I trade 1 ES

random trader · Aug 27, 2003

Quote from OldTrader:

Just one more comment: I would stop making statements of the type above relative to 'not being a good trader'. Frankly, this is not a very empowering type of statement.

Perhaps you're just a relatively new trader. Therefore, you have alot of learning ahead of you. None of us learn this game overnight, and most of us are STILL learning, including me.

So why not refer to yourself as a 'work in progress'?

You know, most 'good' traders are 'good', not necessarily because they get the best entry, or know the most about economics, or found a 'holy grail' type of system to trade with.

Rather, they are good observers first. Good observers of the market, why it acts the way it does, when, how it relates to news announcements, etc etc. An observer does not just look at charts at night. This might teach you some things....but it's much more important to be able to observe what happens and why throughout the day, when things are moving around, news is being announced, stocks are trading, the bond market is moving, etc etc.

Second, the good trader eventually must understand and become comfortable with risk. Risk is what creates reward. Most traders develop ways to deal with this risk, such as money management, trade management, stop losses, etc.

The good trader eventually understands that he must learn to sit, wait, not only for the trade to develop, but perhaps for an opportunity in which he can enter with an appropriate risk. Patience is a quality that most traders could learn more about.

So while you're a 'work in progress', I would not think of myself or refer to myself as 'not being good'. Not a good thought to program yourself with.

OldTrader
More...

I am saying it because: 1) I don't want people to ask me for advice; and 2) I don't want to respond to "why you didn't do this or that".

How I refer to myself has no effect on how I am doing things. You may be putting too much weight in it.

I am new only when compared to you. I will always be a work in progress. That goes withoust saying.

I appreciate all your suggestions. You won't believe how much I agree with what you are saying. And I have made progress on many of them.

random trader · Aug 27, 2003

5 point range (993-998). Flat market. No trade.

random trader · Aug 27, 2003

8/27/03 Day 8

Bias: down
Position: open from 990 on 8/15/03
P/L: -6 points
Sell and hold P/L: -6 points

No fear, no greed, lots of patience

random trader · Aug 28, 2003

3 point range (994-997) overnight. Waiting for GDP and jobless claims numbers.

random trader · Aug 28, 2003

Not much reaction to the numbers. Another less important number Help index at 10:00.

random trader · Aug 28, 2003

14 point range (990-1004) for the day. No trade.

random trader · Aug 28, 2003

8/28/03 Day 9

Bias: down
Position: open from 990 on 8/15/03
P/L: -11 points
Sell and hold P/L: -11 points

No fear, no greed, lots of patience

random trader · Aug 29, 2003

4 point range (1000-1004) overnight. Waiting for personal income data.

random trader · Aug 29, 2003

Not much reaction to the data. Waiting for consumer sentiment and NAPM data.

random trader · Aug 29, 2003

10 point range (999-1009) for the day. Stopped @ 1008. ES jumped up and down in the last minutes (1005-1009) but closed at exactly 1008 as if planned. Everyone knows next week is when the real thing begins and I will start with no position.