I was trading like you before i stumbled upon this guy called "jacko" he trades exclusively eur/usd. His secret is to pick a single instrument where you can surely predict a long-term trend lets say -several years and where it takes great fundamental changes to change the trend (in case of eur/usd for example - a bad monetary policy of US mixed with all recent fin. disasters etc etc.) when you trading several stocks you never know the real long term prognosis.. you could be shorting a stock which will skyrocket despite market going down or going long on the stock which will tank with no recourse.. do yourself a favor and read this thread entirely.. You might find a "holy grail" of trading style where you don't have to be glued to the screen all day.. http://www.forexfactory.com/showthread.php?t=27286
weisman02, I am starting my journal tomorrow. After reading yours, I am reminded why I dropped equity trading early. Scanning for stocks, waiting for news, and then waiting for setups to make a lousy $.10/share wasn't productive for me and I can't see how it is for you trading 100 share lots. Whatever. To each his own. I sense you are very anxious and stressed out about this "thing" of ours called trading. It comes through loud and clear. I realize and appreciate you are determined to succeed and that is great. However, the emotional side of this business won't allow that to happen. Also, don't put so much pressure on yourself to win. That will build frustration and invariably mistakes will follow. Take a deep breath and relax.
I can see how that can be frustrating for you. I also can understand why one would switch to trading the indexes. I have definitely thought about it, but will not be making such a switch until i've mastered stocks. I enjoy scanning, waiting for setups, etc. I'm not worried about productivity at the moment. When I'm making good money, i'll start worrying about productivity. I just want to have plenty of screen time. So far I've had 4 weeks of screen time fulltime. Its amazing what 4 weeks, 6 hours a day of screen time can do to understanding price action. I'm beginning to find more edges inside all the noise. I'm recognizing price action breakout patterns. Im beginning to spot breakout headfakes. This stuff has not been learned overnight. I dont even think it can be taught. I am starting understand why screen time is so important. Some of the price action i see, I'd never be able to explain to somebody else. EIther u recognize it or u don't. I don't expect to be successful overnight. I am taking small amounts of money from the market most days. I am not losing. That is the main thing. Now I'm on to step 2. Ok I can make money......but I can also suck more out. How will i do that ? control emotions, execute w/o hesitation, and let profits ride. Easier said than done, but 100% attainable. You said "the emotional side of this business won't allow me to succeed". My response to that is, its early my friend. I'm conquering the emotional / pyschological aspect bit by bit. Give it time. I'm only a month in. You're expecting a newbie to be perfect too quickly. Note: I'm not anxious nor am I stressed out. I live at home with my parents and have plenty of time to be successful. If anything I am eager. Anxiety won't set in, until i'm a net loser.
It is painful to see how you trade. Can you tell us what strategy are you using? Trend following? Support resistant? Scalping? IF you really want some feedback. Post some of your trades, including entry, exit and why you pick the stock to begin with.
Realized: $41.46 Net: $21.32 Traded great in the morning but left a lot on the table. Worked on some new entries today, which was the reason why my p & l was a bit low. Made a bunch of dumb mistakes. Might go into more detail later, but my internet connection is acting up right now.
Net $13.70 today Only placed 2 trades, 1 winner 1 loser. Had internet connectivity problems after 11:00 again. Tech guy came to the house at 2:30 and got me a new modem. Of course he's done at 3:15, and miss pretty much the entire rally. Oh well, there's always tomorrow