It's not that I was losing, I just wasn't winning. I know that sounds stupid but my losses were well contained, my trading just was lousy. Whatever I made was eaten up by commissions and other expenses. Actually, I guess that means I was losing. After all, we're not doing this just for kicks.
I've gone to position trading based on point and figure charting. Cost of data feed: today's newspaper. I also don't particularly care if there are slowdowns or network outages since I'm really not trying for that last 1/8th or even 1/2. It's done wonders for my nerves and my account. If I don't feel like trading for a while, or take a vacation, there are no extra expenses adding up. And commissions are no longer a concern at all as I'll have maybe one trade every couple of weeks. It's not the adrenaline rush that daytrading was, but I never was able to enjoy that very much. Instead, I get to do as much work as I need to feel comfortable about a trade before I put any money at risk. I like that a lot. But then, I can appreciate the kids jumping up and down steps and park benches on their roller blades while I just stroll on by on mine. Guess I'm just an old fuddy duddy (I don't know what the term of art is now), but I feel some accomplishment in learning this before I lost all my money.
Regards to all,
Paul Kaz |
