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Showing content with the highest reputation on 01/23/2019 in Posts

  1. 2 points
    No disrespect to Douglas (R.I.P.), but that whole energy into beliefs/attitudes was pseudoscience lol. Dr. Brett Steenbarger's book is a practical self-help guide on how to develop good habits and break bad ones. It can be used to help instill the "functioning in probabilities" mindset. Going back to what Kurt said: bring your share size down to a level which you are comfortable with the loss. For some people that may be 1 share. Conduct Douglas' 20 trade exercise as many times as required to convince yourself that the math checks out. When you witness the probabilities working in your favor with 1 share, do it with 10. Then 20, then 50, 100, etc. You have to experience the powerful results for yourself in order to truly believe and function in probabilities. I've had 10 trade win streaks. 12 trade losing streaks. None of this matters when we're in it for the long run. Last week I was green with less than 50% accuracy. Why? Because probabilities and risk management! If I offered to play a game where you guess the outcome of a coin toss. Each time you're right, you get $2. Each time you're wrong, you pay me $1. Would you get upset each time you're wrong? No! You would tell me to hurry the heck up and flip the damn coin. Take your setups and patterns with this mindset. Avoid everything else that doesn't meet your trade criteria. Let the beauty of mathematics play themselves out.
  2. 1 point
    In DAS free trial market data is real-time ONLY for Nasdaq Exchange (Q) stocks but delayed for all other exchanges.
  3. 1 point
    Tommy, I am 100% ok with all feedback and comments. I definitely need to work on my emotions with the newborn. This morning I was frustrated with the lack of sleep and I shouldn't have traded today. I knew it before I started, but I went ahead and traded anyways. This was a big mistake and will be a thing that I check daily. As far as the larger stocks go, I do adjust my share size accordingly. If I can tolerate a $30 loss then I will take 100 shares of AAPL which a normal large move could be 30 cents in a minute which is my $30. If I am trading MU I will take maybe 300 shares because I normal large move will be 10 cents in a minute. Both of these trades will give me $30 loss on large normal move as long as I stop out appropriately. ( I just need to make sure I stop out! ) As far as my weakness go, I do track them in a journal, and I do need to tackle them one by one. I was taking an approach to fix it all at once, but it becoming clear that it hasn't been working and I need to go problem by problem. I do keep track of a journal, I use tradervue and they allow you to tag trades. For instance some of my tags are double down, broke stop loss, gambling. I can search by tag and see how much in $$ each problem is costing me. What I plan to start doing going forward is to open up my tags every morning before I trade so I can see that doubling down has cost me $XXX, breaking my stop loss cost me $XXX and so on. I haven't been doing a good job of holding myself accountable and I think reminding myself each morning that I have loss $1000s on these problems could point me in the right direction. Mike, I do remember the Yelp trade and I have to say that doubling down on my losers has become a really big problem for me. I had to add DAS Risk controls to auto stop if I go to $90 loss on a trade. This should prevent the big big meltdowns. I have had a few of them. I also unfortunately have a set of rules in my head for what to do if I have added to my losing positions. I must stop out at break even or near break even for a small loss if there is a clearer exit point. There have been times, where I have turned losers into winners. I have had trades where I have significantly passed my max loss and had those turn into winners. It isn't a good feeling either way. Doubling down is my biggest problem and I have had many days ruined by one bad trade that I couldn't/wouldn't get out of. The doubling down issue, wasn't a problem until a few months after going live. I never did it in sim, but once I did it once or twice live, and it turned a losing trade into a break even/winning trade, I couldn't stop it. I know its wrong, and not a successful habit to have while trading, but it is a newer problem that I am working on removing. I am obviously an overtrader, so when I first started trading, I would quickly get out of the trade, knowing that I could reenter when the stock presented another opportunity. I had no issue with breaking my stop loss, or doubling down. When I went to correct my overtrading habit, by placing a total trades limit for the day, that is when these habits came up. At the time, my thinking was that this is one of my X trades for the day, so I didn't want to stop out early, or let a trade go to waste. I sat in the losing trades or even worse, I added to them. I decided to get rid of the total trade limit in a day rule but I carried the stop loss breaking and doubling down habits with me. I have a hard time accepting a losing stock, and that I think is the next piece of the puzzle for me. I need to accept that losing is going to happen and that it is normal to have a loser. Nobody is batting 1.000. It is normal to be wrong, and that I'm not going to win every trade. When I can accept losing, I then can accept stopping out appropriately and not adding to a loser. I can let the losers be losers and move on.
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