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Strategies & Market Trends : Trading For A Living -- Ignore unavailable to you. Want to Upgrade?

To: jawd who wrote (795)	7/8/1998 1:59:00 PM
From: R Stevens	Respond to of 1729

Muchos Thanks for all the good words. The support and validation are appreciated and en-courage-ing. With rule following discipline and profitable intention I will acquiesce to the resumption of an increase in trading success and personal power.

To: jawd who wrote (795)	7/8/1998 2:03:00 PM
From: Len	Read Replies (2) \| Respond to of 1729

TO ALL The hardest thing to do is to not see this as a form of gambling. As long as there is any thought like that in the back of your mind, you will always make the mistakes gamblers make, like chasing a stock that beat you in the hopes of paying it back. Or not taking a loss quickly, because you see it in terms of a certain amount of dollars and cents. Or perhaps you start the day with a set dollar amount in mind because you know you lost XX dollars yesterday, and need to make it up. IMHO, you MUST see this as what it is....A JOB. Of course, you are your own boss, you can work naked if you want, and all the other benefits. But with those benefits comes some responsibilities, namely to be your own disciplinarian. If you can't discipline yourself to stick to a set of rules or guidelines, then you will surely fail. Specifically, understand that you can not and WILL NOT just jump in and make tons of money right away. Thinking that way is the gambling mentality. It takes a lot of work, research, and patience. And lots and lots of OJT. True, once the learning curve is over, it is the best job in town. Fun, easy (relatively speaking), make your own hours, enjoy the other things in life, etc. Just invest the time...there ARE no free lunches, like your Dad always told you. Also acknowledge that you will have many losing trades. The BEST traders only win on 70-75% and you shouldn't even THINK about doing that well for a long time. Money management is the key here. Know that you will have losing trades, and accept it. When you are wrong, take your loss quick and move on. Don't look back, and don't feel sorry for yourself. And NEVER, EVER go into the next trade thinking about making up the loss. In fact, I think it best to not even keep track intra-day how you are doing. It can f--k with your head if you are not extremely disciplined. Know that if you stick to your rules, the money will take care of itself. And, of course, no one ever died taking a profit. Don't ever let a profit turn into a loss. If that happens, then that tells you that you are either getting greedy, treating it like gambling, or getting emotional about it. Patience, grasshopper, someone said... remember that. Develop a set of rules, and stick to them... keep your emotions out of it, the best you can. One more thing... PAY FOR THE TOOLS NECESSARY TO DO THE JOB. So many try this using snap quotes from their broker, etc. You are only hurting yourself if you don't avail yourself of the tools available. There are plenty out there. Enough for now, carpal tunnel acting up. <g>