I can't wait for this week to be over, the markets are rock hard for my style of trading.
Has anyone actually had a good week? I'd be interested to know, I'm sure some will? I mean there is plenty of huge stakes getting thrown about at the moment.
Rubbish racing
ok pretty average. i should have done much better but i keep thinking its going against me and scratching, then the price turns and im missing 3 to 4 ticks.
im not in "tune" with the markets this week. i put it down to last of the jumps, start of the flat. a kinda of trading dead pool.
im not in "tune" with the markets this week. i put it down to last of the jumps, start of the flat. a kinda of trading dead pool.
i am a new trader trying to learn the ropes. I attended peter's seminar on Tuesday which i must say is one of the most enjoyable days learning i have ever had. Since then i have been trading for small stakes. On Wednesday i had a 1.75 loss trading with £10 and yesterday a £2.25 profit. Today i upped my stakes to £25 and had a £5 loss. I thought the markets were difficult today but that is a novices opinion. I think the mistake i make is not to close out bad trades quick enough so i am trying to put that right. Mentally it is difficult, but i know if i am to succeed then i need to be ruthless. So far this week i have called 5 swing trades correctly but failed to profit as my entry point was one point away from where the price moved in the opposite direction!
Also, my turn rate is not enough but this will increase with confidence. Practice will improve me, hopefully, as i would dearly like to make a living doing this!
Also, my turn rate is not enough but this will increase with confidence. Practice will improve me, hopefully, as i would dearly like to make a living doing this!
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RideTheLightning
- Posts: 136
- Joined: Fri Jul 03, 2009 1:08 am
Awful day here, can't get on correct side of any moves. Grrr...
You will cut losses if you dont think money, think trade well, switch off your PNL and focus into trading well, its long term profitreaddick wrote:i am a new trader trying to learn the ropes. I attended peter's seminar on Tuesday which i must say is one of the most enjoyable days learning i have ever had. Since then i have been trading for small stakes. On Wednesday i had a 1.75 loss trading with £10 and yesterday a £2.25 profit. Today i upped my stakes to £25 and had a £5 loss. I thought the markets were difficult today but that is a novices opinion. I think the mistake i make is not to close out bad trades quick enough so i am trying to put that right. Mentally it is difficult, but i know if i am to succeed then i need to be ruthless. So far this week i have called 5 swing trades correctly but failed to profit as my entry point was one point away from where the price moved in the opposite direction!
Also, my turn rate is not enough but this will increase with confidence. Practice will improve me, hopefully, as i would dearly like to make a living doing this!
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JollyGreen
- Posts: 2047
- Joined: Sat Mar 21, 2009 10:06 am
Readdick
The biggest problem with lots of new traders is they want to get there as quickly as possible. I am not saying this is your problem but if you feel it may affect you then read on. Basically Alpha is correct about trading well and forgetting the numbers. If you get your entry point wrong then close out and reassess the market for your new entry point. There is no point hanging on hoping for it to return your way as it will nearly always increase the loss. I also agree with Alpha about looking at your P&L, this will put pressure on you to perform when ideally you should just concentrate on trading correctly and let the P&L take care of itself.
Trading is about consistency and discipline, once you lose either you are in trouble.
The biggest problem with lots of new traders is they want to get there as quickly as possible. I am not saying this is your problem but if you feel it may affect you then read on. Basically Alpha is correct about trading well and forgetting the numbers. If you get your entry point wrong then close out and reassess the market for your new entry point. There is no point hanging on hoping for it to return your way as it will nearly always increase the loss. I also agree with Alpha about looking at your P&L, this will put pressure on you to perform when ideally you should just concentrate on trading correctly and let the P&L take care of itself.
Trading is about consistency and discipline, once you lose either you are in trouble.
