Wednesday, October 26, 2005
10/26/05 Fooser
I've been trading with Fooser and Friends chat room for 2 days and I am up almost $700. I have been very diligent to follow his trades or his trades modified by my tick entry or tech analysis. I did several things wrong today but was able to trade my way out of them. I really need to wait for better setups rather than jumping the gun. Yes, I may trade less often but they will be better quality trades. My management has improved greatly. I did several things correctly, including not taking a 3 bounce that I knew wasn't going to hold (it didn't) and also exited a short that was inside of a bull wedge with 1/4 point profit before it jumped 3 more points. I am getting better and posting my trades daily is very valuable!
Trader X
Trader X
Monday, October 17, 2005
10/18/05 pivot points
I've calculated pivots points for tomorrow as well.
R2 120150
R1 119775
P 119200
S1 118825
S2 118250
I calculated these by hand just to see how Fooser does it. It will be interesting to see if I got it right. I will add these lines on my screen and see just happens when the market gets close to them. I know Fooser trades off of these so I will start to look.
Trader X
R2 120150
R1 119775
P 119200
S1 118825
S2 118250
I calculated these by hand just to see how Fooser does it. It will be interesting to see if I got it right. I will add these lines on my screen and see just happens when the market gets close to them. I know Fooser trades off of these so I will start to look.
Trader X
10/18/05 S/R levels
Here are my Support/Resistance levels for tomorrow.
R. 119775, 119925, 120175
S. 119400, 119075, 118725
I've found a chat room that I've been spending most of my days in. Fooser on PalTalk. He is a great trader and there are a few really good traders in the chat room. They call out there trades live and everyone can trade along. He uses s/r levels and gann levels (which I have no idea what they are, but I'm willing to learn!). Finally, I really think this is going to help my trading to be able to sit next to (metaphorically speaking anyway) and watch this guy trade with explanations of why he is doing what he is doing.
I have been trading the couple of weeks but I have been very selective regarding setups and using more diligence. I am going to try to keep up on this blog more often.
Trader X
R. 119775, 119925, 120175
S. 119400, 119075, 118725
I've found a chat room that I've been spending most of my days in. Fooser on PalTalk. He is a great trader and there are a few really good traders in the chat room. They call out there trades live and everyone can trade along. He uses s/r levels and gann levels (which I have no idea what they are, but I'm willing to learn!). Finally, I really think this is going to help my trading to be able to sit next to (metaphorically speaking anyway) and watch this guy trade with explanations of why he is doing what he is doing.
I have been trading the couple of weeks but I have been very selective regarding setups and using more diligence. I am going to try to keep up on this blog more often.
Trader X
Saturday, October 01, 2005
New rule
I have a new rule for next week. After a losing trade I will do one of several things.
1. Stop trading and play Xbox.
2. Stop trading and lift weights. I need the exercise anyway.
3. Stop trading and watch tv for 1/2 hour
4. Stop trading and watch a movie if I need more time
5. Stop trading and work on a project of which I have many.
6. Stop trading and work on my blog and check email
7. Stop trading and work on converting my old digital video tapes to DVD before my old camera dies!
8. Stop trading and eat (I really don't need to eat more but if it stops me from revenge trading then who am I to judge myself)
9. Stop trading and read a good book. This should be much higher on the list since I have about 2 dozen books I'm reading at any moment.
10. Stop trading and call Rocky or John and just bitch about my last losing trade while losing sight of the fact that I am still up for the day!
11. Stop trading and start writing a book on how to stop trading when you are pissed. I think I like this one the best!
Moral of the story is after a losing trade just stop trading until I clear my head and I'm not pissed off any more!
Got it!
Stop trading!!!!!!!!!!!
1. Stop trading and play Xbox.
2. Stop trading and lift weights. I need the exercise anyway.
3. Stop trading and watch tv for 1/2 hour
4. Stop trading and watch a movie if I need more time
5. Stop trading and work on a project of which I have many.
6. Stop trading and work on my blog and check email
7. Stop trading and work on converting my old digital video tapes to DVD before my old camera dies!
8. Stop trading and eat (I really don't need to eat more but if it stops me from revenge trading then who am I to judge myself)
9. Stop trading and read a good book. This should be much higher on the list since I have about 2 dozen books I'm reading at any moment.
10. Stop trading and call Rocky or John and just bitch about my last losing trade while losing sight of the fact that I am still up for the day!
11. Stop trading and start writing a book on how to stop trading when you are pissed. I think I like this one the best!
Moral of the story is after a losing trade just stop trading until I clear my head and I'm not pissed off any more!
Got it!
Stop trading!!!!!!!!!!!
Special entry... how to make a small fortune in futures
Today's weekend special is how to make a small fortune in the futures market. It is really easy... just start with a large one.
Yes, we've all heard that one before. Not only have I heard it but I've actually tried it. Let me tell you, it works. Guaranteed!
I was reviewing my trades one day and I noticed something.. in fact, I noticed when my worst trades took place. They took place right after I had a losing trade.
You see, after a losing trade I would have a tendency to get pissed off and go into revenge trading mode. I'm sure I've talked about that before in this blog. In fact I know I have. I've read it.
You see after several good trades, all it takes is one losing trade and that is it. I lose it. The first thing I think about is making it back.... and now! I mean right now in the next 2 minutes. What is the logical way to do this.... go from 1 contract to 5 and then bet against the trend (more often than not that's what caused the first losing trade in the first place you see.....) There doesn't even really need to be a decent entry point.. any will do. All I want is only 1-2 points. That's all I need to get back to breakeven or even more $... Oh boy, wouldn't that be nice. More money.
OK, back the first 5 contract bet (that's what it really is since the odds are against me from the start). Once the chips are placed and the trade starts going against me I will add another 5 just because the market can't possibly go any more. It won't go through the next support level. It's already blown through where I would have normally put my stop loss right? About that same place where I usually get stop out and then the market reverses so I will add another 5 on because the market is going to turn. It has to. Right?
No.
It doesn't. In fact I can guarantee that it doesn't have to turn... not until I add another 10 contracts on for a total of about 20 contracts.
Yes, 20 contracts because when this baby turns I will make it back in only 1/2 the time! Oh yeah, I mean real money. Forget about just breaking even! Hell with chump change. I'm talking real money now. Oh yeah baby... real money. Baby needs a new pair of shoes! Red velvet at that!
Ok, so it is bouncing off the next support level, but it will turn right about now. I mean it can't possibly go through this one like the last 2 could it. I'm tempted to add another 10 contracts on but I hesitate only because another 20 would even be better... Yes you heard me.
Another 20. That way I can make it all back and more with only a 25% retracement. Right. If it goes to a 50% retracement then I will make it all back and blow my weekly goal out of sight. I can just sit on my back deck and just surfing the net and playing Xbox all week long since I will have hit my weekly goal, right?
Of course I will. I can see it now. Until....
It goes through the last support and starts falling like a waterfall....... Falling.... falling....falling.
I can't take it. I just lost a months worth of profits on one trade and I'm not a total moron... just 1/2 of a moron. I pull the plug. I get out. I am now flat.
Ha! The market is still falling. I did the right thing! I can't believe it! I actually didn't sell at the bottom. That is until....
The market turns.
Just like I thought it would.
I could have been rich... if I had only held on a little longer.
Damn it! I could have been rich.
OK, I'm buying another 5 now that it has turned around. Yes, 5 more! It's finally turning my way. Oh yeah baby, my way.
Then it turns down again..... it can't do this. I will add another 10, not wait, 20 will make it back faster....................................................
Don't believe it can happen. Believe it.
Trader X
Yes, we've all heard that one before. Not only have I heard it but I've actually tried it. Let me tell you, it works. Guaranteed!
I was reviewing my trades one day and I noticed something.. in fact, I noticed when my worst trades took place. They took place right after I had a losing trade.
You see, after a losing trade I would have a tendency to get pissed off and go into revenge trading mode. I'm sure I've talked about that before in this blog. In fact I know I have. I've read it.
You see after several good trades, all it takes is one losing trade and that is it. I lose it. The first thing I think about is making it back.... and now! I mean right now in the next 2 minutes. What is the logical way to do this.... go from 1 contract to 5 and then bet against the trend (more often than not that's what caused the first losing trade in the first place you see.....) There doesn't even really need to be a decent entry point.. any will do. All I want is only 1-2 points. That's all I need to get back to breakeven or even more $... Oh boy, wouldn't that be nice. More money.
OK, back the first 5 contract bet (that's what it really is since the odds are against me from the start). Once the chips are placed and the trade starts going against me I will add another 5 just because the market can't possibly go any more. It won't go through the next support level. It's already blown through where I would have normally put my stop loss right? About that same place where I usually get stop out and then the market reverses so I will add another 5 on because the market is going to turn. It has to. Right?
No.
It doesn't. In fact I can guarantee that it doesn't have to turn... not until I add another 10 contracts on for a total of about 20 contracts.
Yes, 20 contracts because when this baby turns I will make it back in only 1/2 the time! Oh yeah, I mean real money. Forget about just breaking even! Hell with chump change. I'm talking real money now. Oh yeah baby... real money. Baby needs a new pair of shoes! Red velvet at that!
Ok, so it is bouncing off the next support level, but it will turn right about now. I mean it can't possibly go through this one like the last 2 could it. I'm tempted to add another 10 contracts on but I hesitate only because another 20 would even be better... Yes you heard me.
Another 20. That way I can make it all back and more with only a 25% retracement. Right. If it goes to a 50% retracement then I will make it all back and blow my weekly goal out of sight. I can just sit on my back deck and just surfing the net and playing Xbox all week long since I will have hit my weekly goal, right?
Of course I will. I can see it now. Until....
It goes through the last support and starts falling like a waterfall....... Falling.... falling....falling.
I can't take it. I just lost a months worth of profits on one trade and I'm not a total moron... just 1/2 of a moron. I pull the plug. I get out. I am now flat.
Ha! The market is still falling. I did the right thing! I can't believe it! I actually didn't sell at the bottom. That is until....
The market turns.
Just like I thought it would.
I could have been rich... if I had only held on a little longer.
Damn it! I could have been rich.
OK, I'm buying another 5 now that it has turned around. Yes, 5 more! It's finally turning my way. Oh yeah baby, my way.
Then it turns down again..... it can't do this. I will add another 10, not wait, 20 will make it back faster....................................................
Don't believe it can happen. Believe it.
Trader X
