Well Sir I donât think your thinking is flawed â it is yours My approach â to trading Priority one Figure out who is in control (buyers / sellers)⦠call it market sediment, up / down days â bullish, bearish, fear, greed â whatever â But it is the marketâs psychological make up for that minute, hour, day (I spend the majority of my work day doing exactly this, constantly evaluating, confirming, verifying â this) Priority two The rest of my day is spent entering and exiting based on priority one The action of performing priorities one and two (âtradingâ) â are intermingled throughout the entire day All the other stuff has been thought through, worked out, and planned â before the day begins (zero emotion/ psychology involved - on my part) â It's business eta - actually planning for tomorrow - while I'm here now Take Care RN
Yogi Berra be my psychological mentor. "Baseball is 90% mental, the other half is physical" Baseball and trading are very similar in my opinion so I defer to Yogi.
Its time you spent some time with a shrink figuring out why this made you angry. You'll end up a better trader.
There is little room for psychological factors if you have solid analysis and years of experience. ------------------------ I agree. What is the psychological impact when you've "been there done that"? None. Of course assuming one hasn't decided to "wager" (ahahahaha) outside his risk tolerance. Well, maybe not. When the eyelid starts twitching, you relive those moments of despair, those countless failures return to haunt you. screaming "you loser". But.. but... it's different this time., I do have more experience, my analysis is solid........rufffff ruuffff. calm down boy.
Alrighty â I have a plan I know how much I can lose on each trade, and overall for the day I know the share size I will trade for each position I know how many times I will scale in (if the opportunity presents itself â or not â if it doesnât) I am pretty sure which stocks I will trade (unless something drastic changes between now and tomorrow â then I will reevaluate, and possibly amend my list) Tomorrow I will â Trade (reference previous post for my definition of âtradeâ) I will â Stick to the plan I will â Lose or make money I will â Be prepared to either go long, or short throughout the day I will â Remain detached â while I observe â anticipate â react I will â Wash â rinse â repeat What I donât know â What the marketâs psychology will be tomorrow (up or down day)⦠but I donât need to Zero psychology / emotion on my part â todayâ¦. Tomorrow will be all about psychology â I however must never get involved in it. As I have just posted my thoughts â You have just read my mind Good Trading RN
RN. I agree with you 105% to 107% percent. Tomorrow, I will trade according to the psychology of you (if you trade the same stock, and you can be my friend or enemy) Tomorrow, I will trade according to the psychology of everyone (the overall market). And most importantly, I will trade without my own psychology. OK, maybe they are right. Without my own psychology involved, it is 100% mechanical! EDIT: How do you determine the psychology of the stock or I should say the psychology of the traders involved in the stock, sector, and overall market? You do it by candle sticks, patterns, charts, etc., and then it becomes mechanical again! See the difference between psychology and mechanical?
Hey LT Ain't seen you in a while As we both know in this silly business - It can be no other way Take Care Sir RN
LT, Some things (very few) not even my wife knows Sir - This is one of them I believe it best we find our own way - as we are all different... eta - LT you already know my set up - I've posted it a few time And folks (everyone else) I'm NOT saying I have the end all be all way - I am saying I have something that works for me... I just choose to keep it mine RN