The above chart is why I am failing as a trader. I do a very good job of managing my losses. I do a okay job of picking trades most days.-
I do not let my winners run. With my trading method, I need to do that. I know most days I am not going to make much money but those couple of days a month where things fall into place, you got to make the most of it. I am not. On Wednesday, I should have make 2 to 4k. I made $97. I am scared of losing profits but not losing money.
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I really do not know how to fix myself - maybe as many as suggested, I am not fixable.
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The numbers:
Stocks: gross +145 net +97 shares 9100
Stock Futures: none
Forex: none
3 comments:
Denarii, the first step is identifying the problem. Good job. Nice trade, just had to let it work a bit longer. Have a good 4th!!
You will find that when you trade off 5 minute charts instead of 1 min. the trend is easier to see and you don't get knocked around by every little fluctuation. It slows down the trading day thereby making it easier to determine the correct course of action.
Also if you're feeling negative or worthless it is better to stop trading. You must focus on the positives instead.
I agree with both of the previous comments. If you look at the 1 minute chart you will go crazy unless you indulge in the "hyper day trading" which is not for everyone. Don't try and find trades, trades will come to you. If they don't come to you then your visual subcouncious mind is not ready for day trading. Think of a day trading chart the same as a 1 year chart. The day trading chart has certain swing and characteristics that it abides by just like the one year chart. When you have the ability to categorize stocks you have the ability to trust yourself much more because now you know what your dealing with instead of the market dealing with you.
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