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Hmm. My question to both of you is, why are you trying to trade off the cuff, as an aside thingy? This, (daytrading) to me, is really a full-time job, not something that can be done on a whim.
It takes many hours per day of focus and concentration.
Can you help answer these questions from other members on NexusFi?
I'm guessing that your interpretation was that Inletcap and I casually daytrade via mobile in between meetings at a day job. I can't speak for Inletcap, but I certainly don't. We're talking about the periods when you can't be in front of your platform; lunch with the girlfriend/wife, errands, maybe even waiting at the DMV...
"I have hurt myself numerous times trading from my iPad while away from my office- I realized I focus on the chart when all I have is my iPad and forget why I'm in the trade and what my important levels are. My rule now is I can only add to an existing trade unless I'm at my desk- no closing of trades and certainly no new positions..."
Out golfing with some old buddies this AM. Got buy orders in at 89.25 & 82 in NQ, looking for push to 4610 by EOD for a nice scale. Using weekly vwap around 4570 to stop out. Market's got a damn good feel to it...
_________
the 89.25s filled and then I pulled the 82 order near the open. I had about a $130 MFE before the market began coming back off. Hopped out for $40 which was disappointing, but green to start the day is always nice.
I should have been more clear- I will only continue to trade my plan from a mobile device, I will not seek new information.
IMO, FOMO has to be present in some way or we'd never get it. I used to struggle with entering trades due to fear and then end up entering late then questioning the trade and placing a tight stop or just plain old whip the hell out of myself going back and forth (it's good, no exit now, should of stayed in, way too late- in out, in , out). I now believe that entries are insignificant- money management and exits are all that matter- to me, a particular level or zone either works or it doesn't and if it appears to be working all I want to do is focus on getting as big as I can and then worry about taking money out of the trade.
My ongoing battle is trade size- I have no solution to judge how big I want to be (before any one explains risk reward to me for this comment- please refrain as I totally get how all the books think you measure a trade). Once you have a developed approach you realize that timing your trade size means absolutely everything! Think about making 5 pts on 9 contracts vs 3- even if you are right on the trade, it means nothing without size. Some don't understand how we can press a thesis when it's working against our stated levels but size dictates everything.
Lol- today is a perfect example. I had to take my parents 2 hours away for a doctors appointment. I'm not going to abandon my trade as the market could care less if I am there or not but I don't form an opinion on a new trade from a mobile device.
Pretty darn sure there is NOBODY wh has more screen time than me! It is both of my jobs to be on the screen so I'm always there and my analysis is shared here on FIO like 100 times per day so no, not trading on a whim.
Yeah, I knew that. Since your threads are in the Elite section, not everyone sees them. Hence, the assertion that you aren't dedicated enough, or some such stuff.
One more thing to add regarding FOMO leading to tunnel vision- oh yes- I get tunnel vision on every trade on purpose because I have learned that I have to unequivocally believe in my analysis until it's just plain dumb to continue. This is evident in the spoos thread. When I am pressing an idea, I think I make it clear that I have conviction!!! I will tell everyone that I am right and my trade will work (yes- I know I may be wrong but my focus is on being right and dealing with being wrong only when it appears to)- it's kind of like psyching yourself up for the big game- you may lose but you have to believe you can and will win- it's all in the state of mind.
Read the above....
