Jun 11, 2008

No more posts

Until I have a profitable day again.

12 comments:

Dinosaur Trader said...

Never a bad idea to go on hiatus until your shit comes together again...

Hopefully your hiatus lasts a day.

-DT

Hammer Trader said...

don't worry, you will be back in profit.

Dave said...

I hope to see another really large posts very soon then. ;-)

It's been brutal out there lately, just brutal.

OONR7 said...

I have the opposite of the midas touch lately. Part of it has to do with the choppy nature of the shorter timeframe but the other part is just my system. I'm ok with drawdown periods - I think it's natural - but I've also gone outside of my 'system' as of late and I don't like that.

Gotta get back to what I know.

Anonymous said...

i don't mind waiting

Hammer Trader said...

all traders will have draw down in days if not weeks/months. The key is to do more study / research / back test on the system you are using and find out (if possible) why it's not working for you. Then tune it or keep it and continue with your victory plan.

GT said...

Don't feel bad. I made 13 trades so far this month. And all losers. I am down 7R for the month. Nothing seems to be following thru. Just hang in there. GT

bl said...

Most pts up first 5 min open >$20: cmi cmed ens hdb throw casy ibn bke abi clf fdg kss

PDT said...

Have you thought about trading off of the 15min timeframe to reduce your volatility but also at the same time your potential profit?

From a psychological perspective it may be more "rewarding" to have X small wins instead of 1 big win with X-1 losses.

Like anything else when you are in a losing streak its almost like you set yourself up to lose again because you are so battered. Confidence is off, your mind starts playing tricks on you, etc.

Either way, I'm sure I'll see post quite soon.

Cheers.

OONR7 said...

hammer: you're absolutely right about making tweaks to a system. An overhaul sometimes isn't warranted just a tune up. One of the things I'm looking at is volume on my entry candles. I used to look at it before but decided to stop. However, my method of entry has changed and I think increased volume on reversal plays are important. I still like my nr7 entries to be on reduced volume, though.

OONR7 said...

gt: it's frustrating as hell. A lot of the trades I enter initially go my way only to completely fail shortly thereafter. I don't have enough time to basically partial and limit my losses. It's tough seeing a .75R gain turn into a 1R loss.
I'm not making any radical changes... just looking entering with volume. Let's see how that goes.

OONR7 said...

pdt: I trade off the :15 as well. I completely agree about the small wins and that's how I approach my trading. I don't wait for the big reward I just wait for the nice setup and take what the market gives me. A setup that I'm used to. Now, the setup my indeed be the problem but I need to give it more time before coming to that conclusion.

I've also made some changes to my watchlist selection. I used to discard stocks that gapped the previous day and stocks who's first bar traded against the gap. I'm keeping those now and adding trendline alerts at the ORH/L.

Yesterday I was on the sidelines just to see how my 'new changes' would work out. I passed on QCOM off the 5-min (10:45 bar) which did well; CMED off the 15-min (12pm bar) and EGLE off the 15-min (11:30 bar). These are not trades that I looked back on after market closed... I followed these entries real-time and watched as the all produced decent gains. I think I would have passed on EGLE just because the general market was pretty strong at the moment of entry. It was extremely tough passing on these trades but sometimes it's best just to take a little break to get your mind back in order. A trader is like a shooting guard in basketball... the best way to get out of a funk is to just keep shooting.
My trading will be limited on Friday as well as I have plans but maybe I'll get an early setup.