Thanks Spyder!
RE: ANDE..I got stopped out for a 50cent gain or $350 for the day!
My challenge, like most of us here, is that I cannot monitor the markets all day. My job takes me out on the road hence, making it a bit more interesting.
RE: Patience and Discipline
I am really thankful that I ran into this thread. Your words ring very true and it has made me understand that the lack of patience and discipline has been the root of my "mistakes" (and ironically some of my home runs - which was mainly due to the dot com boom was due to this too!).
Reading the journal and "trying" to apply it via paper trade made me realize:
- one doesn't necessarily need to hit the "home run" to build wealth; there is nothing wrong with CONSISTENTLY making small profits over time. :eek:
- Plan the trade; trade the plan. I trade now with stops (specially since I cannot monitor it during the day). I don't fret about missing the move if I get stopped out; I just tell myself that the next bus is coming soon.
- position sizing and money mgmt is very important. Previously, i held concentrated positions; without discipline, this was a recipe for failure (and it was). I now trade disciplined sizes (700 shares max).
- the more i read, the more it made me realize how much more i need to learn and be better at (technically) but the biggest "aha" was understanding my lack of patience and discipline.
I don't know where this journey will take me....but I feel like I'm more "at peace" with my approach now. I've got you and the rest of the cool traders here to thank for!
Regards
