Replies to post #209767 on Zeev's Turnips Patch-No Politics (ZEEV)

[Dances-W-waves]

Great post Train!

I was thinking of posting something encouraging and informative also.

But, I'm glad I waited....cuz you did it much better then I could.

The only things I would add is:

If you want to be confident in your trading, you better do some back testing and paper trading first on your strategies or plans. Then move into real trades after you see that it can work. Be careful though, because once you move into real trades, some things change.

Emotions are the biggest change factor. That's a toughy, at first. <g> Emotionaly, it is way easier to wait for the desired profits, as well as taking the losses that you mentioned, when it is only numbers on a sheet of paper. A book could be written on this, and probably has. <g>

Another "real" trade issue is your actual trade placement and execution. Lots to go wrong there, from the decision point, to the actual execution. Lots of variables that don't usually make themselves known when paper trading.

After also losing wayyyyyyy to many times, these are some things that I have learned.

FWIW!

:o)

EDIT: Also....DON'T SHORT THE SNORTERS!!

:o)

DSS club member

[hawk]

Train Dude

Your great, thank you for taking the time to write such a great response. Basically, I've almost wiped out my account, I can still do one contract but I'm on thin ice. My problem is I go for too much too often and sit on trades for too long. Looking to get 2 or more poiints in one shot, I can pull the trigger anymore and tend to think things over way to long. By the time I've decided what to do, its to late and its already happened. I guess that being greedy or not wainting to be wrong are part of the problem<g>. It seems I'm not learning from my mistakes and I'm totally frustrated. This morning pre-market I was up 2 points, when them market open I wanted to get long about 1138.50a nd never did, by the time the market closed I was down 2, mostly because, losing has made me indecisice. Anyway, I love trading and I would hate to give it up. I'm down a $ 1000 this week and can take the losing anymore, besides I may not and account to trade with anymore at this pace.

[Zeev Hed]

Train, an excellent post. You may want to add to that as well, that unless one has developed a "feeling" (even if sometimes it is wrong) for a stock (or a contract), not to trade such stocks (or instruments) exclusively. A good idea is to "spread the risk" in smaller chunk in each situation so that even a hard hit on one position does not "kill you". The worst enemy of a trader is his "mental attitude". You must go in there as a fighter battling the MM's and the specialists with an ego big enough to want to prove to "them" you are better. If you have tendencies to be "moody", step away from the screen until you are in a positive mood and ready to do "battle".

The best thing for a good trading day, is to have one or two small gains from the "let go", it kind of set the stage for the rest of the day. You already mentioned the importance to cut losses fast, but I just must repeat this, because the most important thing is to be able to come to the fight the next time around. If you have a loss, look in the mirror, say to yourself "I screwed up" NEXT...... last, but not least, PLAN THE PLAY AND PLAY THE PLAN.

[lee kramer]

Choo Ctoo Twain: I just read your postr to the "Hawk." Very good. Say, you really have a tool box. Gee, I wanna get a tool boc. Think Home Depot stocks 'em? Anyway, nice post.

[tantal]

An inspirational post, TG, thanks for the contribution.