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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures -- Ignore unavailable to you. Want to Upgrade?

To: steve susko who wrote (4328)	9/18/1998 1:49:00 PM
From: SE	Read Replies (2) \| Respond to of 44573

Yes, there does seem to be resistance to the downside. I still think that that is the way it will break, but I have already publically stated that my bias is down. No reason to change it now. I have traded today. I have made five trades, all short, each a winner to a small degree. On a day like today if I am in the green I don't let it run much. Brokers would love me on a day like today as their fees are rather large cause the only way to add up a worthwhile gain is to take several small gainers. Smallest was .20...which is hardly worth it, but it wasn't a loser and largest was 1.80. I am reluctant to trade any more today. I have exceeded my weekly average and don't want to lose what I did this morning. Unless something is real compelling I don't think I will ruin this week. Dollar wise I did OK. Today I did OK. A couple of days this week I was real out of touch and did things I should not have done, even though every day ended up positive, I did not like the manner in which I took to get there on some trades. It is good to end on a positive note, so I probably will stop for the day and reflect on the week over the week-end. I feel pretty good about where I am at and am about ready to try this for real. I have noticed some tendencies that continue to creep up from time to time that I have to get a better handle on. I need to get better at staying out of the market if the trade does not look dead nuts on and I have to get better at defining a loss point and sticking with it. The market has been very forgiving as of late, but that does not mean it will continue in that fashion. This is a very interesting way to make money when you really think about it on a philosophical level. I am used to judging my income solely by hours worked. Work an hour and receive $xx dollars as compensation. I have long realized that that is not the road to riches as it were as there are only so many hours in a day. However, this business is a whole new ballgame. The mind-set must necessarily be completely different from an "hourly" employee. This I think is one of the hardest things to really grasp and get a handle on. The implications are such that sometimes the best trade is no trade. That is easy to say, but I still have difficulty with the fact the no position is a position and is a very viable option when trading to make money. For me it appears one of the most important thing is consistancy. Small consistent wins and small losses when they occur. Don't ever tag the ball for a home run...take what the market is willing to offer. It is amazing how intellectully this concept is easy to grasp and if you make $2,000 per week how that adds up to real money, but the tendency seems to always be let it run as you might get 10 points or 20 points or whatever. Small consistent gains are what will keep someone in the game. Maybe I will print that out and paste it to the wall. "Small consistent wins." Don't know where all of the above came from, but maybe it just helps to put it in writing from time to time. If anyone learns something from it great. If not, sorry to waste the space. -Scott