Saturday, March 06, 2004 6:20:25 PM
Mind Games Of A Trader.................
This from "excel" #msg-2539013 on
"Free Zone / User's Groups / Break Out Trading (Bill Panetta)" #board-2059
Mind Games Of A Trader.................
I see a lot of posts from traders who jump in momo's only to see they jumped in at HOD.
That can become very discouraging.
As a trader there will be days you have trigger lock.
You made good bank the other day and now don't want to give it back.
Or you just can't decide what to buy.
Had one of them the other day.
Days where when you jump in on a momo when it's up .02, it stalls, and there you are in dead money.
There will be days after doing that you see the same set up, decide not to jump in, sure enough the stock being up .02 goes up another .05 and you are just sitting there asking yourself why me?
Then you continue to read all kinds of posts about making bank today as you made little, if any.
Your timing sucked.
Your fills sucked.
And all you are doing is sitting there reading about ther winning trades.
You will always every day read about the winners.
Rarely do you hear about the losers.
To be a trader it is like a lot of things in life.
You got to keep a level head.
Keep things in perspective after you made a bad trade.
A way to win this game is to use a service like freetrade or some other low cost service so jumping in and out of trades the phycological commision cost won't even have a chance to play in the back of your mind.
Another way is to remember this isn't about you losing trades.
It is about you shoving your ego and denial asside and taking a small loss instead of staying in only to see what was a small loss, turn into a huge loss.
There will be times you got shook out and the MM's take it way up. Yes, that happens.
But percentage wise it happens less then when L2 is telling you support is gone it's time to save your capitol.
When you stay in a trade hoping to get your money back only to see it go down farther after telling yourself you should get out now, not only are you losing more money then the small loss you should have taken, you are losing money on your next winning trade.
If you would have cut your loss short instead of having denial overcome you, your next winning trade would had have more shares bought.
Instead those shares are sitting in no mans land.
Keep your head up.
I sometimes have rotton days when all I read about is others winning.
Other times I have great days when I don't read a lot of posts about others winning.
Limit your losses.
It's all about making more winning trades and stopping your losses short.
Keep a level head and don't be discouraged about reading all the posts saying they made great bank
Your days will get better.
Hard work will change your state of being down, to I can win at this game also.
Excel
Every day that you attempt to see things as they are in truth is a supremely successful day.
This from "excel" #msg-2539013 on
"Free Zone / User's Groups / Break Out Trading (Bill Panetta)" #board-2059
Mind Games Of A Trader.................
I see a lot of posts from traders who jump in momo's only to see they jumped in at HOD.
That can become very discouraging.
As a trader there will be days you have trigger lock.
You made good bank the other day and now don't want to give it back.
Or you just can't decide what to buy.
Had one of them the other day.
Days where when you jump in on a momo when it's up .02, it stalls, and there you are in dead money.
There will be days after doing that you see the same set up, decide not to jump in, sure enough the stock being up .02 goes up another .05 and you are just sitting there asking yourself why me?
Then you continue to read all kinds of posts about making bank today as you made little, if any.
Your timing sucked.
Your fills sucked.
And all you are doing is sitting there reading about ther winning trades.
You will always every day read about the winners.
Rarely do you hear about the losers.
To be a trader it is like a lot of things in life.
You got to keep a level head.
Keep things in perspective after you made a bad trade.
A way to win this game is to use a service like freetrade or some other low cost service so jumping in and out of trades the phycological commision cost won't even have a chance to play in the back of your mind.
Another way is to remember this isn't about you losing trades.
It is about you shoving your ego and denial asside and taking a small loss instead of staying in only to see what was a small loss, turn into a huge loss.
There will be times you got shook out and the MM's take it way up. Yes, that happens.
But percentage wise it happens less then when L2 is telling you support is gone it's time to save your capitol.
When you stay in a trade hoping to get your money back only to see it go down farther after telling yourself you should get out now, not only are you losing more money then the small loss you should have taken, you are losing money on your next winning trade.
If you would have cut your loss short instead of having denial overcome you, your next winning trade would had have more shares bought.
Instead those shares are sitting in no mans land.
Keep your head up.
I sometimes have rotton days when all I read about is others winning.
Other times I have great days when I don't read a lot of posts about others winning.
Limit your losses.
It's all about making more winning trades and stopping your losses short.
Keep a level head and don't be discouraged about reading all the posts saying they made great bank
Your days will get better.
Hard work will change your state of being down, to I can win at this game also.
Excel
Every day that you attempt to see things as they are in truth is a supremely successful day.
"Sometimes, business decisions must be based not on economics,
but on what is right." ~ Ivan Howes
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