I know I am biased because it’s our thoughts and content.
But these newsletters each weekend for free are really detailed.
We thoroughly enjoy putting them out for everyone and hope some of you find value.
Even when it might not be slap city for the market, there is still preparation to do.
Thanks to all that read it!
But these newsletters each weekend for free are really detailed.
We thoroughly enjoy putting them out for everyone and hope some of you find value.
Even when it might not be slap city for the market, there is still preparation to do.
Thanks to all that read it!
Sunday Scans for the people!
substack.com/@unchartedterr…
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TSDR Trading retweeted
Happy Diwali from all of us at Uncharted Territory 🪔
Wishing you and your family light, health and prosperity.
Shubh Deepavali ✨
Wishing you and your family light, health and prosperity.
Shubh Deepavali ✨
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Thoughts on how to approach the market now that “IT’S SO OVER”.
Some charts to monitor depending on what the market decides.
Learning season is still upon us.
Do the work to trade better.
Some charts to monitor depending on what the market decides.
Learning season is still upon us.
Do the work to trade better.
Sunday Scans for the people!
substack.com/@unchartedterr…
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❤️ much appreciated. We all have lots to learn and I hope the market never stops teaching us lessons!
TSDR… I have been a member of your group for a month or so now and I really appreciate your steadiness and vulnerability. It’s been a great group to be part of. Especially during this shitty time. You can tell you care! I recommend it to anyone finding it hard right now.
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TSDR Trading retweeted
Jesse Livermore made and lost fortunes multiple times.
Stan Druckenmiller shorted $200M worth of internet stocks in 1999 and lost $600M within weeks. Every one of those companies eventually went bankrupt. He was right about the businesses but was wrong on timing.
Kristjan Kullamägi grew his account to $105M, then gave back nearly $60M in about eight months.
Dan Zanger turned a five-figure account into $42M, then reportedly suffered a 75% drawdown.
Paul Tudor Jones lost 60 to 70% of the equity he was managing on a single cotton trade. He nearly quit trading.
These are some of the greatest traders to ever do it. People who understood markets better than most ever will. None of that made them immune to devastating losses.
I was doing my usual re-listen of “Best Loser Wins” by Tom Hougaard, and two stories really stayed with me.
One was about Adam, a brilliant trader with extraordinary patience and discipline. He had built great wealth through his trading. Then one heavily leveraged trade went wrong and wiped out nearly half of it.
But that loss alone wasn’t what destroyed him. It was his inability to accept it and move on. He abandoned the discipline that made him successful in the first place, started doubling down, and desperately tried to make it all back fast.
He went on to lose everything. His money, his home, his family. He ended up homeless.
Then Hougaard talks about another friend who had been trading full-time for 15 years.
He never made “f**k you” money. He earned what someone in a well-paid corporate job would. He paid his bills, took his family on vacations, bought a nice car, and was home when his kids got back from school.
We spend so much time admiring huge returns and huge accounts. And rightfully so. They’re worth admiring, even aspiring to. But we rarely talk about what it takes to keep what we’ve made, or what we’re willing to give up chasing more and more.
Very very few end up as Market Wizards. Then there is the guy who is home when his kids get back from school.
Stan Druckenmiller shorted $200M worth of internet stocks in 1999 and lost $600M within weeks. Every one of those companies eventually went bankrupt. He was right about the businesses but was wrong on timing.
Kristjan Kullamägi grew his account to $105M, then gave back nearly $60M in about eight months.
Dan Zanger turned a five-figure account into $42M, then reportedly suffered a 75% drawdown.
Paul Tudor Jones lost 60 to 70% of the equity he was managing on a single cotton trade. He nearly quit trading.
These are some of the greatest traders to ever do it. People who understood markets better than most ever will. None of that made them immune to devastating losses.
I was doing my usual re-listen of “Best Loser Wins” by Tom Hougaard, and two stories really stayed with me.
One was about Adam, a brilliant trader with extraordinary patience and discipline. He had built great wealth through his trading. Then one heavily leveraged trade went wrong and wiped out nearly half of it.
But that loss alone wasn’t what destroyed him. It was his inability to accept it and move on. He abandoned the discipline that made him successful in the first place, started doubling down, and desperately tried to make it all back fast.
He went on to lose everything. His money, his home, his family. He ended up homeless.
Then Hougaard talks about another friend who had been trading full-time for 15 years.
He never made “f**k you” money. He earned what someone in a well-paid corporate job would. He paid his bills, took his family on vacations, bought a nice car, and was home when his kids got back from school.
We spend so much time admiring huge returns and huge accounts. And rightfully so. They’re worth admiring, even aspiring to. But we rarely talk about what it takes to keep what we’ve made, or what we’re willing to give up chasing more and more.
Very very few end up as Market Wizards. Then there is the guy who is home when his kids get back from school.
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TSDR Trading retweeted
See it happen time and time again. Folks make some money, get a little too comfortable, and lose their respect for risk.
When market conditions change, they keep pressing their luck and end up giving it all back and then some.
Don't be that person and always respect risk.
When market conditions change, they keep pressing their luck and end up giving it all back and then some.
Don't be that person and always respect risk.
The market has a way of letting people make some money only to take it back and then some. Always protect those gains and respect risk.
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All these gentlemen have helped me greatly, you as well Pato! Appreciate seeing your commentary. Enjoy your weekend 🤝
There a some great ones IMO who have been maneging risk in a picture perfect way and outperforming for a very long time, who add a ton of value and enjoy teaching @801010athlete @n_bancroft2 @NickSchmidt @FranVezz @TSDR_Trading @RealSimpleAriel @alphacharts365 for example
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TSDR Trading retweeted
The markets used to consume me when I started trading. I tracked futures, after-hours, pre-market, all of it, mostly because I didn't have a process. I was in gambling mode those first few years.
I'd keep tabs at dinners, outings, with family. That takes a toll. At the core of ge, you don't have a process, and you're not confident in what you're trading. For me it was also a position-size issue: I was taking a ton of risk without a strategy I should have been following.
The markets completely consumed me. Every hour of the day, even after the close, I was still sitting there looking at them.
If you're in that same spot, it's usually a lack of process, a lack of edge, and a lack of proper position sizing. You're risking too much. To the point where even if you're down and refusing to sell, you're hunting for a reason. A small bounce in futures. Something happening overnight. Anything to cling to for hope which doesn't work.
I'd keep tabs at dinners, outings, with family. That takes a toll. At the core of ge, you don't have a process, and you're not confident in what you're trading. For me it was also a position-size issue: I was taking a ton of risk without a strategy I should have been following.
The markets completely consumed me. Every hour of the day, even after the close, I was still sitting there looking at them.
If you're in that same spot, it's usually a lack of process, a lack of edge, and a lack of proper position sizing. You're risking too much. To the point where even if you're down and refusing to sell, you're hunting for a reason. A small bounce in futures. Something happening overnight. Anything to cling to for hope which doesn't work.
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TSDR Trading retweeted
this is still a market where people blow up/have 30-50% drawdowns.
dont let it be you.
dont let it be you.
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People often underestimate what the benefit of sitting back and doing nothing on a day like today can be.
The added emotional benefit compounds and shows up in execution down the road.
Not to mention sidestepping the damage to your account.
Same goes for avoiding random the leadership prevails, down.
The added emotional benefit compounds and shows up in execution down the road.
Not to mention sidestepping the damage to your account.
Same goes for avoiding random the leadership prevails, down.
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TSDR Trading retweeted
Patience.
These are the kind of unwinds that eventually lead to massive opportunity.
Just got to make sure you’re there to take advantage of it.
What you do between now and the bottom will likely determine well you do when we get the next big up trend.
Don’t waste mental and financial capital before then. You don’t want to be dragging yourself out of a massive drawdown or so gun-shy from the frustration of trading poor environments that you don’t capitalise on the next real opportunity.
These are the kind of unwinds that eventually lead to massive opportunity.
Just got to make sure you’re there to take advantage of it.
What you do between now and the bottom will likely determine well you do when we get the next big up trend.
Don’t waste mental and financial capital before then. You don’t want to be dragging yourself out of a massive drawdown or so gun-shy from the frustration of trading poor environments that you don’t capitalise on the next real opportunity.
Whenever the market slows down and doesn’t suit my style I always go back and listen to Amrit Sall’s chapter in Unknown Market Wizards to keep myself in check and remind myself of the importance of waiting for better times.
The ‘Unicorn Sniper’ known for his incredible patience to sit and wait for the next fat pitch.
His results are absolutely mind-blowing, an average annual compounded return of 337% over 13 years.
Some of my favourite quotes from his interview below:
‘The big trades are pretty simple, you don’t have to go looking for them, but you do have to wait for them.
Trading opportunities in the market ebb and flow, there will be periods in the market where the opportunities dry up and there will be nothing to do. In those nothing periods if you’re looking for something to do, that is when you can create real damage to your account.’
‘I now know that 90% of the time the market is not going to provide any opportunities, and 10% of the time I am going to make 90% of my profits.’
‘It’s what you don’t do that counts. Patience is the key word, successful trading is the art of doing nothing, it’s what you don’t do between the real trade opportunities that will determine your success in the long run. You can do so much damage to your mental capital between trades that when the big trades turn up , you’re not ready for it.’
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TSDR Trading retweeted
I’m not one to brown nose, but this quote from @markminervini addresses what I believe is one of the biggest reasons traders give back more profits than they should over time.
“I never say I want to be in the market, so I'm going to take sub par setups. If you can't make money in the best setups, you don't go to the worst, you go to cash.”
Knowing when NOT to trade is just as important as knowing what and how to trade.
youtu.be/RoKPBa8Ppyk?is…
“I never say I want to be in the market, so I'm going to take sub par setups. If you can't make money in the best setups, you don't go to the worst, you go to cash.”
Knowing when NOT to trade is just as important as knowing what and how to trade.
youtu.be/RoKPBa8Ppyk?is…
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