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To: The Ox who wrote (1089)	8/24/2012 11:58:09 AM
From: The Ox	1 Recommendation Respond to of 8239

I should add to the previous post that my friend was trading in my account. One of the problems he had was simple emotion. He wanted to do well for me to a fault, so he didn't want to cut his losses short. He didn't want any losses. That's simply impossible and he became too stubborn for his own good. I truly believe that he could have been successful if he could have set the emotional aspect aside. I tried my best to show him that you have to have the same mental state at the end of each trading day, whether you made money or lost some. One must be able to walk away and not get down on yourself, that is the key. Keep an even keel. He wasn't able to do this and it was a shame, after many months of training he never returned after I asked him just to take a 10 day break, come back refreshed. He's a very smart person but I think that he couldn't stop second guessing himself. The few times he became a "deer in the headlights", watching a position go south on him, he couldn't bring himself to just sell. If you can't "live to trade another day" then you can't be a trader. The biggest key is to sell your bad trades quickly. Get out if it doesn't go according to plan. The market does it's damnedest to make sure that setups look great then fail.

To: The Ox who wrote (1089)	8/24/2012 1:03:09 PM
From: Return to Sender	Read Replies (1) \| Respond to of 8239

OX, thanks for taking the time. I don't have time to day trade yet. Maybe in a few years when I retire. I occasionally look at short term trading charts to help determine when to enter or exit a trade while I am actually watching but... But I do believe that when I start trading more often that I will still look at longer term charts first to find levels of support and resistance. Knowing if the stock is oversold not just on the 5 minute, or 15 minute chart, is not nearly as important as checking the daily chart. The channel on BIDU is just slightly above 110 but I probably would be too scared to touch a stock that has run this high until it tested its most recent low just below 100. Stocks don't trade in a vacuum. The market remains in overbought territory heading into what is notoriously the worse month for the market year in and year out. Everybody knows it. So we will probably breakout to new highs right away! Anyway, while I like to trade against the market when I think it is oversold or overbought. That leaves me out of a lot of trades. I am also not using the tight stops that you wisely are doing. Thanks again for explaining your trade. And good luck with all your future trades Ox! RtS