Comments on: Big Loss http://www.uglychart.com/2006/06/09/big-loss/ Beauty is in the eye of the shareholder Tue, 07 Oct 2008 15:27:26 +0000 http://wordpress.org/?v=2.6.1 By: ugly http://www.uglychart.com/2006/06/09/big-loss/#comment-1179 ugly Tue, 08 Aug 2006 14:20:27 +0000 http://www.uglychart.com/2006/06/09/big-loss/#comment-1179 sorry to hear that Ellen. good luck sorry to hear that Ellen. good luck

]]> By: Ellen http://www.uglychart.com/2006/06/09/big-loss/#comment-1171 Ellen Tue, 08 Aug 2006 02:28:38 +0000 http://www.uglychart.com/2006/06/09/big-loss/#comment-1171 I feel your pain believe me. I have lost more money this year and I am about to find myself a regular 9-5 job. This has to be some of the hardest markets to make money in. I hope you have made up your losses, I don't think that I will be able to... I feel your pain believe me. I have lost more money this year and I am about to find myself a regular 9-5 job. This has to be some of the hardest markets to make money in. I hope you have made up your losses, I don’t think that I will be able to…

]]> By: uglychart.com » Blog Archive » June Review http://www.uglychart.com/2006/06/09/big-loss/#comment-914 uglychart.com » Blog Archive » June Review Fri, 30 Jun 2006 20:27:48 +0000 http://www.uglychart.com/2006/06/09/big-loss/#comment-914 [...] Despite two breaches in my system, June was a good month. I was up about 40R: The 29th trade and the 59th trade represent whole days where I overtraded and did not follow my system. I do not include each separate trade in my journal for these days (because there are so many trades and I’m not following my system) so I include them as one trade and I compute the R value based on my average R for the month. So that is why I say I was up “about” 40R, because there is estimation involved with these two days. Despite all the R, my account was only up 18%. I know I know, 18% is pretty good. But I had planned on my average R being 1.2%. It turns out it was only 0.6%. And I have to figure out why that happened and what I can do to change it. If I had used 1.2%, I’d be up 36% instead. Some of the reasons I used less of an R were: 1) I thought the market direction was questionable and so I wanted to lessen my risk, 2) I didn’t have confidence in shorting and so I lessened my risk, 3) my math is bad and I figured the wrong position sizes, 4) I overestimated slippage and underestimated liquidity, and 5) some bars were so narrow that I was afraid to buy so many shares. My first reaction to all of this was that I would increase my R and this would hopefully increase my average R. But I think instead that I will put more effort into buying enough so that I am risking enough. My goal for July is to bring my average R up to 1%. I attribute a lot of my success this month to meditating for 30 minutes every morning before the market opens. My worst day was a day that I overslept and didn’t have time to meditate. It has also helped me in other ways besides trading. I feel more content and have less temper. I also attribute the success of this month to the fact that I was using 30-minute candles, which did not allow me much opportunity to overtrade. Also, I put a lot of effort into looking for very narrow bars. I am on vacation until the 10th. The new all-time highs/lows will continue to post as usual. [...] [...] Despite two breaches in my system, June was a good month. I was up about 40R: The 29th trade and the 59th trade represent whole days where I overtraded and did not follow my system. I do not include each separate trade in my journal for these days (because there are so many trades and I’m not following my system) so I include them as one trade and I compute the R value based on my average R for the month. So that is why I say I was up “about” 40R, because there is estimation involved with these two days. Despite all the R, my account was only up 18%. I know I know, 18% is pretty good. But I had planned on my average R being 1.2%. It turns out it was only 0.6%. And I have to figure out why that happened and what I can do to change it. If I had used 1.2%, I’d be up 36% instead. Some of the reasons I used less of an R were: 1) I thought the market direction was questionable and so I wanted to lessen my risk, 2) I didn’t have confidence in shorting and so I lessened my risk, 3) my math is bad and I figured the wrong position sizes, 4) I overestimated slippage and underestimated liquidity, and 5) some bars were so narrow that I was afraid to buy so many shares. My first reaction to all of this was that I would increase my R and this would hopefully increase my average R. But I think instead that I will put more effort into buying enough so that I am risking enough. My goal for July is to bring my average R up to 1%. I attribute a lot of my success this month to meditating for 30 minutes every morning before the market opens. My worst day was a day that I overslept and didn’t have time to meditate. It has also helped me in other ways besides trading. I feel more content and have less temper. I also attribute the success of this month to the fact that I was using 30-minute candles, which did not allow me much opportunity to overtrade. Also, I put a lot of effort into looking for very narrow bars. I am on vacation until the 10th. The new all-time highs/lows will continue to post as usual. [...]

]]> By: uglychart.com » Blog Archive » Rules were made to be broken? http://www.uglychart.com/2006/06/09/big-loss/#comment-858 uglychart.com » Blog Archive » Rules were made to be broken? Wed, 21 Jun 2006 02:57:56 +0000 http://www.uglychart.com/2006/06/09/big-loss/#comment-858 [...] The most difficult part of trading is the struggle to control yourself. It doesn’t seem like it would be hard to follow simple rules, but it turns out to be extremely difficult. I am not sure exactly why it is so hard - I am trying to figure this out. Today I overtraded and broke my rules again and lost more money than I should have. And I did this less than a couple of weeks after I swore never to do it again. Part of the reason is that I was in profit and comfortable, so I was not as careful as I should have been. A lot of the reason is just carelessness. I just broke a rule without hardly thinking about it. And this made it very easy to continue breaking rules. Suddenly, all rules are being broken and I know it. But it is very hard to stop once you get going. It is a mess. It looks bad. It feels bad. I’m embarrassed to admit it. I’m ashamed. It gets me down at around 4pm when the market closes. It’s like waking up the morning with a hangover, realizing mistakes you made the night before. You feel horrible. But after an hour of thinking about it and developing a plan to make sure it doesn’t happen again, I pretty much get over it. I try to beat myself up enough so that I learn as much as I can about it, but not enough to affect my trading or life. But if this continues, I may have to take some time off and seriously consider what is wrong. [...] [...] The most difficult part of trading is the struggle to control yourself. It doesn’t seem like it would be hard to follow simple rules, but it turns out to be extremely difficult. I am not sure exactly why it is so hard - I am trying to figure this out. Today I overtraded and broke my rules again and lost more money than I should have. And I did this less than a couple of weeks after I swore never to do it again. Part of the reason is that I was in profit and comfortable, so I was not as careful as I should have been. A lot of the reason is just carelessness. I just broke a rule without hardly thinking about it. And this made it very easy to continue breaking rules. Suddenly, all rules are being broken and I know it. But it is very hard to stop once you get going. It is a mess. It looks bad. It feels bad. I’m embarrassed to admit it. I’m ashamed. It gets me down at around 4pm when the market closes. It’s like waking up the morning with a hangover, realizing mistakes you made the night before. You feel horrible. But after an hour of thinking about it and developing a plan to make sure it doesn’t happen again, I pretty much get over it. I try to beat myself up enough so that I learn as much as I can about it, but not enough to affect my trading or life. But if this continues, I may have to take some time off and seriously consider what is wrong. [...]

]]> By: Crazy Jim Smith http://www.uglychart.com/2006/06/09/big-loss/#comment-816 Crazy Jim Smith Mon, 12 Jun 2006 05:26:56 +0000 http://www.uglychart.com/2006/06/09/big-loss/#comment-816 I have added your site to my blogroll so amybe that will make you feel a little better. If it doesn't then go have a look at my portfolio's. LOL! I that looking at how bad they are doing will defenitely make you feel better. On a final note I am starting to feel very bearish. This whole inflation thing is really starting to get traction! By the way I am in Sydney and focus on Australian Stocks. I have added your site to my blogroll so amybe that will make you feel a little better.

If it doesn’t then go have a look at my portfolio’s. LOL!

I that looking at how bad they are doing will defenitely make you feel better.

On a final note I am starting to feel very bearish. This whole inflation thing is really starting to get traction!

By the way I am in Sydney and focus on Australian Stocks.

]]> By: Babak http://www.uglychart.com/2006/06/09/big-loss/#comment-813 Babak Sun, 11 Jun 2006 01:12:47 +0000 http://www.uglychart.com/2006/06/09/big-loss/#comment-813 Ugly, I'm sorry to hear that. I hope you don't feel too impacted by yesterday. If you do, <a href="http://tradersnarrative.com/how-exactly-are-you-supposed-to-get-over-it-319.html" rel="nofollow">give this a whirl and let me know if it helped</a>. Cheers Ugly, I’m sorry to hear that. I hope you don’t feel too impacted by yesterday. If you do, give this a whirl and let me know if it helped. Cheers

]]> By: Tom http://www.uglychart.com/2006/06/09/big-loss/#comment-812 Tom Sat, 10 Jun 2006 21:15:55 +0000 http://www.uglychart.com/2006/06/09/big-loss/#comment-812 Ugly, remember what Andy Grove said? Something about "the paranoid survive", maybe a good dose of paranoia will stop you from getting comfortable. In my case, too much paranoia handcuffs me into not taking opportunities! Ugly, remember what Andy Grove said? Something about “the paranoid survive”, maybe a good dose of paranoia will stop you from getting comfortable. In my case, too much paranoia handcuffs me into not taking opportunities!

]]> By: ugly http://www.uglychart.com/2006/06/09/big-loss/#comment-811 ugly Sat, 10 Jun 2006 19:29:03 +0000 http://www.uglychart.com/2006/06/09/big-loss/#comment-811 Thanks, guys, for the comments and support. It was one of my worse days, but I am still in profit for the month. It was a poor showing and dumb trading, but I've been thinking it over a lot. I think a day like this shocks me back into control - but for how long? Until I become comfortable again? I always start the month strong because I have no profits to fall back on, but then I have a pattern of losing a lot of those profits in the middle of the month. Maybe it would be a good idea for me to trade each day as if it were the first of the month. Anyway, I am feeling more ready to trade without emotion - like a <a href="http://www.uglychart.com/lessons-of-the-stock-market-samurai" rel="nofollow">samurai</a> - on Monday and next week. Thanks, guys, for the comments and support. It was one of my worse days, but I am still in profit for the month. It was a poor showing and dumb trading, but I’ve been thinking it over a lot. I think a day like this shocks me back into control - but for how long? Until I become comfortable again? I always start the month strong because I have no profits to fall back on, but then I have a pattern of losing a lot of those profits in the middle of the month. Maybe it would be a good idea for me to trade each day as if it were the first of the month.
Anyway, I am feeling more ready to trade without emotion - like a samurai - on Monday and next week.

]]> By: John http://www.uglychart.com/2006/06/09/big-loss/#comment-810 John Sat, 10 Jun 2006 16:04:06 +0000 http://www.uglychart.com/2006/06/09/big-loss/#comment-810 I can't remember who said it, but they say we are never as bad or as good as we think we are. You have a system that has consistently produced profits. You wil be alright over the long term. I can’t remember who said it, but they say we are never as bad or as good as we think we are.

You have a system that has consistently produced profits. You wil be alright over the long term.

]]> By: Zoomie http://www.uglychart.com/2006/06/09/big-loss/#comment-809 Zoomie Sat, 10 Jun 2006 16:00:56 +0000 http://www.uglychart.com/2006/06/09/big-loss/#comment-809 I was caught on the wrong side of the market Friday too. I spent the rest of the day trying to make up for my losses, didn't work. Lesson learned, not for the first time unfortuneately.....ouch. I was caught on the wrong side of the market Friday too. I spent the rest of the day trying to make up for my losses, didn’t work. Lesson learned, not for the first time unfortuneately…..ouch.

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