This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
Here’s some charts of a great short trade Wallstreak user MarketMonk made in PTR:
Daily:
5-min:
He pulled in 8 points there! Nice work.
I got back from my work travel, and I have taken 7 trades in the last two days–6 losses and one (small) win. I continue to trade wrong, be on the wrong side of the market, enter and stop at the wrong places. I’ve failed at following my 7 step plan, since I’m just trading anyway and not working it anymore. On top of it all, changes are happening at my job, and not for the better. This is a pretty low time for me, but don’t try to catch a falling knife–it can always go lower…
I’m going to start to follow my seven step plan again. No trades until I get to that step in the plan. That’s where I’ve gone wrong here.
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
October 16th, 2007 at 8:30 pm
But… why did he take the trade, and how many points did he plan to risk? On the surface, it seems like there are safer approaches than shorting a parabolic $200 stock in the after hours markets. Is there a system of some kind at work?
So, you walked away from your 7step plan, and even traded the big account when your prop account was unavailable. It turns out that it didn’t go very well. Back to the 7 step plan now? :-)
October 16th, 2007 at 8:40 pm
I don’t know anything about the trade other than the charts. MM tells me he is getting pretty consistent with this trading style, and shorting parabolics appeals to me, too. I’d love it if he’d post a comment here describing the whys and hows.
Yes, back to the plan. I think it’s a good plan, and if I really follow it, I’ll come out a better trader. I really am a market addict. I’m actually embarrassed by my repeated public failures in personal discipline. I must look like quite a fool. But I think it’s better to post it and have some accountability than to repeat the cycle forever anonymously with no intervention. Hopefully others can learn from me what NOT to do, even if I don’t really have anything positive to add to the body of trading knowledge.
October 17th, 2007 at 6:27 pm
Pro. you need to do some soul searching. Jumping around from one strategy to another isn’t good for you. I highly recommend you STOP trading and just focus on your real job for now and just paper trade and toggle around with different trading styles and be honest with yourself and see which one fits you. Trading can bring out very destructive habits. You are a winner and winners stick to their plans.
October 17th, 2007 at 7:10 pm
Here, free of charge, is my “7 step plan” for your current predicament.
1. Take $40 from your wife’s wallet.
2. Go to liquor store, buy largest jug of alcohol money will buy.
3. With change, solicit sex from any female that happens to be in the parking lot.
4. Drink entire bottle of alcohol with cell phone handy.
5. Call boss and tell him to “suck it.”
6. Call parents and tell them they ruined your life.
7. Sleep.
While I highly doubt it, I imagine some may disagree with this “plan.” To them I will say, you haven’t been there, fuck off.
-DT
October 17th, 2007 at 7:46 pm
DT: and then light your penis on fire
October 17th, 2007 at 8:45 pm
Or, if you have a female boss, you can combine steps 5 and 3, though this may lead to some hilarious confusion when you tell her to “suck it”
October 17th, 2007 at 9:45 pm
LMAO
Thanks for the humor, Dino! And thanks for the advice, Stewie. That’s exactly what I’m going to do.