ET did a very good job of reviewing his trading on a post at his Blogsite. I was in the mode for the same just not as neat. I have been doing some type of daytrading for about 15 months now. During that time I was more or less playing around with a few ideas until about October. I think in October I concluded I could do this and make it work. Before than I had tons of interruptions were I would not trade for days sometimes weeks. One point I only had done one trade in a period of 10 weeks.
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Back in March I had increased my account size from 25k to 75k and started trading like a madman. I had no idea what I was doing. In March alone, I generated over $1000 in commissions and made a big $61. One thing that also happened was, I found I needed to find a good method to my madness. In other words, create a trading plan.
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As I had wrote before, I did come up with one. Most days I tried to follow it well. Most days I fail. The plan is good but the guts to just go do it so far in a little lacking. I feel I am getting closer to taking the training wheels off and just have at it.
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This process was proved to me that I was not born a good trader but I can become a great trader. So much of what I see now makes sense that if I followed the plan and used good money management, I should be able to make good money.
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This has been a dream of mine for a long while. I first got turned on to the markets when I was 12. Somehow in life, I picked plan B and stuck with it way too long. The words from Pink Floyd keep going thru my head. "And then one day you find ten years have got behind you No one told you when to run, you missed the starting gun." I love Pink Floyd but I digress.
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Last week was a prefect example of all most there. I had a ton of trades that I had planned or saw but could only get a few pulled off. And on the ones I did that worked out great, I only had a 1/2 position on. Last week was a good week for me, but it should have been my best week ever. I made $600 but in my mind it should have been $5000.
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I should not bee that hard on myself because of the distractions (medical procedure and parents) I had to deal with, but still, if you see it, you must attack, attack, attack! That was a movie, wasn't it? (Tora, Tora, Tora)
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So many new traders have the problem of over trading. I have the problem of under trading or not trading fast enough.
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This is my Sunday mind dump. This is where I am as a trader. I have gone a long way but I need to go a lot farther. I am still proud of the fact I have taught myself so much with not blowing up.
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1 comment:
Nice post Jeff,
Staying small and avoiding blowups is the best strategy for traders just starting out. Surviving past the 2 year mark with consistent profits should be a retail traders goal. Consistency and avoiding blowups is the 2 biggest problems traders face and it should be our goal to make these our strongest trading qualities to stand the test of time and become masters of the market.
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