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Reckless Strategy weekend Rant & Babble


Had to go back and finish up at work this week, and now I'm unemployed for a short while once again. Lookin forward to making a few trades in the next couple weeks... hopefully.

Still shy to hit the button because I never did add any more funds to my account from my losses last year. so I got to be very careful here.

I'm fortunate I've had the ability over this past year to watch the market from time to time. Had an excel spreadsheet with my pitbull calculation set on a borrowed laptop at work. I had a very supportive boss who I tried to spark some interest in day trading to have a local trade buddy.

He had a pretty good eye at calling the days spread so we set up practice accounts and had a 5 cent bet per point. $ / 50 = points

The nickle side bet made it fun... it was not a good idea though, because it led to some very aggressive and reckless trading.

I was trying to keep trading realistic to my own account size by trading no more than 4 contracts at a time. Usually 2, but up to 4. but my boss would jump up 30 to 50 points, at a time, on me just to win the bet. I let that go for a while, but that started to get expensive. $3 to 5 bucks a day x 10 days.... that just ain't happenin!

In one sense, what I was trying to teach myself, realistically, wasn't going to happen. In the other, what I learned and the confidence I gained by being reckless... Was fantastic!

The biggest loss I had was about 6k. The second biggest was 2k. At the end of 10 days I was 18k in gains over what I started. The biggest gain in a day was just over 12k. Plus we lost a few days because we actually had to do some WORK!

The day I lost the 6k, my boss had lost over 30k. I didn't have time, nor could I find any indicators to work off of, so I followed his lead that morning. At 6k I practically begged him to cut his losses with me. He was too stubborn. I then got to go back to trading "realistically" and he owed me about 32 bucks at the end of the 10 days. No, never paid me... sour puss...

What I gained out of all this was... It was so nice to get in a wining groove. I had never done that before even on past practice accounts.

Some longs, and a lot of scalps, but the long consistent wins felt soo good. Pulling out of losing trade and turning them into wining trades was so freakin awesome.

Learning that when you have enough pad in your account and trading moderately was not so bad if you were down a few points. It's easier to hold on to for the turn arounds or not being as big a big deal to stop out if needed. I just told myself... I'll just get it back when I find the opportunity. And I did....

That was a few months ago, got busy, and came back to watch, but the groove was gone... Made a few wrong pencil trades this last week or so... Now that I'm home... I'll be looking for those indicators and setups...

On this forum... I'll be looking to improve my trade lingo... This will help me to better express what I'm trying to say as well as improve my ability to know what the heck you all are talking about!
So you all feel free to keep me in line here.

Bruce: If you made it this far down the page... thanks for that! But big THANKS for your video update on the 07 pitbull 3 strat. I enjoyed that very much! Nearly 20,000 views! Nice!
great stuff and please, whatever you do - don't trade between Christmas and New Years...the guy who taught me Pitbull said that was the time you give back your trading presents if you trade !!

Better to give to charity than the market over the holidays!
Huh... No kidding... Thanks for the heads up! Time better spent with the family then. Have a fun and safe New Years Eve everyone.
TradeQueen

Long time no post...good to see you back.

You said "On this forum I'll be looking to improve my trade lingo"

I thought I would give you a little help with some Lingo Translations:


"Son of a bi**h, what the f**k just happened"...means you just entered short when you meant to go long.

"You've got to be f**king kidding me"...means some talking head just said something stupid on TV and wiped out your trade.

$*!#...*$!#*?@%...%#$!!#*$?$@#*...means you just found out your Broker locked your account due to insufficient funds.


Hope this is helpful and Happy Holidays!!
HA! You totally knock me on my backside with that post. Plus, I've got a chest cold goin on, so I just cough'd up a lung as well. (It's cool, it's the good kind of pain
)
You already know I'm VERY fluent with that lingo.

Especially the "You've got to be f**king kidding me"...

From how far down the block did you hear me? yikes!

aaaand for the record... I'm not trading today (good thing too, thanks bruce!), but I couldn't resist coming in to take a peek.

Thanks for the reply myptofvu. Good way to start my day... Thanks!