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In a message dated 98-03-26 20:15:55 EST, Troy writes:
<< I took a huge loss >>
> 1) Don't just vent here, write down your thoughts, reasons
>for entry & exit, market conditions (Dow, S&P, etc.) in a log for each trade.
For me, failure analysis was instrumental to my current success. If you pass
on the expensive lesson the market just gave you, you lose a second time.
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Date: Thu, 26 Mar 1998 19:08:46 -0600
Reply-To: petena9090@xxxxxxxxxxxxxx
Sender: owner-realtraders@xxxxxxxxxxxxxx
From: Peter Namtvedt <petena9090@xxxxxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Subject: Re: GEN: Mean Market Psychology
In-Reply-To: <4c50d7b7.351aec2a@xxxxxxx>
X-To: TRaffertu@xxxxxxx,
RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
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At 07:00 PM 3/26/98 EST, TRaffertu wrote:
>In a message dated 98-03-26 00:30:15 EST, tkelley@xxxxxxx writes:
>
><< I took a huge loss because I didn't listen to my stop, and I was
>influenced by my previous trades. All psychology. It is hard to treat each
>trade independently. Instead we are effected by our previous trades. This can
>lead to trouble as it did with me today. >>
>
> Hi Troy,
>
> The most important part of this post is that you realize the
>psychological problem. Congradulations, many people never make it to that
>point. They blame there system, there wife, there data, there dog ...
>
> A few sugestions, if I may:
> 1) Don't just vent here, wright down your thoughts, reasons
>for entry & exit, market conditions (Dow, S&P, etc.) in a log for each trade.
> 2) If possible base your exits on the same indicators as your
>entries. If not possible use a mechanical system such as parabolic stops to
>exit, this removes the descretion. (If you need the formula I can send it).
> 3) Never look back while trading. Each trade is unique.
>Review them to learn but not influence the next.
>
> Thanks for sharing your day with us.
> Good luck and good trading,
> Ray Raffurty
>
Troy,
How can the market be mean?
It sounds like the case of the guy who was so afraid of a loss
that the opportunities to profit could not bee seen because all
of the consciousness was looking for evidence that a loss was
coming.
Pete
petena9090@xxxxxxxxxxxxxx
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