FAS / FAZ / Daily Discussions / Archives / 11-04-2011 / Friday, May 13, 2011

Topie: Friday, May 13, 2011
May 13th, 2011 07:06 AM
membar I'm thinking it's pretty close to two years now that I discovered FTG, etc.

Can't say that I'm richer for it, but I haven't given up hope yet.

I'm struggling with the notion that I do these strategies, then hit the max. drawdown and have either lost money or broke even. FKOS is a classic example - I was up more than 30% and now I'm at breakeven.

ISA_Coder: I'd be interested in your elaborating about these traders you know who weren't profitable until their third year. I'm scratching my head as to what I'm doing wrong (although with that AGQ put, I should have let my winner run instead of taking profit.)

I wish Motley Fool and wanlorn were here. Curious to know how they're doing.
May 13th, 2011 07:08 AM
membar
Quote:
membar wrote:
Can't say that I'm richer for it, but I haven't given up hope yet.

That being said, I'm not doing stupid things anymore. I'm being disciplined and methodical and am proud of myself for that transformation. I just wish I could get to the next level. Or maybe I just needed to acquire this discipline to apply it to something else that would be more profitable?
May 13th, 2011 01:02 PM
allen314159
Quote:
membar wrote:
I'm thinking it's pretty close to two years now that I discovered FTG, etc.


I just realized this - my current incarnation of FKOS with reversal + bells/whistles is basically FTG Extreme.

I can't believe I've come full circle... I never played FTG originally, but I'm now thinking that this is the actually the best way to go (for me).
May 13th, 2011 01:38 PM
BullDog If I had invested all my money in MO two years ago and not done a single trade, I would be a multi millionaire by now. Go figure
May 13th, 2011 01:53 PM
HeidiTwit Membar, you're doing great. Just keep reading and watching the market.

Have a good weekend, all!
May 13th, 2011 02:28 PM
allen314159
Quote:
BullDog wrote:
If I had invested all my money in MO two years ago and not done a single trade, I would be a multi millionaire by now. Go figure



If we're going to have "I wish" comments, I'd like to say, I wish I had bought DTG on margin on Feb 27th, 2009. I could be a 10 millionaire and own a significant portion of the auto rental company.
May 13th, 2011 02:33 PM
HeidiTwit I wish I would have held onto that aapl earlier this century.
May 13th, 2011 02:33 PM
HeidiTwit As well as HANS stock.
May 13th, 2011 02:45 PM
ISA_Coder
Quote:
membar wrote:
ISA_Coder: I'd be interested in your elaborating about these traders you know who weren't profitable until their third year. I'm scratching my head as to what I'm doing wrong (although with that AGQ put, I should have let my winner run instead of taking profit.)



Unfortunately i was not talking about people i personally know which it seems you had thought i did. I have read several articles and seen some webinars where expierenced traders talk about how they were not successful at trading right away, it wasn't discussed in detail it was more just a mention, but it was something that stuck with me so i brought it up here.

I also remember someone saying on the ole google boards about comparing a new daytrader to a new business, saying something like 90% of all new businesses fail within the first few years and that % is comparable to the number of daytraders who fail.

In my experience with anything in general, i tend to get better at things the more i practice and i see the same thing happening with day trading for me. I've learned a LOT since my first year and i'm a better trader than i was a year ago.

Membar (or anybody), if you can look back a year or 2 and honestly say that you did not learn from your mistakes and that you honestly do not think you are a better trader today than you were a year ago, then my advice would be to re-evaluate your trading goals.

just my 2 pennies
May 13th, 2011 03:35 PM
membar
Quote:
ISA_Coder wrote:
Membar (or anybody), if you can look back a year or 2 and honestly say that you did not learn from your mistakes and that you honestly do not think you are a better trader today than you were a year ago, then my advice would be to re-evaluate your trading goals.

I'm a better trader today than a year ago, but all that means is that I've gone from losing money to breaking even.... :)

Still patiently waiting for the breakthrough.
May 13th, 2011 03:36 PM
membar
Quote:
allen314159 wrote:
If we're going to have "I wish" comments, I'd like to say, I wish I had bought DTG on margin on Feb 27th, 2009. I could be a 10 millionaire and own a significant portion of the auto rental company.

I wish I had played FTG Extreme on margin from 11/2008 to 5/2009.

I wish I had bought FAS at the bottom on 3/6/2009.

I wish I had kept my AGQ put.
May 13th, 2011 03:44 PM
BullDog Bought some FAS (27.72), COP (70.83) and GE (19.80) today.

Damn, Citi is going down ever since the split.

I wish I had not eaten all that junk food over the years :-)
May 13th, 2011 04:05 PM
allen314159
Quote:
membar wrote:

I'm a better trader today than a year ago, but all that means is that I've gone from losing money to breaking even.... :)

Still patiently waiting for the breakthrough.


membar, why don't you just buy a system on c2?

http://www.collective2.com/cgi-perl/system25860974#
May 13th, 2011 04:18 PM
BullDog >membar - I'm a better trader today than a year ago ...

Disclaimer: Past performance is of guarantee of future results :D (just kidding)
May 13th, 2011 04:31 PM
membar
Quote:
allen314159 wrote:
membar, why don't you just buy a system on c2?

http://www.collective2.com/cgi-perl/system25860974#

Never! That would be like getting someone else to code for me.