Day 29 ATTENTION... # of Disasters: 1 The way I trade, it comes down to ATTENTION. Attention to every order, every tick, and every second. I cannot deviate my attention from my trading for not even a second. Umm... if I can hurry up, I might make this post in on today by a second.
^YES!!! I got it, I actually beat it by a second: 11:59:59 My days are so busy that who knew I would just put off on updating my journal thing on a website till the very last minute. I also need to get a better handle on expected economic numbers etc. I need to know what is expected, the actual, and how is that is going to influence the econonmy etc etc... JOBS report is going to be out tomorrow. However I slice it, ultimately my trading would come down to ATTENTION, and being focused on each and every single tick, and placed, and cancelled orders etc. Gotta have my undivided attention on the $$$ at all freaking times.
Day 30 Clueless... # of Disasters: 0 I need to be profitable on each and every single trade; each and every single day; and every month and every year. I got too much to do, and I am spreading myself thin all over the place. It would take 5 years to grasp something, and 10 years to master it. Even then, only with full devotion. I must master the markets. My life is at the crossroads, I don't know what to do. I need to choose somethings,.. and forget others or something like that. Life is just so fascinating in that it can go many ways, and underneath it all.. eventhough we may want to deny it all, what it comes down to is access to resources, connections, and.. I don't know.. something else for sure. edit: The something else is TIME... if only we could turn back time or has access to infinite amounts of time.
Ripley, have you seriously considered that trading just isn't for you. You need to wise up and listen to a lot of the advice provided for you. Your last post proves to me that you will never be profitable, and you will never hack it in trading. I'm not one that has the authority to tell you what you can or can not do. But even I don't think like that and I'm only 18, and trading. I just don't see how you can even consider trading anymore. If it is a hobby for you now....... then please continue, you are the "dumb money" that provides for the rest of us, but if you are seriously trying to make a million dollars in one year. I just don't see you even breaking even. Again, it is just my opinion, I am entitled to it, and you have yours. But, you are obviously not open minded. Stuff that proves the weaknesses of a trader: "It is OK to not get filled on some trades. And I serioulsy need to comprehend that it is OK to not take trades, and not have trades on at all times. Waiting for the right entry is crucial." - Lack of patience "Gotta have my undivided attention on the $$$ at all freaking times." - Greed, not trading for the love of trading, only for the money "I need to be profitable on each and every single trade; each and every single day; and every month and every year." - Impatience, greed, and unrealistic, and virtually impossible goals, doomed for failure. "I need my complete attention on trading. I cannot have my mind wandering around on other things which I could've done earlier or after the market close etc." - Impatience, not being able to focus on one thing, your not devoted to trading, so you will NOT be successful. Again, I gain nothing from telling you this, I'm just trying to save you from your failure, and hopefully you will realize this, but cockiness and confidence can be a killer. Will you let it throw away your money?
Never thought of that, maybe you're onto something. Considering most never make any money trading, I have to give you that the odds are definetly in your favor.
Just give it some thought. Try and open your mind up to change. You are obviously not profitable. You have emotional issues in trading. I have seen your previous posts, and even my mentor pointed out posts where you held bad trades to their death. You either have to change yourself, or change what you are doing. It isn't easy to change yourself. Like myself for example, i'm not very patient, and that sometimes gets me into a trade at the wrong time where I need to wait longer for results, or risk having a stop hit. But since I have started traded, i'm a ton better and have been able to develop my patience. You just seem to have the wrong attitude with trading. I think you need to be more open minded, and be willing to try and change yourself, and not be confident when you know you are doing something wrong, admit you need to change, and then take action. I again must ask if you have been consistantly profitable on a simulator? If not, maybe you should give some thought into going back on sim, until you become consistantly profitable. Or make some major changes in your trading strategy, or at least try and change what you are doing.
You must accept that the mkts require your full attention. If you can not give her your full devotion.... do not lead her on or play head games with her. Accept that you will have to move on to something else. But i think what you are doing is trying to do 0 - 60 in 3.6 seconds in a chevy pick up. Realize you CAN get to the finish line...but will take longer if the time and attention you can devote to the mkts is minimal. The more time you can give the mkts...the faster your vehicle. I say this.... because i have been trading for 2.5 years. And its taking me for ever to get the whole picture. But you know what...i understand that. I know that im not on a corvette Z06 but in a buick station wagon.... there for im not in a "hurry" to "make it big" ... this has kept my thinking very level and prevented me from screwing up when i have loses. It keeps you with in a sound mind set... and allows you to focus.... to trade clearly. Well.... thats what it is. By thinking clearly...my loses are never out of control... my account is just below an all time high....yes i will pay several thousand dollars this year in taxes. Healthy account = healthy mind set. Healthy mind set = healthy trading. Healthy trading = healthy account......... a circle of zen.
7-day "day trading" break started today. Will further evaluate if my day trading is worthwhile after the break. Will be swing trading. 5 YM contracts short from 940... opps... 940 was the fill I was waiting for today, but it only came up to 937, and I thought I was going to miss out on a possible swing trade yet again. But, I was proactive and took my short at 930. So, what I didn't get filled at exactly where I wanted to, but I took the trade because in the grand scheme of things..a 10 pt difference shouldn't matter much. -50 pt stop, and +200 pt target.
That sounds like it will be a good trade......the 5 contracts part of it just made me poop in my chair... but a good trade never the less. You will get it! .... Mkts poised for further decline.