Tuesday, August 5, 2008

I Am Getting Sloppy

July was a tremendous month for me. I booked over $70,000 in profits. And i am so proud of this record. All these years of hard work and getting my teeth knocked in finally starting to pay off this year in a major way. I am hoping that i keep my focus and discipline for the rest of the year and every year from here on out. I have taught a lot of folks about the market but mostly i have learned.
However, i feel like lately either August isn't vibing with my style or i am starting to trade in a 'payback' cycle after the awesome 'payout' cycle of July. I am making sloppy trades and i am over trading. While i am having a decent week and i did put some good trades today and some shitty ones.
So i will be trading much less and putting fewer but smart strategic trades until the tides shifts back in my favor.

Know yourself and trade smartly.

Peaceful trading.

16 comments:

BABY TRADER said...

Congrats Stewie! 70K is nice by any standards. Keep the mojo, trade smart and but lose your balls. Game of confidence.

Stewie said...

thank you baby trader. I have been putting on trades that are out of my style of trading, like 'catching falling knives' trades. Instead of taking a perfect overnight short in MEE, i decided to go long and sold it for a big loss. This type of trade is out of my character and i am just avoiding trouble before it happens. discipline to recognize trouble ahead of schedule and i have enough respect for the mrkt to know that it can take away that 70K in a jiffy if i am trading sloppy.

Ragin' Cajun said...

I had my best month ever in June & some of July. Lately I have been sloppy as well.

Less is def. better.

Keep up the good work my boy!

Stewie said...

Rage: congrats on your june/july performance bro. you definitely deserve it. I think the reason why we momo traders are getting a little sloppy lately is b/c the mrkt is getting choppy and it wiggles around in uncertain fashion. They say that most traders lose their money they earned in trending mrkts trying to trade choppy ones. So, without a doubt, less equals more and choose your battles carefully. GL!

Anonymous said...

stewie, i have learned alot form the likes of you, upside and others, i have been critiqueing things for my style and shooting for consistency. I figure with consistency, hopefully will come profits. trading small,waiting for perfect setups. it has been working. but like a daredevil that jumps 5,6 cars with no problem then gets too confident and jumps 10 and hits that last car and breaks every bone in his body. i think cnfidence is good but can lead to unnecessary risk taking.
your ability to recognise and your experience will lead you out of this i'm sure. you know your shit. if i can absorb a tenth of what you know i will be happy. take it easy. Bill

John O'Shea said...

Well done Stewie! Thats a years salary for a lot of people.
Thank you for those great chart setups also you have been posting. Its nice to see a blog with plenty of visual posts in the form of charts.

Dave said...

I hear you about being sloppy. I had my best 3 week period ever, doubling my portfolio(not that it is so big), but the past week and a half I cut it back in half, right where I started. I kept making the wrong plays and then taking larger positions to try to recoup..big mistake. I know I am being to aggressive, since the portfolio should not have those crazy swings in such short period. I kick myself, but what can you do..
I definitely have enjoyed reading your takes and charts.

upsidetrader said...

stew
i believe it was stanley drunkenmiller, who was, and still is,one of the greatest traders that ever lived(soros's protege) who said his biggest losers came right after his biggest victories-just go back and do EXACTLY what you were doing. It's our fucked up DNA and happens to all of us.

upside

Bluedog said...

Time to get some spinner rims on your car! ;) Congrats on an awesome month!!

Stewie said...

dave: sounds emotional trading to me. yikes. careful.

Stewie said...

upside: love the soros possy. i read all about them.

GRAYMUD said...

Hey Stewie. Congratulations on an amazing month. I was just curious how much of those gains do you roughly think came from overnight holds vs. your regular day trades?

Thanks.

GTM said...

You've done amazing work Stewie. This site is on my short list of must read financials. I also get a good deal of traffic from you, thanks!

This is what I'm looking at right now. See what you think:

http://www.gamingthemarket.com/2008/08/more-tankage-too-easy-to-be-true.html

Stewie said...

Graymud: i'd say about half of these gains came from ONH.

Anonymous said...

congratulations..I have been reading your blog for the last three months, i noticed last month you started going bigger size trades,am I right?was it because your trading capital became bigger or because of you getting more confident? also imho you can make more money if you try to hold longer and try to scale out.

sam

Stewie said...

hi sam. you are right i was going bigger becuase the account was getting bigger but mostly becuase i had a full blown momo market and this is where i thrive and that's my "edge" and i always trade with larger positions during this type of market.

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