Karl's journal

Discussion in 'Journals' started by NasdaqPlayer, Aug 10, 2008.

  1. Starting this journal because I need to take my trading to the next level. Little bit about me, I am 23 years old, work fulltime at an electronics company in the evenings and trade in the morning. Im from Arizona. Still live at home with parents, so bills are limited to car, insurance, cell phone, and going out. I trade mostly Nasdaq stocks, very small account right now so Ill be playing 100 share lots for 2-4 months and try to be consistent, if consistent for that period of time I will try 200 share lots. My style is a spin off of everything I could learn from Vadym Graifers educational materials. The spin I learned from an older trader that has been mentoring me for the past year. My main problems are in my head. Things I absolutely have to fix are; overtrading, impatience, and inconsistency. No daily monetary goals, just have to really stick to my trading plan and follow every rule. See too many great low risk trades happen while im stuck waiting for AAPL or WYNN to bounce back cause I just blew my stop. In summary, Im very much a beginner, but I belive I have the will and the determination to make it. Any comments that would benefit a young traders correct trading mindset are WANTED. Thanks everyone.
  2. NoDoji


    First, check out a book called The Market Maker's Edge by Josh Lukeman and read the first chapter 3 times. Then commit the first chapter to memory. Be able to write out the first chapter without looking at it. Then make sure that first chapter is an integral part of your trading body and soul.

    Next, I would recommend Oliver Velez' book Tools and Tactics for the Master Day Trader. He also does a promotional webinar which, once you get past all the promotional part, provides some very effective insight and strategies.

    Finally, don't give up more than 2% of trading account on any single trade no matter what you THINK a stock is going to do.

    I post a detailed journal here (NoDoji's Day Trading Log) and you can check out my daily trades, why I put them on and how they turned out.

    You can also see what happens when you stray from your trading plan and max loss per trade.
  3. NoDoji


    Karl, I also sent you a PM.
  4. Darn it, when someone suggest reading material I just cant refuse. Will get a hold of those books asap. Ya about the max loss, I use Laser and for some reason my max loss per day wasnt working thursday, I lost pretty big. Im ready for a long road to consistency. I just hope I have the balls to post on the days I lose money. Call me out on it lol!
  5. well its been a horrible day, i made my list of worthy trades and I went trading something else. Total lackof discipline. Down about -350 today. if i stuck to my list id have 3 solid trades. thats 6 tickets, instead i finished red and with over 100 tickets.
  6. NoDoji


    I had that problem today too. :eek: I vowed that tomorow I will only trade off my hot list!
  7. ya my 3 picks produced great results. This is the hardest thing ive ever undertaken. Someway somehow i gotta change this stuck in the greed headlights feeling i got every morning.
  8. Ok i woke up late today but at first I was trading very well. I was up a good chunk and even had my software off. Then the noob shit happened once again. overall down about -50 today. I think I am the most undisciplined trader ever.
  9. NoDoji


    Nas, post your mistakes so the rest of us can pick them apart :p
  10. Well my problem is not quiting when my system says so. If I could follow the rules Id be profitable almost everyday or somedays i wouldnt even trade. I dont know anymore. i might take next week off.
    #10     Aug 12, 2008