Ouch! Every system has its demons. I have a similar system to you but luckily had a good profit in the morning to offset my beating later in the day. Still ended -3 x 2 though.
Hi ddefina, thanks for your encouragement, realize it's actually only one regular loss for me, but it's funny how emotions want to beat you up Thanks again, Andy
Hi all, Spent a lot of time last night and this early am, trying to figure if I'd trade or not. Because I'd taken a couple of hits lately, didn't want to miss in case this was the big day for me (fear/greed,probably), so I opted to wait 30 min's of the trading day, then enter long or short, new highs/lows. The plan started out nice got short at 12.47 Eastern (962.5) placed t-stop and sat back, playing with charts (downfall) yep started getting nervous around 1.30pm, saw a close kind of double bottom then double top, and finally broke up.... Couldn't stand it anylonger and covered - Score "F" for the day !!!! Then I played around (markets are not playing areas!!) did a couple of scalps, by this time feeling totally disgusted with myself, quit for the day (ha!!) then entered short again lower than where I got out :-( I'm sure none of you have done that :-( All in all about 2pts less then if i'd had just stayed in, this actually positively proving I need to stay with the plan !!!! Being up about 10 pts at around 3.40pm and already broken my rules, I tried out a tighter trailing stop. Worst case I'd still end the day +5pt, minus the extra commissions generated through scalps !! Even that I couldn't leave alone saw some positive price action on the bid/offer quotes and got out 5 mins early at 947.5.(cost me another 1/2-1pt, then if I'd just waited till 4pm) Now I'm at "F-", can I go lower :-( What did I learn from all this? Apart from re-thinking all this over tonight,and early am ,(not much sleep again)straight away, I can see, once my boat was rocked a little it all went down hill. The mid-day start really throw a wrench in my "set out plan" (ha) Hopefully to God there will be no more reasons for a delayed start (not meaning for me, but because of the evil in this world) Ended the day +13pts, still an "F-" if I'd had followed through on my first short would have been +15.5pts, and only one rt commission !!!! Well the end of a day, got some thinking to do. Following a set system is a little harder than I first though that's for sure, BUT tomorrow is a new day. Thanks, Andy
If you are a Christian Stock Trader get ready for a test. This is fertile ground for your flesh to try to control you. Fear and greed are just waiting to spring into action. Satan and his band of demons can also use trading to their advantage. However I believe that that your flesh does not need much help from Satan here. Trading stocks can run your emotions of fear, greed and impulsiveness to their absolute limits. Since the market can and does change direction in an instant it can lead to impulsive behavior and trades. If you were to do a study of the Bible, I do not think that you will find anything impulsive about God. If anything I think that you will find that He implores impulsiveness, as well as fear and greed. Precisely the things that a trader must deal with on a minute by minute basis in the stock market as a Day Trader. Day Trading also requires a person to be able to make a decision in matter of seconds and not be impulsive. There is a fine line here, it needs to be defined and only you and God can define it. Thus an opportunity to understand, define and overcome temptation, greed, fear and impulsiveness! Oh, we can't forget about pride either. The market has been doing a number on people's pride for years.
Hang in their....I have been enjoying reading your progress and can emphathize w/ your struggle. Keep the faith bro' mrktwiz
Thank you both. Yes, fear and greed are not of God, giving into them is really just giving into "self" and not trusting Him!! That is the old, I am a new creation, just got to keep my eyes upon Him, as God always allows, it's a choice I have to make.. I made a choice to make Jesus Christ , Lord and Saviour of my life 14 yrs ago, for the gift of eternal life. The trading seems to be a way in which He's showing me there's still a lot of "self" in me(pride, fear,greed,selfishness) . But He still loves me completely, if I mess up trading, at home or where ever, the Holy Spirit lets me know, I confess (turn from that behavior, ask forgiveness) he picks me up, dusts off the dirt and loves me still more, in fact even if I didn't confess, He would still love me, it's the sin he hates !! I am blessed, family, friends,the Peace of eternal security in heaven, the opportunity to do something I enjoy (trading) for a job, may God forgive me, I forget sometimes,,,, Have a super evening, I am, Later, Andy p.s. Jabez, that about overcoming, temptation,greed,and fear, I CAN'T by myself, but because the Spirit of the Living God indwells me, He can, allowing me to, all I've got to do is ask and trust.. Thanks for reminding me
Andy, Reading your posts is like a trip down memory lane. I'd like to tell you how to overcome your discipline problem, but I will give you an anecdote instead. When I was younger I decided I wanted to learn to box, so I headed down to the local boxing gym. After working out on the bags for a few months, I started to get pretty good. Or at least i thought so. So I said to the trainer that I wanted to spa. He told me that I wasn't ready, but I insisted. So he said OK and proceeded to put we in the ring with the local light heavy weight state champion. Why someone so good? Because he wanted me to know fear. The terrible and uncomposed state where you forget all the things you've learned and do the exact opposite of whats good for you. The round started and we both felt each other for a while, then I actually started to land a few good shots on this guy. One hit him hard, and I will never forget the look in his eyes. It was one of absolute fury. He then hit me back HARD with a straight right which broke my nose, and a hook that stopped me eating solids for 3 days. Badly bleeding the trainer stopped the round, called me over, wiped the blood off and said. If you want to survive then keep your hands up. The next round, he continued to belt the crap out of me. At the end of that round the trainer stopped the session. Until that time, I'd never been really beaten up. I'd never felt out of my depth in a situation and most disappointingly, I'd never forgotten everything I'd been taught so quickly. Even though I knew how to duck and weave. I didn't. Even though I was told to hold the opponent when getting hit, I didn't. jab to keep him at a distance. Nup. Move sideways. Nup. Nothing. Everything I was supposed to do, I didn't do. because of fear. The moral to the story is this. It's hard to remain composed when your getting beat up. The market will beat you up. And you need to feel what its like to get beaten up, to be able to cope with its fury everyday. The market is the greatest opponent of all. Constantly adapting to your style. Just when you think you've got it covered, it invents a new punch that you never saw coming. You will never feel more beaten by the market then when you break your own rules. Sometimes you will lose your composure, and make mistakes. Have you learned from today, yes. Will your make the mistake again. Maybe. Will you make it 3 times in a row. Not a chance. With trading, it takes a long time for the iron to settle in your soul. Its difficult to learn how to sit through that discomfort of seeing a good trade turn ugly, even though your system is telling you to stay in the trade. But in time, you'll come to know that to win a fight you're going to lose a round here and there. That means staying composed and following your rules when your taking hits. But until you take those hits, you'll never know whether you can. Welcome to round two. Runningbear
Man, what a great way to start off a new day, had a great time reading my bible, enjoyed a wonderful walk with my wife, and now a great encouraging note to get me set for business. Thanks to God, and thank you Running Bear later, Andy p.s. to all you who have posted, thank you, it means alot encouragement wise, but you have also given me some good things to ponder, thanks
Runningbear, That's a great post! I have a similar story but it involves chess. When I was in highschool, I was in a lot of various groups afterschool but the one group I loved was chess. I started playing chess at a young age and could hold my own against most average chess players. Well, there was this kid in our school who was basically a chessmaster. He has a super-high rating and was also in our club. I loved playing chess but I hated blitz games. I was also cocky since I could kick most of the other kid's butts. Well, the guy who was really good never really came to our meetings because he didn't have to -- he just didn't need the practice. So one day, this kid shows up that I've never seen and I think, "ahh, new blood!" Well, he comes over, watches me play this other kid in chess and then asks me for a game. So, being the cocky kid that I was at the time, I obliged. He sat down and we played a 10 minute timed game. I was playing him very well 15-20 moves into the game when this kid walks by and says, "What's up Mr. Chessmaster?" I then asked the kid I was playing, "You play chess a lot?" and he said, "Yeah, I'm the second ranked Jr. in the state." Probably less than 10 moves later, I resigned. My game, after discovering who it was I was playing, just fell apart -- completely from fear. Had I not learned who this kid was, I probably could have gotten a draw (I won't say I would have won, but perhaps). I think this goes with anything -- that we can do so well with confidence, but as soon as fear grips us, we just freeze and forget how we used to operate. Perhaps maybe this is why there are so many multi-millionare papertraders.
Hi all, sorry about yesterday, feel I even let a few of you down, but today was a new day This was more like my other days, followed rules completely, still isn't as easy, even with yesterdays failing,,,,,,,,,,,,,, But I did A+ Actually let me take that back, only an "A", I did put into affect a tighter stop near the end of the day, planned out before the day began, but I had said I'd wait till the weekend. Right now I'm locking in 1/2 profits at 3.30pm, this may be a flaw here, because I'm still not convinced 100% that is the way I'll keep it. It wasn't hit today, but was placed. Also thank you to those who wrote me by PM, thanks. Went short at about 10.10am (929.5NQ Dec contract), placed t-stop for 2 contracts, then watched a little and waited alot Still tough to see some profit and then watch it go into the red, but I know that's something I need to work on, just don't look at P/L, FOLLOW THE PLAN Sounds easy, but I still have work to do, Anyway, a long day, lots of up/downs, tight range (I think) finally did break down around 2.20pm. I set my tighter stop (limit order) at 3.30pm, then watched it to the close, closed out the short at 3.59pm (920) One trade for +9.5pts, thanks again for all your help, accountability is still a very good thing, in trading and even in everyday life Have a super evening, Andy p.s. duhhhh, I got may days mixed I'm only on day8 now, missed day 6 out, sorry for any confusion You'll have to put up with me one day more than you thought