I'm not trying to be confrontational at all....I was just wondering the name of the room you're referring to...web address? Don
... back to the topic at hand... For me, it was realizing the market doesn't know what price you got in at.
1 The market has strict rules and is very unforgiving. 2 When I understood the markets BIG picture, yet focused on a select group of instruments and learned their movements like the back of my hand. 3 Understanding a beautiful chart pattern is no guarantee of performance. 4 Cycles are repetitive. 5 There's always tomorrow.
- Protect the principal at all costs. - Keeping losses small and letting the winners run allows me to be profitable while having more losers than winners. This is just a beautiful concept. - Candlestick reading. - Stop loss entries are sacred. - The trend is my best friend. - I can control my trading during market hours but once the market is closed it is out of my hands therefore I close *all* my positions before the closing bell. No exceptions and no swings. - I took care of Fear with stop loss entries but mastering Greed is not so simple. Letting a winner turn into a loser is a sin, adjusting stops when the trade is running your way is a great tool. - Last but not least, money management.
Love what you do, and have a desire to succeede. There's more to trading than that, but I think thats where it all starts.
My best breakthough to date: If blogging, no trading; if trading, no blogging. Best Regards, Jimmy Jam
A very good point. However, I noticed that you posted during trading hours. I guess that breakthrough is still in progress, eh?
Breakthrough WILL happen when I fully know what I'm doing! Last weekend I went over every trade in my records since Jan.: Where I entered, where I exited, what the stock ended up doing... & most important my actions for right or wrong... WHY trades made money, why I panicked and lost my head not accepting a 15% gain and instead taking a 50% loss on two of those trades... adding to my 'do not make these mistakes again' list, adding to the market education in-box, why if I don't follow my check list thinking I will be all right, why I ended up a loser or a winner around that list. Thinking I'll make money if I don't know anything about a stock or its' chart habits. Why do I keep trading? Because no one came out of the womb a brilliant trader so I have a chance. While vacationing in Hawaii, our helicopter pilot took us on a tour that made me turn green and not with envy. His flying was crazy according to me. He said I would eventually break through that queasiness with enough flying. So goes the same with trading and the market waves.
My trading breakthrough: I am getting started and I researched a thread about Wize trade. I am so thankful that I didn't waste my money and did just a tiny bit of research.