On a side note: I recently brought a new laptop to use for trading. Also brought an SSD drive to install but when I started the installation I've found the screw on the laptop was so tight I couldn't open the laptop up before the screws got messed up. Resulted in me just having to return the SSD drive.
Trying to transition from full time job to trading. Having trouble with discipline.
- Thread starter jinxu
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Thanks. I'll check it out.
Traded this morning using purely the tortoise system. The result of this morning trades are:
3 trade signals taken but missed out on 2-3 other signals.
100% win on all 3 trades. 100% win on the 2-3 other signals.
50% combined profit on 3 trades.
All in all, I did good this morning.
Now the issues I had this morning are:
-Not taken all the trade signals.
-Not letting profit runs.
-One trade wasn't perfect due to me being impatient.
3 trade signals taken but missed out on 2-3 other signals.
100% win on all 3 trades. 100% win on the 2-3 other signals.
50% combined profit on 3 trades.
All in all, I did good this morning.
Now the issues I had this morning are:
-Not taken all the trade signals.
-Not letting profit runs.
-One trade wasn't perfect due to me being impatient.
You should start a "trade journal" here at ET.
Personally I don't like to be public with trade journals. I feel it creates added pressure to perform which I do not want. I prefer to post when I feel it is necessary. I already have my own personal private trade journal.
Then why discuss your trade results publicly in a thread that's really about your job (thinking about quitting), discipline, medication ?
If the issue is really about your job (maybe you don't like it)...find another job that you prefer. In contrast, if the issue is really about trading, you would have quit your job a long time ago unless there's other issues you have not mention that has nothing to do with trading.
Job security is important these days especially if you live in an area where there are not that many jobs or the pay is barely survivable. You need to think very carefully about quitting your job if you live in such an area and your not able to leave that area to seek employment elsewhere for whatever reason.
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That was impressive, 100% win and 50% profit.Thanks. I'll check it out.
Traded this morning using purely the tortoise system. The result of this morning trades are:
3 trade signals taken but missed out on 2-3 other signals.
100% win on all 3 trades. 100% win on the 2-3 other signals.
50% combined profit on 3 trades.
All in all, I did good this morning.
Now the issues I had this morning are:
-Not taken all the trade signals.
-Not letting profit runs.
-One trade wasn't perfect due to me being impatient.
I would argue that you should not quit your job now unless you don't need to work and here is my logic:
1. If your system is as good or even half as good as indicated, you will accumulate a large asset in a very short time (a year or a couple of years) so you shouldn't quit until then.
2. If your system is not that good and the sum total after numerous trades is not profitable, you shouldn't quite your job for you will need a job.
3. If your return is in between 1 & 2, you won't make enough to live well so you need the job to supplement trading income until you can accumulate enough to sustain your life style.
As for discipline, we cannot tell you what you need to do, you have to find it within yourself. You know you better than us strangers and know why you are not following your own system, we don't.
Good luck and best wishes.
Thank you. I wish the other board members on this site were as polite and positive as you. The irony (joke "ironchef") of my current trading system is that it is based off an old trading system that was posted here on ET a long time ago.
I wish I had pay more attention instead of experimenting. I'll keep your suggestions in mind.
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Update:
I've determined the source of my heavy losses was due to having unclear entry and exit rules. Been modifying the tortoise this week. In the process of changing the rules from discretionary to mechanical. Took some trades this week. Loss some money. Looking back determined the mistakes was not obeying exit rules and end up taking more heavy losses then I should have.
The master formula: See the setup. Take the Trade. Manage the Trade.
I've determined the source of my heavy losses was due to having unclear entry and exit rules. Been modifying the tortoise this week. In the process of changing the rules from discretionary to mechanical. Took some trades this week. Loss some money. Looking back determined the mistakes was not obeying exit rules and end up taking more heavy losses then I should have.
The master formula: See the setup. Take the Trade. Manage the Trade.