Great post rs7!! What also helped me is to realize each trade is only 1 in a series of many. Also learned my personal mindset and physical condition to know when I am in a keen mental state and when I am not. Also getting away from looking to score the home run. If I follow my strategies my edge will prevail and the occasional home run will occur but don't look or push for it. Almost like dating in high school.If the chemistry is there eventually it will happen.If you are impatient it won't help to achieve the goal. Almost like trading, keep following your rules and be in the right places and occassionally you will get the big move.(the chemistry is analogous to your edge.) Patience and discipline are the keys.
Well, I guess I am at least one person who received "one positive thought," from your post. I will definitely include the concept of accountability as part of my trading decision making. Such a little thought goes a long way. Very good post RS7. Keep 'em coming.
Thanks for the post. Well written and informative. From what I have heard you could charge about $3,000 for that at a seminar. I can relate to what u wrote. As someone that has been a very active investor for many years and daytraded by design infrequently but only when I thought it was a very good opportunity that I could not pass up. I was mostly successful at daytrading so called "investment stocks". So I thought I would give a go at daytrading. But i have lost money at the endevor. I have read a few daytrading books and activity trader magazine for a while. Now that for about 2 months I have been in the process of attempting to daytrade every day. Too many times I have entered trades to see what would happen so I could learn something. Other times just to have some excitement. Not the way to make money I thought of the perfect person to get me to change my thinking by pretending that she entrusted me with the money. I will take the mindset that the money I am trading is my great grandmothers, who was a wonderful person that worked in a school cafeteria all life for her savings. I think that will be the perfect mindset to enter trades, but I will have to quickly change my thinking after I press the buy or short key or I will stop out of every trade after a penny loss.
First and probably last post for me ever, but I do appreciate your candor in talking about your own experiences. Think you helped me along my learning curve and I am grateful for your honesty.
rs7 Well I have to admit it was worth the wait. I wish I would have read this a year ago. I lost a big chunk of my girlfriends money when I started to trade her account. I tried so hard to make her money that I dropped all of my tradingrules and chased anything I thought would make me a buck. Needless to say I lost the whole account in around a months time. When she asked me what happend all I could tell her was that I was an idiot. That sucked. I think that your post has come at a good time for me. Truth be told on Friday I just thought you were some idiot touting his own trading crap but I was wrong, you really make a good point. From now on I will only take the trades that meet all of my criteria. Even if I have to wait a day or two to find a good trade. Anyway, thanks rs7, good post.
You are very welcome...and if it would make you feel better, you can send me money. Better yet, send it to your favorite charity on behalf of "All Daytraders". Maybe that will help our image. We could use a little of that!
"I think that your post has come at a good time for me" This is a good point. Whatever circuitous paths we each take on our personal journeys to comprehension we have to be at that particular intersection of need/desire and presented information to cause an epiphany. The info was always available somewhere, we've probably seen it before and glossed over it, it just didn't have the impact that it does when it's the answer you need at the moment. rs7 and vulture,this is the stuff trading is ulimately made of,the head trips, nice posts.