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<P>Linda Swope wrote:
<BLOCKQUOTE TYPE=CITE> TGIF Everybody! After my first week back
trading since October, I'm trying to summarize what I learned. And
learn more! I was proud of my own patience, waiting for the right
trade. I used to be a "shoot from the hip" trader, over-trading just
for the rush. Little did I know then the real "rush" would be my
money flying out of my account! <I>What I did right:</I>Set my stops
and targets before I got in the trade.Listened to music instead of CNBC
z:^)
<P>NW: Very good!
<BR>
<BR> <I>What I did wrong:</I>Fear kept me out of several trades
that did play out just the way I thought they would.
<P>NW: This is to be expected until you can build up your self confidence.
The way to build up self confidence is to trade small and concentrate on
the correct process. Then, you can ignore the money and emotional factors.
This is analogous to a pro tennis player. If they concentrate on beating
the other player, they will probably lose, because they will loose sight
of what is important. What is important is executing their techniques to
perfection, i.e. the perfect swing, serve, footwork, etc.
<BR>The way to be able to do this in trading is to trade small enough so
that you can concentrate on executing the proper techniques and ignore
the money and emotions. If you still find yourself anxious, then you are
still trading too big and you need to cut your trading size down until
you can do it right.
<BR>Remember, for now, money is not the goal. Proper techniques and methods
executed to perfection are your goals. Anytime you can achieve that, you
have had a good trade, regardless of the financial outcome. If your methods
are any good, in the long run, this is what will get you to the winner's
circle.
<BR>
<BR>
<BR>
<BR> Sold trade #1 too early... just plain got excited .
<BR>
<P>NW: Cut your trading size! Trading should be boring, if its done right.
<BR>If you want excitement, turn on a TV game show. Price is Right? <G>
<BR>
<BR>
<BR> Did not sell at resistance on trade #2. Sold at support.
Got nervous.
<P>NW: The only reason most people get nervous is because there is too
much at stake.
<BR>Cut the stakes i.e. your trading size down to the amount at which you
find it boring.
<BR>
<BR>
<BR> Increased my stop once I was in trade #3. Gave it
one more level of support to test. (It failed). Got brazen. Made a
quick, though tiny, buck on trade #4. Got it right.
<P>NW: Congrats!
<BR>
<BR> What I really learned is that even though I want to be
a swing trader and capture a larger move, I don't seem to have the patience
to watch a stock for more than a day and a half without getting an itchy
trigger finger and wanting to sell.
<P>NW: See my comments above. Same thing! Trading is a rhythm thing,
like playing with an orchestra. Its better to play softly and play
along from beginning to end than to only play a few notes loudly and quit.
Trade small, go with the flow, and you will stay in synch.
<P> I also need larger stops for swings and then don't sleep as well.
<P>NW: Trade smaller.
<BR>
<BR> So I'm trying to day trade again.
<P>NW: Why - Photo biz slow? And after all we have been thru? Please
go back and read my comments, which you said very very helpful. Then try
doing it right for a few weeks before you abandon the approach.
<P> I don't have the modem or nerves for scalping 16th's.
<P>NW: You seem to be conflicted here? You don't have the equipment
or tools to day trade yet you are day trading? Why not save commissions
and send checks to the Nasdaq Level II traders? <G>
<P>I'm trying for a point or more, based on buying retracements. Here's
my question: I can't figure out which time frame to give the most weight.
A 20 or 30 or even 60 minute chart probably reflects the size moves I'm
trying to trade, but I find my entry with the 5 minute charts. Then I find
myself glued to the 5 min. charts again, watching for any little nuance
in price.
<P>NW: Need I say more? Its not easy to get off that quote machine
trading needle. Prove it to yourself that you can trade longer term without
being glued to your machine. You should be trading for at least 5% on individual
stocks. Be sure to adjust for individual stock volatility. The higher the
annual volatility the more you need to make on a trade.
<P>I trade more price than indicators, but the different time frames portray
the indicators differently. The 5 minute chart whipsaws the indicators
I do watch, but gives early warning too. I need to identify my time
frame to set realistic stops and targets and stick to that. I would
be comfortable holding a stock all day. But I keep flipping through
the different charts, mentally changing my objectives as I look at each.
Both target and stop will be based on fib numbers, but I want to complete
the trade in a day. Is there a way to set a target and stop based
on 1 day's action? Would you use average true range?
Any comments?
<P>NW: One day is an artificial time unit and barrier to having a winning
trade. The time is whatever it takes for the trade to be successful. You
can have a time limit based on cycles or patterns, but these are market
based and not based on your own biases. The market doesn't care whether
you would like to make all of your profit in one day. You have to do whatever
the market demands of you.
<BR>
<P>Good Trading,
<P>Norman
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR> Thanks to everyone who's help and encouragement has gotten
me back in the saddle! Lindalinda@xxxxxxxxxxxxxx
<BR>Climb the mountains & get their glad tidings: Peace will flow into
you as sunshine into flower; the winds will blow their freshness into you
& storms their energy, & cares will drop off you like autumn leaves.
John Muir 1838 - 1914 </BLOCKQUOTE>
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</x-html>From ???@??? Sat Apr 10 07:24:32 1999
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Date: Sat, 10 Apr 1999 12:01:04 +0200
Reply-To: darkbugger@xxxxxxxxxx
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From: "darkbugger" <darkbugger@xxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Subject: Re: CMO & Cocoa
References: <008601be82be$289b0e00$c63c31cf@xxxxxxxx>
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I think this is the file you want.
Regards
Jacques Honoré
----- Message d'origine -----
De : BrentinUtahsDixie <brente@xxxxxxxxxxxx>
À : RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Envoyé : vendredi 9 avril 1999 21:21
Objet : Re: CMO & Cocoa
> Might as well ask if someone has an .ela file for the Chande Momentum.
TIA.
>
> Brent
>
>
Attachment Converted: "c:\eudora\attach\scchande.ela"
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