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What a great description of the psychological issues we face every day!! Being honest with oneself like that is just excellent progress, Panda. If you're aware, you can fix it.
As traders, we get paid for taking on (good) risk. Hopefully it's information risk that we take on.
You are never in the wrong place... but sometimes you are in the right place looking at things in the wrong way.
More of the same. Excellent entry opportunities, failure to hold.....at least on the short side.
I am sick of being a wimpy trader.....Wall Street used to have a saying...BSD....you need to read the book The Quants or any of the other books that discuss the CDO meltdown to know what it means but I think a little of that bravdo is necessary to win.
Anyway, still got 54 ticks overall. Not bad but half of what it should have been.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
I'm still at M&M,,,,not even M&M,,,,crumbs of M&M stage and was going to ask you a question about how you made the transition from M&M to bigger bite.
I was doing ok trading TF for a few ticks here and there with more than 75% win ratio and account grew little by little everyday but as soon as I went for bigger bites (20 or 40 ticks target) the equity curve started dipping south.
Not sure what M&M is but I assume its scalping of some kind....and the transition is by no means over. But I recognize is this. To win over a career, you must have bigger winners than losers and you must have more winning days than losing days.
For the vast number of traders, I suspect that scalping is a discipline they cant sustain. I would have days where I could do no wrong scalping....and then go right back to losing again. It was my discipline.
Trading for larger targets requires a mind shift in terms of focusing on the bigger picture more, understanding where support and resistance is and waiting for both the signal and the target. To be fair, signals are easy. The exit is the where the money is at.
If you experienced draw down trading bigger targets, more than likely what has happened is you are using the same size stops you were when you were scalping, you trailed your stop to soon. You went break even to fast...just look at my chart for proof of that...and you took full stops but not full winners.
Deciding where to exit is the hardest part. I use some fib tools to help me with that. Its not perfect but its repeatable and that is key. Now if I could just actually hold to those targets, I'd be fine.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
Thanks for the kind words. Until I pay off all my debt, live where I want to live and do what I want to do all financed by trading, I will remain a beginner.....
As to the blue lines, its an indie that plots various fib levels off the daily HOD and LOD. I have them set to transparent except for those two.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
