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Big Mike's day trading method and advice
Started:December 5th, 2009 (02:43 AM) by Big Mike Views / Replies:221,429 / 797
Last Reply:September 12th, 2013 (04:14 PM) Attachments:78

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Big Mike's day trading method and advice

Old December 5th, 2009, 03:54 PM   #11 (permalink)
Administrator: 'da Big Dawg
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Concepts From The Daily Trading Coach by Brett Steenbarger:

- Identify what you did BEST yesterday
- Set a POSITIVE goal, based on your strengths, for today

For me, an example of this would be "Yesterday, I did a fantastic job of only taking with-trend trades. I had the patience to wait for those setups."

I would then take that and go forward by setting a positive goal for the following day, to continue to build on that "win". An example of a positive goal that you have COMPLETE CONTROL over would be "See how many days in a row I can only take with-trend trades".

Goals should be something you can actually control. You cannot control how much money you make, you can only control how well you trade.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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Old December 5th, 2009, 04:01 PM   #12 (permalink)
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Zoethecus View Post
Why do you think 95% of successful traders use a 5 minute chart or higher? Is that just a hunch or do you have some evidence to support it?

If you don't like what I have to say, feel free to not read it. That was in the first post. I don't want this thread to turn into an argument.

Yes, I feel the majority of successful traders use a 5 minute chart or larger. I have a hard time picturing people with millions of dollars in trades being worried about a few ticks on a small tick or range chart.


Quoting 
When I started out trading the ES, I used a 5, 15 and 60 minute chart with no indicators. I no longer trade ES or time based charts because, with respect to the latter, some of those bars can get pretty big and destroy some good patterns that I relied on. Having said that, all traders should know that it's really not about the chart--it's the price that matters. The market could care less about whether this or that did whatever in this time or range frame, especially in a market as volatile as crude oil.

It's not about patterns. It's not about the chart. It's not about price either. This thread is about psychology, goal setting, money management, and how to improve yourself in these areas.

Still, I don't agree that the market doesn't care about time frames. A 5m chart will find an EMA 20 respected much more than some range or tick chart. Why? Because more people are trading a 5m chart with EMA 20 than are trading some other EMA on some other chart.


Quoting 
The fact is, too, all the information about the market is the same regardless what chart one uses. I don't know of a single professional trader--and by that I mean one who makes his living from trading--who will claim his edge is the setting of his chart. Think about that every time you tweak your chart looking to make the pieces of the puzzle fit better.

There is no edge in a chart. There is only edge in money management and discipline to execute trades as well as possible.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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Old December 5th, 2009, 04:08 PM   #13 (permalink)
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Thanks for clearing up what this thread is about. I'll read the book rather than the thread.

But my final comment--and I'm not being argumentative--is without a statistical bona fide edge, all the money management techniques and discipline in the world won't make a loser into a winner.

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Old December 5th, 2009, 04:12 PM   #14 (permalink)
Administrator: 'da Big Dawg
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As I mentioned in the first few posts, I've been reading Brett's newest book and have felt a connection with what he is saying. So I am excited to write about it, and you'll find these next few posts will be mostly about concepts from the book.

Concepts From The Daily Trading Coach by Brett Steenbarger:

- A losing trade is never a total loss as long as you learn from it

This is a hugely important item for most traders. Don't allow yourself to become angry or upset at a trade, it will cloud your judgment on future trades and occupy your mind with negative feelings. You'll be focused on not losing money, instead on focusing on trading well!

If you trade well, money will come. Don't put on a trade saying "I can make $200 on this trade". Instead, put on a trade when it meets your criteria for entry! All you can control is how well you trade, how well you follow your rules. You can even control the rules themselves! You have all you need, within, to be a successful trader.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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Old December 5th, 2009, 04:17 PM   #15 (permalink)
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Zoethecus View Post
Thanks for clearing up what this thread is about. I'll read the book rather than the thread.

Ok, I do recommend the book and hope it connects with you as much as it has with me.

Also, Zoethecus, the very next item I clipped from the book was:

- Seek out divergent views. Have conversations with traders who trade differently from you -- different time frames, different markets, different styles. Doing so can often cement your own views, or make you question them.

I did not mean to shut you out of the conversation. Obviously, this entire forum is all about sharing and having discussions. I just didn't want to get caught up in "5 minute vs 233 tick" and etc, as this thread isn't about those things.

Note to others: I was already on this journey, so if you find yourself questioning these things or dismissing them as "I already knew that, it's just common sense", then you probably won't benefit from the book. You have to have moved past such negative thoughts to really benefit from a book that focuses on psychology. You have to want it.

I've written this a hundred times to people that ask my advice -- indicators are like a hobby or a new toy. Treat them accordingly, and don't let them get in the way of your job. Your job as a trader is to trade well, not play with toys.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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Old December 5th, 2009, 04:26 PM   #16 (permalink)
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Big Mike View Post
Ok, I do recommend the book and hope it connects with you as much as it has with me.

Also, Zoethecus, the very next item I clipped from the book was:

- Seek out divergent views. Have conversations with traders who trade differently from you -- different time frames, different markets, different styles. Doing so can often cement your own views, or make you question them.

I did not mean to shut you out of the conversation. Obviously, this entire forum is all about sharing and having discussions.
Tip
I just didn't want to get caught up in "5 minute vs 233 tick" and etc, as this thread isn't about those things.


Note to others: I was already on this journey, so if you find yourself questioning these things or dismissing them as "I already knew that, it's just common sense", then you probably won't benefit from the book. You have to have moved past such negative thoughts to really benefit from a book that focuses on psychology. You have to want it.

I've written this a hundred times to people that ask my advice -- indicators are like a hobby or a new toy. Treat them accordingly, and don't let them get in the way of your job. Your job as a trader is to trade well, not play with toys.

Mike

That wasn't my intent, Mike. But the opening thread had so many setup details as well an unsupported statement about timeframes, that I responded in what I thought was proper fashion. Perhaps all that detail about your setups was a curve ball .

Again, it's good we had this dialog so readers will know this is a psychology thread based on the principles from the book.

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Old December 5th, 2009, 04:29 PM   #17 (permalink)
Administrator: 'da Big Dawg
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Zoethecus View Post
But my final comment--and I'm not being argumentative--is without a statistical bona fide edge, all the money management techniques and discipline in the world won't make a loser into a winner.

I agree with you, somewhat. My edge is within my ability to trade better than the majority. That's all there is to it. If by statistical you are inferring some technical aspect of trading, then I disagree. But otherwise, I agree. But the edge does not (and likely will not be) some technical aspect. Not unless your GS with a bazillion dollars. Some people may dismiss that as a bunch of hogwash, but really there is no need to make it more complex than it needs to be.

"Trading better" does not mean a faster computer, quicker broker, better indicators, etc. No. It really has everything to do with yourself, and very little to do with the market. Master yourself, your discipline, and then develop a solid yet simple trading plan, and you will be a winner in the market.

I've witnessed here on the forum, time and again, someone share a "template" of what works for them only to find others having trouble with it. That is human nature! The inventor of a product is likely to have more faith in it than any other person. That faith, or confidence, is part of what makes it a success. You control your own destiny, etc.

If you wake up in the morning and start placing trades while only worrying about not losing money, or worrying about paying rent and "you really need a good day", or etc, then you are gambling - not trading. Do you think a surgeon is constantly worrying about all the things that could go wrong? No. He is focused on performing surgery. He's done it before a thousand times, he knows what he is doing. If a problem is encountered, he will deal with it, just like he's done a thousand times before.

If you are in a trade and start to question whether or not it was a good trade, or if you should exit, then you need to think about it the same way the surgeon would. First, protect yourself (the patient). Err on the side of caution. But don't just needlessly abandon a trade because you are impatient or because of a small hiccup in the market. Equally as important, be rational with your decision making process. If the market has stopped on a S/R line, and your trading against it and thought it would not be an important S/R, then you should listen to yourself and decide if you should be in this trade or not.

It is these things that make you successful, or a failure. Not a chart, and not an indicator. It is how you handle yourself, situations, following your rules, etc etc etc that make or break you.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
     

Old December 5th, 2009, 04:33 PM   #18 (permalink)
Administrator: 'da Big Dawg
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Trading Experience: Advanced
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Zoethecus View Post
That wasn't my intent, Mike. But the opening thread had so many setup details as well an unsupported statement about timeframes, that I responded in what I thought was proper fashion. Perhaps all that detail about your setups was a curve ball .

Again, it's good we had this dialog so readers will know this is a psychology thread based on the principles from the book.

Thank you, I've modified that post to make it clear that time frames, charts and indicators are not important or relevant to this thread.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
     
The following user says Thank You to Big Mike for this post:
     

Old December 5th, 2009, 05:17 PM   #19 (permalink)
Administrator: 'da Big Dawg
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Posts: 31,137 since Jun 2009
Thanks: 20,735 given, 38,102 received

Again, some more Concepts From The Daily Trading Coach by Brett Steenbarger:

- Many times it's the market views we most scorn that we need to take most seriously, because at some level we're finding them threatening.

You should seek out commentary from people you most disagree with, then ask yourself what you would be seeing in the markets if what those people are saying is correct.

If you are quick to dismiss another view, you should give it a second look. Again, if for no other reason than to cement your own opinions, but occasionally you will find it makes you question them and in doing so, reevaluate them.

For me, as forum administrator, I tend to be somewhat protective of traders here and try to "make" them do something that I believe is right. Obviously this is a dangerous game. Many traders email me every day asking for help, and I've found that most of these traders have a solid plan, but terrible execution. They get too caught up in indicators and don't realize they themselves are the real problem.

Over time, as losses have beaten them down, they've moved to smaller and smaller time frames on their charts to try to avoid a trade that "hurts". This is the wrong direction, the wrong move, the wrong behavior.

Does it mean that a trader trading a small chart can't be successful? No, absolutely not, it means nothing of the sort. It just means if you've moved to a smaller and smaller chart because of the pain of losing on a bigger chart, then you've done it for the wrong reasons.

You should carefully evaluate your risk and position size, as well as be honest with yourself about your account size. If you only have $10,000 to trade, then it is probably better to NOT trade, and instead keep working a day job until you can build that up to $25,000 or $50,000 while spending the next year or two sim trading and focusing on discipline.

How many fellow traders on this very forum have stopped posting because they've blown out their account? This forum is only six months old! Pace yourself. You cannot be a master at trading overnight. It takes years and probably $100,000 of "education", or more. And you cannot simply be an apprentice in this job and expect to make money.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
     
The following 20 users say Thank You to Big Mike for this post:
     

Old December 5th, 2009, 05:56 PM   #20 (permalink)
Administrator: 'da Big Dawg
Manta, Ecuador
 
Trading Experience: Advanced
Platform: My own custom solution
Favorite Instrument: SP500, Stocks
 
Big Mike's Avatar
 
Posts: 31,137 since Jun 2009
Thanks: 20,735 given, 38,102 received


More Concepts From The Daily Trading Coach by Brett Steenbarger:

- Every single trading day can be a positive experience, even when you're not making money
- You cannot eliminate losing days, but there should never be days that leave you feeling like a loser
- Many traders' problems show up in how they handle opportunity, not loss

These are terrific points. And you need to really think about them carefully. Examine the last week of your trading, how many days did you feel like the day was a positive experience? How many days did you feel like a loser at the end of the day?

Hopefully, you felt like each day was a positive experience. If you had a bad day, you probably only felt like a loser because you "knew better", for example you didn't follow your own rules and as a result you lost money. You knew better, but you still did it, and you are a loser as a result.

This kind of thinking is dangerous. I think fear can be a good motivator and should not be shied away from, but it's also important to not let fear or negative thoughts overwhelm you.

We've all heard the saying "Dress for the job you want, not the job you have", right? The same is true in trading. You need to mentally prepare yourself at the beginning of the day ('getting dressed') to be a winner. Remind yourself that your rules are sound, and that your goal is just to follow them. You cannot control what the market does, and you cannot control if you make or lose money. But you are in total control of the rules and your ability to follow them.

If you are all worked up in a negative way (fear, anger, etc) then you will easily miss the opportunities presented before you each day. You must be ready to capitalize on every opportunity. At the end of the day, all that you should focus on is how well you traded, not how much you made or lost. Over time, you can adjust your rules for trading to ensure you are making money. The hard part is not creating the rules, its following them.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
     

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