Thursday, December 04, 2008

Not another blowup

17700 shares
-1050

 I let my emotions get the better of me and gambled.  When my losses started to climb I took some 500-600 share trades and they all failed badly.  If I use Attitude Trader's grading system, my AI is a -10 today.  I need to make some changes because what I am doing now is not working.  I need to take some time off so I can draw up a new trading plan.  If I am going to take a 1k hit for the day I should be taking well planned trades with stops and targets.  If I follow my plan even though I get stopped out of all my trades I will feel a lot better than blowing my money in bad trades.   

 

6 comments:

JMJAtlanta said...

I recently had a string of stupid trades that I had no reason taking. My wife put my on the road to recovery by saying:

Trade the plan or don't trade.

That's what I needed to hear. The market will be there when your head is right. You will make it back if you trade smart.

Attitude Trader said...

Good to see you back on the grid! You've been gone so long that I moved your link on my blog down to the "dormant" section.

Sorry about your day, but I hate to tell you, you can't have a -10 for the day…max is -1!

I know you're already into the "positive thinking" thing so make sure you include that in your trading plan. Maybe check out Trader-X's recommendation about The T.A.D. Principle if you haven't already. I'm using the concepts from the Abraham-Hicks books & site that I reference on my blog and that's working quite well for me. That's why my AI has been going up so steadily lately.

I know when I'm in a bad mood hearing about positive thinking stuff just pisses me off so I don't want to do that to you, but it's the most critical aspect.

Good luck and don't give up.

-AT

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David Parizek said...

I think you just got to wipe the slate clean when you have a -10 and take a break, come back after a day or 2 off. Those kind of days will wipe you out if you do not step back.

-David Parizek

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.