Blow up

[Arnie]

Quote from straddler:

swoop,

10 years of experience did not give me the cushion to cut my losses and ride my winners. Trying to scalp and produce day in and day out small gains was my intended strategy. What happens is the idea that my position is correct and waiting for the market to catch up to it. That only works for the big boyz who have the deep pockets. Well, at least I have my health.

I became a much better trader when I didn't try to make money everyday. Instead, I look and wait for the right setup, if I'm wrong, I get the hell out. I've been doing this about 10 years also. There is a fine line between making it and blowing out.

 

[MYDemaray]

I became a much better trader when I didn't try to make money everyday. Instead, I look and wait for the right setup, if I'm wrong, I get the hell out. I've been doing this about 10 years also. There is a fine line between making it and blowing out.

I'm a novice compared to you, but can already appreciate the wisdom of this statement. I swing trade futures mechanically and my favorite days are the ones where I don't make any trades at all because either 1.) I was positioned beforehand and the market moved the entire day in my favor, or 2.) My systems were smart enough to keep me from getting chopped in a sideways market.

Great advice!

 

[Trader Pete]

realizing what your mistakes are and how they are casued is possibly the most important aspect of profitable trading for the future. when the mistakes are made, its easier to get into the habit of ignoring these bad trades if you've turned your strategies into mechanical systems - somehow. thats how and why i went to systems trading years ago - it taught me to ignore the bad trades or at least get out of them before they went too far!

 

[Swipe]

Quote from TGregg:



I just heard the first part of that on a local radio show - where Bill Murray says "you will achieve total consiscousness when you die."

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