Going for prop money

Discussion in 'Journals' started by foible, Dec 9, 2005.

  1. One thing that helps is to visualize what a good trade setup would be and imagine yourself placing the trade and closing it for a nice scalp.

    Then imagine the same entry and the trade starts to move against you and you simply close out the position.

    Mentally picture both events over and over and make yourself realize that you should be in the same emotional state for both situations. Picture yourself casually making the winning trade and casually enforcing risk management and closing it out. Then reflect back on past winners and losers from teh day before and visualize how you were while making the trades.

    If you have a few indicators you deem reliable and can master the above visualization, you will be amazed at how automatic your decisions will be free from most (sorry not all) emotions and you might "see" clearer. I found that when I try this mental visualization that I become more reactive to the trade signals instead of looking for them to be there which usually leads to imagining something in order to trade.
     
    #101     Jan 12, 2006
  2. foible

    foible

    Spent some time working on visualization, studying charts, and reading some books. Stepped down my share size and tried to restrict my purchases to only the highest probability entries.

    In the morning, I made $12 and lost $3 on a dozen trades. Over lunch, I lost most of this, then made some back in the afternoon.

    But all of this will be tossed into disarray as my coach, somewhat disappointed with my group's performance, has added in some guidelines to step things up. For slower stocks, we need to trade at least two stocks simultaneously, with several bids & offers out all the time. For faster stocks like I've been trading, we need a minimum of 100 trades each day. So have to do some thinking...

    See how this plays out tomorrow.

    #trades: 26
    #shares: 2600
    gross: 4.00
    adj net: 2.36
     
    #102     Jan 17, 2006