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Follow these two rules to preserve and grow capital
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Created: by josh Attachments:0

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Follow these two rules to preserve and grow capital

  #11 (permalink)
Dallas, Texas
 
Trading Experience: Intermediate
Platform: TOS
Favorite Futures: AAPL, /ES, IWM, SPY Options
 
Posts: 330 since Oct 2012
Thanks: 552 given, 176 received

1. Accept being wrong or if scalping losing trades. I tried to mentor my brother in law, Phd in Engineering, programmer really smart, could not accept being wrong. Another programmer friend couldnt accept being wrong either. It is going to happen all the time, accept it and make adjustments (options), or move one to the next trade(scalping)

2. Take on a contrarian view sometimes, for options that has been selling into the fear. Here recently there have been some great opportunities to make some extra return when volatility spikes

Volatility is good for the market and trading.

Preservation of capital is the most important concept for those who want to stay in the trading game for the long haul. - Van Tharp
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  #12 (permalink)
Legendary Guesser
Reading UK
 
Trading Experience: None
Platform: Prorealtime
Broker/Data: Interactive Brokers
Favorite Futures: My 3 boys
 
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Rrrracer View Post
@josh, thanks for this, I feel like I'm currently on this path and I know eventually it will come around to bite me hard. I'm constantly battling entering too early; I usually have the right idea but always seem to manage to pull the trigger too quickly. One thing I have been doing is going in with just one contract when I have this impulse, and then trying to wait longer and see what unfolds. I'm convinced it's tied to FOMO. I don't chase price if it moves away from me, but getting in early is essentially the same thing.

Do you have any tips or advice for honing the entry skill set?

Thanks
Shane

Have you considered entering only on limit orders? I know you plan your trades so this should work really well.

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