Getting Lucky?

Robbman – Thanks, I need to heed that advice. Whenever I’m reading up on this stuff, I seem to skim right over the risk management stuff. Not very glamorous.

1nibbler – Thanks for the advice. But uh, did you just hit on me? So tempting to comment on your name…

Today was a good day. I’ve got yet another book on the go here “What Works in Online Trading” by Mark Etzkorn, with bits and pieces of advice I hadn’t heard before. Better yet, I found a webinar by the same gentleman that is bang on with my thinking. Right now I’m all hyped up to spend the next week working on macros rather than paper trading. I have a sinking feeling that Excel/DDE will be too slow for anything in real time and I will have to venture into a new language, but I’ll have to wait for the markets to open up again to know for sure.
 
Thought I'd throw out an update, rep the girls here, though not much to report.

I'm trading $12k on IB, but I've traded up to $100k in the past month (no, I didn't lose it all, just parked it for now). Have been making bits of money here and there and I'm up overall, but it's been a bumpy ride. After a good day, I'm serene and organized. After a bad day, I'm crazed with trying to learn faster; balanced lifestyle goes out the window.

After one of those bad days a week or so ago, I put together a rudimentary market scanner using Excel and IB. I may not choose to participate, but at least I am aware when things are happening in the 60 or so stocks that I watch. Next step is to put together some kind of database/code that I can use to test out ideas. I hear the advice "trade your system" here and elsewhere but I gotta get me one first.

Oh, and to address the other interpretation of "Getting Lucky"; porn may make you guys more daring traders (as per the Psych thread), but does the inverse hold true for anyone? Stress isn't exactly my idea of an aphrodisiac.

I'll be reading (lurking actually), keeping up with my soaps here on ET, but may not have much chance to comment. Don't know how you guys have time for it all. But feel free to jump in here with your advice and/or scathing criticisms.
 
The Ugly
I have sold when I meant to buy (and vice versa) at least ten times (so embarrassing). Over and over I have taken a position expecting a stock to move in a certain direction and maintained my position even when the priced moved against me, finally selling in disgust just as the stock turned around and performed as I had expected. I have made so many wrong moves in a row that it has felt as though the market makers have arranged their day around taking money from me. I have tried and/or studied umpteen approaches without yet finding anything I have any degree of confidence in. I am gulping back information as fast as I can manage it (insert your own visuals here), but I am painfully aware of the fact that I am still “the dumb money”. I'm not crazy about constantly feeling like a sucker.

The Good
I’m up 5.6% this month. Sounds ok, but keep in mind that the TSX is up just a little less; my boat floated along with it.

So why am I sharing all this boring stuff with you guys? I dunno. I guess because it feels as though you are my “cube mates”, my office buddies. (Cue the “Getting to Know You” music).

Anyway -- happy trading everyone. Keep up the great discussions, I'm still loving ET.
 
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