Thanks, if I ever get to the fulltime point I'd like to help out others like me. I was thinking of one of those password protected chat rooms with a microphone. I can't type the trades out in realtime, but I could ceartainly call them out while entering my own. I'm sure there's other guys in a similar situation that could use a hand. It's the only way I can think of paying it forward.
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Getting my act together
- Thread starter gutsytrader
- Start date
Thanks, if I ever get to the fulltime point I'd like to help out others like me. I was thinking of one of those password protected chat rooms with a microphone. I can't type the trades out in realtime, but I could ceartainly call them out while entering my own. I'm sure there's other guys in a similar situation that could use a hand. It's the only way I can think of paying it forward.
Today's trading 1/18
Made a mistake in my first trade (exit came up on me too fast and I missed the exit point). I held on and beat myself up as the market moved against me. A few minutes later another short setup came up and I held my original position as if it was from the second entry. I exited too early and got a little worked up.
Backed off and missed other entries due to just not being fast enough (by the time I was ready to enter the position had already moved +.5 or more in the direction of the trade). I don't know if OpenECry has hot keys available for the keyboard, or if that's the solution. Just know I missed making some decent money today.
+206.88
Made a mistake in my first trade (exit came up on me too fast and I missed the exit point). I held on and beat myself up as the market moved against me. A few minutes later another short setup came up and I held my original position as if it was from the second entry. I exited too early and got a little worked up.
Backed off and missed other entries due to just not being fast enough (by the time I was ready to enter the position had already moved +.5 or more in the direction of the trade). I don't know if OpenECry has hot keys available for the keyboard, or if that's the solution. Just know I missed making some decent money today.
+206.88
Attachments
Quote from nkhoi:
good to hear, I think 40yotrader success was partly due to his wife was with him from the start http://www.elitetrader.com/vb/showthread.php?threadid=10237&perpage=6&pagenumber=20
It's not like I have a real supportive wife overall. There aren't too many weeks where I don't hear some nasty remark about our financial situation. She's just more or less resigned that I'm not getting hired in my old profession and we've got to make the best of it. I think there's lots of guys above 40 that lose a job only to find out nobody wants to interview them. I read about the number one age group starting new businesses and was guys in their 50's. Something for all the people in their 20's and 30's to keep in mind.
Your tenacity is comendable Gutsy especially in light of your adversities. You clearly have a workable system but because you are scared money it makes executing it well 100 times harder. Here is an idea for you and maybe some of the newbies may follow up on it, how about you train people either in person or over something like skype to recognize the spcecs and the tutes buying and selling? That alone would put most people who are trying to day trade in a lot better position that they would otherwise be and it would probably be enough for you to work a lot less at other stuff.
Best of luck to you and your family, sincerely hope you make it.
Your commitment to your family is also something to be applauded in this day and age with so many dead beat dads.
Best of luck to you and your family, sincerely hope you make it.
Your commitment to your family is also something to be applauded in this day and age with so many dead beat dads.
Quote from gutsytrader:
Today's trading 1/18
.... I held on and beat myself up as the market moved against me. .... I held my original position as if it was from the second entry. I exited too early and got a little worked up.
.... Just know I missed making some decent money today.
+206.88
Well that's trading... it will rarely be perfect. You can beat yourself up... you can make money... you can lose money but whatever you do... DON'T DEVIATE FROM THE PLAN. When you deviate, steer back the best you can - that is trading. Good job but stay with the plan. next!
Comment from a noob.
1/19
A dead day for trading. Only saw one trade. It didn't look clear to me so I only used one contract. After entry it didn't give me the kick I expected so I exited at b/e. Never saw another setup.
Decided to try and use 1 lots to try and make something this afternoon. Made a few bucks. Going to stop now and go to bed early for work tonite. I can use the extra rest. Expecting 3-6 inches of snow tomorrow night.
+56.88
A dead day for trading. Only saw one trade. It didn't look clear to me so I only used one contract. After entry it didn't give me the kick I expected so I exited at b/e. Never saw another setup.
Decided to try and use 1 lots to try and make something this afternoon. Made a few bucks. Going to stop now and go to bed early for work tonite. I can use the extra rest. Expecting 3-6 inches of snow tomorrow night.
+56.88
Attachments
Hi Gutsy,
I think the problem is that we are too focused on the P/L. I don't mean disregard P/L altogether but better put in some risk parameters such as when do you say "uncle" on a trade or for a day.
Trader does not lose their mind all at once... there is constant negative self-talk, bad body posture and negative thinking leading up to it. We have to reverse that in an almost cold-turkey way before the breaking point. Replace negative self-talk with positive self-talk... reverse bad body posture with good posture and correct breathing.... reverse negative thinking into encouraging positive thinking to the extent that even when you have a losing trade, it is ok. We should reverse this process to the extent that it is ok to lose because "losing" is literately NOT in our vocabularies. Only then can you pull yourself together at the critical moment because you are not worrying about losers since you will not view them as such. No more beating yourself up.... please.
I recommend MACH 4 by Anne Smith
http://www.amazon.com/MACH-Mental-Training-SystemTM-Handbook/dp/0977895807
Best wishes
cook
I think the problem is that we are too focused on the P/L. I don't mean disregard P/L altogether but better put in some risk parameters such as when do you say "uncle" on a trade or for a day.
Trader does not lose their mind all at once... there is constant negative self-talk, bad body posture and negative thinking leading up to it. We have to reverse that in an almost cold-turkey way before the breaking point. Replace negative self-talk with positive self-talk... reverse bad body posture with good posture and correct breathing.... reverse negative thinking into encouraging positive thinking to the extent that even when you have a losing trade, it is ok. We should reverse this process to the extent that it is ok to lose because "losing" is literately NOT in our vocabularies. Only then can you pull yourself together at the critical moment because you are not worrying about losers since you will not view them as such. No more beating yourself up.... please.
I recommend MACH 4 by Anne Smith
http://www.amazon.com/MACH-Mental-Training-SystemTM-Handbook/dp/0977895807
Best wishes
cook
Quote from cookding:
Hi Gutsy,
I think the problem is that we are too focused on the P/L. I don't mean disregard P/L altogether but better put in some risk parameters such as when do you say "uncle" on a trade or for a day.
Trader does not lose their mind all at once... there is constant negative self-talk, bad body posture and negative thinking leading up to it. We have to reverse that in an almost cold-turkey way before the breaking point. Replace negative self-talk with positive self-talk... reverse bad body posture with good posture and correct breathing.... reverse negative thinking into encouraging positive thinking to the extent that even when you have a losing trade, it is ok. We should reverse this process to the extent that it is ok to lose because "losing" is literately NOT in our vocabularies. Only then can you pull yourself together at the critical moment because you are not worrying about losers since you will not view them as such. No more beating yourself up.... please.
I recommend MACH 4 by Anne Smith
http://www.amazon.com/MACH-Mental-Training-SystemTM-Handbook/dp/0977895807
Best wishes
cook
Once the methodology is complete and working, this bit here is the most important thing we can work on to truely benefit our trading.
One of the best peices of information I have read here in quite a long time.
Make 'em pretty, Chris