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

To: bobby is sleepless in seattle who wrote (8847)	6/11/2000 3:42:00 PM
From: TraderAlan	Read Replies (1) \| Respond to of 18137

Bobby, You made some real good points. Still I think it comes down to this: <So here it is, if I'm trading well, the likelihood of making money is greater. Still, If I'm trading well, I can lose money. If I'm trading lousy, I can still make money. Ultimately the scorecard will determine whether we are survivors...> When you're in a position, you have to manage that position the way it should be managed regardless of how it affects the P and L that day. One reason I love to trade on Friday afternoon is that I know that traders that didn't make money during the week are going to make stupid decisions in the last 2-3 hours. They want their P and L to look pretty by the end of the day and are willing to bend or break their rules to get there. This sometimes works out but more likely they crash and burn (and get deeper in the hole). And when it does save their necks, they're encouraged to break them again the next time the Market Teat doesn't give them a good drink. Or you make money but over what period of time and what drawdowns. If you're making it consistently, I strongly suspect that you're trading well whether you think you are or not. If the P and L has a lot of peaks and valleys, trading well is the only thing that's going to stop the inconsistency because it will give you the confidence to follow your rules because they must be followed, even when you get no positive reinforcement for doing so. Alan