Quote from mastacoli71:
Psychology is a huge huge part. Just last night I was telling a fellow trader how disciplined I have been with pairs as of late and how that has allowed me to remain somewhat steady the last 2 weeks without blowing up.
Lack of discipline leads to a breakdown in mental toughness. When you become emotional about trading it eventually leads to bad things (ie my ES trading results as of late).
How are things going for you? Btw, I miss reading your journal. It is one of the few that had something to offer.
Things are going great for me. Thanks for asking. My main focus ever since late August has been on being more efficient with my shares/trade and I would have to say that has been HUGE for me. I've been much more selective, making a bit more, and spending a lot less in commissions. August was a wake up call after I ended up spending over $10k in commissions...even though I had a great month, I focused on trimming my activity and being more selective.
The journal was fun. Maybe I'll resume it at some point. I just don't find much value added on ET -- especially after connecting with so many great traders on twitter/stocktwits that actually ADD value to my trading and my learning (post-market & real-time). There are only a handful of guys here that actually trade for a living and create substantive posts IMO -- you probably know who most of those guys are.
I think you hit the nail on the head in regards to lack of discipline leading to a breakdown in mental toughness. It's definitely a reflexive process. I asked about mental toughness b/c it has been the underpinning of things going so well for me. I highly recommend developing daily pre-market & post-market routines that strengthen your mind and keep you in a positive place. If you PM me, I'd be happy to share some of the things that I do daily. I just wish that I wouldn't have waited until almost my 5th year of full-time trading to focus on this stuff. I guess some things only present themselves when you're ready to accept them.