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August 23rd, 2005 by eyal | Filed under Day Trading. |
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A slightly better performance day for me today due to more aggressive stop management and probably a bit of luck. I have the luxury of not having to pay my bills with my trading so every day I spend in the markets without feeding the sharks and inching up a small gain is good for me. I treat these days more as a classroom hands-on session where I just try and solve the puzzle and get as many pieces as I can right while minimizing mistakes. I am still at a stage where this doesn’t come naturally to me and I have to force myself to block out any emotional thought, declare a time-out and look at a position or opportunity and conciously ask myself: what is the right thing to do right now based on my trading rules. I try to identify emotional influences of fear and greed and unconstructive objectives such as ‘don’t let this one turn into a loss’ or ‘I can re-enter at this point and it would have been just as if I caught it when I should have a couple of bars ago’. It doesn’t always work well but in trading it doesn’t need to work perfectly well all the time to come out on top at the end of week or month.
Eyal,
Great Post, you make some good points. There’s nothing un-natural about conciously asking yourself those things throughout your trades. It’s when you don’t ask those things that things can get out of hand. It’s a tough market out there this week,so pat yourself on the back for a good day.Nice!
Thanks for the encouraging words Doug. Reading your blog yesterday helped me validate my assessment and feel of the market tone and reinforced the need to adjust my trading strategy a bit to reflect the more challenging conditions. Hope your cycle switches over.
Cheers
Eyal
hey, your scanner post disappeared
Yes you are right.. there are gremlins in my machine today! I can see it in my admin screens as a normal post but it’s not published for some reason. Not only that but I just left a comment on your last post and it vanished into thin air. Hmm..
Ok, everything seems to be back.. not sure what happened there for a sec. Could be a dodgy greasemonkey script I installed yesterday which has to do with auto-saving text box areas such as this one.
No problem Eyal, glad my blog could be of some value. As you could see yesterday I was very bearish on that ridiculous up move and was right,just didn’t believe myself.Happens every now and then. Sure the cycle always turns,I’ll be right back on track,the key is to protect your winnings/capital.
Good trading.