I must admit, I only became good when I got into a virtual chat room with a few of other traders. But each one of us trades his own totally personal method. Being in a chatroom reenforces good trading habits, helps you fight loneliness and hard times perfection your own personal method. And it's nice to have other traders to chat to. Don't get in chatrooms where you just want to follow a method, that's the road to nowhere ...
Nodoji, "I jump the gun and put on trades before a valid signal appears." this is by far my biggest problem.. I think I was born excited.. I always jump the gun even though the setup isn't great.. If i dont improve next week then I will heed your advice and be out of the market and just paper trade..
I agree, based on my experience observing a 48% win rate trader for a year return over 100% on his account. I remember a day where I had a single winning trade, it was a 9% win rate day, yet it was a profitable day because the winner was many times the average loser.
Jumping the gun without a valid entry trigger means two things: you believe you know what's going to happen next, and you think you can get a better entry price based on this "knowledge". Paper trade now until you resolve your emotional issues. Why blow real money? You need a trading plan that involves only valid setups and the plan should include how to enter (stop order or limit order), and how to manage once positioned.
if you are that close to out,you had better wait for the best setup,just assume you are out,have been out for 2 years,working at mc d's,you finally have enough for margin and one good trade,if it is a nice winner ,you double triple your acct and wait for one good trade ,after 5 of these over 2 months,you have 6 or 8 k,now do you go back to the old style and give it back ,return to mc d' or continue the boring tedious process that got your acct back up...market doesn't care if you get excited,jump,sit,they are just waiting for you to make a mistake and your money becomes theirs,in no other job, do you get to keep it after too many mistakes, even mc d's...your problem is ,you think mistakes are allowed
I prefer to look at the history of someone who follows classic technical analysis concepts to stay in the game for the long haul. Linda Raschke comes to mind. "Raschke has been a full-time professional trader for over 30 years. Linda continues to trade every day. Her Hedge Fund performance continues to be ranked in the top 2% by Barclayhedge." http://www.youtube.com/watch?v=jodI8XkdyS4 "Lucky wins" definitely sounds like gambling to me :eek:
What I meant by jumping the gun was I trade mediocre setups.. even though I know the setup isn't that great, I still buy it thinking that it might still work.. I do have a trading plan.. I just don't follow it.. sounds stupid but its true..
river had asked me to post the 2013 projection in the manner of how I did it in past years. Since 2013 is going to be very different as a year, I suggested to him that I would be building a trading record for that period with total continuity instead. I will be using linkedin accounts on a master account. I am slightly under the NFA beginning requirement and the accounts will come into violation (size) at some point. Just before then they will be swept to put the profits to use. We have already completed our discussions for the citations expected. You may have missed my post on the combine, its sponsor and the platform and the rule set. Feel free to go back and review that post. People who did not do the combine challenge fit into my stated category as well. Judge me in your usual way; that is what your public expects and I get paid to post here as you know. I have a nationwide gotomeeting svcheduled in about 30 minutes, so I will be busy the next 2 and 1/2 hours.
Mrnate22, Maybe you should take a cue from some canine friends. Wolf http://sphotos-a.xx.fbcdn.net/hphotos-snc7/485073_439855979394907_1537965299_n.png