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asmith wrote:
> >> In paper trading one is driven by a will to succeed. In real trading
> >> one is driven by the fear of losing.
>
> The above two sentences sum up the difference between day trading and paper
> trading succinctly. Does anyone have any suggestions on how to overcome the
> emotions of fear and greed when really trading?
With emotions of fear and greed I believe this has to do with your nature. Like
myself I'm greedy there is no doubt about it and I'd paid for it. With some
heavy losses.
> I am having a hard time
> entering positions, however, once I enter a position, I am fine - even if I
> take a loss.
I'm not trying to be a doctor here but what this is telling me is you feel you
need to trade or your trading plan is weak. I've been there, everyone around me
is making money but me, I feel I need to win so I could fit in with the group.
So I enter a trade and take a loss. After a while I have a lot of losses and in
my mind I'm not a good trader. Now FEAR sets in and I'm scared to pull the
trigger because if I do then I'll lose.
Solution forget what anyone else thinks about you. Be your own guru. Come up
with a plan or use someone elses. I paper trade until I feel right. Paper trade
for a month or two. Then when you decide to pull the trigger, there will be no
FEAR because you've done this for two months and you feel good.
The above explaination is about my experience. Read New Market Wizards, there
is a section in the book that fits this. Where you have to decide if you want
to trade or think you would want to trade.
NOTE if you are trying to scalp a 1/16 or 1/8, you cannot paper trade. It
doesn't work.
Good Luck,
Joe Frabosilio
> Has anyone else had this problem? If so, how did you overcome
> it?
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