In the past few days I missed almost every train that came by, then at the end of the day I have to hitchhike home!!
Failure to pull the trigger results from fear of loss... trading in too great a size will accentuate the problem of failure to pull the trigger, since potential loss is proportionate to trading size... a significant reduction in trading size should help mitigate trigger-shyness problems.
If you have confidence in your system you won't have a problem putting on a trade. If you don't have confidence in your system you probably need a new one.
I agree with Candle. Lower your position size. I suggest cutting it to 1/4 or 1/6, make twice as many trades so you learn twice as fast, trade with a penny per share broker, and consider commissions as a learning expense. It's also a cheaper way to find out if any confidence you have is well placed.
great point about the subway trains. A few things that are helping me. 1. Having goals to be sticking to my rules,as opposed to monetary goals which tended to make me cheat on setups to reach them. 2. Trying to just look at charts and ES #'s and not think about the money (this is tough) I know when the day comes that I miss a move because my system did not signal an entry and this does not phase me I have reached the point where I want to be. At that point the money will follow.
What do you think of UT? Are the calls in the room real good? What do you know of Millennium Traders? They seem to be good for 10 to 20 pts. a day based on their performance page. I've never experienced a real time chat room and was just wondering if they make good calls? Thanks, Thunderbolt
Good article in the Feb issue of Active Trader magazine. "Get Your Trading In Gear", by Mark Vakkur. I don't have a way to post here, but sure addresses the issues mentioned in this thread. www.activetradermag.com
He offers a free two week trial, take it. I can tell you he has a method that works, but it takes significant time and effort to learn. He has just implemented a new screen capture capability, where he highlights the indicators/setup that trigger an alert. He is a guru. He is quite talented. He also is short on patience for helping "newbies." He will tell you to "shut up and watch", "i am tired of friggin babysittin". "don't expect hand holding" and comments like this. My feelings are that he is paid very well to do some damn hand holding. So it is more his personal demeanor that turns me off and keeps me from being totally satisfied with chatroom. I cancelled once and then joined again. I just cancelled again because I found one of his disciples that has started a competing room utilizing the same methods. The new room ( I am in a trial there now) is Level5 Trading. It is new with just a few people. and he is friendly and loves to teach new people. He uses the latest technology to capture his screens so you see what he sees to call a trading alert. My perception is that Jay is a little better at reading the "noodles", but they are both good traders. Take the trial and judge for yourself. Millennium-Traders caught my attention as well, I did the trial and then joined for one month. They offer a trial, take it. They make a ton of calls every day. They call tops and bottoms. They refuse to explain their setups and entry criteria, saying that we would not need them anymore if they disclosed this proprietary information. This was a MAJOR turn-off for me as I am interested in learning to fish, not be handed one for the day. They also allow a stock to go against them for $1.00 before they call a stop. I personnally can not deal with that. I like a stop of say ten cents, maybe a little more wiggle room for some, like BRCM. This stock can wiggle .20 or .30 in a heartbeat, especially on light volume, especially during deadzone. Yes I discovered that the hard way. So from me they get a "thumbs-down." I also signed up with RealityTrader, but I am little disenchanted after a couple of weeks. The alerts are a little unclear and their favorite stocks are the lower beta and thinner stocks. I may cancel at the end of my current period. They offer a trial as well, take it. I also intend to take the trials at Firetraders and Sammy Chua's chatroom. Good luck and good trading. --arky
Geezzz after reading all these posts now I really feel like I'm in left field. I don't know a thing about chat rooms and systems. I have my charts and that's the story. I know that I see the move ok so what is the trouble Is it money or confidence or what? Lately it has been impossible to pull the trigger correctly.I'm stumped !!!!
Follow Candles' and Rigels' advice and trade in your comfort zone. Larger trades will come with confidence and a bigger account. But stay clear of the snake oil vendors. Only you can improve your mental game and by definition, your trading. Good luck TobyUK