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COMMODITIES BONDS STOCKS (CBS) News Organization for Traders





More Trading Articles     Trading Risk







Commodities, Bonds, Stocks NEWS resource for late-breaking financial news about
Successful Trading of Commodities Futures, Bonds and The Stock Market...


TRADING DISCIPLINE - FEATURED TRADERS ARTICLE OF THE MONTH

Today October 13, 2022 is a good time to get more news about trading
Commodities, Bonds & Stocks... After being involved in commodity futures trading
for many years 4-years and now working as a broker. The topic I would like to
discuss is a very old one: "Discipline"!

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I made a lot of trades in very different markets. My trading philosophy is
basically 100% technical. I'm a very big fan of technical analysis and technical
trading systems. My very special trading vehicle is candlesticks combined with
stochastics or sometimes a different oscillator, but I don't concentrate on the
oscillators because they are more or less the same. I really concentrate on
candles.



Now using the Swing Catcher trading system because I think it's really an
excellent trading system which is used in connection with additional
trading-systems. Swing Catcher was the first software I used and I want to
explain my experience and show some big mistakes made.

The software arrived and it was installed immediately. It run very quickly. The
only problem concerned the data feed from CSI (Commodity Systems, Inc.), not due
to CSI, but due to my modem. At this point, I want to thank Dave because he
really supported me in an excellent way!



The performance of last month was really surprisingly good. Decided to trade the
German Deutsche Mark and Swiss Franc futures (in low risk trading mode) because
they showed a wonderful profit (the first nonsense, because these markets are
highly correlated as I knew, but I was blind already seeing the profit on my
account).

The first currency trading order was placed to buy the DM. The dollar was around
1.49 and from the fundamental point of view, the buck was a buy but I decided to
follow the system (that was OK).



The U.S. dollar came down to $1.46 and my DM position was perfect. One day after
the long-DM, the system came up with a buy signal for SF and I decided to go
long. That was okay because I strictly followed the system concerning entering
the market and concerning the stops.

Both positions were winners, but on the same day the German Bundesbank crossed
my trading plans. Buba was intervening heavily by selling Deutsche Mark. I was
stopped out on both positions with an absolute crazy fill on the Swiss Franc.



The DM locked in a profit due to an adjusted stop, but the loss in the SF was
bigger and I suffered a net loss of about $1500. I was shocked. My account then
showed a balance of $400 credit.

Now I recognize my second stupid mistake: I simply over-traded my account. Two
positions in highly related currency futures in a $1900 account doesn't make
sense!

I stopped trading due to lack of money. As a poor student I could not afford to
loose additional money. I watched the system and a friend traded some signals
for his account.

He made two loosing trades and then told me that the system is no good. After
thinking about the whole problem, I came to the conclusion that he was
absolutely wrong. He and I already made our third big mistake. You have to
follow a system strictly for a longer time and not stop trading after two
loosing trades. These trades are simply not significant.



Then we watched the following signals, which were excellent and resulted in big
profits, but we had no positions.

My friend revised his opinion concerning the system very quickly and became a
big fan. That was the fourth mistake, because these few winning trades were also
not significant.

He started to trade the signals again and although he would have made profit on
the next trades, he actually did not because he did not follow the recommended
stops!!! That was the fifth mistake. He generally is no friend of stops, which
is of course reflected in his account balance.



After trading 2-years without using the trading system from the beginning of the
before mentioned trade, he lost about $75,000. Of course, the system was called
no good again after doing the before mentioned last trade using the system but
NOT using the recommend stop-loss order.

That was the next big mistake. He always shifted his inability to make profit.
Although it was obvious that he made a wrong decision by not using the
recommended stop, he said that the system is good for nothing.

He then traded using his "feeling" and lost a lot of money. But of course, it
was not his mistake. "The market reacted the wrong way," he told me, "they are
playing against you with the target to get your hard earned money."

I told him that this was by far the biggest nonsense I ever heard in my life and
asked him why he does not stop trading if he knows this fact. He was not able to
give an intelligent and satisfying answer. He is still trading and of course
still loosing money. Click-here for Trading Tip of the Day.



I won't continue, but believe me I could tell you a lot of stories which would
make your hair stand.

I really believe that a successful trader needs three things:

1. Important - A trading system to find buy & sell signals that fits to the
trader, which he is comfortable with. (It need not necessarily mean a
computerized system.)

2. More Important - Money management techniques. That means you have to define
your risk before entering a position and then place the stop and do not change
it once the market is trading near the stop level. If you get stopped out, wait
for the next signal to step in again, but do not alter the stop 20 times. It
does not make sense. Don't trade to big numbers in relation to the size of your
account.



3. Most Important - Discipline, discipline and discipline! Trade the signals as
they occur. Use the stops under consideration of the risk you are willing to
take and do nothing else! This "nothing else" is maybe the most complicated
matter overall.

The most successful traders are those who comply 100% to the system they are
trading. If the system does not show the results you are looking for, choose or
develop a different system with a new approach. Don't make the mistake of having
a system and not complying with signals! If you can manage your mental
environment to follow these three points, you can bet on your trading success.



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commodities futures trading business from CareLogic

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Trader Articles about making-money by trading and day trading the financial
markets, including forex, commodities, bonds and stocks

Potential profitable Day Trading course details

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Potential Commodities Futures Trading Success!













Today's Date and Time
10/13/2022, 5:00:14 PM


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