GetRealestate, Why do we go against the odds to trade? Well lets see...Because we don't like to take the easy way out and avoid trying something just because the odds are against us...Because we were laid off in an industry (information technology) that is not hiring right now and can't get loans for real estate...Because we don't want to be 50 something and get laid off again and really be up shits creek fighting age discrimination during job interviews...F**k "the man", I want to make my own money!! Whamo
...and the freedom that the markets can provide. For me the most fascinating thing is the fact that you can make a lot of money by understanding the psychology of the crowd and of course your own. As a small trader you can take the money from the big institutional firms who need hours or days if they really want to buy or sell. By building up relatively large positions in a matter of minutes a private trader can profit from the big waves they make. And tell me another profession where you can grow your income exponentially so fast.
Being smart has nothing to do with it. The smarter you are, the longer it takes to become profitable. What it comes down to is the ability to control your emotions.
Only traded the morning, gone most of the day. 1 trade, 1 loser for -2 Net for the day: -104.8 Net for the Week: -468.10 Net for the Month: -864.20
On your chart you wrote "missed entries are killing me". Are these actual signals that you got but didn't execute. Or is this after the fact concluding that it would have been a good entry? Because you can't be aware of everything going on all the time. Anything could basically be called a missed entry. Don't feel bad about that. Also, I'd recommend knowing where the key Daily EMA's are. 10 DEMA, 50 DEMA, 60 DEMA, and 20 DEMA. And please watch the NYSE TICK and the Dow Jones Industrial average if you aren't currently, these are EXTREMELY important.
H, Are your missed entries things you saw realtime but for one reason or another decided not to take. Or are they things you catch at the end of the day when you review the total chart and can see the big picture. Or some combination?
Huios I'm really bummed. I thought that by hanging out at that emini chatroom you'd come back here all profitable and everything. If you chart your trade performance vs number of trades, is greater experience at least improving your trading? Are you learning and getting better?