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Trading the markets (UMSv2) - samba99 - 06-27-2021
I have realized that not many UMSv2 journals are out there, perhabs if I keep one, this will be beneficial for me and others.
Disclaimer:
- English is not my first language; grammatic error is expected here.
- This is going to be more like a rant about my trading experience.
Usage: following instructions, 2 loops of US, 3 days on, 2 days off.
Side effect: un usual light headache.
Background:
I have always been successfully at whatever I set my mind to, I have a very good job, and I am living comfortably in my life and I can afford what I want, but I have found that I am extremely passionate about trading, almost like an addiction or obsession, the idea of why prices move and how to utilize that just fascinates the *** out of me. With that being said, my struggle with trading began. Even though I am successful in most areas, trading seems to be kicking my butt for the past 5 years and I am at a point where enough is really enough.
Trading the financial markets:
What’s required to gain the wealth I need and want to achieve with trading? Why is it that everything I tried so far for the past 5 years is still not producing any significant results? Why is it that whatever I try I am constantly in the cycle of winning and losing? Almost as If I am stuck at one point. How do I break this? There are currently countless millionaire traders in the world, how come I still didn’t achieve that? How come I didn’t join the club yet? I mean I have always achieved great results at whatever in life, but how come I still didn’t in trading? When I started trading, I estimated that I would be able to ‘make it’ within 2 years only. But the issue seems to be psychological more than ever.
It seems my constant struggle and frustration has absolutely nothing to do with the strategy itself. Really that’s not the issue. The issue is my attitude, my mental state during trading, my concentration during trade and big beliefs toward Wealth (monetary wealth)
Every single time when I have lost much or struggled gaining profit, I kept on switching my approach, my strategy..etc. But that’s not the issue, why didn’t I tackle the issue? The fundamental issue?
It is almost as if I enjoy suffering, almost as I subconsciously sabotaging myself into frustration. Why is it every single time I make a big profit, I do something to lose it? Why cant I keep it?
This must be crazy, my submind enjoys to suffer? Why does it do this?
Trading improved so many areas of my life, I more patient, more aware, more understanding, because of trading I have learned more about reality, I have discovered subliminal technology, because of trading I have had major realizations in life, yet still I did not get the only thing wanted from trading, MONEY. But all I can think about is this is really what I want to do for life.
Perhaps all along, subconsciously, its not about money, its about winning. And oh boy, I love to win. Is it possible that my ego of always wanting to win, making me actually lose in the market? My attitude WAS, I have to win all the time, hence I was trying to perfect my tactic and strategy all the time. WHAT KIND OF ILLUSION IS THIS?
Honestly, with UMS1 and now UMS2 I have realized something so important and so fundamental. After reading biographies of many millionaire traders, almost all of them agree on these 2 rules:
1- The trend is your friend
2- Cut losses fast, let winners run
THESE 2 RULES ARE THE ONLY RULES REQUIRED TO BECOME FINANCIALLY WEALTHY WITH TRADING.
Now, looking at my past 5 years, I honestly failed to satisfy these 2 simple rules, why I wanted to make things so f***ing complicated, why it seems I have this wrong equation in my mind (complication = more success (money) = adrenaline)
I am now committed to change. The first major change happened couple months ago, in which I have learned to successfully satisfy rule 2 which is cut losses fast and let profit run. Shortly after being able to satisfy this second rule, I made some big money, I thought that was enough. But I lost most of profit again. I tried to buy low and sell high, basically trying to predict reversal areas but this approach goes against rule 1 which following the trend. The result of ignoring rule 1 was I got stuck, I made thousands of dollars and lost thousands of dollars, whatever I made, I lost it and repeat. So I have not moved, I am right in my place.
Now, I realize I don’t have to participate in every single move in the market, but I have to participate in the moves that are with the trend.
RE: Trading the markets (UMSv2) - Shannon - 06-27-2021
If I might point something out... perhaps the issue is that what you call "trading" is really gambling. In any gamble, the odds of losing are at least 50%. Perhaps you might consider the Warren Buffett approach: pick a good stock you know is a good stock, buy and hold for decades if not forever. Over enough time, the market always goes up, and this type of trading is easy because you really only need to find one good stock to invest in.
If you do this with a single good dividend stock and re-invest the dividends, then all you're doing is compounding your wealth over time. Adding to the principle with regular injections of new capital, and then compounding your principle with dividend re-investment. Over a decade or two, with the right stock and the right amount invested each month, this is a guaranteed means to achieve huge amounts of wealth financially.
I recall hearing something about how the stock market is a tool to transfer wealth from the impatient to the patient...
RE: Trading the markets (UMSv2) - AriGold - 06-27-2021
I wish you all the success.
It is hard to trade in a market that is the biggest bull run in history and find out that you are still on the same place. But let this thought be helpful to you. Ask yourself, how did you come to your choices, why were you making these trades, what did you expect from them? Start a trading journal and write your thoughts down, by doing that you can revise it later and find out what you did when you made winning trades and what you did when you did losing trades. Not all winning trades are good winners and not all losing trades are real losers.
What helped me was to really focus on just a few stocks that really make a difference within their field and then "invest" in them instead of short time trading. By investing I probably won't get rich quick, but it takes a lot background noise away, when the stock goes down I can buy the dips and be happy when the stock goes higher. But it only works on companies that you are really really convinced of the business model, the management, the product, etc.
RE: Trading the markets (UMSv2) - MegaMan - 06-28-2021
Great intro samba99!
Solid pointers from AriGold, I also agree that a trading journal is an excellent tool to understand your trades and see patterns.
Are you open to pointers/suggestions concerning trading in this thread samba99?
Wishing you nice PnLs
MM
RE: Trading the markets (UMSv2) - samba99 - 06-28-2021
Thanks guys for solid points, I definitely agree with the journal keeping, I have had major breakthrouhg with I started to cut my losses fast and let winners run.
I am open to all trading suggestions, however as I mentioned before, I have tried so many things out there. So yes, this topic is my passion and I have no problem to hear more ideas.
My own trading approach is similar to Wyckoff, my tactics is more about observing the weight of supply waves and the weight of demand waves over multiple time periods, which gives my clues on weakness and strength as they developing.
Good luck to yall traderz out there.
RE: Trading the markets (UMSv2) - samba99 - 06-30-2021
Last night was my first day of cycle 3, I had a really interesting dream. In the dream I had an apartment that its floor is literally all broken (as if somone is demolition the floor for construction), in the dream, this apartment is being shared by me and my brother, it seems like there was a sechduled construction activiy for new floor. Whats even more interesting, none of the people, including my brother seemed to care about this sever construction activity is if it wasnt even there, except me, I cared, alot. I went to the apartment community office to ask when is the floor construction will be done, but I dont remeber that part.
My take from the dream is that "this apartment" is actually my beliefs about money, the fact that my brother was also in the dream and also sharing the apartment with me, indicates the aparmtent is actually a symbol for beliefs, and the missed up demolishing activity on the ground floor, indicates that UMSv2 stage 1 is indeed demilition my current belief system, to create or make another layer of beliefs "floor Tiles"
Also another indication is my brother didnt seem to care or notice this demolition activity is because, I am the one is using UMSv2 not him. Also we have always lived in a house not apartment.
Anyways I find the dream to be interesting.
RE: Trading the markets (UMSv2) - MegaMan - 06-30-2021
Awesome!
How does your trading journal go? In my experience, it was noting down why I entered/exited what took me further.
RE: Trading the markets (UMSv2) - samba99 - 06-30-2021
(06-30-2021, 05:45 AM)MegaMan Wrote: Awesome!
How does your trading journal go? In my experience, it was noting down why I entered/exited what took me further.
I started to step back and think why is it that sometimes I make great sums and then lose it. Making money is not the issue at all, the problem is that I lose them after I make them, I realized something important after careful examitaion.
whenever I am in tune with the market, like not expecting the market to do something but rather in tune, listen to it, no expecation, observing, Almost like a zen state, I then make money while trading (effortlessly). Not some money not small amounts. but great some.
however the problem is, after I make that money, my minds almost always shift from zen state to expectation or reactive state. what happens is, I start to expect the market to do something. In previous state of mind, I didnt expect, I didnt rush, I didnt feel the need that I must enter now, I didnt feel the need oh I need action. but in this state of my mind, I expect the market to move, and this expectation is creating chaos and losses to me. The expectation. This expection or the need for action is mainly caused because of incorrect goals setting. In trading, its counter prodactive to set a goal, for example, if I set a goal that this week I will make xxxx amount, that goal will make me seek action, and sometimes there is just no action, but because of that goal I set for myself, I start to make silly mistakes here and there. while when I am in tune with the market (the zen mode) I almost never make these same mistakes.
I actually realized this after listening to a millionaire who had the exact same problem. he said whenever he hit 100k$ he always set this goal to hit a million dollar, which then causes him to make mistakes over and over and loss everything.
I definitly see this in my trading activity, setting a goal that is associated with a strict short time line is really a no go with trading, because in trading you can control 3 things only, your entry, your exit and your trade size. Thats it. Now when I have things in my mind like oh its going down or it must go somewhere today, is just not good at all.
here how it goes > zen state > make money > chaos, reactive state (same state when you keep using your phone and switching between social apps without realizing) > lose money > lose moeny > lose moeny (until most profit are gone) > wake up from that state and return to zen state > make money.
In fact in trading they always say it must match your personality, well for me, I have always imagined that in the future when I make it big, I will be trading in no rush and in a very relaxed state of mind. funny, most money I made is when I am mentally thinking and behaving like that future me.
So the take here is I need to stay in the same state of mind after making the cash. Its funny when I used to hear millionaires say '' Making large sum of money is a problem needs solving, but keeping that money is entirely a different problem''
RE: Trading the markets (UMSv2) - Shannon - 06-30-2021
Fortunately, UMSv2 is designed to help with this sort of thing.
RE: Trading the markets (UMSv2) - samba99 - 06-30-2021
(06-30-2021, 10:00 AM)Shannon Wrote: Fortunately, UMSv2 is designed to help with this sort of thing.
Thanks Shannon, I'm really impressed with the dream I had. It was pretty obvious that UMS2 is indeed working on fundamentals
RE: Trading the markets (UMSv2) - Shannon - 06-30-2021
(06-30-2021, 10:06 AM)samba99 Wrote:(06-30-2021, 10:00 AM)Shannon Wrote: Fortunately, UMSv2 is designed to help with this sort of thing.
Thanks Shannon, I'm really impressed with the dream I had. It was pretty obvious that UMS2 is indeed working on fundamentals
I'd have to agree based on how similar my interpretation of that dream would be.
RE: Trading the markets (UMSv2) - samba99 - 07-02-2021
1st day off, after 3rd cycle.
-------------------------
I realized my concentration span is very weak, I am unable to hold my concentration for more than few mins without having thoughts of wanting to check my cell phone. God Damit social media, our attention span got so short. This deeply affects my trading performance. I cant get in the zone. I will try to physically seprate my body from my cell phone as much as I can. I found that not using the phone alone is not enough, because your thoughts will still be thinking about the notifications, what works is to physically put the phone some place away, preferably in drawer or closed space.
I have also decided to hit a major reset button with trading, in the next couple weeks, I am not going to trade anything, instead, I will set down and read all the trading books I bought over the past years ( I bought these books but never actually studied and contemplate them) I have read few pages here and there from some of these books. But now, I am going to actually go page by page and write down the ideas that are useless, then I will re-shape and design my entire habits around trading. Hopefully I can do this in a 2 week timeline.
Thats it for now, good luck everyone
RE: Trading the markets (UMSv2) - samba99 - 07-03-2021
The break I decided to take is going well. I am about half way through the first book "Market wizards'' its a classic book but its a must read, its been on my shelf for a while.
Again with major realizations,
I realized that when I first decided to become a trader, the reasons were:
- it really facinates me
- I enjoy it and it keeps me happy and alive
Early years these two aspects made me devolp a trading style (swing trading) that is relaxing and really interesting, but what happened is, I started to get greedy, I want success fast, I want it fast, I started to combine different trading styles to acheive one objective which is How to generate the most amount of profit in the shortest time possible.
While I did acheive this objective but I could not sustain it at all, I got burnt out, my entire thoughts pattern became about trading only, it shifted from facination and fun to frustration.
Dont get me wrong, I made the most amount of money because of this trading style combination, but I get burn out quickly, it is something I would rather not do. It is not based on my personality. I like more the swing style even if it means less money in the same time span, but after really thinking about it, its not less money, I think it was just limiting belief.
Few take ways from the book: These point are directly related to me, thats why I picked them.
- Most traders lose because they are not patient enough to encounter a clearly defined situation
- When you are in a trade, you cant think clearly and if you are in doubt about your trade, the best thing to do is get out and get a fresh plate to start again.
- Let profit run and cut loss fast
- Dont Lose money for reasons you dont understand
- Stop Loss are very important, where to place them? its not wise to put your stop in a popular area
- The less observed, the better to trade
- Focus on protecting what you have
I may add more points as I finish up the first book,
As always, good luck
RE: Trading the markets (UMSv2) - samba99 - 07-08-2021
Finished 4th cycle,
Still reading the books, it seems I have already set my mind on how my trading style is going to be. There is nothing much to report, except that I have been getting alot of women. Attention. Not sure what is happening it seems as if I'm running DMSI. I hope I didn't accidentally run DMSI loops. Haha. For now, that's it.
I'll be starting 5th cycle during tomorrow night