This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
-3.6R today. 7 trades, 7 losses. It was a low volume choppy day, and I pushed for trades instead of trading good setups that I saw (because I didn’t see any). I’m not practicing what I’m supposed to be practicing anymore, I’m just starting to get back into trading as usual. I need to get back to focusing on my plan, and working the foundation first. The funny thing is that I’m not in despair over these results. I’m handling it quite well, actually. I think that is a victory for my new mindset–being okay to lose, deep down. Not racing anyone else or even myself. More introspection to come shortly on my Seven Step Plan page.
This post was contributed by a guest author, and does not necessarily reflect the views of Richard or MovetheMarkets.com
September 28th, 2007 at 4:03 pm
It was a tough day, Pro. Volume was atrocious. Let’s hope for more V and more GREEN next week. Have a nice weekend.
-BD
September 28th, 2007 at 5:03 pm
Broh, I have noticed that you over trade too much and that’s one of the reasons you lost alot of money. I don’t know what keeps you going because I would’ve given up after a while of losing money but again I do this full time so maybe you have funds available. In stock market, patience and discipline is the key.
September 29th, 2007 at 12:20 am
Yeah over trading will kill you but losing is part of the game and you can’t get all bent about it. Brush it off and move on. The key is to control how much you lose.
I’ve been on an 8 day losing streak but my losses are minimal and I’m not worried about it at all as I know I can make it back.
Keep goin man, stay disciplined :)
September 29th, 2007 at 11:34 am
hope you don’t keep taking losses so well that it becomes a habit..and then more losses and then some more..
there is some validity to taking losses well but if you become stoical about it, watch out below jose!
September 29th, 2007 at 12:03 pm
you don’t have to feel pain to care about the outcome, gurlate. Right now, prospectus forces trades. Since he keeps getting evidence that doing that doesn’t work, I’m sure he would like to stop. Now he just has to figure out how to do that. Probably, he has to learn how to recognize the bad impulse in real time. It could take a while, or he could master it tomorrow. Either way is fine.
October 2nd, 2007 at 1:52 am
Hi pro. I have been in monster losing streaks before and they are painful and lame and you feel like you are falling into a bottomless pit. BUT, you need to STOP trading. Don;t let your ego and your love to trade hurt you. I promise you if yopu stop trading and just take a one week break and just step away completely, no charts, no platforms, no cnbc especially, no wallstreak.
And after you feel calm, relax, and more confident. Returnd to trading on a small scale at first. Then figure out a game plan every day before you trade that day. Do a market analysi and always trade in the direction on the trend of the market. Trading in the direction of the mrkt will put the odss of winning in your direction. Trading is hard as it is, don;t over complicate by trading countertrend to what the mrkt is telling you. keep it simple, loosen your stops and trade smaller share size. you can increase share size after your confidence grows. Follow this and i am 100% sure you will regain your composure. You are a winner and you will do whatever it takes to win!
stewie.
October 2nd, 2007 at 11:52 am
Hi again pro. Sorry if i keep bugging you but the reason why i keep trying to ‘bug’ you is b/c i have been there before, many times. i think you need to take time off and relax. I know the feeling where you feel you are never gonna recover from losses, you feel lost and alone and you want the mrkts to do what you ‘want’ but we all know that the mrkt will never do what we ‘want’. The mrkt sets the rules and you have to play by it’s rules or you will lose the game. I know the feeling all too well of putting on a trade and getting stopped out at a loss only to watch it rally. One thing i have noticed over and over again from your posts on wallstreak is that you seem to be looking for the ‘holy grail system’ that will make money day in and day out. The mrkt is not a machine or a mathematical formula where there is a right and a wrong. The mrkt moves in waves and you want to be positioned in a place where you have the best odds of winning. ‘Odds’ is the operating word, you will never be right 100% of the time but if you put your money where you have the best odds of winning then in the long run you will win more than you lose. that’s why i always do my premarket analysis, this way i know what to look for and trade accordingly. if the mrkt or stock did not do what i expected then i just don;t do anything and look for more evidence and see what the mrkt is trying to tell me. also, be picky with your trades. Don;t be a trading whore. I used to be a trading whore and it cost me thousands of dollars. Be very picky. Good Quality trades are hard to find but when you find it, your eyes will light up and you will 99.9999% you will make $$$ on that trade. GOod trades SCREAM at you to BUY BUY BUY! shitty trades just eat up comiish, confidence and your equity. Next time you put on a trade ask yourself: Is this “the” trade?
You will win again. I am very confident. Take a break and regain your composure bro.
Good luck.
stewie.
October 2nd, 2007 at 3:08 pm
Thanks, Stewie. I definitely am not bugged! I need all the advice and guidance I can get. I traded my way out of a hole today, but I can’t count on doing that every day.
I don’t have a natural feel for the market waves, I guess. My engineering background is a curse, because I look for the mechanical, the repeatable, the precise, the right and wrong. I am a trading whore! LOL I hate my job, and I love to trade. That’s what keeps me going. A day without trading sucks for me. It’s all I want to do.
I’ll try to sit on my hands, Stewie, or at least be pickier.