Tuesday, January 29, 2008

Taking some time off


I'm taking some time off from trading. Not sure when or if I will come back. Hopefully some people learned some stuff from my blog that will help them in their trading.

19 comments:

Ben Dare-Dundat on 2:41 PM said...

Good luck to you, HPT. Sounds like you had too much on your plate with the full time trading plus the other job. Add in the "pressure" of the blog + videos (certainly there comes a wanting to "deliver" the goods when you have an audience), and it gets pretty nutzo.

I found your blog thru "THE video" and just skimming thru a few blog entries from Jan 08, it reads like Mr Toad's Wild Ride on crack. It's like you've lived the "Reminiscences Of A Stock Operator" story of ups and downs condensed into a few weeks. And at that pace, one can certainly understand how fried you must be, and just continuing to trade for trading's sake or the hope of redemption was certainly a path to more blowups.

Go cold turkey. Enjoy your time off. Take as long as it takes. Live life. Clear your head. These cliches were created for a reason. Good luck.

FX on 2:50 PM said...

I give you a week tops before you get itchy fingers and make some trades ;)

BH_Trade on 3:22 PM said...

I'll take the under on a week fx

digeratimvp on 3:23 PM said...

Hope you are not gone long. I just got addicted to your site.

dawger on 3:50 PM said...

Keep plugging away! Don't leave! Scale down a bit and take a break - BUT DON'T LEAVE.

dawger on 3:51 PM said...

Don't leave!!

West Coast Trader on 4:14 PM said...

Leave futures, not trading or the blog. You will be rewarded. Man you went through hell trading futures - take that knowledge and put it in equities. Use futures charts to set up plays in sector etfs or individual stocks. I was there - lost a boat load trading futures over 4 years, thought it just was not for me and that I was done with trading, closed out my futures account, focused on equities and I have done better in the first month of 08 then the past 2 years trading futures. Let me say that again, in one month, I have made more trading equities than the past two years trading futures. By giving yourself, and your account, time to play out a market thesis by trading equities based on futures setups, you eliminate the mind fuck that happens along the way. How many times have you looked at the results of a futures trade and said"...ahhhhh shit, of course, anyone can see that that was going to happen...." That's the mind fuck I am talking about. When that happens, your eyes roll back in your head and you just cannot see what is before you - that is futures trading. Get rid of the mind fuck, give yourself time to think, and you will make a killing. Try it. Take the 10k or whatever you have left and use your system daytrading stocks that line up with the ER2, NQ, ES and YM. Accept a hards days trading work for +200. Don't walk away - it's in your blood. Change your method and what you trade. I didn't think it would work for me initially. I let myself get down resigned to the fact that I couldn't trade futures from a discretionary standpoint. I was bummed and numb the first week I stopped after 4 years of constantly getting up at 4 am (California time). Now, I am profiting way more and sleeping in. My head is much more objective. I never thought I could walk away from futures because it became part of my identity with friends, family, etc. It was way easier than I thought. And, I am still doing what I love - trading! Try it.

lonelytrader on 4:16 PM said...

Shit, I just bet Mr. No DooDahs $100 that you wouldn't blow your account for at least another two years...now what do I do?

Christ man, don't leave me hanging...I sooooo wanted Rempel to eat crow. LP was long HPT too. I think he was throwing in for the same amount.

Okay, I'll quick yanking your crank. Come back soon.

ripped2008 on 4:48 PM said...

HPT, pleeeze don't leave. I was getting into your blog big style.

ripped2008 on 4:49 PM said...

Pleeeeeeeeeze don't go, HPT!!!!!!!

I enjoy your blog and your perspective into trading and how it works.

mindfook on 10:04 PM said...

I recently had to quite trading, loss everything on the market. It was not the market that manipulated me, I manipulated myself when I get on the wrong side of the trade and not able to let go, even though most times I am able to cut my losers short, but the few times that I was unable to(mentally) let go, those few were enough to finally wipe me out. My strategy was perfect on picking cheap illiquid stocks that suddenly spike and have huge volume for at least one day, and were able to find those top % gainers and losers EVERYDAY, just like what you see on Yahoo's top % gainers and losers pages, but in real time and during direct access and pre-market hrs, which Yahoo will not show during those times, and you HAVE to catch them during that time. So, I'll either go long or short, can gain 20 to 100+ % in less than a day, usually will get done trading in about 1/2 to 2 hrs time in the morning and got so used to it, that I can tell 80% of the time on which direction the stock was going just by observing a few simple TA(to play them, my DD was around 2-3 mins, gotta be quick), and I do sometimes warn people on the stock's msg board that it's topped out for example, and that it did not matter what the news was, chart wise, it's saying sell, but those die hards that's been hanging around a particular board never believes it, and will call me a basher, then the same day and days later, they realized that I was just trying to give them a heads up, cause I hate seeing ANY retail investors lose(I sure know how it feels). My fastest gain was on DNDN at 18K in 3 mins. But, it's stressful and you got to have nerve of steel to pull the trigger yourself, since they typically move fast, you just cannot use a stop, just have to know when your gain (either long or short) is just about maxed out and take it and run. Another example was PANC, news caused it to pop up to about 2.8, slowly drifted back to 2 over a periods of days, and the die hards kept thinking/wishing that it will be going to 5 soon, I was shorting it and kept warning the longs that they are betting on a long shot, and of course I was branded as a basher on that board, one month later, bad news came out and gapped down to 1, now it's about .65, and someone on that board stated that he loss 400K on that pos.

Concerning your 3 day weekend hold, I was shorting 10K shares of WM, knew that the fed was going to talk on Tuesday, it would have been similar to holding a pos thru earning cc, and not knowing what the hell is going to come out of the cc. I knew that a rate cut was coming, and that it may come Tuesday, so I covered my short during direct access at 7:15am on Friday, the ones that held either short or long thru that time was truly gambling.


Here's how you determine if you should get out completely because you may be an addict.

* you keep making the same mistakes over and over
* you keep putting more money into your account and telling yourself that when you make it back, you will pull that money back out and put it back into where you got it from
* you sit there all day watching every tick, making new trades even late into market hours
* you sometime trade out of desperation to try to make some money back, and not trading due to an actual good opportunity
* You justify to yourself that you have finally found the magic solution and that you will turn things around and reason to yourself that you are not the type that gives up
* Those are just a few...

Good luck on whatever you decide to do...

mindfook on 10:05 PM said...

I recently had to quite trading, loss everything on the market. It was not the market that manipulated me, I manipulated myself when I get on the wrong side of the trade and not able to let go, even though most times I am able to cut my losers short, but the few times that I was unable to(mentally) let go, those few were enough to finally wipe me out. My strategy was perfect on picking cheap illiquid stocks that suddenly spike and have huge volume for at least one day, and were able to find those top % gainers and losers EVERYDAY, just like what you see on Yahoo's top % gainers and losers pages, but in real time and during direct access and pre-market hrs, which Yahoo will not show during those times, and you HAVE to catch them during that time. So, I'll either go long or short, can gain 20 to 100+ % in less than a day, usually will get done trading in about 1/2 to 2 hrs time in the morning and got so used to it, that I can tell 80% of the time on which direction the stock was going just by observing a few simple TA(to play them, my DD was around 2-3 mins, gotta be quick), and I do sometimes warn people on the stock's msg board that it's topped out for example, and that it did not matter what the news was, chart wise, it's saying sell, but those die hards that's been hanging around a particular board never believes it, and will call me a basher, then the same day and days later, they realized that I was just trying to give them a heads up, cause I hate seeing ANY retail investors lose(I sure know how it feels). My fastest gain was on DNDN at 18K in 3 mins. But, it's stressful and you got to have nerve of steel to pull the trigger yourself, since they typically move fast, you just cannot use a stop, just have to know when your gain (either long or short) is just about maxed out and take it and run. Another example was PANC, news caused it to pop up to about 2.8, slowly drifted back to 2 over a periods of days, and the die hards kept thinking/wishing that it will be going to 5 soon, I was shorting it and kept warning the longs that they are betting on a long shot, and of course I was branded as a basher on that board, one month later, bad news came out and gapped down to 1, now it's about .65, and someone on that board stated that he loss 400K on that pos.

Concerning your 3 day weekend hold, I was shorting 10K shares of WM, knew that the fed was going to talk on Tuesday, it would have been similar to holding a pos thru earning cc, and not knowing what the hell is going to come out of the cc. I knew that a rate cut was coming, and that it may come Tuesday, so I covered my short during direct access at 7:15am on Friday, the ones that held either short or long thru that time was truly gambling.


Here's how you determine if you should get out completely because you may be an addict.

* you keep making the same mistakes over and over
* you keep putting more money into your account and telling yourself that when you make it back, you will pull that money back out and put it back into where you got it from
* you sit there all day watching every tick, making new trades even late into market hours
* you sometime trade out of desperation to try to make some money back, and not trading due to an actual good opportunity
* You justify to yourself that you have found the magic solution and that you will turn things around and reasoning to yourself that you are not the type that gives up
* Those are just a few...

Good luck on whatever you decide to do...

mindfook on 10:05 PM said...

test

Oli on 3:06 AM said...

Have some relaxing days off and then come back, trading ...

You got everything, what it takes to be successful!

Cheers Oli

rosemary on 5:58 AM said...

I will miss you. Please come back. Not a trader, just a little old lady in England that loves watching you.

Quentin on 7:23 AM said...

HPT ,

Where did you get that code to find block trades in Quotetracker ? Hurry
back, really enjoyed your blog.

Thanks..........................

Dinosaur Trader on 10:44 AM said...

Good luck, HPT. Keep in touch.

-DT

Miffy on 6:18 AM said...

Wow your famous!

Actually I followed this link from www.aussiestockforums.com and have been impressed/amazed with the amount of feedback you have received.

In all things be encouraged that you have acknowledged and learnt from your mistakes.

No person can claim perfection and at the end of the day money is really just printed paper - so easily burnt or destroyed.

Compare this to the impact in the lives of the people who have read your blog (and those who are yet to read it).

phil on 10:53 AM said...

I reviewed your 10 top mistakes. We've all made the same mistakes! It's sort of a right of passage. I reviewed some of your blog. I think the bottom line is that you don't really understand the process yet, but you have potential. taking time off is what all loser turned successful traders do after they get kicked in the ass big time. I've taken so many breaks from 1985 - present I lost count. The secret to success is perserverance. In my case I just never quit through all the heartache and pain. Most rookies give up. Who could blame. Who wants to lose $ all the time. In may take you 5, 10 or 15 years to catch on. If it was easy every clown out there would quit their job to trade for a living. It just isn't easy. BTW I have a feeling that that Dr. Brett guy knows all the rules and cliches. But I'd bet you dollars to doughnuts his P/L statement is in the red. One other thing, its probably a bad idea to publish your trading history on the internet. Try a lower key appraoch and avoid the market moogs -- you know who they are.

I think you can make it but you need better knowledge and more experience. Good luck.

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