Friday, August 20, 2010

Musings for the weekend

I know you weren't :) I know the game changes quite a bit when there is skin in the game. My goal is to start out making 25% of what I do in paper and to build on that.
LikeDislikeReplyPosted: 8:30AM Aug 21, 2010
Rating: 0
If your a cold blooded asshole trader like me, does not matter, paper or "live." Sort of where you want to be with this. Trade outcome does not matter mentality.
LikeDislikeReplyPosted: 8:32AM Aug 21, 2010
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so long as the money gained and lost doesn't matter, i suppose. that's the big mental hurtle for scrubs like me.
LikeDislikeReplyPosted: 8:35AM Aug 21, 2010
Rating: 0
Oh no, it DOES matter. It just does not matter in the trade you are now in. Why? Because you have tested the setup for the trade and have traded it many times. You KNOW what the long term return is for that setup over many, many trades. So then THIS trde outcome does not matter. IF it matters means 1) You do not trust your trade setup and/or 2) your trade size is too large.
LikeDislikeReplyPosted: 8:38AM Aug 21, 2010
Rating: +1
i don't know if this is bad strategy or what, but i tend to just trade via intuition. i have a subset of consistent tools and rules, but all in all i might take a trade one day that i wouldn't take the next.  
so in that way, it really is just a matter of overall confidence i know what i'm doing. which lately has been good, but there have definitely been some dark days.  
paraphrasing some article i read a while back, trading is just like playing a video game. you only get better by doing it, by getting a feel for it. you can read all the guides and practice etc, but either you figure it out or blow your account. war of attrition style.
LikeDislikeReplyPosted: 8:45AM Aug 21, 2010
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I am a rules bound trader. I have gamed every trade before I take it. I know exactly what I will do based on price action once in a triggered trade. My trades are also triggered according to plan. So, means that it does NOT matter at all what happens next. I am merely an execution machine. My trades all have positive expectency or I do not take the trde..there is NO trade! We do not get any smarter once in a trade.. In fact, evidence shows we get dumber once in a trade. Do not let this happen to YOU!

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Insightful and Useful Comment!