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

Learning from adversity

 If they knew that every form of defeat, and all failures, bring them the seed of unborn opportunity, they would keep on fighting and win. Success usually is but one short step beyond the point where on quits fighting. Failure is a man made circumstance. It is never real until it has been accepted by man as permanent. Failure is a state of mind; Therefore, it is something an individual can control until he neglects to exercise this privilege. Failure brings a climax in which one has the privilege of clearing his mind of fear and making a new start in another direction. Failure proves conclusively that something is wrong with one's aims or the plans by which the object of these aims is sought. Failure is the dead end of the habit-path one has been following, and when it is reached it forces one to leave that path and take up another, Thereby creating a new rhythm. It gives an individual an opportunity to test himself wherein he may learn how much will power he possesses. Failure als...
Post a Comment
Read more
 All great leaders in every walk of life are highly sexed, but they follow the habit of controlling their sex desires, switching them into a driving force behind their occupation. The person who has self discipline understands the emotion of sex, respects it, and learns to control and transmute it into contructive activities. Q: Just what damage is there in over-indulgence of sex? A: The greatest damage is that it depletes the source of man's greatest driving force, and wastes, without adequate compensation, man's creative energy. Controlled sex supplies the magnetic force that attracts people to one another. It is the most important factor of a pleasing personality. It gives quality to the tone of voice and enables one to convey through the voice any feeling desired. It serves, as nothing else can serve, to give motive power to one's desires. It keeps the nervous system changed with the energy needed to carry on the work of maintaining the body. It sharpens the imagination...
Post a Comment
Read more

THE SUCCESS HABIT

“Success is simple. Do what’ s right, the right way, at the right time.”  —Arnold H. Glasow The choice we face is whether or not we want to form habits that get us what we want from life. If we do, then the Focusing Question is the most powerful success habit we can have. Whenever the outcome absolutely matters, I ask it. I ask it when I wake up and start my day. I ask it when I get to work, and again when I get home. What’s the ONE Thing I can do such that by doing it everything else will be easier or unnecessary? And when I know the answer, I continue to ask it until I can see the connections and all my dominoes are lined up. Obviously, you can drive yourself nuts analyzing every little aspect of everything you might do. I don’t do that, and you shouldn’t either. Start with the big stuff and see where it takes you. Over time, you’ll develop your own sense of when to use the big picture question and when to use the small-focus question. The Focusing Question is the found...
Post a Comment
Read more