Tuesday, February 13, 2007

Emotions dictated my trading today

For some reason I was trading scared today. I traded in a very defensive way. I did not want to lose any money. Whenever I was in a trade I found some reason to get out. I messed up three trades which would have been very nice. I ended the day with $70.


Anonymous said...

defensive trading is good, making $70 is way better than me, I lost $1000 today

Flatwallet said...

Man you caught some wild ones today.

onebadtrade said...

Yeah, but I was such a wimp. Kept worrying about losing. Tomorrow I will focus on following my plan instead of trying to out guess it.

Anonymous said...

take ur triggers- figure out where ur 1R loss is, then say "I can't wait to be stopped out of my stock." gets rid of the fear for me. missing triggers like wy is tough- happens to me all the time- sometimes if it looks good but im .20-.30 late- ill drop the chart down to a 5min or even 1min and try to buy a little flag/consolidation spot. what makes this stupid game hard- easy looking back at a 'perfect' chart but when the bullets fly its a different game.

Founder, Master 'O' Equity said...

As a professional trading mentor, I always tell my students to "Stay Out When You Stay Scared".

About Me

I have been trading for 5 years. It took close to a year before I became profitable. I find that I am improving gradually each year. My method of choice is scalping. My edge lies in tape reading NYSE stocks and staying on the side of the specialist. That is the method I learned when I started. As I build up my capital I will try new styles and trade new markets. In late 2006 my trading hit a rough patch after the introduction of the NYSE Hybrid system. For most of 2007, I have been on a search for new strategies that would help me adapt to the market.