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Blooey to $1,000,000 - Blew up my account! Starting over sucks... LOL

post #1 of 306
5/18/10 at 9:44pm
Thread Starter 
Well, here we go again. Here's what I got so far, and I'm doing everything I can to stop getting too excited and screwing up royally as I inevitably do...

I wasn't going to post this, not wanting to jinx myself, but the amount is starting to get large and maybe putting this up here will help keep me in line.

If anyone sees me screwing up, feel free to get on my case!


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post #2 of 306
5/18/10 at 9:50pm
Hey Blooey, can you post your strategy? What indicators do you use and what time frames do you watch? If you're day trading are you just watching the 5 minute or which ones? Thanks
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post #3 of 306
5/18/10 at 9:52pm
Kablooey!!!!!
sorry jut had to do that
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post #4 of 306
5/18/10 at 10:13pm
Thread Starter 
Yeah, let's hope it doesn't go Kablooey. LOL

I'm finding that my biggest two problems are (and probably for most traders):

1) My impatience gets the best of me and has me entering too soon instead of waiting for the right set up. Typically, getting in too soon also leads me to putting too much of my capital in at once.

2) Not selling at the stop I had decided I would. I too often hold on, convinced that it was just a 'fake out' and waiting for it to resume the trend only to get taken to the cleaners.

I *KNOW* that if I could just take care of #2 and SELL when I need to, and avoid #1 as much as possible, then this could be reached in a matter of weeks.

Self-control, self-control, self-control...
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post #5 of 306
5/18/10 at 10:19pm
Thread Starter 
Quote:
Originally Posted by beehivesjoe View Post
Hey Blooey, can you post your strategy? What indicators do you use and what time frames do you watch? If you're day trading are you just watching the 5 minute or which ones? Thanks
I wish I had one. LOL

Typically, my strategy is to get in too early, buy too much and hold too long until I lose it all.

Unfortunately, that's not a recipe for success, no matter how good your calls are.

I try, however, to do things the 'right' way, which is not just one strategy, but a few different ways of playing.

One way of doing so is when I notice a pullback to resistance, I'll zoom in to a 1min chart and try to get in on the first breakdown that comes up. Failure rate is high for this, but if you're careful, the loss you risk is small and you wait for the next setup. Once you get a good one that carries through, you hang on for the homer to make up for all the smaller failures you took on.

Another thing I've been doing, and it hasn't worked for over a year because the trend was up, is to scale into puts when the market goes up. The good thing about picking a side and doing that is that when the trend does finally get in sync with your buys, you'll often be forgiven for your screwups such as buying too early and holding too long, because a market in a trend typically doesn't pull back very much or for very long and all those positions turn to profit within a few days.

You gotta get experience and play your own style that you're comfortable with.

Good luck.
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post #6 of 306
5/18/10 at 10:28pm
best of luck to you!
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post #7 of 306
5/18/10 at 10:31pm
Thread Starter 
Quote:
Originally Posted by JLC View Post
best of luck to you!
Thanks!
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post #8 of 306
5/18/10 at 10:37pm
Thread Starter 
The areas I need to focus on to do this are:

1) Wait for proper setup before buying. Either a breakout on a setup that has a very tight stop, or a large pullback against the trend.

2) Use stops and stick to them if the trade goes against me!

3) Not buying too much, based on where the stop is and expected depreciation on the puts.

4) Not buying too little. The key to success with this is to ignore the actual $ number and just look at the percentages. When you start with $30, like I did here, it's easy to keep throwing in 90% or 95% of the entire lot and not care. But when 30 or 40% amounts to $5000, it's going to be tough pulling the trigger. And it'll also make it tough to pull the trigger on stops too, cuz a loss of 10 or 15% will mean $500... In the end, however, playing too small means you'll never get to a mil, so I'll have to force myself to play big when I have to. I'm going to try to keep my initial position between 20 to 50%, depending on the strategy and setup.
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post #9 of 306
5/18/10 at 10:48pm
wow $30 to over 1k! impressive
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post #10 of 306
5/18/10 at 10:53pm
Thread Starter 
Sure makes me wish I'd started with $3000! LOL
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post #11 of 306
5/18/10 at 11:17pm
Quote:
Originally Posted by Blooey View Post
Sure makes me wish I'd started with $3000! LOL
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post #12 of 306
5/19/10 at 12:49am
Can you post a chart that you have or are watching that shows all your indicators and moving averages you use? Then I don't have to ask what indicators and stuff you use Thanks!
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post #13 of 306
5/19/10 at 12:56am
Quote:
Originally Posted by Blooey View Post
1) My impatience gets the best of me and has me entering too soon instead of waiting for the right set up.

2) Not selling at the stop I had decided I would.
Same problems here blooey, I finally decided to start taking notes and I have come up with a general plan and a reason why I want to instill the specific rule into my trading. Here's a few:

1. Trade only what you are familiar with and only very strong setups--otherwise ignore it; it will help you cope with emotions if you turn out to be wrong.

2. It hurts when you lose money, however if it is indeed a setup you cannot help but getting in—keep in mind that the macro outcome of consistently trading only these kinds of setups in your mind will statistically mean success in the market.

3. Errors lead to more errors, accept both outcomes and move on, the best way is to be unattached to whatever the outcome is. Win or lose, you should not be directly influenced emotionally in either way.

4. You are trying to make money off of the market's emotional tendencies, do not let the market take your money because of your emotional tendencies.

5. Learn to identify when you are being emotional and know when to call it quits.

6. Technical analysis does not predict every move of the markets, it merely isolates and defines probable moves based on your interpretation. If you feel like taking a trade that you do not feel super confident about, take a look back and remember the kind of setups that you felt like the market was giving away free money to you. Those are the kind of setups you want to take and only take.

The key to staying consistent is to being very selective IMO.

Good Luck
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post #14 of 306
5/19/10 at 4:34am
Thread Starter 
Quote:
Originally Posted by bazooka85 View Post
Same problems here blooey, I finally decided to start taking notes and I have come up with a general plan and a reason why I want to instill the specific rule into my trading. Here's a few:

1. Trade only what you are familiar with and only very strong setups--otherwise ignore it; it will help you cope with emotions if you turn out to be wrong.

2. It hurts when you lose money, however if it is indeed a setup you cannot help but getting in—keep in mind that the macro outcome of consistently trading only these kinds of setups in your mind will statistically mean success in the market.

3. Errors lead to more errors, accept both outcomes and move on, the best way is to be unattached to whatever the outcome is. Win or lose, you should not be directly influenced emotionally in either way.

4. You are trying to make money off of the market's emotional tendencies, do not let the market take your money because of your emotional tendencies.

5. Learn to identify when you are being emotional and know when to call it quits.

6. Technical analysis does not predict every move of the markets, it merely isolates and defines probable moves based on your interpretation. If you feel like taking a trade that you do not feel super confident about, take a look back and remember the kind of setups that you felt like the market was giving away free money to you. Those are the kind of setups you want to take and only take.

The key to staying consistent is to being very selective IMO.

Good Luck
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post #15 of 306
5/19/10 at 4:39am
Thread Starter 
Quote:
Originally Posted by beehivesjoe View Post
Can you post a chart that you have or are watching that shows all your indicators and moving averages you use? Then I don't have to ask what indicators and stuff you use Thanks!
Seriously, I don't have any one type of chart. I use all time frame. I look for support and resistance levels on the weekly, daily, hourly, 15min, 5min and 1min. Seriously.

MAs, I normally go with EMAs 20, 50 and 200, but to be honest, the only chart I have those drawn on is INDU. All the others don't have them.

Most of my trading goes by price action and occasionally I look for volume to tell me something. (Doesn't say nearly as much as some would have you believe.) The most important volume indicator I find is a continuous decline during a trend. Tells me that sellers or buyers are running out, though sometimes it can go on for seemingly forever. Look at the last entire year. Declining volume all the way. All those moves down on big volume didn't turn the trend until very recently.

Price action is the single most important thing to look at, IMO.
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post #16 of 306
5/19/10 at 5:35am
increase your time frames, it will help. Your too short term on those, and thing relate off other time instances.
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post #17 of 306
5/19/10 at 7:58am
GL Blooey! Get the same results as you did in post #1 one more time and you're at $500K. I know you can do it
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post #18 of 306
5/19/10 at 8:04am
Thread Starter 
Quote:
Originally Posted by mjoke View Post
increase your time frames, it will help. Your too short term on those, and thing relate off other time instances.
When I play options a bit further out, I go out a bit longer, but this close to expiry, it's necessary to take profits and cut losses quickly.
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post #19 of 306
5/19/10 at 8:06am
Thread Starter 
Quote:
Originally Posted by Mitzter View Post
GL Blooey! Get the same results as you did in post #1 one more time and you're at $500K. I know you can do it
Thanks man! (Unfortunately, being up 3900% so far, doing it again would only bring me to about 50k though.)

Thanks for your support guys! I'm going to do it this time. I know it.
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post #20 of 306
5/19/10 at 8:56am
Quote:
Originally Posted by bazooka85 View Post
4. You are trying to make money off of the market's emotional tendencies, do not let the market take your money because of your emotional tendencies.
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HotStockMarket › Forums › HSM Stock Forum › Trade Journals & Stock Tips › Blooey to $1,000,000 - Blew up my account! Starting over sucks... LOL