how to solve overtrading?

I spelled it out before some f*ckers would try to give the PDT nonsense suggestion. Just in case.

Thanks for the rest of the good comments.

:p

Quote from bundlemaker:

If anyone is interested in a real answer to the question read on. This is a thread about a legitamate question, not more PDT whining.

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I was pleasantly surprised by all the helpfull comments by bundlemaker and others.

Thanks a million. I am gonna put the writing plan into action and I am sure it will help. I didn't like the idea before because I like to be flexible, but I will try and incorporate that.

After I started this thread yesterday, i read the interview with baldwin by schwager again. One of baldwins comments was that many people lose because they aren't patient enough. Exactly the reason for my overtrading.. I realise I have to fix that.

regards
 
Overtrading must be placed in a trading style context... what is overtrading for multi-day swing trading may not be overtrading for intraday swingtrading... what is overtrading for intraday swingtrading may not be overtrading for scalping...
 
Quote from candletrader:

Overtrading must be placed in a trading style context... what is overtrading for multi-day swing trading may not be overtrading for intraday swingtrading... what is overtrading for intraday swingtrading may not be overtrading for scalping...
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I come from a scalping the bid/ask background. I found it doesn't quite work on the esx. It might work for 3 rt's untill one large market order wipes out all ur profits of the previous 3 trades.

Now I am trying to stick longer in the position (the plan is not to enter if i don't see about 10 ticks profit potential) instead of going out 1 or 2 ticks on the other side of the bid/ask spread. I am getting very nervous about it though and old habits die hard.

I feel like I am at the bottom of the learning curve for the second time in my career!

One thing I learned -correctly i hope- untill now is that if a swing trade doesn't go into your direction immediately (ie. you got a lucky fill) it rarely is a good trade.. So go for the market instead for the limit order.
 
Quote from trade4succes:

I am doing a lot of rt's a day, while a lot of the trades are just bs-trades. Because some trades are very nice winners, I think I can afford just to take any possible trade.

Anybody had the same problem and was able to solve it? I am curious to hear how you did it, what "methods" you applied to keep yourself from overtrading.

At the moment I am trading the eurostoxx 50, doing about 100 rt's a day. about 20 of them are winners, some very big winners, all the others are mostly very small losses.

I am interested to hear what you have to say,
rgds.
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Use a longer term chart..

I get about 9-12 trades on average off a 3 minute chart. If you're trading off something like a 55 tick chart .. then you may truly get 100 valid signals.
 
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