LOL. This thread is like watching an alcoholic drink themselves to death. Ripley: stop trading. You're destroying any chance of success with your constant drivel of trading cliches. "Gotta do this," "Never do that." It's all BS. Find your edge and hit it every time that setup shows up. And stop quoting meaningless trading-isms. Dude, you need a lot more time to develop yourself. You have zero discipline, which causes you to have zero confidence. You're on a merry-go-round that never ends. Stop the insanity, take like 6 months off to fully develop your trading ideas, test them, and apply them. All you need is one setup. Then you'll need to find the patience within yourself to wait for that setup. If you can't do this one basic thing (which you're proving with every post), you need to re-evaluate if trading is right for you. --opm8
I wasn't satisfied with 1 out of 38 trades. I am a perfectionist, and this journal is for me to record and review everything in my trading that I need to keep on working on and should be striving to improve EACH and EVERY SINGLE DAY.
36 trades in a day on a $9K account...if that doesn't qualify as overtrading I don't know what is. As the other poster stated, take some time off, develop your (a) system that works and quite using real money your just going to lose it. Save what you have left and spend some time on a simulator bro!! At this rate you are just going to blow out your account, might as well buy something nice with the $$ you have left.
I think Ripley can do it, reach his million dollars. Stick with it, one day that right trade will come and you will just kill it, make sure you have enough bullets though. Good Luck 5yr
Day 40 Losing days too should be PROFITABLE # of Disasters: 2 1) You have to stay above the water. When you are down -8 pts, you have to protect the +11 profit on the next trade with a trailing stop. You cannot let that get away and stop you out. You have to take PROFITS. TAKE PROFITS and keep yourself above the water...and in a position to let a winner ride. Accumulate points and be ready to hit one out of the park at all times. Stay PROFITABLE each and every second. 2) There is a place to SHORT and a place to BUY. If I take a trade which I wasn't supposed to take, then I just got to bail if the expected move just isn't there. Bail FAST. I fought a good fight today. I finised a losing day with net +1.30 pts.
Weekly Thoughts: Go to sleep at 1:30 am, wake up at 7:30 and be at my trading desk at 7:55 am..EVERYDAY.... I need to get ahead, stay ahead and finish everyday with profits. I need to take only the very best trades, focus, and win every single trade. Must give it all on each and every single trade. Simple as that.
What if your really really hungry and you want to eat another bowl of Golden Grahams. Is it ok if your at your desk at 8:00 AM on those special days?
ozzy, it is NOT OK.. because thats how I usually end up waking up late because I think, its 7:30 and I got 2 more hours to the open and I usually end up waking up way late. Thus, no exceptions must be made to 7:55 am. Of course, if you are really hungry it is OK to bring the food with you as you watch CNBC to warm up for the day.
Day 41 ...expect the UNEXPECTED # of Disasters: 2 1) You have to stick to your entry criteria when you take trades and at all times. No exceptions must be made. 2) You cannot hold onto a trade too long. Take profits and get back in.
Day 42 grinding it OUT... # of Disasters: 0 I could've payed a lot more attention to my trading today, just like every other day. Thus, I must start doing it tomorrow.