ok, still developing strategy and so on.. which is basically based on trading PA of the daily equity market. my problem is days like today, i just could not wait for the right setups. and then when the market was moving in my direction its like i was picking all the stocks that weren't moving with the market. extremely frustrating, i was down big to gain most of it back and closed slightly negative. i did over 20 trades though which is waaay too many and i feel like a shmuck. i need to find a way to focuse and be patient enough for only the right moves. any advice on doing so would be greatly appreciated. as well what types of confirmations do you wait for before buying on breakouts, trends, s/r levels? AAAAHHHH (screaming in cyberspace) can you hear me?
A little of both probably. It doesn't do any good to go into without a troubled attitude; it makes it harder to read the inputs objectively. Time has a habit of sorting out the details for you, usually in the subconscious level. A break might do you well. Good luck!
you can wait til you get burnt so many times that you learn it,that's the hard way physically,or you can put a sticker on your monitor that says "wait for the setups".thats hard to do mentally,but it's a lot cheaper,protect your capital,it's not a sprint ,it's a marathon,it' not a pinball machine either
this sounds like a common problem when developing ones skills do any of you remember how you overcame? WE SHALL OVERCOME
Take a lot of breaks. Walking away from your screens every 30 mins or after couple good trades is a good habit I think. Also, have a tight daily loss limit. Don't lose more than you think you can make in a day. Everyone (I know) overtrades sometimes. Don't kill yourself over it. roy
pg 68-70 of the jesse livermore book explains how to overcome this...Its really an amazing,insightful read.
Trust and confidence comes from an understanding of monthly, weekly and daily trends. Profits soon pursue and the emotional difference between holding for half an hour to two hours is minimal.