Comments on: August 2006 Review http://www.uglychart.com/2006/08/31/august-2006-review/ Beauty is in the eye of the shareholder Fri, 21 Nov 2008 03:57:19 +0000 http://wordpress.org/?v=2.6.1 By: ugly http://www.uglychart.com/2006/08/31/august-2006-review/#comment-1390 ugly Wed, 06 Sep 2006 00:41:12 +0000 http://www.uglychart.com/2006/08/31/august-2006-review/#comment-1390 On rules - "I was doing that back in the eighties" - funny stuff. Thanks Vince. On rules - “I was doing that back in the eighties” - funny stuff.
Thanks Vince.

]]> By: Vince http://www.uglychart.com/2006/08/31/august-2006-review/#comment-1388 Vince Tue, 05 Sep 2006 23:45:14 +0000 http://www.uglychart.com/2006/08/31/august-2006-review/#comment-1388 Ugly: Ignore Phil whomever he is - let him blow himself up if he wants - but don't you - it is very obvious that dummy trades are designed to get you into a trade which is looking for continued momentum - it is looking for a short term trending trade which won't agressively test the set up. SO - if the trade loses it's momentum you get out because you did not get what you were looking for. Very simple. KISS. Although new to trading my own money I have been trading since 1973 for an institutional house on Wall St. Yes, there is art and feel to trading but everyone needs a basic guideline - if trading without stops works for one person it doesn't mean it will work for another person - stick to what works for you as I know you will do. There are many professional traders who trade without stops but they are humble enough to know when they are wrong and have the courage to admit it and exit - but again, that is not for everyone. Other people have no right saying what is best for others. Stick to your rules and good luck. Vince Ugly:
Ignore Phil whomever he is - let him blow himself up if he wants - but don’t you - it is very obvious that dummy trades are designed to get you into a trade which is looking for continued momentum - it is looking for a short term trending trade which won’t agressively test the set up. SO - if the trade loses it’s momentum you get out because you did not get what you were looking for. Very simple. KISS.
Although new to trading my own money I have been trading since 1973 for an institutional house on Wall St. Yes, there is art and feel to trading but everyone needs a basic guideline - if trading without stops works for one person it doesn’t mean it will work for another person - stick to what works for you as I know you will do. There are many professional traders who trade without stops but they are humble enough to know when they are wrong and have the courage to admit it and exit - but again, that is not for everyone.
Other people have no right saying what is best for others.
Stick to your rules and good luck.
Vince

]]> By: phil http://www.uglychart.com/2006/08/31/august-2006-review/#comment-1386 phil Tue, 05 Sep 2006 19:24:16 +0000 http://www.uglychart.com/2006/08/31/august-2006-review/#comment-1386 You had you're two worst days in August. There will be many more. Get used to it. I've had plenty of bad days. It comes with the territory. How long have you been trading? Im not sure you understand you are now joined at the hip w/ making mistakes, being wrong, and feeling pain. Welcome to you're chosen career... That's reality!! The downs really suck plus you can lose everything. Not so cool and hip anymore. I don't think you can compare guitar playing to trading. After you have the required guitar playing skills, then it comes down to preparation regarding the song. Like studying for an exam. When you've got it -- you've got it. In trading there is a tremendous amount of uncertainty even when you're fully prepared for battle. In the sort term its a calculated gamble at best. For those who are poor traders, it's a guess at best. Great trades can turn out badly and bad trades can turn out well. That's just the way gambling games are. There is a lot of art and feel to this. Somehow you think there is "right" and "wrong" in these "rules". Man I don't have any rules. I'm way past that. I was doing that back in the eighties. I don't use stops either. Try to "feel" it. Less micro managing. Also evaluate those tight stops. What's that about? Guaranteeing a small lose? Sort term trading is all about mental anquish. Accept it. You had you’re two worst days in August. There will be many more. Get used to it. I’ve had plenty of bad days. It comes with the territory. How long have you been trading? Im not sure you understand you are now joined at the hip w/ making mistakes, being wrong, and feeling pain. Welcome to you’re chosen career… That’s reality!! The downs really suck plus you can lose everything. Not so cool and hip anymore.

I don’t think you can compare guitar playing to trading. After you have the required guitar playing skills, then it comes down to preparation regarding the song. Like studying for an exam. When you’ve got it — you’ve got it. In trading there is a tremendous amount of uncertainty even when you’re fully prepared for battle. In the sort term its a calculated gamble at best. For those who are poor traders, it’s a guess at best. Great trades can turn out badly and bad trades can turn out well. That’s just the way gambling games are.

There is a lot of art and feel to this. Somehow you think there is “right” and “wrong” in these “rules”. Man I don’t have any rules. I’m way past that. I was doing that back in the eighties. I don’t use stops either. Try to “feel” it. Less micro managing. Also evaluate those tight stops. What’s that about? Guaranteeing a small lose? Sort term trading is all about mental anquish. Accept it.

]]> By: ugly http://www.uglychart.com/2006/08/31/august-2006-review/#comment-1385 ugly Tue, 05 Sep 2006 14:17:34 +0000 http://www.uglychart.com/2006/08/31/august-2006-review/#comment-1385 Vince, yes - I think it worked out to over 6 trades a day which is more than I want to make. Vince, yes - I think it worked out to over 6 trades a day which is more than I want to make.

]]> By: Vince http://www.uglychart.com/2006/08/31/august-2006-review/#comment-1384 Vince Tue, 05 Sep 2006 13:58:01 +0000 http://www.uglychart.com/2006/08/31/august-2006-review/#comment-1384 Ugly : If I am reading your R chart correctly - you have over 100 trades per month which averages about 5 per day. Thx Vince Ugly :
If I am reading your R chart correctly - you have over 100 trades per month which averages about 5 per day.
Thx
Vince

]]> By: Kevin http://www.uglychart.com/2006/08/31/august-2006-review/#comment-1372 Kevin Sat, 02 Sep 2006 02:29:11 +0000 http://www.uglychart.com/2006/08/31/august-2006-review/#comment-1372 As I said previously, a swell June and July set me up for a real gnarly August. Every day it was like pulling teeth to get any profit out of this market. It was my worst month of the year so far. Bring on a new month please! As I said previously, a swell June and July set me up for a real gnarly August. Every day it was like pulling teeth to get any profit out of this market. It was my worst month of the year so far. Bring on a new month please!

]]> By: DemocraticTrader http://www.uglychart.com/2006/08/31/august-2006-review/#comment-1370 DemocraticTrader Fri, 01 Sep 2006 13:50:01 +0000 http://www.uglychart.com/2006/08/31/august-2006-review/#comment-1370 Ugly, I certainly wouldn't get too worried about your results if you're only down commissions for the month, which has after all been a pretty dull month. It's just a fact of trading that the majority of your net profits will come from a minority of your trades, and that interestingly enough the same through all trading styles, so when the markets don't have a lot to offer you've done very well already through not incurring a large drawdown. All the best ! Ugly,

I certainly wouldn’t get too worried about your results if you’re only down commissions for the month, which has after all been a pretty dull month.

It’s just a fact of trading that the majority of your net profits will come from a minority of your trades, and that interestingly enough the same through all trading styles, so when the markets don’t have a lot to offer you’ve done very well already through not incurring a large drawdown.

All the best !

]]> By: Dave http://www.uglychart.com/2006/08/31/august-2006-review/#comment-1369 Dave Fri, 01 Sep 2006 10:21:58 +0000 http://www.uglychart.com/2006/08/31/august-2006-review/#comment-1369 Ugly, it seems like you're down for one of the worst months for most every short term trader and you seriously broke your rules on at least those two days - and you're still only down commissions for the month?!?!? I know it can't be much consolation, but it seems like a remarkable month to reach the end relatively unscathed. Also, it would be one thing if your confidence in your system was broken. That doesn't sound like the case at all. You know what you need to do - just follow your system! Ugly, it seems like you’re down for one of the worst months for most every short term trader and you seriously broke your rules on at least those two days - and you’re still only down commissions for the month?!?!?

I know it can’t be much consolation, but it seems like a remarkable month to reach the end relatively unscathed.

Also, it would be one thing if your confidence in your system was broken. That doesn’t sound like the case at all. You know what you need to do - just follow your system!

]]> By: Tom http://www.uglychart.com/2006/08/31/august-2006-review/#comment-1368 Tom Fri, 01 Sep 2006 10:08:53 +0000 http://www.uglychart.com/2006/08/31/august-2006-review/#comment-1368 Great analogy with guitar playing. I think you hit the nail on the head, we used to practice countless of hours before we played a gigged and it paid off. We got up on stage and performed effortlessly. I guess that's the trick too in trading, practice sticking to your songs, err system. Great analogy with guitar playing. I think you hit the nail on the head, we used to practice countless of hours before we played a gigged and it paid off. We got up on stage and performed effortlessly. I guess that’s the trick too in trading, practice sticking to your songs, err system.

]]> By: TraderEyal http://www.uglychart.com/2006/08/31/august-2006-review/#comment-1367 TraderEyal Fri, 01 Sep 2006 04:58:56 +0000 http://www.uglychart.com/2006/08/31/august-2006-review/#comment-1367 I understand what you mean about trading the system repeatedly in the same way. I try to do the same but each day in the markets always seems a bit different when it comes to making the decision on which stock presents the best opportunity, which direction is the market going etc. Btw, August has been totally flat for me. Although I traded very lightly and quite infrequently. I understand what you mean about trading the system repeatedly in the same way. I try to do the same but each day in the markets always seems a bit different when it comes to making the decision on which stock presents the best opportunity, which direction is the market going etc.

Btw, August has been totally flat for me. Although I traded very lightly and quite infrequently.

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