Quote from OldTrader:
Just one more comment: I would stop making statements of the type above relative to 'not being a good trader'. Frankly, this is not a very empowering type of statement.
Perhaps you're just a relatively new trader. Therefore, you have alot of learning ahead of you. None of us learn this game overnight, and most of us are STILL learning, including me.
So why not refer to yourself as a 'work in progress'?
You know, most 'good' traders are 'good', not necessarily because they get the best entry, or know the most about economics, or found a 'holy grail' type of system to trade with.
Rather, they are good observers first. Good observers of the market, why it acts the way it does, when, how it relates to news announcements, etc etc. An observer does not just look at charts at night. This might teach you some things....but it's much more important to be able to observe what happens and why throughout the day, when things are moving around, news is being announced, stocks are trading, the bond market is moving, etc etc.
Second, the good trader eventually must understand and become comfortable with risk. Risk is what creates reward. Most traders develop ways to deal with this risk, such as money management, trade management, stop losses, etc.
The good trader eventually understands that he must learn to sit, wait, not only for the trade to develop, but perhaps for an opportunity in which he can enter with an appropriate risk. Patience is a quality that most traders could learn more about.
So while you're a 'work in progress', I would not think of myself or refer to myself as 'not being good'. Not a good thought to program yourself with.
OldTrader