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Strategies & Market Trends : Daytrading Psychology
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To: rocklobster who wrote (26)12/1/2000 8:27:58 PM
From: Technopeasant  Read Replies (2) of 104
 
Fascinating topic.
I've been interested in the "taking the emotion out" aspect of trading for some time. With all due respect I don't really think its possible. We are human.
I've been working on ways to harness or retrain the emotions. Stops are my concern.
I've made every mistake possible with stops. I've cancelled stop orders because the price dropped too close. I've told myself a stop order is not necessary because the stock I just bought is going up, (or I wouldn't have bought it, right?). I've set stops too tight. I've set stops too loose. I have screamed as sudden short lived down spikes have robbed me of good position trades.
For the last three months, (which means its specific to this market) I've been keeping a track of what happens with my stops.
Almost 70% of the time when my stop triggers, the stock goes down below the set price.
Interesting result. YMMV.
I'm now telling myself that setting the stop and letting it trigger is THE HIGH PERCENTAGE PLAY. I can buy it back, but it is surprising how infrequently I do.
By "rewarding" myself by recognizing the "success" of the stop, they are getting easier to handle and the emotion is turning to pleasure at having made the right play.
The 30% of the time that I am "robbed" still irritates me though. Make no mistake about it, we are being robbed.
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