Reach for a new level of awareness. Making some lifestyle changes can help. Do you trade a plan ? I have come to find that unrelated "issues" can influence trading decisions if you don;t have a clearly set plan. If you feel like a big piece of crap it is only because you believe it.
I'm Taking a Break
- Thread starter Flashboy
- Start date
Great stuff, newtoet!Quote from newtoet:
Jeff - there are a few books that you need to read, that will help with your "psychological" problems - and how deep inside you feel you can never be successful.
This was written several years back, but is still applicable today. And, it is free on the net. Read it - it will change your life if you let it:
http://website.lineone.net/~jamesallen1/think.htm
I have a few others. But start there, it is probably all you need. Best of luck.
Could you post a few more links, for all of us?
~The Scientist
-2300 in one week for me! and thats only with one stock.
hey now were talkin. hello. a real trader here. WTG!
Quote from Scientist:
Great stuff, newtoet!
Could you post a few more links, for all of us?
~The Scientist
Hey Scientist!
After reading "As A Man Thinketh", I recommend "The Power Of Positive Thinking", by Norman Vincent Peale.
It is a great book, one you can read time and time again, and one you can pick up and open to any chapter at random and begin reading.
Best of luck!
Flashboy:
During your break from trading, I think itâll be worth your while to take the opportunity to get in touch with a professional trading consultant like Ruth Roosevelt at http://www.ruthroosevelt.com/
She is based out of NY and can work with you face to face and/or over the phone on a regular basis (i.e. one session every week) to help address issues of discipline and other psychological factors affecting oneâs trading. I am sure there are also other consultants in Chicago and other cities (depending on where you live) whose resources you can draw upon. I mentioned Ruth because Iâve spent 3 months in consultation with her and my discipline has been better because of it. But itâll be up to you to take that first step to assist yourself. Good luck and best wishes to you going forward.
Kermit
I have a friend traded everyday es last year. Some months he was profitable, other months big loss (50% drawdown). Then, he took a break like you and analyzed his mistakes. After that he decided he will trade only 6-8 times per month (sometime even 2 times), and his stoploss would be 6 points. Now, overall this year he is up 100.3%, and his maximum drawdown is 22.6%.
Point is you can make money doing daytrade , but reduce it to 4 times per month, then increase it slowly to 6 or 8 times, and only go in the market when you have a great chance of winning. Btw. I hope you have a robust system (discretionary or systematic) to trade, and you believe in it.
Goodluck.
So I've got at least a couple more to go myself..
i know this isnt any consolation, but i lost -2300 in a 4 day trade on one stock.
hope all goes well man.
hope all goes well man.