Once Up for Day - I go into Protection Mode
- Thread starter Flashboy
- Start date
Quote from Redneck trader:
Flashboy
Youâre alright Sir â Nothing wrong with protecting money
FWIW & IMHO
The next step along the pathway will be to get enough confidence to know â Well I made money with one trade, now time to go do it again
But
If the next one is a loser, just know maybe the next one after that will be a winner, or the next one, or the one after thatâ¦..
Just donât rush it â the market will be here tomorrow, and right now you are protecting your profit
The first trade I made today lost, I immediately exited it and reversed â covered my loss and then some
Itâs All Good
Redneck
Redneck,
Just wanted to say something:
I am thoroughly convinced that you should change your name to "Southern Gentleman Trader".
You have the best manners of anyone on this forum by far I must say.
I'm from MS and therefore somewhat of an expert on the oft overlooked variations between a Redneck and a Southern Gentleman.
I've said my piece.
Later bud.
Yes, he does! In fact so kind that when he referred to me as "Sir" on a reply once, I didn't have the heart to correct him
This is an interesting thread. I am still early in the "building skill and confidence" stage of my trading. I have no other job and frankly no job prospects that offer enough for me to pay the bills. So trading is my bread and butter and I have to be conservative. I have a daily profit target of $500, which is enough to pay the bills and have a bit left over for taxes, savings, and fun.
Now, this often makes me too conservative. I don't always take my setups fast enough, I put on too small small size when a setup is really strong, I take profits way too soon. However, if I exceed my profit target for the day, I often trade more aggressively. I wonder how long it takes to get to the point that this doesn't affect one's trading so strongly, thereby improving consistency and profitability?
Glad to hear your profitable at least.Quote from NoDoji:
Yes, he does! In fact so kind that when he referred to me as "Sir" on a reply once, I didn't have the heart to correct him
This is an interesting thread. I am still early in the "building skill and confidence" stage of my trading. I have no other job and frankly no job prospects that offer enough for me to pay the bills. So trading is my bread and butter and I have to be conservative. I have a daily profit target of $500, which is enough to pay the bills and have a bit left over for taxes, savings, and fun.
Now, this often makes me too conservative. I don't always take my setups fast enough, I put on too small small size when a setup is really strong, I take profits way too soon. However, if I exceed my profit target for the day, I often trade more aggressively. I wonder how long it takes to get to the point that this doesn't affect one's trading so strongly, thereby improving consistency and profitability?
It's so tough but I'm slowly overcoming these type of psychological barriers. In the past, if I were down, I'd get out of the next trade as soon as I got back to even instead of managing the trade.
How many contracts does it take for you to avg. $500 daily?
The thing that isn't talked about much when it comes to trading is the fact that, if you go down the wrong path from the get go and develop bad habits (and hence traumatic experiences/results), they are so very difficult to break. Especially the longer you go without fixing them. Flashboy seems to be experiencing this. Your mind is damaged from prior experiences and so you'll always see the mkt a certain way unless you work harder than a brand new trader would have to, to be successful.
Unfortunately, all we hear about when we are new is risk management, small shares/lots and all things actually trading related but we never hear "be very careful not to create a lot of baggage for yourself as overcoming this is a bigger roadblock than anything".
just my 2 cents//
Unfortunately, all we hear about when we are new is risk management, small shares/lots and all things actually trading related but we never hear "be very careful not to create a lot of baggage for yourself as overcoming this is a bigger roadblock than anything".
just my 2 cents//