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A 70k bet that I can't make a 50% gain in 2009
- Thread starter geez
- Start date
Quote from traderyin:
Excellent results!
Thanks traderyin,
My goal was to do 12k every quarter (3 months) and I'm just over that target now. It was nice to have the week I did following my prior week (basically b/e). Looking back at this last week it's amazing how much of an impact emotion plays, no matter how much you try to trade with out any:
Monday and tuesday I tried to get into as many trades as I could(my guess, to make up for the prior week). Then on friday I was hesitant to take any trades at all (my guess, to keep the weeks profits locked in). It's amazing how the mind works, no matter how much you try to block it out. It's all part of the process........on to a new week. Good luck to you this week!
G,
Congrats on your remarkable result! Your consistency is no small achievement by any means. It is also amazing that compared to many traders who aim to hit home runs and deploy various complicated strategies and indicators, your style seems very simple, and yet you get real steady result, not big swings. There is something said about steadiness wins the race.
Thank you for running this journal. It is inspiring. Good luck next week.
OC
Congrats on your remarkable result! Your consistency is no small achievement by any means. It is also amazing that compared to many traders who aim to hit home runs and deploy various complicated strategies and indicators, your style seems very simple, and yet you get real steady result, not big swings. There is something said about steadiness wins the race.
Thank you for running this journal. It is inspiring. Good luck next week.
OC
Quote from OptionsCharm:
G,
Congrats on your remarkable result! Your consistency is no small achievement by any means. It is also amazing that compared to many traders who aim to hit home runs and deploy various complicated strategies and indicators, your style seems very simple, and yet you get real steady result, not big swings. There is something said about steadiness wins the race.
Thank you for running this journal. It is inspiring. Good luck next week.
OC
Thanks OC,
I don't know if I would call the results "remarkable" when guys are posting +200k days, but this is the style that works best for me. I realized that my biggest emotional hurdle to get over in trading was how to deal with drawdowns. With the style I use now I won't make a $1,000,000 a year, but I won't have to deal with huge drawdowns either. If I lose 5 trades in a row, my drawdown is just over $1,000 and for me, this is well within my threshold of pain and I feel(for me at least) it's dealing with the pain that is the hardest part of trading. A very basic way of looking at it is this: Find a max loss per trade that you are very comfortable with, for most raders I think it's probably about 1/2 of what they REALLY think it is (if you think it's $200 per trade, it's probably really $100), then just take the normal trades you would take, set your stop and your target and LEAVE THE TRADE ALONE. Don't try to outhink the trade. How many times have you heard traders say "I should have let that one go to target"? What's the reason this happens? My guess is fear of losing, but if your max loss is a VERY reasonable number you are MUCH more comfortable about letting the trade run its course. If the stock does hit your stop..good!...Take the small loss and move on! In my opinion, this is much better than holding on to a trade and watching it continue to move against you- you may even add to your losing position and as it keeps moving against you, you are completely wrapped up (financially and emotionally) in the trade that you should have been out of for a very small loss.
So, for me, I just find good entries (per my plan) and then let the trade run its course: STOP or TARGET. If I lose...so what, it costs me $200 out of a 85k account...a VERY small drawdown.
Hope that helps...stepping off soapbox now.