Lost Records

I am trading for a while with limited success. Who am I kidding? I'm a loser

I find it hard to keep my discipline and in many occasions I break my rules or lose my cool, especially after I'm in a loss at the beginning of the day – This leads to more losses.

I do not think this journal will be a magical solution to my discipline problems, but I do hope some positive (or any) feedback from more experienced traders will help. In any case it will be a good tool to measure my progress (or destructive end) in any case it’s about to be spectacular


So let’s get the ball rolling

The one and only
Missing-Link

 

Today was another crappy day. I traded ES and YM and lost in both. The trades simply went against me and I accept that. The problem is that twice during the day I moved my stop-loss while trying to give it some more “wiggle room” and by this brought upon myself a greater loss than I should have.

I have learnt to take it one day at a time. Tomorrow will be a new day.

Let’s make some money
Missing-Link

 

That's crap, get a better fucking attitude.

Ask yourself a question, why do you continually do things which cost you money. Think about it and then stop trading, literally.

 

Find the trades that you make money on, then repeat. It sounds like you have plenty of losses to learn from, but there aren't any winners so far.

 

That simple? You're probably a millionaire.

 

O.K., here's my two-cents worth:

1. You have yet to accept the fact that trading involves losing trades. To you, every trade should be a winning trade. You think that given some more time, the market will see that you were right after all, and will reverse and turn your losing trade into a winning one. This is why you move your stops, and/or add to a losing position. You continue to try and massage the situation, hoping for a favorable outcome. Do this every time: Assume from the beginning of the trade that you were wrong. Set a reasonable, "Yep, I was wrong about this trade" stop, then use that stop as confirmation to get out. Remember, there's always another trade. Here's a link for an article that will hopefully be useful to you. Give strong consideration to adopting Rule 1 in the article.

http://www.futuresmag.com/futuresclassroom/phantom/phantom.html


2. Are you regularly trading against the trend? If you are, stop it! Leave swimming up stream to the Salmon. Trade what you see on the charts, not what you feel the market should be doing. Don't think everyone is out of step but you.

3. Are you trading by "gut feel", or are your trades signal based? If by "gut feel", again are you trading counter trend? If signal based, does your methodology really have an edge? In either case, ask yourself, would I be just as well off flipping a coin?

4. What's your risk to reward ratio? Are you letting your losers run, while cutting your winners short? Do you lack so little confidence in your trades that you bail at the first sign of profit, out of fear that the trade will turn in to a loser?

 

You are aware of the fact that this journal was abandoned four months ago, right?

 

No it wasn't!!! Well, yes, I guess it was

It just shows my discipline or lack of.

Begining this coming Monday I will continue posting my journal,

The undisciplined
Missing-Link

 

You are at the beginning of your growth stage.....follow the trend...

Michael B.

P.S. read between the lines