as a discretionary trader you do not have exits and stops in mind at the time of entry? Like being in a race where you do not know where the finish line is. Dont hate those at objective little losers man. Learn to love those as much as your little profit pet. I look at the risk reward at the time of entry. The stop and the targets (usually three) are in mind prior to the entry. You probably know all that and just had a lapse in application anyway.
I miss Farley...saw him out two nights before his death...really a sad thing. DB
I always found it hard to hold onto the profit point - in contrast, though, the stops worked out fine. With the systematic approach I use now, I have to sit on my hands and let the trade work as prescribed. For me, it's made all the difference in the world, as I've let trades that I'm "sure" wouldn't work actually do their thing and make money!
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Don't know what to say....don't know what your winning percentage is. But, if you are like most other traders and have a 50% win/loss rate...make sure your auto target is > 2X your stop loss on each trade to account for commissions and slippage.
For starters, take trading seriously; it's not a joke.
Self- deprecation is a defense mechanism; just another form of rationalization.
Don't expect to achieve mastery, nevertheless, competence - overnight.
It takes years of deliberate practice, and an integrated approach, i.e., mastery of: market knowledge, mental ability (emotional control), methodology, and money management...
and the majority still fail to achieve profitability
If you want to be one of the few that can actually support themselves from their trading, you first have to adopt the correct attitude, then the correct work ethic, otherwise you are embarking on a very expensive fool's errand
Then you have to be lucky enough not to be led astray by all the bullshit that is tangentially associated with learning the 4Ms - concentrating on what actually works (for you).
Like they say - trading is simple; it's just not easy.
Last edited by tigertrader; October 29th, 2011 at 10:42 PM.
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I suck as a discretionary trader as well, I couldn't trade my way out of a paper bag if I had to.
What saved me is 100% mechanical trading, I run it automated via tradestation.
sadly if one has unresolved internal issues, we will find a way to screw up systemetic trading as well.
Al Brooks (of Brooks price action) has a great line that playing golf and earning a living from playing golf are two different things. That comment really lit a light bulb for me. Even at the professional level, there are hundreds of 'professional' golf players. but unlike Tiger Woods, they don't fly in their own private jets and stay at fancy hotels. Most of these players drive from one tournament to the next and check-in in a cheap motel upon arrival. Sadly most of them will fade away and become high school golf coaches or pro's at a country club. trigertrader comments are great, trading is a hard game, most of us, despite our best efforts will not make it....
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Tigertrader, what do you suggest is the correct attitude? I was in a class today with a 20 year floor trader turned coach who basically said the same thing. He had some ideas of course but I am interested in hearing yours.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
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