Hi Temple; GOOD POST;
While what we use for Voodoo may not be the same,
it can and often does tell us the same things, it's a matter
of understanding your own Voodoo.
Beyond that I think our basic thoughts on trading are a lot a like..( sell into a spike if it's moving my way particular at end of day) that may look to limit profits but like you, I see most spikes as overeating, and can most of the time reopen with better position if I'm working it right and tight.
Some spikes if they are against me cause me to close
to soon if I just got in, as most often I'm in front of the curve a tad with the signals I use that cause me to open, and I can get a final spike just after I enter , generally it's so fast that getting out and back in can't be done with an improvement in my position that offsets the spread and commissions.
I have not got into playing the Futures or even the index options
I still don't want to leverage in a big way so I play lower
risk things like the SPY or MDY, when I get positive I got them
down as good as they can be played by anyone then I may
graduate myself up to the higher risk bets.
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But I think we do agree on the fact no one can play your hand
better than you can, and until one gets that kind of confidence
in his own plays they don't need to be short term trading at all.
And would be better off in some long term bonds and or mutual funds
with pros managing their money.
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No matter how fast I was to post my positions I do not believe
another person can follow my act timely enough to make similar
moves..Like if I'm in the heat of trading, I'm positive I can't
be posting moves I may not reverse at the drop of a hat
and many before I would have time to post it.
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Any way I picked up some trading partners from time to time, were we went on crc and kept one another right abreast of what we were doing and I found that no two people will pull the trigger the same way.
One or the other seems to always hesitate getting in or out more
than the other. I also found this distracted my focus away from
my own indicators enough that I was better off with no trading
partner. That was a stage were I was looking for validation of my
signals, but it really took me away from them.
In short it was a lack of confidence in myself, which at best is slow death to any trader.
It's true that over confidence can be fast death, so if
one takes the slow death route he may learn enough before he
gets his plate cleaned, and actually get were he pulls triggers
only on the signals he sees and understands for himself.
Till then he will not show much over all profit if any at all.
Myself I know I twist and turn fast enough when trading
that no one would be able to hang onto my shirt tail and not get
wipe lashed.
Last I don't just look back at my mistakes, I also look at were
I was a winner ( by luck ) and try to recognize the luck from
skill. If one don't give luck it's credit they set them selves up
to get hit in the head by a 2x4 some day.
Jim |
