Don't forget: In the Elite Trader Chat Room today, we'll be discussing the importance of keeping a trading log, and then analyzing. Mark Oryhon of Velocity Futures will then offer solutions he's used with his Prop Traders. Please join us! André Et Chat Guy
really enjoyed archived chat on logging trades. besides why did i enter, i need to know why i picked a certain protective stop. this helps keep me out of trades that don't have a logical or technical stop amount. does it make risk/reward acceptable (at least 1.5 to 2)? I dont' believe in %age stops, also really important why exit? 2x risk (distance to stop)? or what determined time to exit of sell first increment. it's so true that in 1 month of journaling even 1 week you will see more of yourself and what you're doing.
I enjoyed the chat as well. I liked his point on changing P/L to Ticks. Showing ticks takes the emotion out of the dollar value. I remember one of the guys we interviewed at Innerworth saying that P/L should never be on your screen during the trading day. Look at it only at the end of the day. André
Honest, I always thought that looking at the $$$ was like adding gasoline to the emotional fire. Good to see I WAS on to something in general and not just me. It seems I am forever keeping the clutter out of my mind while trading: a recent loser or an even amount $$$ or things totally unrelated to trading like loved ones/friends and social problems of any kind. Sometimes I wish I could have amnesia from about 8am to 4pm and JUST be in the NOW. If a non- trader read this, they would think I've got a whole bunch of personal problems! lol. Maybe I do have some but traders have got to be able to "see" and a clear mind sure does help to see all the distinctions that make up our triggers and all that. Whenever I hear about any kind of focus on trading psych. I'm all ears. I believe you can reach a point where more tech info is actually detrimental but you can never have too much clarity and proper mindset for trading. Another day in paradise.