The Million $$$ Quest...
- Thread starter Ripley
- Start date
Disasters = even a small move in my stop. Sometimes I have a tendency to move my stop behind huge size orders.
I am very stringent with my own rules. I understand that even if I break a seemingly simple rule, it will lead to more destructive behaviors. Thus, I am trying to nib even a small deviation from my discipline, even before anything serious happens.
Thus, the end result is, I am one hell of a disciplined trader. Discipline is my strenght nowadays.
Trading to make a living wage = Had I took a job out of college, just around now I would be making $50,000. Thus, thats a way of me telling myself that I don't have to do anything drastic to be successful. You know, just do $200 per day for 250 trading days a year, and I am doing better than my peers. Just telling myself that I don't have to make anything happen. Just go with the flow thats all.
I am very stringent with my own rules. I understand that even if I break a seemingly simple rule, it will lead to more destructive behaviors. Thus, I am trying to nib even a small deviation from my discipline, even before anything serious happens.
Thus, the end result is, I am one hell of a disciplined trader. Discipline is my strenght nowadays.
Trading to make a living wage = Had I took a job out of college, just around now I would be making $50,000. Thus, thats a way of me telling myself that I don't have to do anything drastic to be successful. You know, just do $200 per day for 250 trading days a year, and I am doing better than my peers. Just telling myself that I don't have to make anything happen. Just go with the flow thats all.
Day 17
Time Management..
# of Disasters: 0 (I didn't trade
)
I need to get things done, use my time wisely so that I can trade everyday and that is especially important for me at this formative stage of my trading career.
I had a swing trade on from yesterday, but it is insignificant that I didn't even check up on it. You have to detach yourself from your trading. Be a bystander, and taking it all from far away. You have to trade real small to be able to do that.
I could've used my weekends wisely and not put off work that I had to do to this Monday and Tuesday, thus I could've paid more attention to my trading. Thats what I must start doing, so that I can trade everyday, without any disruptions.
Time Management..
# of Disasters: 0 (I didn't trade
)I need to get things done, use my time wisely so that I can trade everyday and that is especially important for me at this formative stage of my trading career.
I had a swing trade on from yesterday, but it is insignificant that I didn't even check up on it. You have to detach yourself from your trading. Be a bystander, and taking it all from far away. You have to trade real small to be able to do that.
I could've used my weekends wisely and not put off work that I had to do to this Monday and Tuesday, thus I could've paid more attention to my trading. Thats what I must start doing, so that I can trade everyday, without any disruptions.
Day 18
There is no END in Sight..
# of Disasters: 2
I have a long ways to go. I have way too much to learn. Even though I've finally become profitable, thats just jerking around with order flows and I am sure that isn't technically "trading" but rather just screwing around. I need to learn how to trade. And it is going to be an even longer, and arduous process than what I ever thought it was ever going to be.
Long ways to go.... I need to let my PROFITABLE trades RUN. Be willing to get stopped out on each and every trade, and be content with that so that I don't have to jump in and take the profits.
There is no END in Sight..
# of Disasters: 2
I have a long ways to go. I have way too much to learn. Even though I've finally become profitable, thats just jerking around with order flows and I am sure that isn't technically "trading" but rather just screwing around. I need to learn how to trade. And it is going to be an even longer, and arduous process than what I ever thought it was ever going to be.
Long ways to go.... I need to let my PROFITABLE trades RUN. Be willing to get stopped out on each and every trade, and be content with that so that I don't have to jump in and take the profits.
Friday-Wednesday(today) were IMHO, very hard trading days. Nothing like Oct 
Day 19
Umm...
# of Disasters: 1
Gotta hit the ball out of the ball park on a day like this. I cannot let a trade go against me. For that, I need to completely stay focused and put myself in those high probability set ups.
I also need to build up an account that is substatial real fast so that I can start taking a little bigger risks and start building up an account.
Umm...
# of Disasters: 1
Gotta hit the ball out of the ball park on a day like this. I cannot let a trade go against me. For that, I need to completely stay focused and put myself in those high probability set ups.
I also need to build up an account that is substatial real fast so that I can start taking a little bigger risks and start building up an account.
Ripley....that last one doesn't make no sense. Remember: slow and steady will win the race every time. (at least in stocks)
Day 20
POINTS !!!
# of Disasters: 1 very big one.
Finally the day came, where I started to think in POINTS rather than in $. I turned my P/L to points from $. The difference is, when you are risking too much of your account, (yes.. even 1% on every trade is too much to risk) you are not ditached from your money. Thus, also facor in that you are a n00bie, all you think about while you are trading is how much MONEY you lost, how much MONEY I could've made had I been long rather than short, and how much money am I going to make today so that I am net +$ for the day.
Well, finally the day came where I think in POINTS. I was up +20 pts, and just simply grinding out a slow bleed day, till I got a bright idea. Today is the EXCEPTION. No volume, a Friday, and couple of huge rallies on the previous days..and everything else just pointing towards the fact that maybe we are headed down. And plus the fact that we were at the highs only made my conviction stronger that it is indeed headed down. Well, I took on a little too much of a size and you all know the rest of the story. I was stopped out from trading for the day. But, I did stick to the STOP point for the day. Thats what it matters. Even when you get STOPPED OUT for the day, you WIN. I am a winner.
POINTS !!!
# of Disasters: 1 very big one.
Finally the day came, where I started to think in POINTS rather than in $. I turned my P/L to points from $. The difference is, when you are risking too much of your account, (yes.. even 1% on every trade is too much to risk) you are not ditached from your money. Thus, also facor in that you are a n00bie, all you think about while you are trading is how much MONEY you lost, how much MONEY I could've made had I been long rather than short, and how much money am I going to make today so that I am net +$ for the day.
Well, finally the day came where I think in POINTS. I was up +20 pts, and just simply grinding out a slow bleed day, till I got a bright idea. Today is the EXCEPTION. No volume, a Friday, and couple of huge rallies on the previous days..and everything else just pointing towards the fact that maybe we are headed down. And plus the fact that we were at the highs only made my conviction stronger that it is indeed headed down. Well, I took on a little too much of a size and you all know the rest of the story. I was stopped out from trading for the day. But, I did stick to the STOP point for the day. Thats what it matters. Even when you get STOPPED OUT for the day, you WIN. I am a winner.