sorry to ask, at which page do you describe the entry criteria? I am guessing your approach is set-up trading, right?
-"boredom... not by my rules" -"I was trading as if I was possessed" -"I traded like a maniac" -"external influences but I should have realized them and not trade" -"go after big move-lose. I nibble, I do fine" -"maximum day loss" -"swinging between periods of full discipline to no discipline at all" -"turned a good day into a bad day" -"have one trade still on. Reluctant to end the day on the negative side. Looks like the trade turned into an investment" -"I am short and should have been out a long time ago" -"broke rules today" -"examples of how NOT to trade" -"another disastrous day for me. Perhaps I should keep my day job. The problem is I don't have a day job". -"follow rules, something happens and I break all rules" -"kept a loser for far too long" -"bad with respect to following the plan and the rules" -"LUCK OR EDGE?" -"almost there" -"chickened out" Now If you see a trader saying these : what would your advice be?
I would say that he should get a grip of himself and/or see a shrink. I appreciate the time that you have put in BTW. Time will tell whether I have a future in trading or not. If I will not have another major drawdown in the next 1-2 months, I would think that I made it. I was asking myself whether an equity run like I had in the 1st month is the result of luck or an edge. Statistically it could be luck but then how long does a run like that have to last for a trader to get to the conclusion that he has an edge? I don't have the answer to that yet. I know that I have a discipline issue. Probably had it for ever. That is why my last paycheck was 27 years ago. I don't like people telling me what/when to do things (especially not ignorant and uneducated people). I am willing to listen to advice and from time to time I heed the advice. More so in fields other than trading. (I don't know why) I am at this trading business for many years without success but I am stubborn (most of the time this stubbornness served me well). I WILL crack this nut one day. Gabe
Gabe, Just my opinion : it seems to me you will make it. But this is just my personal opinion. Actually, most people's ego would make it difficult for them to post on a public forum their unimpressive performances. So you have one quality that will allow you to overcome any problem : not shying away from recognising you have "issues". Personally, because of my personal experience, I can not really understand why a trader does not have at least one clinical psychiatrist to discuss at least weekly about how their sub-conscience is showing up. The real problem, I have to recognise, is that good clinical psychiatrists are absolutely not cheap, and the good one are absolutely not easy to find. Some of them will be given to you when one has also to deal with "problem people" ( my former situation) , but usually the good one are very hard to find. IF you can afford it, go for 3-5 different one ( each one session/week, so 3-5 sessions/week) who have no connection at all between each others, in terms of methods, etc... within 3 months you should be able to learn much about your sub-conscious. Make sure you can have face to face session with each one, and check the credentials, question, check every affirmation.... Now, what else could you do to improve your discipline?