Jan 13, 2009

My own worst enemy

I made money today so this isn't a horror post. But I'm coming to realize that the biggest obstacle to my trading success is me. My second entry in NQ e-mini today was nice (although I was almost stopped out of it as well) but, once again, I just couldn't see the trade through. That's two straight days I've let nice winners just slide on by. Once I learn to stick with a trade and stick with my target then maybe I can consider doing this for a living. Otherwise, it's just a hobby.






5 comments:

Tyler said...

00NR7,

Are you trading off the 1 MIN chart only? Or getting your ideas on a higher timeframe?

Also, thanks for the tax advice. I think an accountant is the way to go. If they will go through my thousand or so trades for a few hundred dollars that is definitely worth it.

Tyler

Anonymous said...

OO:
you lack confidence as you haven't been able to make nice trades of late.
The solution to this from jack is : take some time off from trading.
cool off w/ some meditation.
Refresh and then come back.

Good luck

OONR7 said...

tyler: I'm really glad you're looking for an accountant... you'll be more than happy you did. I only look at NQ off the 1-min chart. It's really not that hectic as I look for patterns around the fib. levels.

anon: you're right I have a lack of confidence but I'm not sure time off is in order (just got back from vacation :)

Meditation does sound good and so does time away from the computer.

Attitude Trader said...

OO,

At least you were headed in the right direction to begin with. I tried to get long the Naz in the morning (twice :( ) and then got short later on. Your short entry was much better than mine though.

Still it looks like you made money and that's a positive you should try to focus on.

It's way too easy to beat yourself up for "not making enough" on a trade.

Also, I'm a huge fan of meditation and the like. I know zentrader is too as we've been talking about it lately. Do it! :)

It seems to make things a lot easier if you can relax into it.

Keep at it.

-AT

rudy said...

To gain confidence, you must believe. To believe, you must internalize. To internalize you must simulate. To simulate, you must practice. To practice you will master. In mastery, you will gain confidence.

IMO, trading a new set-up, especially under a different time period, should undergo at least six months real-time paper trading.

Only after determining your edge, under various money management scenerious, sholud real money be committed.

Once your edge is determined, exploit it with position size and frequency.

My 2 Cents,

Rudy