You're on to something there.. I was up 2 pts. in the ER by noon and gave it all back in the evening.
I'm in the same exact boat FlashBoy. I'm up for a couple days, then give it all back plus some! The problem with me is that I have a written trading plan that works, but I don't follow it on every trade. Every day I go back through my trades and see that every trade I lost money on was against my rules. My trading mentor constantly tells me that I need to follow my rules! I know I need to, but for some stupid reason I keep wanting to send money to the rest of you traders. Mike
I"ve read it about 5 times already.. and keep hoping one day I'm telling a similar story to those that struggled .. which they all did at first I believe...
We want to gain the five hundred dollars we lost but I realize we probably won't make it in one day right now. How small have your daily goals been?(This question applies to anyone reading this). Being that my knowledge of day trading is rudimentary at best, I'm not sure how small I can set my goals without owing more on commissions. That's why I'm only a spectator right now.
three simple words..... TAKE A BREAK! theres more to life than trading. i was in a drawdown a few weeks back, and ft71 gave me this same advice. it worked. sometimes the simplest stuff is the most beautiful. good luck (ps - thanks ft71 - never did get round to thanking you)
In order to stabilize your earnings, you will have to come to grips with the fact that you will make LESS money when you are right , in order to lose LESS money when you are wrong. You may also have to come to grips with the fact that you are just getting lucky on the good days, with a mean reverting outcome overall. Let's hope not.
Probably a good idea.. I've actually met with FT71 when I visited Chicago and he was an extremely nice and helpful guy..
Yup, I bet you know how to make a few pts in the ER or wherever very easily. But, how hard is it to make a select goal one hour into the open and stop for the day - cold turkey - before you give any of it back. small steps, precise goals, patience, rebuild
When you figure out a strategy or strategies which work in trending/non-trending markets, then you can take consistent profits day in and day out.