Apparently I've not finished configuring my updated TWS....haven't gotten down to doing anything about the layout either.
I've finally turned another scalp into a daytrade, which is starting to look very much like a good swing trade.
If I remember correctly, the last time I kept a trade overnight was as far back as 6 months ago.
I've gone from being extremely conservative and nervous to out-and-out fearless. Great.
Am turning in. It's 1:30am here, and I haven't slept in a long time.
Thanks, LT and Cory, for your comments. Just read them. Still deciphering LT's message though....
And thanks, MVW, just read yours seconds ago. I'm not letting anyone take my money. So I'm totally going to keep my trade. LOL!
I've finally turned another scalp into a daytrade, which is starting to look very much like a good swing trade.
If I remember correctly, the last time I kept a trade overnight was as far back as 6 months ago.
I've gone from being extremely conservative and nervous to out-and-out fearless. Great.
Am turning in. It's 1:30am here, and I haven't slept in a long time.
Thanks, LT and Cory, for your comments. Just read them. Still deciphering LT's message though....
And thanks, MVW, just read yours seconds ago. I'm not letting anyone take my money. So I'm totally going to keep my trade. LOL!
2 comments:
Jules,
Wasn't really meant to be cryptic.
When you trade without stops most of the time everything goes great. Until it doesn't. And then you must manage an underwater position. Because of the skewed statistics of the market, and the "Black Swan" effect, you must be prepared to ride 10-15 sigma standard deviations (instead of the normal 2-3 sigma deviation suggested by bell curve statistics).
Based on this information it is not physically difficult to trade without stops. But it is psychologically a huge emotional barrier. When you trade this way, making each trade successful is required. Thus, much emotional energy is involved. This has the ability to reduce one's focus and objective ability to view the market.
In other words, while we are focused on trading around one trade, we miss being "available" to see other opportunities.
LT
P.S. of course if you are simply day or swing trading with larger stops, then this theory really isn't relevant.
Thanks for your note, LT :-)
It's not meant to be a swing trade with a large stop. It's simply a scalp gone really bad :-)
Agreed that having a stop does make trading a lot less intense. I guess for most people, that works great. For me however, it tends to make me less alert. Yes, when I'm in a position, I tend to lose sight of the big picture as I focus on just the exit for that position. It's only when I've gotten out that I'll take a look at what price is doing in within the bigger context.
I think emotion is really the one thing I need to work out. It isn't about stops anymore. And I can't hide behind a stop just coz I can't manage my emotions. I have to handle the emotions part, and I must learn to do what comes very unnatural to me ie. to admit that I'm wrong and get out at a very small loss even though I have to do that multiple times a day.
Until I can do that, I cannot trade multiple contracts. I don't know how many times I'll fall and get all bruised, but I'll keep doing until running becomes 2nd nature to me.
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