The Million $$$ Quest 2006

I must say its hard to be consistent on emotions
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I am trying to code my indicator. Such a simple thing, but its so complicated to code it. And, I want to do it myself so that I know that I'm the only one that has it. Maybe some other people do too, but atleast its somewhat reassuring to know that no one else knows what you're doing..

I think my performance will significantly improve if and when that time comes when I don't have to "feel" my indicator, but just follow signals.
 
Weekend Thoughts:

My shut off trading for my day trading account is -25%.

And right now I am in a -11% drawdown; not due to my methodology, but because of a day that got out of control.

Thus, my goal is week is to bring myself to the safe side by having a positive week, taking profits and staying sane.
 
Day 67

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Know when to TAKE PROFITS, and it varies..

After you reach that amount you risked,

..go into PRESERVE mode and don't do anything stupid.

My goal from there on should be to LOSE the least..

...and to bring it home.

Trading Plan should be set in STONE.

 
I believe that's better not to trade with your P/L in mind. The market doesn't know where you entered, if you make or lose money, where're your exit target, stop-loss, etc.. I think that your trading plan should have no memory of your P/L, or make a decision based on it.

But I'm with you that you should have a trading plan before opening your trade, and you shouldn't question it once you're in.
Quote from Ripley:

Day 67

-$

Know when to TAKE PROFITS, and it varies..

After you reach that amount you risked,

..go into PRESERVE mode and don't do anything stupid.

My goal from there on should be to LOSE the least..

...and to bring it home.

Trading Plan should be set in STONE.
More...
 
Day 68

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Such an UGLY day. I lost way too much from the Top.

I almost gave it all away from the morning...

.....My trading goal must shift depending on the situation.

I must be dynamic, change according to the market, trade, and my account...

Don't LOSE MONEY.
 
Its ok to loose..... a laymen my think... "oh wow mkt went up almost 200 pts... you must of made a ton of money" .... ofcourse the reality is much different. many did not participate in todays rally.... and others lost alot. that OK ... but you must ask your self...'WHY... why didn't i participate in the rally... why did i go against it?' What was the underlying reason for you not to believe in the rally?. ... must go back in the day and think why. Write it down. Remember it. Otherwise.... you will repeat the same mistakes over and over.
 
Day 69

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Foremost rule is trading: Get out of Losing Trades ASAP.

You just can't let those stupid trades get away.

Hold onto Winning Trades as long as you can.

Minimize Losses, and the PROFITS will take care of themselves.

TAKING PROFITS are FUN.

Getting stopped out is FUN too.

Letting good profits get away = No FUN.

 
Day 70

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You have to PRESERVE your AZZ.

Keep yourself in the Game. GRIND it out.

in the heat of the moment, I forgot my Trading Plan.

I let the market overwhelm me, push me around...

My life is getting cluttered... & I need to get back on track.

Being ORGANIZED and staying on TOP of EVERYTHING is the key.

 
cant show the market any fear... or it will trash you around!

Sure.... mkt gave me a spook this morning....and maybe i had an accident in my pants :( ..... but did i curl up in a ball and hoped mkt would go away??...HECK NO ... I rolled up my sleeves and showed mkt whois boss! Not only did i get all my $$$ back.... but added some on top for good measure. When mkt starts growling at you.... look at it in the eye and yell.." Mkt NO...Mkt NO"... it will soon be well behaved.

Ripley.... in the past, after several losses or a big loss.... i would have this feeling of having been defeated.... that mkt got the best of me.... but that there's always tomorrow. And that after a certain amount of loss... not to trade anymore that day.... phewy with that old kind of thinking!! I realized, thats how mkt been taking my money all this time... it would just have me accept a loss...knowing i would give up for the day.

Now i look at every trade as independent of one another.... made all the difference!! All you need is 2 tools.....

1. Have it in your head that loses dont mean anything bad... and have no bearing on how your next trade will turn out.

2. Get very good at reading mkt internals... no so you know when to go long or short.... but more importantly... to know when NOT to trade at all. Its a key element thats so overlooked.

Good Luck!
 
Day 71

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You cannot cheat points out of the market..You'd only be fooling yourself.

Take PROFITS & get back in and follow my PLAN...

....Quit trying to do things that I am not supposed to do.

I am good enough,

knowledgeable enough, and

disciplined enough to make money EVERYDAY.

 
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