There are two things that I do that undermine my trading, right
now. I am very good at seeing what is coming and often have
call right way ahead of the curve - but because I often see it too
early- I'm often TOO EARLY in implementing it. Or even worse
I get the move and timing right and then find myself trying to play
every squiggle within the bigger move, which invariably tosses me
out of the move entirely and leaves me behind scratching my head.
It's not easy to stay in a bigger move especially when the
market in volatile, major news is constantly flowing, and support
and resistance are always near by.
In the final analysis, I believe everything depends on
time frame in trading. Very short term traders have to be
ready for moves that happen in a few minute time frames. But
since I am trading time frames where the trade stretches days to
hopefully weeks then I must find a way to chill and ignore the
gyrations within the bigger move. Waiting for my predetermined
signals seems to be the only way to do that.
As an aside, I realize that I am not good at swimming
upstream(counter-trend). That's a very tough game. It's
much easier for me to flow with the trend. That will be a
rule I will not break.
Hi, my name is John. I'm a right-aholic. Being right about
what is coming is not the problem.
Being too early and not following my trading rules
is. I'm trying very hard to be profitable by being
more patient. I now realize that being right is an asset but
it is keeping me from being more profitable.
I will strive to control my emotions and follow my trading
plan and I will wait for pre-determined signals to enter and leave
my positions.
Me too, John. Except I'm not even very good at making
market calls. Couple that with horrible timing and you have a
recipe for insolvency.
Which is why I just trade mechanical systems these days.
Doing this doesn't remove the opportunities for
self-immolation, but it makes a little more difficult for me to
sabotage myself.
Well written !! I am so guilty of the trying to outguess
or predetermine the next signal. I think many of us are. Again,
thanks for your article. I have printed it out to keep and "Keep
trying to remember the rules"
Confessions of a Right-aholic. Any similarities?
Posted by johnc on 6th of Aug 2011 at 07:38 am
There are two things that I do that undermine my trading, right now. I am very good at seeing what is coming and often have call right way ahead of the curve - but because I often see it too early- I'm often TOO EARLY in implementing it. Or even worse I get the move and timing right and then find myself trying to play every squiggle within the bigger move, which invariably tosses me out of the move entirely and leaves me behind scratching my head. It's not easy to stay in a bigger move especially when the market in volatile, major news is constantly flowing, and support and resistance are always near by.
In the final analysis, I believe everything depends on time frame in trading. Very short term traders have to be ready for moves that happen in a few minute time frames. But since I am trading time frames where the trade stretches days to hopefully weeks then I must find a way to chill and ignore the gyrations within the bigger move. Waiting for my predetermined signals seems to be the only way to do that.
As an aside, I realize that I am not good at swimming upstream(counter-trend). That's a very tough game. It's much easier for me to flow with the trend. That will be a rule I will not break.
Hi, my name is John. I'm a right-aholic. Being right about what is coming is not the problem. Being too early and not following my trading rules is. I'm trying very hard to be profitable by being more patient. I now realize that being right is an asset but it is keeping me from being more profitable. I will strive to control my emotions and follow my trading plan and I will wait for pre-determined signals to enter and leave my positions.
I keep trying.
john
Me too, John. Except I'm
Posted by algyros on 6th of Aug 2011 at 09:44 am
Me too, John. Except I'm not even very good at making market calls. Couple that with horrible timing and you have a recipe for insolvency.
Which is why I just trade mechanical systems these days. Doing this doesn't remove the opportunities for self-immolation, but it makes a little more difficult for me to sabotage myself.
Keep trying
Posted by rogerv on 6th of Aug 2011 at 09:15 am
Well written !! I am so guilty of the trying to outguess or predetermine the next signal. I think many of us are. Again, thanks for your article. I have printed it out to keep and "Keep trying to remember the rules"
I have the same propensity
Posted by Palladin on 6th of Aug 2011 at 09:12 am
I have the same propensity to sell too early and leave money on the table.
But I label it Left-Alcoholic for all the profits I "left" behind
better a year too early than a day too late though...