Skip to main content

JToma: Practice Positive Perseverance

 TRADERS ASK: “I’M RIGHT, RIGHT?”


I need to slow things down and do exactly this:

 Keep doing exactly what I’m doing, in preparation, in hard work, in planning trades, sharing ideas, and reviewing work. 

 Have more patience so that you only trade each stock from the best levels—this will result in less volume overall and likely, fewer losing trades. Once you’re in a stock, focus on just that one even if it means just waiting on it several minutes. 

 Hit the sweep key if your price is .05 or more out of the money and you haven’t already got out on offer (bid). Simple. Only way to kick this finally.


You have developed bad habits when it comes to hitting out of stocks that trade against you. You need to form good habits. I would spend 15 minutes every day on the demo working on hitting out of stocks. Pick an active stock, set an exit price, and if the stock hits this price, then get the F out. You must condition your mind to habitually hit out of stocks that exceed your exit price. Also, you should have a conversation with yourself. Why are you so interested in proving that you are correct with a position? No one cares about your opinion. No one cares that you think a stock will go up or down. No one. Most importantly, trading is not about being right. Trading is a game of math. It is about finding setups that offer you a good risk/reward and pulling the trigger. Thirty–40 percent of these trades will result in a loss. This is the game. Dr. Steenbarger blogged this a ‘narcissistic desire to be correct.’ You are trying to be right. Consistently profitable traders just make good trades. They accept that they cannot control the results. Think about it.

Comments

Post a Comment

Popular posts from this blog

Maximizing Your Profits with Scoring

SETTING YOUR MAXIMUM INTRADAY TRADING LOSS First things first: set a max intraday trading loss. There will be days when you just do not have it. Why do you think coaches pull their players when they are not playing well? They are more harmful on the field than off. When you are underperforming, you are hurting your team and your trading business. You need a system to yank yourself over to the bench. A stop loss is your answer. TRADING BASED UPON THE TIME OF DAY A good trader makes note of what time of day it is, when he trades most profitably, and adjusts his trading to fit such times. Your numbers at the end of the month will not reflect your true trading potential. Make the most trades with the most size during the trading periods that statistically are most profitable for you. Money saved during your weaker trading periods is money earned. Consistency The fact is that most trades you make will start working for you right away. But the new traders also hold stocks that are trading ag...
Post a Comment
Read more

Self-Discipline

One must gain mastery over self the person who is not master of himself can never be master of others. Lack of self-mastery is, of itself, the most destructive form of indefiniteness. By mastering the three appetites responsible for most of one's lack of self discipline. The three appetites are (1) The desire for food, (2) The desire for expression of sex, (3) The desire to express loosely organized opinions. When a man becomes master of these three appetites, he has developed enough self-discipline to conquer easily those of lesser importance. Self mastery contempates sufficient control over the appetites to enable one to feed them what they need and withhold food not needed. Take the desire for physical food, for example. The majority of people are so weak in self discipline they fill their stocmachs with combinations of rich food which please the taste but overwork the organs of digestion and elimination. They pour into their stomachs both quantity and combinations of food which...
Post a Comment
Read more

Where thought prevails, power may be found!

If you think you are beaten, you are; if you think you dare not you don't; If you like to win, but you think you can't, it is almost certain you won't, If you think you'll lose, you've lost, for out of the world we find success begins with a fellow's will it's all in the state of mind. If you think you are outclassed, you are - you've got to think high to rise. You've got to be sure of yourself before you can ever win a prize. Life's battle don't always go to the stronger or faster man, But soon or late the man who wins is the man who thinks he can. No one knows what hidden forces lie dormant within you. You, yourself, do not know your capacity for achievement, and you never will know until you come in contact with the particular stimulus that arouses you to greater action and extends your vision, develops your self confidence, and moves you with a deeper desire to achieve. The most important turning points of life often comes at the ...
Post a Comment
Read more