Having a nice profitable day today, trading uvxy tza etcetera. Personally I get stressed when I take large stops, to me that's anything over $100, because most of my stops are under $50 / trade, so I trade frequently, so if I over trade I still get death of a thousand cuts. I guess it's just personal preference but to me if I lose over $100 on any one trade it stresses me out. I'll never become a great trader until I can get comfortable with higher stakes.
They (who ever they are) say that you can't worry about the money. I have got to the point where I'm no longer looking at the cash. I'm looking at percentage gains. Not on each individual trade but on the portfolio. At the end of the week I look at what percent I have gained or lost and compare that to how I would have done buying and holding SPY. I check on a week over week basis and on a year to date basis. I'm more concerned about the YTD number. So far this year I'm happy.
How do you automate it without looking at what is going on? With automation you start a new level of risk: system risk. A lot can go wrong, especially if you make totally autonomous robot.
Makes sense, good to hear it. And thanks for the reminders to follow one's trading rules. I didn't follow my rules again today and paid for it. I was up a few hundred dollars and then gave it all back overtrading afternoon chop. One of my rules is don't trade after 11 a.m., I need to be more disciplined to follow that rule. I find it strange that after all these years I still have a tough time with discipline and following rules that I know work. One workaround is set an alarm clock to turn off monitors at 11, or drop size significantly.
%% Exactly/that helps a lot+ staying away from bitcon helps a lot. SOUNDS like its not the coffee; daytrading abit sometimes help keep any awake/alsoLOL. 2 + 3 times ETFs can be stressful in SEPT\so kick 'em out if they start stressing your profits; so maybe use inverse ETFs then and or cash ETFs......................................................................... Avoid all psychobabble, but Dr Van Tharp books in Jack Schwager's Top Traders books may help,Ex/option seller \ buyer. NOT a prediction \ not a bond buyer.
You (as well as a ton of other traders) are basically going hunting...by being randomly dropped off in the woods in a helicopter in some random spot...and walking aimlessly, with a machine gun minigun....hoping some random animal crosses your path, and you can luckily nail it before it disappears. You need some true depth, understanding, logic, rationale, tactics...before the market opens. And wait for the market to reveal small, subtle, cues...of when the major move of the day is about to happen and close. Just something to think and approach and philophosized about. You can't nab Bigfoot Sasquatch by thinking like an amateur, casual, happy-go-lucky, weekend, racoon, game bb rifle hunter. Understand the terrain, trading chart day, and its variable forces that generally make that line dance and move the way it does. I'm trying to be vague, and specific, at the same time w/o giving anything away, exactly, technically.
Pain works. Keep track of the times you break the rules, then after trading go out on the street and give a stranger a 100 dollar bill for every time you broke the rules. I'll bet by the end of the week you won't be breaking the rules. LOL: you're an addict!! What's with the "or"? You come up with a workable solution then a rationalization so you don't have to do it. Isn't trading wonderful!!
Another work around; 11 am is a good time stop for daytrader\ most of the good moves are done by then........................................................................................... I cut a loss on SLV, lost all my my swingtrader profits profits; but as it doesnt move much, i figured correctly it would be a good trade any in SEPT Almost lost 50 0r 55% of my UPRO profits, but did better by aiming with hourly charts which would NOT be a half hour like 11am. MY main point is with SEPT looking bearish , you most likely will do better with invesrese ETFs +no 11 am dedine in SEPT. I'm not a subconscious mind reader, but i think your guts know SEPT maybe better with no 11am deadline, since most all ETFs finish negative SEPT
True I'm addicted to trading. Did 104 trades today for a total cost of 60 bucks. If I'd stopped at 11 I was up 320. Thankfully commish free. I'll try that, seriously vs 100bill I'll donate $20 to Red Cross online every time I break a rule. Great idea, thx.
20 bucks to the Red Cross is acceptable and not really painful. Handing a 100 bucks to a complete stranger is painful. Even better would be to give it to someone you don't like.