A new Life, A new Career, A new Dream - I am a Trader

[Taiki]

1st Trade of the day

Did a quick trade in 1st 15 min of the day, Bought 2 lots 5900 PE at 93 and exited at 96.

Now need to be more focused now. Coz everytime I make profit on the 1st trade, I act carelessly on successive trades.

 

[Taiki]

EOD Summary

Messed with my rules, took a fight with market. Market proved who is the BOSS

Did many/many trades with 5900 PE, after some time I found myself as a hypnotized trader, I was trading without mind. Surely over traded today. I was trying to trade every move and its retracement. Ended up with a loss of 1200. :annoyed::annoyed:

Thoughts and Lessons

- I will be doing maximum 2/3 trades per day from next trading session. This is a strict rule that I have to follow to avoid over trading. Even if both the trades are going to loss, no more fight with market to recover them.
- I was over trading like a madman as if there is no tomorrow. :annoyed:
Everyday you will get some opportunity, so dont fight to take your profit.

 

[DanPickUp]

1st Trade of the day

Did a quick trade in 1st 15 min of the day, Bought 2 lots 5900 PE at 93 and exited at 96.

Now need to be more focused now. Coz everytime I make profit on the 1st trade, I act carelessly on successive trades.

Hi Taiki

As I see, you move on walking along the way. :clapping:

I do not know if you ever heard the name Linda Bradford Raschke. She is a very successful woman trader, started her business as a market maker for equity options 30 years ago and is very well known for her short term S&P500 future trading. Why do I mention her name?

Because of the following she once told in the past and I never forgot it. It is even noticed in my little trading handbook:

Do not allow yesterdays success or the last trades success to lull you into the next action, as this is the greatest foundation of failure.

Take care and good trading / DanPickUp

 

[Taiki]

Hi Taiki

As I see, you move on walking along the way. :clapping:

I do not know if you ever heard the name Linda Bradford Raschke. She is a very successful woman trader, started her business as a market maker for equity options 30 years ago and is very well known for her short term S&P500 future trading. Why do I mention her name?

Because of the following she once told in the past and I never forgot it. It is even noticed in my little trading handbook:

Do not allow yesterdays success or the last trades success to lull you into the next action, as this is the greatest foundation of failure.

Take care and good trading / DanPickUp

Thanks a lot Dan bhai,

This is a serious problem and I need to be more disciplined. I am still learning to take every trade with no emotion. Today's result is the lively example of such emotions. Thanks Dan for your guiding line

 

[soft_trader]

EOD Summary

Messed with my rules, took a fight with market. Market proved who is the BOSS

Did many/many trades with 5900 PE, after some time I found myself as a hypnotized trader, I was trading without mind. Surely over traded today. I was trying to trade every move and its retracement. Ended up with a loss of 1200. :annoyed::annoyed:

Thoughts and Lessons

- I will be doing maximum 2/3 trades per day from next trading session. This is a strict rule that I have to follow to avoid over trading. Even if both the trades are going to loss, no more fight with market to recover them.
- I was over trading like a madman as if there is no tomorrow. :annoyed:
Everyday you will get some opportunity, so dont fight to take your profit.

I also have the same problem. I often try to over-trade. How much I try I just can't control myself. And you explained it right, that it is like "hypnotized trader". At that time I was out of control of myself.

This is a serious problem.

 

[Taiki]

I also have the same problem. I often try to over-trade. How much I try I just can't control myself. And you explained it right, that it is like "hypnotized trader". At that time I was out of control of myself.

This is a serious problem.

Yes, so i have decided profit/loss does not matter, I will be doing max 2/3 trades per day. This will help me for being more choosy while taking the trade. As I have only 2 to 3 trades per day.

Lets see how this thing will help me.

 

[Taiki]

Same here Softy,

In those situations we have to wait for the next perfect opportunity (from our strategy) instead of trading like an abnormal robot.

Happy trading...
Veera.

You are right Veera. This is the key.. Still need to learn a lot for keeping my emotion out.

 

[calic]

Hi Taiki

As I see, you move on walking along the way. :clapping:

I do not know if you ever heard the name Linda Bradford Raschke. She is a very successful woman trader, started her business as a market maker for equity options 30 years ago and is very well known for her short term S&P500 future trading. Why do I mention her name?

Because of the following she once told in the past and I never forgot it. It is even noticed in my little trading handbook:

Do not allow yesterdays success or the last trades success to lull you into the next action, as this is the greatest foundation of failure.

Take care and good trading / DanPickUp

Dear Dan
And I have read her somewhere,I don't remember exactly where,saying ”SCALP YOUR FIRST TRADE IN A A SMALL PROFIT SO THAT YOUR TRADING PSYCHOLOGY REMAIN INTACT AND HEALTHY FOR THE REST OF THE DAY".
Don't these statements looks contradictory,that too from the same person?

 

[muinali]

i am also in same column....................

 

[Taiki]

Dear Dan
And I have read her somewhere,I don't remember exactly where,saying SCALP YOUR FIRST TRADE IN A A SMALL PROFIT SO THAT YOUR TRADING PSYCHOLOGY REMAIN INTACT AND HEALTHY FOR THE REST OF THE DAY".
Don't these statements looks contradictory,that too from the same person?

Hi Calic,

It is about individual psychology i guess, And off course first profit (small/big) gives confidence. But the game does not end there, and I think we should not take our trade for granted after out first profit. So i think her message is to stay with the market and change our trade and position according to it rather than taking it for granted and hoping with our emotion for the market to move as per our trade..

Trade with no emotion is the key

When I trade I feel, 5 more Taiki are shouting in my head. Need to put a tape in their mouth