How I stopped making the same mistakes in 2010 and started to make more money

Day 2

Just another trading day, nothing special. Followed my rules. (though keep asking myself "why am I getting stopped out for no reason and just collect losses ...")

-470
 

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Quote from thinkfirst:

Day 2

Just another trading day, nothing special. Followed my rules. (though keep asking myself "why am I getting stopped out for no reason and just collect losses ...")

-470
More...

You asked..... Standard Deviation

to quote my brother "I wouldn't worry about it"

calculating gains/losses on a daily basis puts you on a roller coaster that you don't need to be on and will probably do a lot more harm than good. If you have 50 wins for $100 and 48 losses for $100 you will end up a net winner BUT emotionally you will be drained as you may feel like you have lost as losses feel worse relative to an equal win.

If you want to calculate your gains/losses I would suggest thinking about doing it on a period of no less than a month or better yet for the year. Don't drag the weight of everyday on your back when an equal amount of focus can go towards improving your trading skills and that time will add to your yearly results....

Ok, back to my studying...
 
Quote from thinkfirst:

(though keep asking myself "why am I getting stopped out for no reason and just collect losses ...")
More...

You're not trading X, are you? (POS stock, I can't believe I even netted a profit on that thing yesterday) :D
 
Thank you Bob. I'm going over a lot of trades today and trying to figure out different "entry-stop-exit and money management" combination.

By the way, I am not trying to get rid of losses, we all know it's part of the business and I accept that. What I see happening more often than not is that after I get stopped out stock will go back to my entry during the day which means I didn't have to take the loss and my stop didn't really protect me from anything but created an unnecessary loss. Of course at the time I never really know but I see a pattern. I feel like I should be the one benefiting from people getting stopped out, not the other way around.

Here is my dilemma.
1. I can keep things the way it is. BUT it's harder to increase size, how many shares can I really trade with .10-.20c stop?

or 2. I can try move stops much further away and add time stop (though I'm not sure what that is, I just heard people do that, lol, I'll have to test it I guess). In this case I will have to keep adding to a position. This is all uncomfortable to me which is probably a good thing, it's time to push things to a new level.

So while I'm training my mind to follow the rules without any emotions, I'm also working on improving my current strat, plus new ones of course.



Quote from Robert Weinstein:

You asked..... Standard Deviation

to quote my brother "I wouldn't worry about it"

calculating gains/losses on a daily basis puts you on a roller coaster that you don't need to be on and will probably do a lot more harm than good. If you have 50 wins for $100 and 48 losses for $100 you will end up a net winner BUT emotionally you will be drained as you may feel like you have lost as losses feel worse relative to an equal win.

If you want to calculate your gains/losses I would suggest thinking about doing it on a period of no less than a month or better yet for the year. Don't drag the weight of everyday on your back when an equal amount of focus can go towards improving your trading skills and that time will add to your yearly results....

Ok, back to my studying...
More...
 
I know exactly what you are talking about. I rarely trade X. Feels like it's better to join specialist on that one.


Quote from NoDoji:

You're not trading X, are you? (POS stock, I can't believe I even netted a profit on that thing yesterday) :D
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Not sure why you would say that, I can't see how an average losing day should put me back to sim trading at this point. Though SWM loss didn't do it either. When things stop working when I do follow my rules I'll be concern. This is why it's very important to have at least 2-3 different strat. I don't yet, but I'm working on it.


Quote from jalee25:

Agree w/ earlier poster where u should go back to non-funded trading or lower ur risk until you get 'in the zone'
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Day 3

I didn't trade first couple hours of the trading day and didn't find any trades after that. However I did go over all the stocks that I could of traded and was happy to see that if I did trade them I could of made $$. Nice to see that my strategy is working even though I wasn't participating. Life happens and I miss trading days sometimes, there is always tomorrow …

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