Posted by ndtrade123 on 17th of Mar 2009 at 03:21 pm
Today is a bad day for a newbie like me. Keep trying to
short all day with leveraged stuff. Basically took away all
the gains from winning last week. Good tuition fee, I
guess.
One of the
hardest lessons for traders to learn is to not fight markets. Once
you become attached to a particular idea or scenario, your ego
wants to be right. Instead of focusing on making money, you`re
caught up in proving yourself to be correct. That makes it
impossible to quickly exit a wrong position and flip it into a
winning one.
Success is
possible in trading, but it requires learning and development.
Role-modeling from experienced traders and continuous work on one's
craft are vital elements in that success. It takes some searching,
but there *are* role models on the Web, whether in blogs, online
trading rooms, or via coaching/mentoring. The rest is dedication
and the willingness to work as hard outside of trading hours as
during them.
One of the
qualities I've noted in highly successful traders is that they
don't just follow markets; they also observe themselves. They keep
rigorous score: they know how much they make or lose, and they
identify what they do right and wrong. In my meetings with them,
they don't just look for support. They seek ways to improve
themselves and their trading. The very best traders are every bit
as hungry to make improvements when they're making money as when
they're drawing down.
A second quality I've observed in very successful traders is
that they are focused on positive goals, not negative ones. The
best traders identify what they want to be doing and turn those
ideas into concrete goals for the coming day, week, or month.
Lesser traders identify negative goals. They can verbalize what
they *don't* want to be doing, but lack a clear vision of what they
should be doing to trade well. As a result, they never formulate
concrete goals for improvement.
Suppose I reviewed today's trading with you and asked, "What
were you working on in today's session? What were your specific
trading goals?"
Would you have a clear answer? Were you working on you as a
trader, or were you simply working to make money?
The really fine traders turn themselves into objects of
study. They never stop improving their trading, refining
themselves.
Posted by ndtrade123 on 17th of Mar 2009 at 03:56 pm
Thank you so much for your profound comment. I do that in
my business quite a bit. It's the self realization.
As a new trader, I am still quite green. Having
experienced people on this side to follow, it's been very
helpful. Yes, it's important for me to develop a daily
strategy on how much I can afford to lose and my stop points.
With a day like today, I need to shake it off and be fresh for
tomorrow. If tomorrow is a day to short, I hope I don't feel
gun shy because shorting today has taken away all my profits.
Thank you so much for your wisdom. Got so much to
learn...
Losing is what being a trader is all about. You should always
look to make money each month. So when you have a good week,
protect your gains by making sure you don't risk so much that
"giving it all back" is impossible. That way you protect your
capital
andyour precious confidence.
Posted by ndtrade123 on 17th of Mar 2009 at 03:29 pm
I am still learning the emotional rollercoaster of being a
trader...I had a great start last week following everyone
here...and today because of my rookie behavior, I gave it all
back. *sigh* So much more to learn.
Today is a bad day
Overbought
Posted by ndtrade123 on 17th of Mar 2009 at 03:21 pm
Today is a bad day for a newbie like me. Keep trying to short all day with leveraged stuff. Basically took away all the gains from winning last week. Good tuition fee, I guess.
Is a learning curve..very STEEP at that
Posted by ravun on 17th of Mar 2009 at 03:38 pm
One of the hardest lessons for traders to learn is to not fight markets. Once you become attached to a particular idea or scenario, your ego wants to be right. Instead of focusing on making money, you`re caught up in proving yourself to be correct. That makes it impossible to quickly exit a wrong position and flip it into a winning one.
Success is possible in trading, but it requires learning and development. Role-modeling from experienced traders and continuous work on one's craft are vital elements in that success. It takes some searching, but there *are* role models on the Web, whether in blogs, online trading rooms, or via coaching/mentoring. The rest is dedication and the willingness to work as hard outside of trading hours as during them.
One of the qualities I've noted in highly successful traders is that they don't just follow markets; they also observe themselves. They keep rigorous score: they know how much they make or lose, and they identify what they do right and wrong. In my meetings with them, they don't just look for support. They seek ways to improve themselves and their trading. The very best traders are every bit as hungry to make improvements when they're making money as when they're drawing down.
A second quality I've observed in very successful traders is that they are focused on positive goals, not negative ones. The best traders identify what they want to be doing and turn those ideas into concrete goals for the coming day, week, or month. Lesser traders identify negative goals. They can verbalize what they *don't* want to be doing, but lack a clear vision of what they should be doing to trade well. As a result, they never formulate concrete goals for improvement.
Suppose I reviewed today's trading with you and asked, "What were you working on in today's session? What were your specific trading goals?"
Would you have a clear answer? Were you working on you as a trader, or were you simply working to make money?
The really fine traders turn themselves into objects of study. They never stop improving their trading, refining themselves.
Thank you so much for
Posted by ndtrade123 on 17th of Mar 2009 at 03:56 pm
Thank you so much for your profound comment. I do that in my business quite a bit. It's the self realization.
As a new trader, I am still quite green. Having experienced people on this side to follow, it's been very helpful. Yes, it's important for me to develop a daily strategy on how much I can afford to lose and my stop points.
With a day like today, I need to shake it off and be fresh for tomorrow. If tomorrow is a day to short, I hope I don't feel gun shy because shorting today has taken away all my profits.
Thank you so much for your wisdom. Got so much to learn...
Losing is what being a
Posted by PA on 17th of Mar 2009 at 03:32 pm
Losing is what being a trader is all about. You should always look to make money each month. So when you have a good week, protect your gains by making sure you don't risk so much that "giving it all back" is impossible. That way you protect your capital and your precious confidence.
Hard day for me also
Posted by bkout3 on 17th of Mar 2009 at 03:25 pm
Hard day for me also to get on the right side of things.
768 is the long term double top sell from '02 -- I would think a close above that would be meaningful
I am still learning the
Posted by ndtrade123 on 17th of Mar 2009 at 03:29 pm
I am still learning the emotional rollercoaster of being a trader...I had a great start last week following everyone here...and today because of my rookie behavior, I gave it all back. *sigh* So much more to learn.
ndtrade -- don't beat yourself
Posted by Michael on 17th of Mar 2009 at 06:27 pm
ndtrade -- don't beat yourself up -- I'm sure a lot of seasoned traders gave a lot back today as well................................