This journal is lame and there I seriously doubt you will have an kind of profitable trading career ever. That sounds harsh, but I'm being honest. This whole journal is just a bunch of pithy sayings that losers focus on. They think that because they aren't focusing on these things they aren't making money, when actually they have no edge and consequently no chance of ever making money long-term. Sure, you can get lucky and string together a good week or month, but that's about it. You don't understand money, you don't understand edges, you don't understand risk management. The whole idea of stopping when you hit your profit target, this is bad. Same with having a stop loss for the day. Now this is ok if you have actual tested data that shows that when your system makes x $ in a day it loses it's edge or the other way around (maybe if it loses x $ in a day it has a bigger edge so you should trade more contracts.) You need to learn how to find an edge and learn how to test for these things. I don't think you have anything close to one right now. But that's not enough for you because you aren't emotionally cut out for this game. After 3 years you are still freaking out and breaking rules and losing money hand over fist. My recommendation is to take your $5k to a casino, go to a roulette wheel and put it all on red. At least this way you've got almost a 50/50 chance to double your money. If you continue trading, you've got a 0 chance to ever make money. You'll be busto within 6 months.
Chopper.. Thanks for your support man. I make more money by not trading.. umm.. I mean.. lose less. But, then again.. I am trading in my trading priviledges to make more money. I am the ultimate trader, understanding my weeknesses and putting all my efforts into my strengths.
No you aren't. The ultimate trader makes money and has an edge. You don't. I think you should also have more than $5k if you want to do this seriously. You're way underrolled.
its just the occassional mental lapses.. disciplinary issues. How long have you been trading chopper? for you to expound wisdom like that?
Hey Ripley, Do demo trading for a year, gain your confidence. Then trade with the big boys and make a killing. I really like your attitude, keep it up!
why u pickin on Ripley?? i read his journal every day........ dont listen to him Ripley.... only sure way to lose in this game is to give up......
I think what chopper is really trying to say rip is that throughout your whole journal, the same issues keep rearing their ugly heads up. In order to progress you must first get to the point of keeping these internal demons subdued before you can even think about making 7 figures.
Guys.... Just to inform you guys yet again.. I ONLY PICK THE WORST THINGS OUT of the TRADING DAY to put it in here... Thus, naturally, this Journal has to HAVE ALL and EVERY mistake imaginable to EVERYONE. Just like how I am bagholding shorts on my YM from 11,123.. in my swing trading journal.. Not because I did something wrong.. but, my platform malfunctioned on me, along with the contract roll over etc etc etc.. Its a JUNGLE outthere...
No it's not. YOU DON'T HAVE A TESTED, TRIED AND TRUE EDGE. Without that you will not ever be a succesful trader. Not ever. Not a chance. Telling yourself it's mental lapses is just you lying to yourself. I'm not kidding, I'm not trying to be mean, I'm telling you the honest-to-god truth.
Chopper, can you please tell me why it would be bad to have a stop loss point for the day? I think its advantageous because you are going to stopped out for -5% of your account for the day instead of market taking a big bite out of your account.