Marshall, your analogy to tennis hits home for me. In my observation, shorting is like the backhand, and going long is the forehand. Plenty of people try and run around their backhand and avoid using it, but they are not the winners.
Two more Niederhoffer proverbs:
"In order to play a game today, you should have studied yesterday."
"The winner of a match is not always determined by who is right...but in the end...who is left."
Otherwise, as Lightning Hopkins sings: "Y'know I once was a gambler, but I lost my money roll"
I love trading---it is so distilled, cut and dried. You either make money, or you lose, and other than your broker there is no middleman standing between you and your paycheck.
FWIW, why don't you divide your capital up into a few different piles. Then daytrade with some of it, and position trade with other of it, and put some into IRA's etc. This will distract you and fill your time and keep you from overtrading as you daytrade, as you can stop during the powerlunch lulls and do your research and check on your position trading account. I often wonder how the clients at daytrading shops do it for the entire day. To trade constantly from minute to minute doesn't seem like it would be profitable in the long run.
Also, it sounds like you could use a mission statement. That way you put your aims and methods in writing and look at them often, to encourage yourself to stick to a plan. As I say, just my thoughts, for what it's worth. |
