1. You're still in denial.
2. The basis your expectation towards the market is pretty much useless.
http://www.elitetrader.com/vb/showthread.php?s=&threadid=135268
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Denying Reality
- Thread starter IndexSwing
- Start date
1. You're still in denial.
2. The basis your expectation towards the market is pretty much useless.
http://www.elitetrader.com/vb/showthread.php?s=&threadid=135268
Use NinjaTrader, you can have it bracket your exit immediately on getting filled... Which is a snarky way of saying you should plan your exit before entering. It's kind of like when you sit down in a theatre, you might want to think "what do I do in case of a fire" and find out where the exits are....
first not let fear control you. then must undersand: market up/down is out of your control, you are trying to control things that is uncontrollable, if you are not losing, that is a miracle.
take a small size, for example 100shares, that will numb your fear and makes you more objective.do not think trading 100shares is waste of time, actually it can produce huge profit in the long run.
like today, if you dumped 100share ABK, or ANR, or whatever like MDR, then closed it at the closing or the noon low, you still can make big BUCKS. but if you trade 1000shares, your psycholgy will change totally, since $0.3 advaersary means $300! that corresponds to $78k annual salary! when minus $300 paper loss on your screen, I am certain you will try to get rid of it while neglecting the truth that you are in the right direction
take a small size, for example 100shares, that will numb your fear and makes you more objective.do not think trading 100shares is waste of time, actually it can produce huge profit in the long run.
like today, if you dumped 100share ABK, or ANR, or whatever like MDR, then closed it at the closing or the noon low, you still can make big BUCKS. but if you trade 1000shares, your psycholgy will change totally, since $0.3 advaersary means $300! that corresponds to $78k annual salary! when minus $300 paper loss on your screen, I am certain you will try to get rid of it while neglecting the truth that you are in the right direction
I honestly don't know how traders trade by the seat of their pants, without stops, without profit targets, without knowing why they are opening or closing orders. I guess I'm just simple-minded with my little stop and profit orders in place from the moment of entry. No emotion. No psychology. Silly me...
you can not teach an amateaur about stop loss, profit target, R/R ration.... plus trading is not science, just an art.
actually I do not use stop loss, and I do not have profit target, I just use my gut feeling and read the chart, most time hard stop loss will create lots of loss particularly in day trading (for overnight position, actually stop loss is useless), so I do not use them, if I am wrong, I just scale out or find a rally reaction or drop consolidation to get out with minor loss. for example, I feel ANR today will fall back in late afternoon, it shot to 69+, then fell to 68-, I shorted it at noon at 68.02, ANR shot to 69.5, even though I saw paper loss, but I feel it is still a short, so I did not cover it, when I saw it went through 68 again, I just shorted more, I covered it before closing. also ABK, I shorted it at 7.97 at noon from the dip rally, even it shot to 8.22 late, I did not cover it, since I felt ABK will fall hard, so I shorted it and hold it until closing
actually I do not use stop loss, and I do not have profit target, I just use my gut feeling and read the chart, most time hard stop loss will create lots of loss particularly in day trading (for overnight position, actually stop loss is useless), so I do not use them, if I am wrong, I just scale out or find a rally reaction or drop consolidation to get out with minor loss. for example, I feel ANR today will fall back in late afternoon, it shot to 69+, then fell to 68-, I shorted it at noon at 68.02, ANR shot to 69.5, even though I saw paper loss, but I feel it is still a short, so I did not cover it, when I saw it went through 68 again, I just shorted more, I covered it before closing. also ABK, I shorted it at 7.97 at noon from the dip rally, even it shot to 8.22 late, I did not cover it, since I felt ABK will fall hard, so I shorted it and hold it until closing
Quote from GermanTrader:
I honestly don't know how traders trade by the seat of their pants, without stops, without profit targets, without knowing why they are opening or closing orders. I guess I'm just simple-minded with my little stop and profit orders in place from the moment of entry. No emotion. No psychology. Silly me...
Ha,
I knew I would find mandrilbreath here.
Hey clown, you belong in the psychiatry section not one for trading psychology.
Please traders, ignore the mental flatulence from this poor bitter person. His advice is that all traders ultimately lose.
That is not true.
The percentages are not great, but by winning the inner battle of fear and greed one can ultimately succeed in this business.
Successfully,
Alex L. Wasilewski
Co-Founder & Head Trader
Trades That Work
www.puretick.com
1-877-GOLONG1 (1-877-465-6641)
I knew I would find mandrilbreath here.
Hey clown, you belong in the psychiatry section not one for trading psychology.
Please traders, ignore the mental flatulence from this poor bitter person. His advice is that all traders ultimately lose.
That is not true.
The percentages are not great, but by winning the inner battle of fear and greed one can ultimately succeed in this business.
Successfully,
Alex L. Wasilewski
Co-Founder & Head Trader
Trades That Work
www.puretick.com
1-877-GOLONG1 (1-877-465-6641)