Here is an interesting quote I stumbled onto. I thought others might also be interested: The Emotional Problem Trader's attitude to their potential and existing positions is often a great determinant of success. As every trader knows, the moment a trade is executed, everything is different. That is the point at which it becomes real, no longer digits on a screen and numbers in an account. Now expectation is joined by anticipation. The brain is joined by the heart. Reason is joined by emotion. You exchange detachment for attachment. When you have an open position and you are looking to close it, you will either have a profit or a loss. The emotions relating to each are quite different. For instance, when sitting on a loss many traders experience hope that the position will turn around because they fear and deny that it may not. It is for you to recognize these emotions and to discard them. Your judgment has to be based on detached reason relating to your analysis of the company. How you behave once you have an open position is all important. Without clear thinking you could exit too soon or too late. Your key concern with an open position is timing your exit. Of course there are times when you are deciding whether to add to a position, but generally you are concerned with exit. With an open position, you are concerned with closing the position. In order to do that, an open position requires an open mind. "The key is to be intellectually honest. You have to think of every day as a clean slate. You've got to forget about your loss or how much you paid-you have to treat each day as a completely new day. You have to start everyday with a blank page. Mark to market should be the rule so you start each day afresh. There is no expected profit or loss on the book so you have to start from scratch each morning," says Oppetit.
I do 500 trades/day... it's all f*cking automatic. I might have to think longer than 10 seconds... for maybe 5-10% of my trades. People who over analyze their thinking... "the brain is joined by the heart"... (roll eyes)... Probably do not have much of an advantage... if any... And show just go do something they are actually good at.
Just a reminder about this thursday's Toronto hook up. Remember, it starts at 7PM!! Not 7:30pm. Details are on the first page of this thread.
Hey Guys Ill be giving a short presentation on Nasdaq trading and will go through an entire days trade, as per my own trading sheet for one day this month. I will provide hand outs for all those who attend. Regards Nafeez a.k.a TachyonTrader
I am also looking forward to Tachyon's presentation -- I would urge new people to also come out who have been considering to attend --just let us know you are attending so we have an idea of what numbers to expect -- Tachyon's experience (without putting Tachyon on a pedestal) is real expereince trading. I would also ask Tachyon if you could give a short summary of your trading method. Since I beleive you are more a discretionary trader --what instincts do you rely on when you enter and more importanly exit a trade. What indicators do you use if any --and what rules do you go by --if also you have any.---cheers, Pbw.