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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: Magnatizer who wrote (3405)	8/29/1999 9:39:00 PM
From: Eric P	Read Replies (1) \| Respond to of 18137

David: I think you had the right idea to go golfing whenever you cannot discard a bad memory from a recent trade. Past trades are past. You should learn whatever you can from them, then turn them lose. Don't abandon your well conceived trading plan in an attempt to recapture a lost trade. Another problem I have is trying to get the "perfect" entry/exit. Nailing long entrys at support and shorts at resistance is just too hard. I find myself letting trades go if I do not hit it correctly. What do the experienced daytraders do on entries? Average in, chase up to a point, let go....? The job of a successful trader is not to have 'fun', not to seek 'action' or anything of this sort. The job of a successful trader is to approach his profession with a carefully developed plan to make money in the markets. Making money is not always glamorous or exciting, and can be at times tedious and boring. However, a successful trader almost always follows his/her plan. Deviating from plan is one of the worse mistakes a trader can make. If you find the best success by shorting at resistance and buying on support, then I would suggest you stick with this plan => even if it limits your trading until you develop other successful ideas to supplement your original trading plan. Good luck, -Eric