than it does in trend.. so focus on getting range bound strategy. When mkt breaks a range, it jumps in another higher /lower range which trend follower calls a trend. but the reality is withing fraction of seconds, you have jumped into another rangebound mkt. Trend following strategy typicaly talks about exit on trailing stops and hitting the home run. They have low success rate.
So IMO, when u are trying to gain confidence, gain +ive trading experience, better to forget trend following and focus on range trading, buy at support, sell at resistance, and avoid the middle. Exit at target. Even if makret goes beyond your target, it is fine cause you are not proving here to anyone that u got out at the max of the wave, but you are here to make CONSISTANT money. Hitting the targets will get u consistency and will work wonderfully on your trading psychology.
You can always keep hitting the homerun / following the trend etc for later stage.
.
Hope this helps.

 

[looser]

Looser. Appreciate that you are taking steps to change yourself and hence your trading.
First step in changing our behaviour is to realise the need of it.

I have few observations hence just sharing my views on few posts from Looser.


Are you really going to wait for 1 year to figure out that things are working or not for you ? If I understand is correctly, then u want to see yourself of +ive track as soon as possible and in 1 yrs time u want to see +ive results. Imo, you should have less frequency to evaluate if you are going on right track or not.. maybe weekly/monthly specially when u are working on a Change. Once well settled, then for monitoring purpose yearly freq could be enough.

Few other views
1) The most important factor in Trading is YOU. so work on Trader YOU, Try to change yourself by doing what successful trader would do. It is tough mental battle, so you would better of addressing psychology part along with all other parts.
2) your id and constant reminder of being Looser.. is feeding to your subconscious mind that you are looser.. it is -ive trading or success behaviour. Some of us may find it motivating or get push from -ive feedback.. but for majority, +ive inforcement of right msg makes the change easy. If you want to come out of loosing streak, then that is what u shd be telling your subcons mind.. i.e. I was looser, but will be winner cause I am taking right steps to become a winner.
3) Your trading strategy - trend following is one of the biggest myth of trading to me. Market spends more time in range than it does in trend.. so focus on getting range bound strategy. When mkt breaks a range, it jumps in another higher /lower range which trend follower calls a trend. but the reality is withing fraction of seconds, you have jumped into another rangebound mkt. Trend following strategy typicaly talks about exit on trailing stops and hitting the home run. They have low success rate.
So IMO, when u are trying to gain confidence, gain +ive trading experience, better to forget trend following and focus on range trading, buy at support, sell at resistance, and avoid the middle. Exit at target. Even if makret goes beyond your target, it is fine cause you are not proving here to anyone that u got out at the max of the wave, but you are here to make CONSISTANT money. Hitting the targets will get u consistency and will work wonderfully on your trading psychology.
You can always keep hitting the homerun / following the trend etc for later stage.
.
Hope this helps.

Thanks bro for guiding me, I'll keep evaluating myself each day and i'll try to improve myself with each passing trade. I have read your thread Low risk options in great detail and i found it too good.

just keep me guiding

Thanks and regards

 

[dhanya_alapatt]

Looser. Appreciate that you are taking steps to change yourself and hence your trading.
First step in changing our behaviour is to realise the need of it.

I have few observations hence just sharing my views on few posts from Looser.


3) Your trading strategy - trend following is one of the biggest myth of trading to me. Market spends more time in range than it does in trend.. so focus on getting range bound strategy. When mkt breaks a range, it jumps in another higher /lower range which trend follower calls a trend. but the reality is withing fraction of seconds, you have jumped into another rangebound mkt. Trend following strategy typicaly talks about exit on trailing stops and hitting the home run. They have low success rate.
.
Hope this helps.

Hi AW10,
Cn u give some more info bout market range and range bound strategy.How to calculate or detect these ranges...

Thanks You,