This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
So you thought I was a clown a few days ago? Today I was Chuckles McGuffaw the 3rd, Chief Clown and Grand Jester of the Market Clowns Union, M.C.U. No. 1337.
I had the day off today, and I had a couple of hours around lunchtime. I started scalping RIMM, and ended up making 16 scalps, moving over $200,000 of stock. End result: -$33 on the positions, and then $32 in commissions for about -$65 down, or roughly 6% of my current account balance. Yet again, I prove to myself that I have no business away from the 15 min chart and defined setups. Scalping also invariably loses me money. It’s comical how many times I pay for the same lesson. I did do better this time than I ever have before, though. At least I’m improving. :)
it looks to me like you’re going to have to figure out how to scalp! u r obviously drawn to quick action, and multiple trades…u may do better now on the larger time frame, but your personality seems better fitted to what u keep doing, over and over again
this goes against everything that most people will tell u, but i believe it…maybe, more research into finding a method that u can master, in the scalping arena, is in order…u can’t fight the laws of nature
i’m not even sure if scalping is the answer for you, but i doubt it lies in the larger time frames (for u anyway)…then again, maybe one day, u will be able to resist making multiple trades
gl
Hey Prospectus. Here’s how I see it.
WAKE UP!
Either you want to succeed or you don’t. You’re acting like someone who doesn’t want to succeed. No good business runs like you run your trading business. It’s like if a guy opens a seafood restaurant, but then at the grand opening decides to serve barbecue instead, even though he knows his barbecue sucks. No one that wants to make money does that! It shouldn’t matter how much he wants to make barbecue that day… a successful business executes a plan, delivers on promises, is skillful at what it does, etc.
It doesn’t even matter if the barbecue turns out awesome that day, because when the customers come back for more, he is now running a deli (with that same seafood sign out front). So, for months on end, he writes these amusing entries on the “move that food” blog, where he says “I screwed up again… I’ve never made a good egg drop soup, but I decided to convert from a burger joint to a chinese take-out joint. I’m just glad my wife hasn’t noticed the waffle irons I ordered yet!”
If you met that restauranteur, would you tell him to keep going, or would you tell him to quit? It’s risky enough running a business without the owner flailing around, in secret, for no reason.
People like Tyro and the highchartpatterns.com folks and 00NR7 and others have been giving you pretty good advice in my opinion, but you systematically ignore it. How is what you’re doing now any different than August? If you look at Shelly’s recent 7 or 8 lesson posts at the http://eotpro.typepad.com/ blog, it’s all laid out for you regarding how to get into trading (one method, anyway). It boils down to: pick a market, a timeframe, and a strategy, then practice your plan, then execute your plan. It’s really that simple. Wouldn’t you rather be profitable at one thing in a few months, than unprofitable at everything in a few years?
I like posts by struggling traders because I want to show people that it’s a rough game. I wish more beginning traders would join us here. But Move the Markets is not a Comedy/Emo blog. I think it’s time you start showing some professionalism. Don’t you? If you can’t follow a plan, you can’t run a business. And if you can’t run a business, you can’t run a trading business.
Hi pro,
I saw where you were trading rimm on wallstreak. I would sugest you look at the bigger picture when scalping. The area was a congestion point/conslidation. The highest probability trade occured after the breakdown and retest of this area. This also was consistant with the overall market at the time. Rimm can also be a hard stock to scalp if you are trying to keep your stops tight, it can run but it trades loose most the time. Go over some charts this weekend and mark all the Higher highs, Higher lows, lower highs, lower lows, and look at the structure.
Cheers
richard: i’m not saying that your advice is wrong…i would only add that this is the process most people go through…somehow, u have to fit a trading style to your personality…maybe he needs to try different cooking styles at home (paper trade), and see what fits his temperment, knowledge base, and overall view of the market
btw, my advice is coming from someone who only recently turned his trading around…i also experiment with different charts, settings, and indicators to see if i can get something i didn’t have before…richard, is the only consistent trader (over long periods of time) on this site, so i yield to him…actually, he’s one of the few bloggers that’s consistently profitable that i know of…however, he did it by following what was in him, and not following the crowd…he also didn’t jump from one system to another (like you and me)…but i don’t know how else u will find a trading style that suits u, unless u look around
Yeah, try new things, sure. I agree with you 100%, that if a person is drawn to scalping then that’s probably where they should be looking for their strategy. But, look for it, research it, and have an actual strategy that you believe in. Then follow that plan, and monitor your success and failure. Prospectus isn’t trying new methods… he frequently complains that he has no method at all except “what looks good” (as recently as the 6th he said just that).
Most recent of many inconsistency examples: On the 10th, Prospectus said “I committed myself back to the 15′ timeframe” and talked of dummy/trader-x setups. Then on the 11th he posted everything from scalps on 3-minute charts to overnight-hold plays. That’s not trying new things, or testing the waters. That’s floundering, and a complete lack of discipline. If a person wants to play in the markets as a fun thing to do, then this is fine. But if they are making all these emotional “trading is my secret dream” posts, then they need to get their act together, in my opinion.
richard: absolutely…personally, i think prospectus follows what others tell him too much…if a trader in wallstreak is having success, he follows them…then he follows another…i was trying to get him to follow what his own tendencies would indicate whether they worked for others or not…your last comment nails it…research it, test it, and monitor success/failure
here’s another unpopular opinion…stay away from wall streak if it has an undo influence on u…i know u like the comraderie, but if it influences your style (or really influences u to constantly change methods), then its not good …when i started trading futures, and broke away from the dummy/x style, i quit blogging…i didn’t want people looking at every mistake i made, and tell me how they do it…or that futures couldn’t be done, or my time frame was too small…i had a goal in mind, and went for it…it wasn’t that i couldn’t take the criticism, it was the fact that i had a goal in mind, and wanted to achieve it…i didn’t need people 2nd guessing every move i made…i also didn’t have the confidence at that time to stand up to it…I ALSO QUITE READING BLOGS FOR SEVERAL MONTHS…i only read blogs (besides this one) of traders who were also attempting futures…i wanted to see if they had found something that i could glean from to become profitable…i finally ended up paying for a course that i thought may have been just the same old recycled…to my surpise, it wasn’t…it turned out quite well…if u desire to be a sclaper, then quit reading how traders use the 15′ time frame…their influence is unduly strong, and it won’t help your trading…as richard says, pick a style, market, and time frame…then only read stuff that will help u towards that goal…leave out the rest since it will just muddy the waters
richard: totally agree with everything you said. Pro, you’re addicted to trading. Like a junkie looking for his/her next fix, you look for the next tip to magically ‘turn things around’. And if it doesn’t then you look somewhere else. You have no focus. And your lack of discipline – while understandable at first – is downright annoying right now. After initially offering a helping hand.. you thought you had my ’system’ all figured out within a day then started trading the following day (which didn’t resemble my trading at the time). I subsequently refused to respond to your posts as it just didn’t seem like you’re capable of following a system for any period of time. As Richard said, if you’re doing this just for fun… then have at it, we’ll enjoy your posts. But if you want to become a successful trader then I think you need to get serious about it.
I’m humbled. Richard and 00NR7, you are both so right. If I don’t take my trading seriously, I risk alienating everyone who has ever taken an interest in my trading (and it appears I already have). Plus I have no chance to ever succeed as a professional trader. I’m not treating it as a business. I wouldn’t give my money to someone running a fund who acts like me. I like to think that if I were trading $100k+ and my family’s livelihood was on the line that I would really crack down on risk and discipline. I haven’t shown any signs of that in trading my small account, though.
I apologize for taking everyone’s help for granted, especially you, 00NR7. I’m really good at making and breaking promises to myself, but I never considered how I was treating all of the people who have invested themselves in helping me with my trading. I take how I impact others very seriously, and I regret my actions.
prospectus: this is what i’m saying…who cares if u alienate richard or 00NR7…find the sytem that’s right for u, and trade it…u don’t even know these people in “real life”
how are u treating anyone? why r u apologizing? pick a system and trade it…the only person suffering is u…so what if anyone who reads your posts is annoyed…that’s why i said u should stay away from wall streak, and probably blogging…u allow others opinions to matter too much!
no offense Mr. ‘Name of the Week’… but I think it’s time some folks around here spoke straight from the hip instead of the usual ‘hey, that’s ok… you’ll figure it out soon… keep your chin up’ comments. I personally don’t care how many styles he chooses as long as understands and researches each one and then implements them with discipline. All I ever hear is people saying find a system that fits your personality… how vague is that??? How about find a system that creates high-probability trades. He’s a grown man. He doesn’t have to listen to me, Richard or Mr. ‘Fill in the Blank’. However, if you think my advice should be tossed aside then I’m pretty sure you’d like Prospectus to continue down the path he’s currently on. I didn’t write my comment to Pro. looking for an apology as I wanted it to provide a little kick in the ass. Some ‘real’ talk helps.
White Folks is right; I don’t think anyone wants an apology. If you really regret your actions, then take different actions in the future. If you don’t, then that’s fine too. I am done hosting these confessional pleas for sympathy, though. If these posts were going to help you make progress, then they would have by now. I’ve come to the conclusion that they are actually holding you back. This is a blog for serious traders of all levels, so make all the mistakes you need to, but burn your Market Clown Union membership card.
00NR7: if u can’t stick with a system, it probably doesn’t fit u…if it doesn’t, u will never stick to it…i may be wrong…real talk does help, and i didn’t discount your advice…he’s constantly trying to please everyone…i’m just pointing out something that is just as destructive…you’re right, he’s a grown man!
actually, i don’t want him to continue down that road…that’s why i said he needs to get away from blogging, and the rest of this bullshit, and find something that he can follow…i know u and richard aren’t looking for an apology, and i’m not even sure why he gave one…if he followed u, or richard, or trader-x, or maoxian, he would be in business…however, he can’t stick to it, so that in itself is probably telling him something…maybe its telling him he should quit, as some of suggested, or maybe he hasn’t found what’s right…geez, he’s only lost a tiny fraction of what most people lose going through this process…so what? i think he needs to be a man, and quit looking for the approval of bloggers, no matter how successful they are
believe it or not, there was no sleight directed to u or richard (both successful full-time traders)…i don’t even mean anything disparaging to prospectus…i am just telling him somthing that i think is necessary (right or wrong)
-Mr. Name of the Week :-)
I had my gloves on man!!! And I agree with everything you wrote. Bottomline: No matter what system you use… you need to be committed to it and understand it before coming to the realization that it’s not for you. It’s time-consuming indeed, but it’s really the only smart way to learn how to trade proficiently. If anything, Pro’s honestly should be commended. It takes a lot to put yourself out there but I just hope he can find something that sticks.
@ White Folks: Thanks for the advice. I’ll find the style for me out there. And I am way too spineless and wishy-washy. In all areas of my life.
@ Richard: Understood. No more emo from me.
@ 00NR7: Thanks for the real talk and the kick. I needed one.