What kind of effort is needed

Quote from ace210:

Very insightful post. When I started out it was very hard to take a loss and admit I was wrong. I have improved quite a bit with this. But there are still 2 or 3 times a year when i find it hard to abandon a loser and it bites me.

There are time when I do want to be perfect and sit around not pull trigger on few stocks and usually regret this as the stocks usually do well.

Then there are times when the market is usually euphoric and i get suckered in watching everything go up only to get in at the top and hold the bag when everyone runs to the exit

hmm I just realized most of my problems are all psychological. After I make the mistakes Imake the effort to correct them but months later I forget the lessons and do the repeat some of the mistakes. I think I need to spend time psychoanalysing myself and see what i need to correct
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I read this after my previous post. Here is a suggestion to hopefully help with your discipline. Make a checklist of your entry criteria, whatever you use. Make a separate checklist for exit criteria (both for profit and for loss). Then hang them where you can see it every time you trade. Do not enter a position unless it meets your entry criteria and no matter what your heart or mind tell you when the exit criteria are met close the trade. See what that does for you. Sometimes having the rules stare you in the face can help a little to over ride the emotions that cause you to break your own rules. If that doesn't work, once you are in a trade use a OCO order to pre-set your for profit and for loss exits and stop watching the screen...no peeking. Only check it at the end of each day to see if you are still in it.

If you can stay disciplined with following your rules it will become easier to see which rules need to be adjusted. If you trade by the seat of your pants and make up rules as you go you will never be able to tweak it right.
 
Quote from yoohoo:

ace, you've been a pretty humble and honest guy and if you're teachable then those are great qualities to have - hats off to you mate.

But if that's a full and complete answer to my questions...

you just failed your most basic traders exam!

I'm not being a smart ass here - honestly - you get 0/10

You acted on what was happening in the sector and didn't qualify your trade. There are a bunch of screamers here, and if you don't get a trading method I'd be really, really surprised if you survive.
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No actually I bought it at all time high and there was no resistance over head. Your green arrow is little off. I bought it some time in april. Asti apparantly had a stipulation where if the stock was over $10 for 3 consecutive days then the insiders are allowed to sell their stock. The stock tanked after it was over 10. I should have dumped the stock lot sooner, but i was hopeful it was going to turn around because of the sector. By the way at the time fslr and asti were the leaders in that group. Later on all the other solars went nuts. I was too early to the party. I bought the stock becuz i thought it was breaking out and there was no overhead resistance
 
Quote from Maverickz:

I read this after my previous post. Here is a suggestion to hopefully help with your discipline. Make a checklist of your entry criteria, whatever you use. Make a separate checklist for exit criteria (both for profit and for loss). Then hang them where you can see it every time you trade. Do not enter a position unless it meets your entry criteria and no matter what your heart or mind tell you when the exit criteria are met close the trade. See what that does for you. Sometimes having the rules stare you in the face can help a little to over ride the emotions that cause you to break your own rules. If that doesn't work, once you are in a trade use a OCO order to pre-set your for profit and for loss exits and stop watching the screen...no peeking. Only check it at the end of each day to see if you are still in it.

If you can stay disciplined with following your rules it will become easier to see which rules need to be adjusted. If you trade by the seat of your pants and make up rules as you go you will never be able to tweak it right.
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Thanks. I know this is what I need to work on the most. Iam gonna rewrite all my rules and try to stick to them this time.
 
Quote from ace210:

Thanks. I know this is what I need to work on the most. Iam gonna rewrite all my rules and try to stick to them this time.
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Good luck. Keep us posted with how you do.
 
Ace210 - hope you are doing well.

Not to recommend a stock, but since you had not so good experience with solar stock and now solars are way down...and the rule of trading is: "expect unexpected" - to make long story short
I will be loading AKNS and AKNS May7.5 calls first thing Monday morning. Although I suspect that artificial buying wave will carry onto open, so I might spread the buys.

DavidDT
http://www.trading-to-win.blogspot.com/
"Wall Street never changes, the pocket change, the suckers change, but Wall Street never changes, because human nature never changes" Jesse Livermore
 

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lescor said:
If trading is your passion.. It's what's on your mind when you go to bed and what you think about most waking moments. You just have to keep banging away until you have an epiphany of some sort. If it's not in your blood like that, I think you have 2 strikes against you already.

Once you are experienced and comfortable with what you are doing, then it's more like cruise control. But the learning curve can be tortuous. The trick is to last long enough until the light bulb goes on.
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Ronda Rousey has a guote I like:

"I go to bed thinking of ways to succeed"
 
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