Wednesday, March 15, 2006

Show me the money!! (not quite)

Today was the first day I got to trade live with real money. I was a little disappointed in myself. I didn't trade as much as I should have. I noticed at least a half dozen trade opportunities I should have entered but I second-guessed myself. As far as I can remember about 5 out of the 6 would have worked out positively for me. I need to lose the fear and remember that this isn't my money and this is part of my tuition, so to speak.

Also, I need to figure out a better system to trade. If I had stuck with the position trading, I would have made a killing. However, I was in front of the computer all day long monitoring every single tick, so I got shaken out of a few trades that really would have been profitable in the longer term. I need to figure out a way to trust my intuition more. I am going to spend tonight trying to refine my entry and exit signals a little better. I will try and hold to these signals and see how I do. Discipline. Today I felt like I was shooting in the dark half of the time.

I think the most ironical thing about today was the stock that made me the most money ... the stock of the company I used to work for. I traded the stock 4 times today and each time was a winner. I don't know if it was beginner's luck or God's way of telling me something, but whatever it is ... I'll take it!

For those of you wondering, I ended up the day down $15. Not too bad since I actually profited around $400 and lost $415. Honestly, I would have gladly taken more losses if I had just traded more. At this point, trading = learning.

1 Comments:

At 8:58 PM, Blogger coredump said...

Instinct will do you good.

Bottom line: don't think too hard. When you think too hard, you second-guess. Consider your education and your trading software as tools for applying your innate talent (much like how the knife and the wok are some of my tools). React to each trading opportunity as it comes, following your gut. Then as you continue to trade, as you get more experienced, you will home in on that little voice, and you will learn to trust it unconditionally. Then your talent will be set free and have the chance to really shine.

I have found this to be true for myself as well, and I convey to you the knowledge I have gained in my experiences.

 

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