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You should feel that your size was too small on the good trades and way
to large on the bad ones. You should feel that every entry was a
bad one and look for the condition which would void that trade. The
worst thing that can happen to a new trader is that he/she is highly successful
right out of the shoot. One always needs a humbling experience to
realize that things can go wrong and usually do at the least opportune
time. There was a saying on the floor that made a lot of sense. "
The elephant eats you in one bite, but you eat the elephant a bite at a
time." So take what the market will give you and be grateful.
If things stop working for you, put up the financial page on a wall, throw
a dart at it, and follow the item selected. You will be surprised
how interesting that little experiment can be. Have a good week end.
Ira.
Norman Winski wrote:
I
would go one step further on this line. I would say always UNDERTRADE
your capital. When you do a trade you should always feel that you could
and should have done more. If that is not the case, you are probably over-trading. Cheers,
Norman
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----- Original Message -----
<div
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From:
ric
ingram
To: realtraders@xxxxxxxxxxxxxxx
Sent: Saturday, November 10, 2001
6:19 AM
Subject: [RT] Sound Advice?
Don,
At Date: Fri, 9 Nov 2001 10:09:49 -0600 you wrote:
"From: "Don Ewers" <dbewers@xxxxxxxxxxxxx>
Subject: Re: Day Trade the emini?
Lee,
Affirmative, I can second that . . . the best advice
I was ever given early
on was, "trade your size".
Once you feel you have mastered what you are doing
with one contract
"slowly" increase it one contract at a time. When
you start losing or stops
become too tight for the risk you are willing to take
, back down to the
prior position and stay there until the account grows
to the point the risk
becomes acceptable.
This dramaticly affected my trading success levels.
Bottom line early on, I
was trading way too may contracts. I dropped back
to one and worked my way
up."
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