AI
Friday, October 10, 2003 5:22:22 PM
Let's talk about some losers. Notice that some traders just seem to glide over scalps and hold winners to the end and change direction in losers and turn them into winners with a flick of the magic wand. Traders think they are below par because others seem to be getting it right all the time. It's not true they aren't.. they just are masters of deception (not master traders)
There is no recognized title "master class daytrader" or master trader.
Forget it, its not what happens, only in the imagination of the trader. One blatant error I made was in picking up the 70 calls in APOL and buying it off support the next session, giving me a break even. Had I really looked at the true resistance of APOL, it would have been 69.50 and I missed out on days of downside just being happy I broke even. One of our traders failed to put in a stop in a SNDK short and he/she lost the gain so we spent nearly 30 minutes reinforcing where and when to put trailing stops, when to raise and lower them, etc. Education is an important part of trading.. those that gloss over the actual errors erode the confidence of the new trader. Instead of showing your own prowess, educate the trader that missed the mark (that is if you possess the knowledge to actually do so)
Another error. Put in a stop today on NTES at 69.40 virtually sure that this would bounce I let it ride. After I stopped out that lovely 2 point move it moved up from 69.40 thorugh 70.50 could have made more on that trade, my instincts were to hold it longer.
Another error: Not picking up AMHC today at the bounce off the easy gap 'n crap.
When you are reading of great scalps, great trades, take it into consideration, the losers are shoved under the rug and the rug is getting very bumpy under there with all that accumulated dust.
There is no recognized title "master class daytrader" or master trader.
Forget it, its not what happens, only in the imagination of the trader. One blatant error I made was in picking up the 70 calls in APOL and buying it off support the next session, giving me a break even. Had I really looked at the true resistance of APOL, it would have been 69.50 and I missed out on days of downside just being happy I broke even. One of our traders failed to put in a stop in a SNDK short and he/she lost the gain so we spent nearly 30 minutes reinforcing where and when to put trailing stops, when to raise and lower them, etc. Education is an important part of trading.. those that gloss over the actual errors erode the confidence of the new trader. Instead of showing your own prowess, educate the trader that missed the mark (that is if you possess the knowledge to actually do so)
Another error. Put in a stop today on NTES at 69.40 virtually sure that this would bounce I let it ride. After I stopped out that lovely 2 point move it moved up from 69.40 thorugh 70.50 could have made more on that trade, my instincts were to hold it longer.
Another error: Not picking up AMHC today at the bounce off the easy gap 'n crap.
When you are reading of great scalps, great trades, take it into consideration, the losers are shoved under the rug and the rug is getting very bumpy under there with all that accumulated dust.
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