JEB,
I pay attention to your posts over on TM's thread because you are respected by Joe and many other traders. It doesn't take long to figure out who knows what they're doing, who is hyping, or who that one guy is on almost every thread that really should be put back in his playpen.
I read your post here and was amazed at your insight on emotions.
>>Have you ever noticed that you can spend way too much time studying all the indicators on a given trade and completely miss the trade in the process <<
I have done just that for the past two whole days. Just staring at the L2 screen, watching so intently, I couldn't trade. I have been so focused on studying the entry & exit points, that I watched the trades go by, got annoyed for doing so, felt stupid, then started to wonder if I was actually afraid to make the trades. So, I watched the screen all the more intently..........and around we go.
>>Or the euphoria that must be surging through their veins as the trade gaps huge<<
LOL.......fingers stickin to the keyboard, twitchin a mile a minute.
I position traded for a couple of years, but only this past spring did I get into daytrading.
I have discovered that executing a successful trade has taken priority to the amount of gain I made on the trade.
I have also discovered that I cannot jump on every momo that goes by.
In analyzing my losses one day, I discovered that the majority were when I tried jumping into "quickies" or "strikes". At first I was disappointed at being inept, but realized that I must pick my trades more carefully,,,when patterns or momentum are clear to me, at my level. Yes, I will miss many trades, but there are many more to come. So simple, yet a major triumph in learning discipline.
This has resulted in small, but consistant, daily gains. I watch in the S.A.IRC like a hawk.
Many, many traders say, "do not let emotions enter into it", and I wonder, "will I ever get to that point?"
What you have said makes so much sense:
Feel the emotions, don't deny they are there.
Learn to understand them & that they are universal to trading.
Understand them in relation to your own trade and other traders.
Put that knowledge to use.
OK, now that I grasp the concept, how to put it into practicality?
JEB, I have also heard, that more traders lose money when they first start shorting than they did when they first started trading long. Is that the case?
Do you become successful trading long, then try shorting? Do all successful traders short eventually?
My apologies for the length of this response to you, and I thank you for your kindness.
Donna |
