This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
Time for a break. I can take losing money, but losing control is another matter. On days like this I realize that even if I had a consistent strategy, if I don’t follow it, there is no limit to the drawdown I will suffer. I have several bad habits that need to be changed. I’m taking tomorrow off, and maybe next week.
Limiting myself to two trades per day is probably a good start.
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
June 21st, 2007 at 10:26 am
It’s a tough enviornment out there today, similar to the last few days. Limiting your number of trades sound like a good strategy. I’ve done that plus also reduced my R for now till the market catches wind again to either direction. Good luck.
June 21st, 2007 at 11:41 am
that’s probably a good idea…thanks eyal
June 21st, 2007 at 3:14 pm
get out with money. look at the big boys takin you to the cleaners.
June 21st, 2007 at 3:44 pm
I don’t know how many times I have repeated this cycle. It is becoming less and less often, which is nice.
Bo, could you elaborate on your “wisdom”?
June 21st, 2007 at 4:45 pm
John, you’ve got to have discipline at times like this, and it sounds like that’s what you’re doing.
Bo, you’re lucky this isn’t the Fly’s site…
June 21st, 2007 at 9:23 pm
zoomie: cool
prospectus: LOL
June 22nd, 2007 at 7:27 am
John,
I think the 2 trades per day may not be as good as what prop traders do. Limit your losses to a dollar amount. If you hit that dollar amount, you are done. But if not and you are on a good streak. You may make 4 trades and take home some good change. However, if it’s shitty, then you will be taken out fairly quickly and you can start focusing on have a great next day.
Shitty days are more like dominoes, it keeps getting shittier as the day progresses and you stay in the vicious cycle in the hope of coming out even.
June 22nd, 2007 at 10:40 am
LP: that’s where i was at yesterday…it kept getting worse…u may be right about limiting my losses to a fixed $ amount instead of a fixed number of trades…thanks