hey everybody, Wow. Well, after having 3 buses pass me by this morning, and getting here just in time for the opening bell, I feel stressed. Talk to you later!!
Well, I'm taking time out of the trading day to share some thoughts. The first thought, I suck. The second, I suck. I'm sure you can guess what the third is. After a week last week, and the mounting pressures of my life...I feel defeated. My P&L right now is $39. I've spent maybe $60 making it. I've taken 7 flats today. I don't know what is wrong with me. I just want to trade and be good at it. I love the stock market. But I feel like I've exhausted all my options. I keep thinking to myself, "If you don't get good at this, you're a complete failure." My father has threatened to throw me out of the house if I don't start making money soon. So the heat is on and my mind is so clouded that I no longer have faith in my judgement. Last night I prayed to God so that I could have the strength and courage to make it through this tough time. I hope that I wake the fuck the up and make some good trades.....
GoodPunk you need to keep a cooler head. Otherwise you can't make good trades. At this point what are you trading? NT and LU? And your still scalping right? What is the basis for your trades? You may want to consider having a longer holding period every couple of trades. I cringe giving out advice to change your strategy, but oh well. ae_trading
NT and LU is right. I tried trading CPN once and had it handed to me. Yes scalping!! Basis?? I don't like to hold positions that are working against me. If I hope for something, I'll be disappointed. I totally understand about giving advice.....I have to figure it out for myself. I had 27 buy executions, 23 sell executions, and traded 79,600 shares. I made $94 and spent ABOUT $140 making. Not a good day!
My young friend I dont think you have a realistic take on your situation. You are trying to take money away from some very, very smart players who have been at it for a long time. How can you possibly expect this to be fast and easy?
Ok, but what about the positions that you are winning on? Easyrider's point was a good one. ae_trading
I know that I made a mistake by thinking that I was finally getting somewhere. I became overconfident and now I'm paying the price. I never thought that it would be easy, but I did think that I could learn quickly. I normally am a quick learner. This morning comes after our company x-mas party last night. There was tons of food and alcohol. Good times, good times..... I'm feeling a little tired but motivated nonetheless. I can feel a good day coming on. The FOMC meeting is today, so I anticipate that it will be slow for most of the day. Good trading!
It depends. Sometimes I get into a trade that is working for me, but I can sense that it will soon turn around. In which case I immediately try to close the position out for a profit. If the position is working in my favor, I'm more inclined to hold it and try to squeeze a couple of cents out of it.
As Ae_trading pointed out, IMO you will need to learn to stay in 'select' trades a bit longer. You can still stick to your scalping strategy as a whole, but let the occassional trade run. For example, if you're in a trade that is slightly profitable and you see that the futures are starting to rip, you could bring your stop to b/e and let the trade ride. All you need are a few of these trades a week to significantly increase your profit potential. Of course, this is easier said than done, but through experience you should start to see which trades may be good candidates to let run.
Exactly. You also have to not beat yourself up to much Goodpunk because the volatility on the stocks you are trading is very low. The range is so minimal that it is tough to ever get big moves over short or long time frames. ae_trading