Journal XburbX - My Plan

Quote from xburbx:

A note to look back on.

Most traders hear that they need to figure themselves out to trade. Immediately when I heard that I said to myself " I do know myself". I can take small losers, I am not greedy and I can follow rules. I could be off here but I don't believe that is really what experienced traders are getting at. Those qualities are important ant but I believe it is more geared to figuring out the micro second decision process in making a trade, holding a trade, timing a trade. It is the instant check down my mind makes across the information on the screen. It is the internal dialogue that if you blink, you miss it. Right or wrong I want this time stamped.
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Yes XB

The mental

Set ups are a dime a dozen…, yet some are never satisfied enough to simply trade

With regard to trading – no one knows what price will do next…, so why waste time trying to seek to know

Trading is extremely simply – it is one’s mind that makes it complex

Trading is all about probabilities – to exploit the probabilities we must take every set up…. yet the prospect of losing causes us reason to hesitate/ second guess / skip this one

Trading is simply executing a well thought out business plan – over and over and over

Remove the ability to enter – most everyone can sit patiently, and objectively – and watch a chart

Add the ability to enter – all of a sudden a portion of the most, can’t control their actions – while another portion can’t act

Once in a trade – we all experience emotions – a few have learned to do what is necessary – regardless of how much it hurts



Trade management – is everything, and must be administered dispassionately...

Yet people become emotional slop, whenever their position is up… or down

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To continue;

There are 3 variables to successful trading

The trader (one’s mindset) + knowledge & skills + tools = trading success

You have 2 of the 3.... – I think??? you are starting to grasp the most important remaining

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To conclude;

Every day we should ask our self;

Will today be different, or more of the same?

For me – I’ll have more of the same – Thank You

For you – Only you can answer Sir

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btw;

The degree one rejects any of the above – reflects directly the extent one’s brain has not been sufficiently developed – toward becoming a successful trader

Period

RN
 
RN

In response to your post above I want to somewhat back my way into making sure I am clear on what you are saying in the 3 main areas.

This question isn't one I expect to be answered on the boards but..

1 - The mental game

I tend to believe that I have the mental components in place for trading, but of course I could be wrong. Specifically what areas of the mental end need to be addressed? I can and have shown from the initial part of my journal that I can take small stops religiously, hold positions until target and repeat the process win or lose.

2 - The knowledge - If the mental game is right, perhaps this is where my systems have struggled. If my mental game is wrong, then the knowledge is useless
 
Great link. Thanks ammo. I read it.

Just a note - I believe I have been making some serious progress since I stopped posting my day results. Hopefully soon I will start to trade some. Practice makes perfect. The hurricane is windy but so far not what the media said. Big shock. Someone needs ratings. I hope everyone in the area is in good shape.
 
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