S/R Emini Journal
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Thanks! Once earlier in your journal you mentioned "The Disciplined Trader". In fact, this book helps me a lot to identify those weaknesses.
I was just browsing through it now and finding a paragraph titled "Executing Your Trades". It kind of sums up things nicely for me:
"Your ability to execute your trades is a function of the amount of fear you generate or the lack of it. Fear is always the result of your beliefs about the threatening nature of the environment. What could be threatening about the market? Nothing, if you had the confidence and completely trusted yourself to act appropriately under any given set of market conditions. Essentially, what you fear is not the markets but rather your inability to do what you need to do, when you need to do it, without hesitation."
Quote from JimmyJam:
8/18/06
5/15/06
That's a pretty damn damn good run there hoss!
When I can say the same, I'm going to quit working for a living ...
edit: cause I work hard for the money
but JJ, why don't you simply follow this journal and make money consistently, then take your amassed fortune and do something great with it.
KyivTrader - In my recent read of "The Disciplined Trader", I highlighted that exact paragraph as well. I recognized when I used to have that fear, and now I don't. That exact turning point (a couple months ago) created for me the difference between winning weeks and losing weeks.
I think most of us starts with all the confidence in the world as we have some initial wins. Then reality sets in, and we hit some losses, which detroy our early confidence. Then we have to force ourselves through that difficult period when we have to rebuild our confidence. For me to get through that period, I cut back my contract size to 1 (not wanting to lose the psych implications of working with real money versus sim) and kept going at it until I gradually built up results and therefore confidence.
It's a matter of getting enough screen time (recognizing various patterns and variables we may have been initially unaware of) and getting enough (real money) trades under our belt.
Just like an elite athlete, we can have all the skill in the world, but if we lack confidence ( = trust in oneself), we can't turn that skill into success.
Sandy
Good for you, I hope everybody that comes in here, if they haven't already gotten this book will go out and get it. Don't just read it, study it. I carry it in my briefcase everywhere I go just in case I have some reading time. Chapter 15 and 16 will guide you to successful trading. But you need to know chapters 1-14 first.
One thing is this. If you are scared to execute your trade with your signals then maybe you are trying to trade too large. Scale down some. If you are scared to execute using just one contract maybe they can invent an e extramini...Just joking.
Quote from JimmyJam:
8/18/06
5/15/06
That's a pretty damn damn good run there hoss!
When I can say the same, I'm going to quit working for a living ...
edit: cause I work hard for the money
I can't quit working because I really like doing what I do. The more irons I have in the fire the better I concentrate. It is weird but before I started my own business I was selling medical equipment. I had about a 6 month overlap where I was doing both. And that was when I had my best sales and my company started growing like a wildfire. Trading is how I relax and that is probably half the reason I have had a decent run at it.
But thank you JJ I have enjoyed sharing and borrowing from everyone in here.
Gary
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