Want to make money trading?

Discussion in 'Trading' started by retire45, Feb 28, 2008.

  1. Ha!.. Move to an island and use only the connection to your account.. NO NEWS WHATSOEVER! It is literally impossible to hold positions while exposed to the media.

    Price, price, price!! No doubt the number one source of lack of discipline is opinion gleaned from too much media exposure.. I am at my most peaceful when I study charts and sectors..

    Prime example.. this morning.. rotten economy news.. AG stocks I have are doing fine.. I move my stops a bit and I am done! Browser closed!

    Think about it... Will you re-think your stops because of the news??? If so, quit trading. You will get bush-whacked occasionally but the potential insanity and burnout due to stress caused by trying to interpret news is not worth it.
  2. You don't have to move to an island to achieve this ... just turn off the damn TV and get a system of trading that you believe in.
  3. This might help you too...Dont react to the news, just react to the traders who react to the news. (basically just look at your charts) LOL
  4. OK... I will rephrase the title...

    "Not an emotionless Machine and want to make money trading?"

    The first step to curing a discipline "problem" is to accept you have one.. duhhh!.. I have accepted this.

    Second stage is to find the source of the lack of discipline.. Here it is CLEARLY THE MEDIA..

    A lot of threads here are started by those with heavy media instilled opinions.. "Why the reverse last Friday?" Who cares! Some are still short from then and probably feeling "right" today.. 500+ Dow points later..

    Some said "I'll never have CNBC off again"... LOL.
  5. lescor


    You're blaming the media for your lack of discipline? Your problems might be bigger than you think.
  6. Thanks.. I'll get a shrink with what I have left..
  7. maxpi


    Get some real media, Prnewswire, Businesswire, Dow Jones News, etc..... the rest of it is noise I guess, I've never listened to any of it... the talking heads have made me noise aversive over the decades......
  8. News is like a drug. No matter how much you don't want to listen to or believe it, if you expose yourself to it, it will find a way into your head to cloud your vision.

    I enjoy reading the news, etc, but even when casually reading, I find myself being subtly influenced.....gotta fight it off and trade what's there. Hard to strike a balance, one must really pay attention to how their vision is being affected when reading the news and make sure they don't let it mess with them.