You know what blows me away about being a discretionary trader? How one slip....

ONE act of hope, pleading, complacency, impulse--call it whatever you want. Just one slip can devour your entire month.

 

or year - or career

RN

 

"You can die from a thousand paper cuts"

- excerpt from Al Brooks' book "Reading Price Charts Bar by Bar"

 

you should never make a trade that can end your career. that is gambling.

 

Vhehn,

I agree with you completely – but the very last trades Vespasian and BP placed – were the last trades or their respective careers

Reality is a real pita - and I miss Vespasian

RN

 

I hope you know what you say is full of crap. You seem to conveniently forget many journals based on mechanical trading have disappeared just as fast as those based on discretionary approach. I'll tell you what. You show me a rich mechanical trader and I'll show you a filthy rich discretionary trader. Better yet, let's go all out and have a cage match between the two traders.

Just why the hell do you automatically assume that mechanical trading has an advantage over discretionary trading?!

 

Great point Kovacs!

Cause every time I make a “mistake” and the loss starts getting bigger then I plan, I say to myself “ How much good work do I want to destroy- 1 day -3 days –a week- a month ?”

After my short 2 years of this, I’ve had one 2 month blow out on my 8th month ( took 3 months to go up again) and hopefully I’ve learned from that horrible experience as I’ve only had 5x 3 day “discipline out the window” moments!

U automated guys –don’t have THAT problem…

 

I assume this is about options.

 

Try Texas No-limit Hold'em Poker: one impulsive all-in call can wipe out gains from hours of disciplined play in the blink of an eye. Sometimes, when a raise is too big, you have to fold'em even if you think you have the better hand. Risk control and discipline are your gods. Disrespect them and they will ruin you.

 

Strange thing you say... with all of the "never use stops", and "stops are for losers" posts..