I have a suspicion it may actually be the opposite, although I agree with you on the fear factor. The first week, discipline is at its best, and fear is at its highest level, so they wait for their setups (which they have tested and watched and papertraded for a long time) to set up and then act on them. The second week, particularly after a winning first week, they start to think they know something, this is easy etc etc, so the discipline level retreats, the fear factor diminishes, and they start anticipating their setups ("Why wait for this to set up when I'm pretty sure its going to, and I can make an extra point/2 points/5 points by putting the position on now") rather than waiting for them to set up correctly. Alternatively they throw them out completely and start trading on gut feel (because now they know something! Just look at how well they did last week). Been there, done that.
Code: Day Trade # Type B/S Time Price B/S Time Price Quant. Gross Net Time held 9-Sep 1 NQ SLD 13:08 918.50 BOT 13:13 918.00 1 10.00 5.20 0:05:00 2 NQ SLD 13:29 925.00 BOT 13:35 924.00 1 20.00 15.20 0:05:32 3 NQ SLD 13:48 927.00 BOT 13:52 926.00 1 20.00 15.20 0:04:41 4 ES SLD 14:16 900.00 BOT 14:51 904.50 1 -225.00 -229.80 0:35:15 5 NQ SLD 14:56 938.50 BOT 14:59 937.50 1 20.00 15.20 0:03:02 6 NQ SLD 15:03 935.50 BOT 15:09 935.00 1 10.00 5.20 0:06:38 Total 6 -145 -173.8 0:10:01 T1-3: NQ worked fine with RSI T4: All of a sudden I had enough margin to trade the ES! Great, on with the BIG profit i thought. It's funny after trading the NQ for only one day, the ES seemed to be jumping around in supersonic speed! Hold on way to long to this one. Was convinced it would go down (it did, but only after I sold). T5-6> NQ RSI trades, small but "solid" gain. Back to the NQ tomorrow.
Code: Day Trade # Type B/S Time Price B/S Time Price Quant. Gross Net Time held 10-Sep 1 NQ SLD 13:37 937.50 BOT 13:37 935.50 1 40.00 35.20 0:00:38 2 NQ BOT 13:37 935.50 SLD 13:38 936.50 1 20.00 15.20 0:00:43 3 NQ SLD 13:45 936.50 BOT 13:50 935.50 1 20.00 15.20 0:04:50 4 NQ SLD 13:50 936.50 BOT 14:05 935.50 1 20.00 15.20 0:14:57 5 NQ BOT 14:13 934.50 SLD 14:15 935.50 1 20.00 15.20 0:01:47 6 NQ SLD 14:38 935.50 BOT 15:00 942.50 1 -140.00 -144.80 0:22:28 7 NQ SLD 15:02 944.00 BOT 15:03 943.50 1 10.00 5.20 0:01:07 8 NQ SLD 15:05 944.50 BOT 15:10 942.50 1 40.00 35.20 0:05:15 9 NQ SLD 15:12 942.00 BOT 15:15 941.50 1 10.00 5.20 0:02:16 10 NQ SLD 15:15 941.00 BOT 15:21 940.50 1 10.00 5.20 0:06:02 11 NQ SLD 15:24 941.00 BOT 15:26 939.50 1 30.00 25.20 0:02:33 12 NQ SLD 15:31 942.50 BOT 15:40 943.00 1 -10.00 -14.80 0:09:07 Total 12 70 12.4 0:05:59
Torn, Hey, you ended the day positive. That's good! You traded for two hours for minimum wage, but at least you got paid to learn. You may already know my revelation -- RSI, etc (trash!)
torntech.com, i must say.. i love your thumbs up/down, stop signs, sad faces, and skull & bones pics on your charts. hehe
LOL !! Holy shit, if I only had that warning when I first started trading I'd be 8 1/2 grand wealthier today.