Successful Trading

I once sold short 1000 shares of NOVL(20.25) @ the close for a swing trade. An earnings warning came out after the bell. After Hours dropped the price to 11.75--I bought those puppies back and gave them back to their rightful owner. :D
 
Originally posted by thunderbolt
I once sold short 1000 shares of NOVL(20.25) @ the close for a swing trade. An earnings warning came out after the bell. After Hours dropped the price to 11.75--I bought those puppies back and gave them back to their rightful owner. :D
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i didn't want to post this, but i have to vent. i was short ELN and i covered the morning of 6/26/02 around $6. my system did not tell me to cover, but i did anyway because it was such a bad morning for the stock market. four days later the stock closed below $2 and my system would have kept me in. when i look at the chart, i seriously want to cry. lol anyway, i learned a lesson.....stick to my system no matter what i think.
 
Originally posted by chasinfla


Accountability is a great motivator that has a way of sobering one up and helping him keep focused on what's important.

Whoever you are accountable to probably wants you to do very, very well, maybe even more so than you yourself do. 'Working' for that one instead of for yourself is also a cure for selfishness, which, among many other things, breeds myopia.
....

<a href="http://www.emmanuel.kiev.ua/Kids/Color1E.html">Source.</a>
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Some thoughts on selflessness and trading:
Behind all speculative success is a positive triad of extraversion, energized mood and risk-taking. We know from research that people who take an active interest in the world around them are more likely to experience life with vigor. They are also more likely to assume prudent risks."
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<a href="http://money.msn.com/content/p24708.asp">Source.</a>
 
great thread.

i am also thinking about, who to overcome those psychological limitations within a trader. the "to do so as if" is not going far enough IMO.

you have to open a second account, place an "operator" on the other side of your desk and advice this person, strictly to open the opposite position to your expressed "feelings" and "opinions" referring to the market at any time of the day like "oh no, to late to enter, price is too HIGH/LOW..." -> in the same moment this shadow-person has to go long/short...

the same with exiting a winning trade to soon, one of the biggest psychological threshold in this journey, i believe...

:)

happy trading
 
Originally posted by momotrdr
Its exactly 2:00am PST and I just read your post. I'd just like to say this is the most incredible post that I've read since becoming a member to this site. I for one would like the thank you for taking the time to share your thoughts and let you know that not one word went unappreciated.


If you are running for Trading-God status, you just moved one trade closer. :)



sincerely,



momo (an alias)
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No, I am not running for anything....you must have me confused with "super_ego" in his "I'M HOME MAMA" thread.
 
You missed the point - what I' described was more akin to going back over my trades of the day to see what I would have done if I followed my own rules that day. I don't advocate paper trading per se.
 
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