Quicktrade is right. If I trade with one eye constantly fixed on PNL, I focus on the money, and not on trading right. Focusing on the money (and what it represents to you, how hard you worked for it, etc.), whether it's positive or negative, tends to lead to bad emotions (greed, fear, anxiety, cockiness, etc.), which brings bad trading.
Trading Journal, January
- Thread starter STOCKKBROKER
- Start date
Quicktrade is right. If I trade with one eye constantly fixed on PNL, I focus on the money, and not on trading right. Focusing on the money (and what it represents to you, how hard you worked for it, etc.), whether it's positive or negative, tends to lead to bad emotions (greed, fear, anxiety, cockiness, etc.), which brings bad trading.
The way I am trading right now requires a lot of momentum and moves from the sector leaders. I usually get a lot of the momentum early in the morning, and much of it dies down soon afterwards.
So far I haven't noticed any good afternoon trading opportunities with the exceptions of last week. I definetly scalped myself some decent profit in the last half hour of the trading day all last week. But these kinda of moves are rare and far between.
Plus I think I trade better in morning anyways. In the afternoon I do a lot of churning and make small scalps here and there giving myself ulcers in the process. If you have found trading sectors to be easier in the afternoon maybe you could share what you do differently.
In addition, my goal for now is to make money consistently day in and day out while I learn to trade my bread and butter stocks. If I can average $500 a day for say 20 consecutive trading days, than I will consider upping my goal to say $700 a day and then $800 and $1000. You have to learn how to walk before you run. And if I hit my goal the first 30 minutes of trading, why kill myself to make an extra $300? The market is not going anywhere, I can still trade tomorrow.
One thing you have to understand, it is not how many trades you make that counts, it is how much you get out of your trades that matters. One guy might have to make 10 trades to make $500 and some other guy will make one trade and make the same amount of money. I don't know about you, I would rather be the second guy anytime.
So far I haven't noticed any good afternoon trading opportunities with the exceptions of last week. I definetly scalped myself some decent profit in the last half hour of the trading day all last week. But these kinda of moves are rare and far between.
Plus I think I trade better in morning anyways. In the afternoon I do a lot of churning and make small scalps here and there giving myself ulcers in the process. If you have found trading sectors to be easier in the afternoon maybe you could share what you do differently.
In addition, my goal for now is to make money consistently day in and day out while I learn to trade my bread and butter stocks. If I can average $500 a day for say 20 consecutive trading days, than I will consider upping my goal to say $700 a day and then $800 and $1000. You have to learn how to walk before you run. And if I hit my goal the first 30 minutes of trading, why kill myself to make an extra $300? The market is not going anywhere, I can still trade tomorrow.
One thing you have to understand, it is not how many trades you make that counts, it is how much you get out of your trades that matters. One guy might have to make 10 trades to make $500 and some other guy will make one trade and make the same amount of money. I don't know about you, I would rather be the second guy anytime.
One thing you have to understand, it is not how many trades you make that counts, it is how much you get out of your trades that matters. One guy might have to make 10 trades to make $500 and some other guy will make one trade and make the same amount of money. I don't know about you, I would rather be the second guy anytime.
I would rather be the second guy, but make 10 trades instead of just one.
I would rather be the second guy, but make 10 trades instead of just one.
enjoy stock, thats the closest u r gonna ever get to a diablo...lol. fifty bucks a day green dont make it bro...hahahaha
"Regarding volume & momentum in the afternoon, I feel there is plenty of volume & momentum in the afternoon for most trading strategies. How many times have you been bailed out in the afternoon. Like on 11/19 when "Horrendous open bailed out by solid afternoon market movement". What if you decided to cut your size on that day?
also, both you and Stockk have mentioned trading less size after consecutive days losses. My comment is that if you have confidence in your method, then each day is a new day and the it doesn't matter if you've won 10-in-a-row or loss 10-in-a-row, unless you're doing something different (i.e. not following your method). "
Now, trading the way we do, if we got killed in the morning, it was probably because the market was flat or very choppy, if this was the case, they usually reversed in the afternoon and trended nicely and vice versa. That's why sometimes we make our comebacks in the afternoons.
"If your method works, it works. It your method requires a certain about of momentum & volume then don't trade during periods where those factors are not satisfactory. But to simply pack up for the day or trade very small size doesn't make sense to me, which is why I am asking stockk these questions regarding psychology & methodology in his trading."
Well, nothing works 100% of the time, if you have found something that works 100% the time, please kindly share. The point is if you get into a losing streak, you want to make the damage as minimal as possible, yeah, your method is still valid, but psychologically, it is a lot harder to trade and make the kinda of profit you used to when you are in a losing streak. If you don't believe this, than you are either very good at controlling your emotions or you are lying to yourself.
also, both you and Stockk have mentioned trading less size after consecutive days losses. My comment is that if you have confidence in your method, then each day is a new day and the it doesn't matter if you've won 10-in-a-row or loss 10-in-a-row, unless you're doing something different (i.e. not following your method). "
Now, trading the way we do, if we got killed in the morning, it was probably because the market was flat or very choppy, if this was the case, they usually reversed in the afternoon and trended nicely and vice versa. That's why sometimes we make our comebacks in the afternoons.
"If your method works, it works. It your method requires a certain about of momentum & volume then don't trade during periods where those factors are not satisfactory. But to simply pack up for the day or trade very small size doesn't make sense to me, which is why I am asking stockk these questions regarding psychology & methodology in his trading."
Well, nothing works 100% of the time, if you have found something that works 100% the time, please kindly share. The point is if you get into a losing streak, you want to make the damage as minimal as possible, yeah, your method is still valid, but psychologically, it is a lot harder to trade and make the kinda of profit you used to when you are in a losing streak. If you don't believe this, than you are either very good at controlling your emotions or you are lying to yourself.
>In addition, my goal for now is to make money consistently day in and day out while I learn to trade my bread and butter stocks. If I can average $500 a day for say 20 consecutive trading days, than I will consider upping my goal to say $700 a day and then $800 and $1000. You have to learn how to walk before you run. And if I hit my goal the first 30 minutes of trading, why kill myself to make an extra $300? The market is not going anywhere, I can still trade tomorrow.
HAHAHA....i'll give U this...U talk a good line of BS...same BS i "red" (ha) month after month in 2001..hehe
PS stock, u gotta lot of advice to give 4 a guy who is barly green
HAHAHA....i'll give U this...U talk a good line of BS...same BS i "red" (ha) month after month in 2001..hehe
PS stock, u gotta lot of advice to give 4 a guy who is barly green
>Now, trading the way we do, if we got killed in the morning, it was probably because the market was flat or very choppy,
yeah...lol..how bout this...its probably cause you dont have a clue...hahahaha...excuses...excuses....face the TRUTH..hehe
yeah...lol..how bout this...its probably cause you dont have a clue...hahahaha...excuses...excuses....face the TRUTH..hehe
Magna
Administrator
ProTradeRX,
Relax, no need to go on the attack, Stockk is doing an excellent job trading regardless of his experience. He's shown good instincts in the face of adversity, writes a journal that's enjoyed by many, so let's contribute instead of tearing down. And good trading to you!
Relax, no need to go on the attack, Stockk is doing an excellent job trading regardless of his experience. He's shown good instincts in the face of adversity, writes a journal that's enjoyed by many, so let's contribute instead of tearing down. And good trading to you!
Now, trading the way we do, if we got killed in the morning, it was probably because the market was flat or very choppy, if this was the case, they usually reversed in the afternoon and trended nicely and vice versa. That's why sometimes we make our comebacks in the afternoons.
In this case, would it not be better to not trade mornings at all, wait for a flat/choppy morning, which would then increase your probability of a trending afternoon. Go in the afternoon with more size and you'll make a killing.
Well, nothing works 100% of the time, if you have found something that works 100% the time, please kindly share. The point is if you get into a losing streak, you want to make the damage as minimal as possible, yeah, your method is still valid, but psychologically, it is a lot harder to trade and make the kinda of profit you used to when you are in a losing streak. If you don't believe this, than you are either very good at controlling your emotions or you are lying to yourself.
I don't have anything that wins 100% so don't get me wrong. I'm not trying to be antagonistic just trying to help analyze your thought process to separate truth from dogma.
For me, I try my very best to trade the same methodology regardless of winning streak or losing streak. If I made $500 in the morning, maybe by quitting I preserve a win, but maybe by trading in the afternoon I end up with a $1000 win. If your methodology has a positive expectancy, than it is much more likely that you will turn a $500 morning into a $1000 win than a break-even day.
Perhaps Hitman said it best when we was telling everyone to know exactly what their average $/day is. At all times, Hitman knows exactly what his $/day is. It's not a range, it's an exact number. If there were more trading days in the year, his net win would be greater.
Why not take that one step further and figure out what your average $/trade is? In that case the more trades you make per day the greater your net will be. Of course you should only take trades that fall within your normal trading methodology and not trade just to generate volume.
What I'm getting at is that too many traders do not recognize that each trade has its own probability, and that the nature of probability is that you are going to have adverse runs and favorable runs. Just accept that you have a positive expectation per trade, and get in there and trade! The only time you should stop trading is when you cannot trade your method consistently. If a losing streak will cause you to not trade your method the same as if you are on a winning streak, then definitely take time off. But if you can trade the same methodology, then it doesn't matter whether you are on a losing streak or not, each trade has it's own individual positive or negative expectation.
In this case, would it not be better to not trade mornings at all, wait for a flat/choppy morning, which would then increase your probability of a trending afternoon. Go in the afternoon with more size and you'll make a killing.
Well, nothing works 100% of the time, if you have found something that works 100% the time, please kindly share. The point is if you get into a losing streak, you want to make the damage as minimal as possible, yeah, your method is still valid, but psychologically, it is a lot harder to trade and make the kinda of profit you used to when you are in a losing streak. If you don't believe this, than you are either very good at controlling your emotions or you are lying to yourself.
I don't have anything that wins 100% so don't get me wrong. I'm not trying to be antagonistic just trying to help analyze your thought process to separate truth from dogma.
For me, I try my very best to trade the same methodology regardless of winning streak or losing streak. If I made $500 in the morning, maybe by quitting I preserve a win, but maybe by trading in the afternoon I end up with a $1000 win. If your methodology has a positive expectancy, than it is much more likely that you will turn a $500 morning into a $1000 win than a break-even day.
Perhaps Hitman said it best when we was telling everyone to know exactly what their average $/day is. At all times, Hitman knows exactly what his $/day is. It's not a range, it's an exact number. If there were more trading days in the year, his net win would be greater.
Why not take that one step further and figure out what your average $/trade is? In that case the more trades you make per day the greater your net will be. Of course you should only take trades that fall within your normal trading methodology and not trade just to generate volume.
What I'm getting at is that too many traders do not recognize that each trade has its own probability, and that the nature of probability is that you are going to have adverse runs and favorable runs. Just accept that you have a positive expectation per trade, and get in there and trade! The only time you should stop trading is when you cannot trade your method consistently. If a losing streak will cause you to not trade your method the same as if you are on a winning streak, then definitely take time off. But if you can trade the same methodology, then it doesn't matter whether you are on a losing streak or not, each trade has it's own individual positive or negative expectation.
Stockk, it is very interesting to me that you use Jagnotes as I had never heard of them before.
Do you prefer them to Briefing.com? What are the differences between the two? Obviously they had news on BJS & TDW that weren't on Briefing.com (at least the Upgrades page).
I am curious if any other traders out there also use Jagnotes...
Thanks and good trading to all.
Do you prefer them to Briefing.com? What are the differences between the two? Obviously they had news on BJS & TDW that weren't on Briefing.com (at least the Upgrades page).
I am curious if any other traders out there also use Jagnotes...
Thanks and good trading to all.