TygerKrane's Pip-Pickpocketing

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TygerKrane
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Re: Is it MY money, or not???

Postby TygerKrane » Mon May 10, 2010 1:31 pm

jarnapal wrote:
TygerKrane wrote:[highlight=violet]Why do I feel stress and anxiety on entering trades, even after I am already in profit?[/highlight]


You eat too much wheat and processed food - that's why.


Oh no!! Wheat is a no-no too? Whats your favorite form of fiber, then?

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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TygerKrane
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Explanation Video of Counterparty Risk

Postby TygerKrane » Mon May 10, 2010 7:57 pm

I subscribe to this channel on YouTube, they do a great job of simplifying explanations of various economic phrases and issues.

This video was posted May 7, 2010, so it is absolutely relevant. Explaining one of the issues affecting Europe:

Counterparty Risk

This is the summary point he makes in the end:
People are really worried that if the banks in Europe distrust each other and stop doing business with one another, it would ripple out to another credit crisis and another financial crisis.

hmmm, I will make sure I don't take too long a break from my trading. :-k

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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I am not able to catch big moves because...

Postby TygerKrane » Wed May 12, 2010 9:51 am

I am not able to catch big moves because I am more scared when I am in profit than when I am not in profit.

That is to say, when I am in profit I am too scared of losing it.
I am more of a risk taker when I am breakeven, or not in profit. Once in profit, even the initial spread of entry (since it decreases my [highlight=violet]profit[/highlight]), racks my brain and drives me crazy. I know, I know, it is the cost of doing business, but for some reason I am more willing to pay that cost when I am breakeven or not in profit.

I am also too scared when I am in a position with +pips, when I add more lots to the position further into the move, I adjust my stop loss too much, b/c I am too stingy, and cheap, and loss of risk-appetite, and too scared to lose the original profits I got from the original entry...
Last edited by TygerKrane on Wed May 26, 2010 3:10 am, edited 3 times in total.

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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Sitting on hands

Postby TygerKrane » Wed May 12, 2010 9:52 am

I keep trading, even though this is supposed to be my week off. But I am not taking this trade.

Image

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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Re: Overtrading / [Overtrading #2]

Postby TygerKrane » Wed May 12, 2010 10:25 am

:idea: :idea: wrote:I discovered a second type of overtrading this week (at least that is what I'm going to call it.) It made me think of the first type of overtrading I used to commit.

I remember trading, and getting my 2% like TRO would recommend. Whether I got it in 1, 2 or 4 hours didn't matter. I know that I wasn't very good as a trader, and I did have to fight hard for that 2%. And I was still accumulating losing days as I tried to get my measly 12 pips out of f#$ing 120pip range days :smt013 . (It's still not super-easy yet, but I'm not as horrible a trader as I was back then.)
So when I did get my 2%, instead of closing down for the day, I would reason to myself, "Hey, I'm not a consistently good trader anyway. Is it really worthwhile to hold on to this 2% for 24 hours?? I'm not consistent, I am probably just going to lose it on my first trade tomorrow (like all my other loser days) anyway??"
So then I would continue trading, and lose, and be disappointed of another day passed with nothing to show for it.


Then I realized something different, but equally stupid, within the last two days. I would have good days. I'd be up 4-6%, with the last trade being a run for like 25-40pips. I would see another setup and go for it, I would lose, my day profit now would be like 3.9%. Something in my mind would switch and then it would be simply unacceptable for me to have my last trade of the day be a loser. My ego could not accept that after a day with a good run (or a day that I reached a high percentage gain), that I didn't end the day on a high note, my ego could not stand that I would let the last trade of my day be a loser. I HAD to end the day at that top percentage gain that I reached earlier.
And this would be the start of a second kind of overtrading. When I realized what I had been doing, I wondered how long I had been doing that too myself.
It's not the kind of thing I would immediately pick up on as a problem because I usually ended the day on a positive note. (Sometimes I got part of my losses back, sometimes I had to end the day on 0.7%). Sometimes I did end winner days in the negative though. But trading like that was giving me unnecessary stress and had me trading longer than I really needed to be, keeping me from doing other things that I needed to do.
Mark-06_Smile[Avatar in quote/wrote header box!?!?! Way too cool!!]

Almost guilty of overtrading#2 so I will write about it, to keep from doing it and serve as reminder.

Was up 3.6%, felt good, then took a rather uneducated, arrogant entry (arrogant=looking at the charts as if I could do no wrong since I was having a good set of several trades back to back. [Those trades though were educated, controlled entries, however.] So took the arrogant entry and luckily pulled out, with my account up 3.35%, no longer 3.6%. I recognized the hot feeling in my head, which signaled to me:

Mark-10_Smile [highlight=red]Warning:[/highlight]Mark-10_Smile
You are now searching for trades in hot-headed desperation, rather than from cool, calm, neutral perspective. :smt011 :smt011 :smt011


So, I stopped fast and stubbornly. Takes awhile for the hot-headed feeling to go away though, I turn off my trade station, but still, it takes all my will power to not go and reopen just so I can look at the charts.
(I can't believe I got so affected by loss of .25%, how the hell did I get so cheap, I don't even shop with coupons when I do grocery shopping. Maybe trading makes me get over-competitive with the market... Otherwise, in my regular life, I'm not such a competitive person, really!)

All this, and I'm not even supposed to be trading this week...damn. :^o [-X

::EDIT::
Now that I think about it, it's weird. If I start my trading day and get .25%, that is a way too insignificant percentage for me to consider stopping trading; but if I lose .25% from my daily high, mentally, all hell breaks loose and hell hath no fury like...type of rage ensues?? WTF :!:

Maybe need to remember that my banks' saving account is 0.4%...a year, and a 5-year CD has an APY of 3.05%, but they would lock down my money for 5 years if I went with that.
Last edited by TygerKrane on Sun Dec 04, 2011 1:27 pm, edited 1 time in total.

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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Inner Circle Trader: Million Dollar Challenge

Postby TygerKrane » Sun May 16, 2010 1:27 pm

So I read The Inner Circle Trader a little bit.
In June, he will be starting his ICT Million Dollar Challenge.

Here, he outlines it a bit: Monday, April 26, 2010
This is what he says on the page:
[highlight=blue]_____________________________[/highlight]
"...Remember it is Open Season in June and I will begin my march from 5000 to wherever it goes publicly and real time.

I am going to outline the entire plan I will be using publicly and how I will manage the trades and document the entire process... as I am sure I will have inquisiting minds joining us later on as word of mouth spreads in the coming months. I will say I am not going to swing for the fences as some of you have asked in emails... I will be aiming for steady returns and allow the magic of compound interest to do it's thing.

In fact I am only using 75 pips per week as my benchmark goal weekly... yes 75 pips. Stay tuned..."

[highlight=blue]______________________________[/highlight]


And this is the anticipated progress:

Image




It looks like each month he is targeting 35% gain on his monthly starting balance. That breaks down to about 8.75% a week right? (With a base goal of 75pips per week.)

TRO recommends going for 2% a day = 10% a week, and TRO recommends accomplishing this on about 10pips a day, (so I'll say 50-60pips per week to accomplish this.) (So I guess this way would gain 40% per month.)

Should be interesting to follow... Mark-04_Smile :arrow: :!: Mark-01_Smile

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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Weekly Crash Zone

Postby TygerKrane » Sun May 16, 2010 1:52 pm

In preparation for Blind Mouse Strategy, I went and read Weekly Crash Zone b/c I never took the time before...Whoa, it was way simple to understand. I must've had a TON of other trading ideas on my mind why I held back from reading into that thread. (But also at that time I was more determined to work on one pair, one method; so I was doing my damnedest not to take in anymore trading ideas; it wrecks havoc on my trading and days are wasted when I'm trying to SEE a chart with the ideas I have been solidly working on and they get interrupted with the newer ideas.

I will try and multitask for the next week or so, to see if I am around to catch weekly extreme when they occur. My main trading pair is EURJPY, so I'll use CHFJPY or GBPJPY (their charts all seem to correlate pretty well.) (If I can go through with it.)

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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Weekly recap

Postby TygerKrane » Sun May 16, 2010 4:27 pm

Interesting week, I WAS NOT supposed to be trading, but all that craziness in the EURJPY created the mother-of-all Master Candles, so I was strongly compelled to do something with it.
Started out good trading on the week, but then I made the bad mistake of trading not off of my system, but instead, trading off of that belief similar to, "Oh, it went down so far already, IT COULDN'T POSSIBLY go down anymore." And with that, the reverse-drainage started.
**I wanted so badly to say that I caught the EJ yearly bottom and therefore, I could add positions to it with confidence over the next few days or weeks or something.**

Read up on SignalBender's stuff, looks very interesting, glad he's sticking around, but I can't multi-task enough to give it a try. I'll keep reading though

Speaking of multi-tasking, trading for the next two or so weeks will be an interesting challenge, because I HAVE TO include exercise and study into my daily routine, so I will adjust and see what I can learn from being forced to trade on a much restricted schedule (maybe I'll weed out some of my unnecessary steps that I stick with only because I had the spare time to do them; or maybe it'll just force me to analyze quicker with less secondary and tertiary [s]drinking[/s], I mean thinking.) I was reading about you guys drinking while trading...let's just say, I should learn how to drive well while SOBER first, before I attempt driving after 'having a few'(NOT AN ENDORSEMENT!!!Mark-13_Smile ) {Maybe after I can raise my hand to question of if I'm earning my weekly 10%, then I might drink & trade.}

A Very Good Improvement on the week tho, was my lack of a money anxiety. I might as well have just put 50cent into a video arcade game and see how well I could maneuver and rack up/ or lose points. It was no stress, just a thing I happened to be doing to pass the time. G-d, I hope I don't lose that feeling. To paraphrase Bruce Lee, it was like I was Enjoying the Beauty of the Moon, instead of stressing over the Finger that Was Pointing to It.

In this relaxed state, I found myself effortlessly attempting to hedge (i.e. close out partially) and buy back some on pullbacks, while holding onto a piece of my initial entry. Either that was b/c I was so relaxed, or b/c I had some kind of confidence in my entries. Either way, I have questions about how to adjust my stop after adding to positions. (I'll figure out what I need to ask you guys later.)

So good luck this week guys, and if I'm not working, trading, or studying, I'll be exercising,
but not like this:
or
http://www.youtube.com/watch?v=4S3C4AC908w READ COMMENTS ON THIS ONE FOR MORE HILARITY

The Saturday Night Live Parody
Another Parody


[highlight=BLACK]IF YOU WATCH ONE, I GUARANTEE YOU'LL WATCH ALL FOUR![/highlight] :smt046
Last edited by TygerKrane on Sun May 16, 2010 4:52 pm, edited 1 time in total.

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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Aiming for 2%

Postby TygerKrane » Sun May 16, 2010 4:42 pm

[highlight=darkred]Just a note from a convo I had with a trader friend, I'll just stick it up here as a fun reminder to myself when I scroll through and review these pages:[/highlight]

So why aren't you aiming for just 2% a day?

I'm always drawing up Excel charts of this and I figure with a $5000 account, you start off getting $100 a day.

  • First Week Profit=$520.40
  • Second Week Profit=$574.57
  • Third Week Profit=$634.37
  • Fourth Week Profit=$700.40
    [highlight=blue]-------------1 Month-----------------[/highlight]
  • Fifth Week Profit=$773.29
  • Sixth Week Profit=$853.78
  • Seventh Week=$942.64
  • Eighth Week=$1040.75

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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Posting up trades

Postby TygerKrane » Sun May 16, 2010 6:12 pm

I was talking to a trader friend about posting up my trades.

I guess I felt a little embarrassed to put on display my lack of discipline, so that kind of holds me back. Public humiliation isn't my preferred method of learning, but if it more quickly helps me to get a one-track, German-efficient, disciplined mentality; that would help my account size as well, and I guess I would need to bury my pride sooner rather than later.

Why am I making such a big deal out of it? It's not the losing trades that bother me, its the display of inconsistent entry triggers.

I'll work it out in a few days (how many of my trades, include P/L as well??); if I don't like it, then I'll stop posting them.
I need to take serious chill pill. :smt073

[highlight=black]....the quicker I achieve discipline, the more quickly I can reasonably expect consistent results...[/highlight]
{I'll keep saying this to myself} :oops:

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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