After three lousy weeks of paper trading, trying to get back into things, I have to say, that I don't know what the heck I'm doing. Cannot seem to get on the right side of things to save my life. As I may have mentioned in earlier posts, coming back from time away from the markets. Have been trying to pick up where I left off, and having the hardest time putting things together. This post is not meant as a b#@ch session, or a "help me please, trade for me", or whining or anything, because I've always been willing to do my own work. Just need some help figuring out what I'm doing wrong, and get pointed in the right direction. Because I'm having a devil of a time doing it on my own, not being in the industry in the same capacity. And for the inevitable trolls, that will likely show up here, stick it in your eye! I don't have time for it. To anyone else offering sincere input, thank you up front. Sincerely, An overtrading, and setup blowing, Gordo
What is that you're trying to do? Scalp? Trade trend? Trade stocks? Indices? Mechanical? Discretionary? Automatic?
Lamont: More info would help, wouldn't it? The strategy that I am trying to implement, is a mixed approach. Want to allocate a portion of my portfolio for trades with a swing trade and/or option play approach. That aspect (options/swing trade) is not as problematic for the time being, as I am redeveloping my watch list. The other part, has a speculative aspect with a daytrading approach. Instruments for this are the YM, certain NYSE stocks with good volume, and possibly some forex. Since I am not up to speed on the forex right now, focusing more on the YM and a couple of stocks. Trying to take a few GOOD trades during the day, instead of reaching for anything. Watching the 15min, 5min, 1min trends. Use the typical technicals (Candles, MACD, w%R, and Bollingers). Historically, I was able to put all the trendlines, patterns, divergences, etc. together along with having some idea of the mentality of the market. And find good low risk, high probability trades. Now, it seems like there is a great deal of inconsistency, and I find myself constantly on the wrong side of the trade. Then getting whipsawed, and/or overtrading. I can detail more later, gotta step out for awhile. Without being too hard on myself, this disgusts me a little, b/c I can do better. My skills have lapsed, and I'm not too proud to ask for help gordo
Take a break! Stop trading, go back to the basics, read some stuff over, try to create a new strategy, learn a new market for no reason but to expand your mind. When I get into a slump, I stop everything I am doing and spend a few weeks learning something totally different. For some readon it helps me restart and clear my mind. Don't worry, It always comes back -Kastro
Simplify things for now. Pick one market, one time frame, one method -- don't move on until you've got it backwards and forwards. It's real tough to try to straddle between short and longer term time frames; more often than not, you end up somewhere in the middle with no conviction either way, which is the worst spot to be.
I agree completely. If you cant focus on one market, how could you expect to be able to look at more. Alipang