The markets are rallying. Why not?

Markets have been bullish since mid July and everybody has been raving about it, from the optimistics who are ranting that the bottom has been touched to the pessimistics who are claiming that as soon as the holidays are over the honeymoon will end. So here we go, first days of September and the markets keep climbing while gold and black gold ( crude oil) fall. The news are alledgedly good as US GDP has been better than expected and who cares if debts keep worsening. A last rebound for Freddie and FAnnie claim to the world that the battle isn’t lost yet.

Truth is as a trader I just trade what I see. Today the market go up and you will find me going up with it. Tomorrow is another day and I will gladly do the same. When I go against it ( it is called a reversal or a pullback or a retracement for the ones who wants technical words), I am carefully setting my tragets as I don’t want to be caught up on the wrong side of the trend. I have become the type of person who says things like :” this markets looks like it is going to keep trending up…unless it doesn’t”. It drives people potty, but any good trader knows what I mean. You can have all the signs, but a warning is worth all of them. I have been careful as the reality of this job is that most people who try it end up at the cleaners. I’ve been doing it for 3 years now and I am still there. In itself it is quite an achievement. If you’re not a trader, you have no idea.

Somebody pointed out to me a few weeks ago that I love my job and I loved the markets. I was intrigued by his remark until I noticed that most people don’t. They are in for the money ( whatever your job, who isn’t? It’s called work for a reason),but if you can be in for more, that’s a plus. Turns out, I am in for more than that. I like trading because it teaches you that the world is one big place where everything happens for a reason. You have to be pretty smart to figure this one out, right? But since I started trading I’ve learned to see other people ‘s point of view. I learned that it is sometimes unwise to go against the mass but you still can if you’re a contrarian. Then you have to learn if the time’s right, and once you have this one under your belt you have to learn to manage your finances. Once you trust you’ve got it, you have to realise that your set ups are not worth a chicken pellet anymore and you have to clear your ideas and start from afresh. I read several dozens of books, watch webinars, went to seminars, consulted great traders, wrote down all kind of research and spent countless hours just watching the markets and checking all kind of indicators, strategies, internals and news. I learned that things that had been true for the last 30 years could become invalid overnight. That certain things are cyclical but most of them are not. I learned that some traders rely on their beliefs and some on their superstitions to hold on. I learned that you can be right and wrong at the same time ( right about the set up and wrong about the time /and/or/your stoploss,etc). I learned that your health can suffer, that your cholesterol levels can shoot up, that your eyes can pay a hefty price for computer watching all day, that you put on weight, that you have to master your moods and your nerves if you want to keep your family sane and that finally, sometimes, it is not enough. I’ve learned to listen to other traders ideas and discoveries and learned that there is a world of difference between something they say ( ” should have gotten in here and set your target here and stoploss there for a profit of 82 pts in half a day…easy!” ) and what they do ( ” is this what you’ve done ?” is my usual question. The answer is almost always no.). I’ve learned that you can take two steps away and wonder what happened to your children, since when did they all grew an inch and a half, and wonder if you’re not wasting what is important in life ( this one ended up 3 months away from my brokers but funnily enough I kept reading and watching the results of the markets every night). Finally you learn that you’re still there, that there are a lot of theories and as many people out there and that as long as you’re making money, that is all that matters. ( Yeah right).

So the markets are rallying. Why not? I say. They will come down again- or go sideways. I will keep learning- and some things will have nothing to do with what I do. I will keep trading because that is what I love to do. And I hope I will keep meeting a lot of people as it keeps this job being interesting!

the right way of trading

I have been lately caught up by my impulsive trading. Most traders know what I mean when I talk of taking your profits too early or getting out of a trade too late. The fact that I am spreadbetting is of course not helping as I have the cost of the spread to take into account. I have also moved from Esignal to Tradestation ( these are the platform most used by individual traders around the world). As I am not a computer wizard- alas- it takes me quite a lot of time to get used to my new tools. I also discovered that despite the fact that I am a woman, I am not good at multi tasking while trading. I need to focus on my screens only and not let anybody break this state of pure concentration. I don’t even start to think of failure, what I have to do, if the new indicator is worth it- I just check my parameters and look for anything that might stop my trade in its tracks. I heard someone comparing trading to hunting today – there is alot of waiting, stalking the charts and then going for the execution. The image is quite right.
There are several stages in trading. The first one is when you discover that if you don’t study and learn to analyze a market, you will never make money in it. Although it seems to be common sense, one would be surprised to find out how many traders don’t bother to go through this process. They are not shy about asking questions though, but expect what they think are more qualified traders to answer them. I don’t mind sharing what I know, but I am getting increasingly fed up to have people asking me about a problem they have and when I give them what I think is the appropriate answer ( such as : ” Have you tried to read this book?”- hey, I am not going to do all the work for them, but I’ll be glad to spare them the research), I am being told: ” Oh, yeah, this book…I actually read that one, which is more recent from the same author, so I guess it covers it all anyway…”. Yeah, right. We all know that writers keep writing the same book over and over again. One could wonder how they sell another one once they have written the first one. Really. I am not talking about the fact that when they take the book, they read it in one hour ( they basically read the title of the chapters) and then they wonder why they haven’t learned anything. The list of all the sins one can commit can be very long. The truth is that most good traders did their research themselves. They may have had a lead, someone who introduced them to the market and showed them how it work, someone who was an example, but sooner or later, they had to make their own decisions and discover what worked for them. In short, they did what it took to get there.
Once the analysis, even basic, has become ingrained, there is the next stage. It is exciting, but if one has its head on its shoulders, it is also scary; you play with your money ( or most of us do). It means that losing can cost you dear. If the analysis is one thing, the mastering of the trade is another. It is not enough to have an idea of the strategy one can adopt, it is time now to fix rules about entries, exits, stoplosses and all the reason for which a trade is going to be taken – or not. The lessons are usually costly. And there are two different things going on here; one is all technical- you have to fix the limits of your theories. What are the points you can or can’t ignore, what invalidates your strategy or your trade, what can stop the trade, what can actually change the trend and so on. The other thing is emotional. You never really know how you are going to feel when the trade is on. The emotions can be quite strong – and sometimes contradictory. You can from joy to panic within seconds, from calm to nervous, from anxiety to relief. Most men I know prefer to have an automatized system in order to avoid these feelings. I don’t know many women in the job, but they seem to prefer being in control personnally. It doesn’t really matter what you prefer as long as you do it. But this is what happens to a lot of us. I am quite trustful that it actually happened to all of us traders – and probably more than once. You look at your screen, you see your trade happening and you don’t take it. You keep staring at the screen and you feel hopeless while you watch the trade going even further that what you would have expected it to do. Now the issue is that this is one more step forward ( congratulation, you know how to spot a good trade), but also a step back ( it is called ” analysis paralysis” and all sort of other names and is the equivalent of the white page for a writer). And it is also the moment of truth. This stage can last a bit. But if you can’t shake it, then it is game over for you because you will slowly but surely loose faith in yourself. And what a trader needs most is confidence in his abilities.
The last step is the Holy Grail. Some have it mistaken for a magical strategy that would give infallible results – and snowballing benefits and gains. But the Holy Grail of trading is much more simple. It has to do with consistency. It is about learning what suits you – the market that works for you, the indicators you know like the palm of your hand, the strategy you’re most comfortable with-, learning how to build the right state that allows you to trade with your full capacity, learning how to manage your winnings and your losses and making money on a regular basis. Then, when you have reach this goal, and you are able to repeat it ( almost) every day, you know that you are there. Now you only have to do it again and again- and keep it going.
You think it is that easy? well you are wrong. A trader’s job is never done. Cycles appear, things change, people psychology gets in the way and the news are where the wind blows. Let’s not talk about new tools, new indiactors, new strategies. But the bottom line is that traders are people who end up learning the greatest lesson of all: their ego should be left at the door. The only way to be right is to be able to follow the trend and if possible, anticipate it. So there isn’t really a right or wrong- there are just the facts. Traders have to keep an open mind at all time.
I know one thing. Great traders do. The others….They keep not opening the book.

the risks of trading

Although most of traders know what risks are involved with trading money wise, it turns out that most of them don’t talk much about the side effects of trading full time. Of course I already mentioned the social side of it and the fact that when you are a trader, people automatically associate you with the worst of capitalism, accuse you of taking advantage of the poor workers shamelessly, insinuate that you are just a greedy bastard and all in all end up asking you for tips on the stock market or on the future of it as if you were Madame Irma ( i.e. , a clairvoyant). No, I want to talk now about the fact that when you are trading, other forces are at work to. I will skip the part of the mental states we go through every day, which allows us to become pretty emotionnally relaxed in front of any misfortune that might cross our path- as, at best, we are finding life pretty easy or at worst, we are too tired to have the slightlest bounce of energy in front of adversity.
I am talking about health. The most well known of problems are sleepless nights- when you’re losing too much money-, depression ( probably for the same reason, adding to that, generally that your family and/ or friends start resenting your moods), stomach aches ( you need solid nerves when you see the markets going against you), back aches ( no chair will ever be comfortable enough when you spend 8 hours on it), joint pains ( lack of exercise), headaches ( abuse of computer ) and finally eyesight problems. Although I have been hit but all of the above ( except the stomach ache- yet), I just have been experiencing the yesight related problems. To cut a long story short, the fact that I am a contact lenses wearer who trades 10 hours a day and spends about an hour training on computer games has simply burnt my cornea. In both eyes. Which potentially could lead to blindness if not remedied quickly. Step one: no more contact lenses. My vanity here is suffering big time as my eyes are definitively my best assets. Step two: no more trading, for at least 10 days ( until the doctor makes a first assessment of the situation). Here, I feel panicky. I need to earn money quite badly – holidays start next week for us- and I feel guilty when I don’t trade. Step three: relaxation is compulsory. What? Are you kidding me? We are leaving in 6 days now, and I have the boys clothes to wash, the house to clean, the packing to do and a few bits and bobs to sort out before we all go away ( like sunscreens, trampoline to pack and so on and so forth).
I am not talking about the pain of course, the constant feeling that i am going to cry mixed with the sensation of having sand under my eyelids. The fact also that my usually green eyes now look like an albino rabbit’s. I am allowed 10 minutes per day of computer, 1 hour of reading ( book or newspapers) and tv is okay ( who would have guessed that? I am told that TV actually relaxes your eyes).
So Here I am. I wait. Patiently. Patience is the first virtue of traders- with discipline. Am I obsessive?

Back to trading- and Carter

I haven’t said much about my trading lately as 1) I was busy getting my new house installed 2) I was also testing new things, including indicators ( trin, ADX, MACD, RSI, tick, put call ratio, etc). It takes me some time to get around to use them and I am still not very good at using them all at the same time. BUt I made progress and so far it has kept me out of some trades that could have really hurt me. I have also learned to be patient and there is no jumping out of trades at all anymore. I don’t trade on impulse and I have become quite good at finding good entry points. One thing that is interesting is that by getting better, I have discovered that I am not being greedy but realistic- and that was a great turning point.
In my case I discovered that if I remained focus on the future I would make things easier for me. So I try to take each day as another experience. I don’t stay in trades overnight, in order to have some sleep. By knowing where I am, I feel alright. I went to a course on Forex that was quite complex but it was a fist step and I did learned a lot. Now I have to piece it all together, but I am still stubborn and I can do this.
I have also come to realized that even very expert traders make mistakes or trade on impulse. It seems to be an ongoing battle – and it is very personal. We all have different ways to deal with it, although most of the time what I see is denial. Someone who keeps stretching a point endlessly means that he/ she has issues with it most of the time. It is understandable. I do exactly the same, I am afraid.
I have also discovered that lots of traders have their likes ands dislikes when it comes to other traders and other techniques. It is difficult to find one that suits you, but when you do, you stick to it. In my case my turning point was a book by John Carter, called ” Mastering the trade”. He gives a few of his strategies in it and he explains how certain things work. The book is definitely not for the absolute beginner and it took me quite some time to work it. But what was more important is that I liked Carter’s style and tried to emulate it. And it worked for me. I spoke to my old mentor about it and basically he made fun of me. He doesn’t like Carter, saw him once at a seminar and thought the way he puts his stoplosses was silly. He did add though that a friend of his went to trade with Carter and Senters ( his colleague) and came back being a good trader. I could understand it. Carter comes accross as the type of guy who tells you from the beginning that you don’t have something for nothing. He gives you the taste of effort but he also loves trading and it shows. I respect this. It changes from all the bozos who tell you that they – and only they- have the right way to trade. When he doesn’t know, CArter has at least the honesty top say so.
Of course I was labelled a fan. Maybe. But it doesn’t mean that I take every word as being holy. It is just that through Carter’s book I found a direction and I found it. I am looking forward to meet the man one day.

“the disciplined trader” by Mark Douglas

Douglas seems to be more well known for his trading bible ” Enter the zone”. But the disiplined trader is one of the best books of trading psychology I have ever read. It shows you how to become a good trader and leave on the way your bad habits in order to be efficient & successful. Better, it goes through the different states trading puts you in and covers quite a lot of emotions that may overwhelm you and stop you from being consistent and good. This book is the one that gave me a drive and sent me back to what trading is all about – continuous learning and enjoying the challenge. Douglas doesn’t give you easy solutions but they are solid, intelligent and can be applied to almost any goals you may have. A great read and a great discovery. i am looking forward to meeting the man one day.

“Mastering the trade…” by John Carter

This book is definitely one of my trading bibles. I am not saying that I agree with everything Carter’s write and say – although at the moment my friends have a tendency to label me a Carter’s fan- but if you want to learn something and you are not the absolute beginner, Carter’s book is worth a read.
Why? Because his explains his strategies in great details. Warning for the fanaticals: most of these strategies have been refined since the book has been published. The step by step guide is clear although not easy to understand. But I appreciated Carter’s rigorous approach and his no nonsense description of the reasons why his strategies apply to the markets. With this, he adds a business plan & a money management plan – which, for me, are paramount when you trade. His references are great and his honesty refreshing. Not only that- he gives you a taste of the effort you really need to apply in your trading and there is no disguise that this is hard work.
I had the pleasure to watch also his dvds that I recommend. As I already said, this doesn’t mean that you should accept blindly all of his techniques or advice, but it is worth reading and watching as it gives you many directions to follow- and this is definitely a good start.
Enjoy.

back to trading

Mea culpa. I said I wouldn’t stop trading the Uk market ( aka the FTSE 350) and guess what, I did. It was not an easy decision but since the beginning of the year, I kept playing the yoyo. Of course it was my own fault; I didn’t respect the rules, to start with. When I finally did, the market changed his. I am only joking – but I became conscious that I was able to discipline myself much better when I had a shorter time frame strategy. So I went on my way and met the US indices. So far so good. the strategies are easier to apply and money comes in. I am finally getting consistency – but I wonder if I can do better. Can I learn more? Can I do so without losing what I gained? Should I stick to what I have learned and been successful with – until the day it doesn’t work anymore? Or should I keep learning to try to find more strategies that I can use successfully?
The real one million dollar question is: what do I want out of 1) trading and 2) life?
You see, I made a plan. After a year, I realized I was very naive so I wrote it again. Then I went through a midlife crisis ( I am aiming to die at 86 obviously) and threw everything I knew out of the window. I decided to trade with an open mind; no more ” The market shoulda, have, gotta…” in my mouth. When I started to believe something ( the market is going to crash because…), I immediately jumped on the other side ( the market is going to jump ahead because people like me – probably the majority- think the opposite). That was one more step. Then I came to the conclusion that I had to trust my strategy, play my trade and forget about the rest- and it all became easier. Now that I have reached this step – the Holy Grail is in sight, and guess what again- it is in me), I have to go a bit further.
I love this job. It tells you everything you are and everything you are not. At the end of the day, it is between you and you only. The truth is, you are not judged about your qualities when trading. You are not judged on your intelligence. You are not judged for being nice or bad, good looking or ugly, or any of the things you are used to. you are judged on your ability to make money and this ability comes only from your capacity of reading the market and the traders who play it adequately. It is adequate, let’s be blunt, once you’ve made money and keep making money and are not losing money anymore. That’s the only truth of this game; you win or you lose.
I love the job because it means you have to go beyond yourself in order to get answers. I am not a spiritual person and I bet that you have a lot of non-believers between traders who wish they would. Although of course you’ll find out that despite this, most of them keep praying in outburst almost every day. I suspect that what I like ( beyond making money of course but you’d be surprised how much this plays such a little role in the trading room- when of course it shouldn’t) is the mystery and the quest of the perfect trading strategy/ disciplined attitude/ consistency in winning and the fragile equilibrium between all these elements in order to obtain the perfect harmony and the peace of mind that goes with it. And yes, this is my new excuse, I am an addict.
Now trading takes over your life very easily. I know because I have said so many times lately to my children ” wait a sec, Mama is going to check her trade…” that I felt like a machine. The guilty feeling that accompanies every working mother is no news anymore. But there is a point where I wonder what is the focus of my life and what constitutes the balance in it. Without my husband and my children, my life is not worth living. I have no time for myself and I am constantly struggling to find the minute to feed my hunger of knowledge ( usually done by 11.30 pm when I am about to fall asleep and everybody else in the house is). I haven’t seen a movie in ages and I was able to read a novel while cycling on my bike. What is the point in doing what I do and stop having a life? I have a vague feeling that I should start exploring a more selfish side of me- but so far, I guess I never thought I was worth it.
So here it goes- I am trading every day. I am getting better at it. I am learning a lot too- and I guess I will for the next 20 years at least. I now have to find out how I will do all of this simultaneously. My daughters will be 4 and 3 only once you know.
Life is full of surprises. I am looking forward for the good ones.

still going on…

Although most of my friends have been giving up the UK market – although one of them has posted a comment on this blog to confirm he hasn’t- I keep my drive and still play it. Ain’t easy but hell, who said it was?
I do reckon though that it might be useful to master new strategies or new markets in order to be able to switch when things start being choppy, so I am learning a few things about the US market. Boy, does this one move…I love it.
What is painful when you trade is that you are fully responsible and sometimes that makes you doubt of your own abilities. Self confidence is important – a definite weakness for me as I am used to please everyone, husband, children, friends, cat, you name it. Actually I am afraid this is called being a woman, but it doesn’t change a thing. The good news is – as the old tales go- women are stubborn. Yes. I have this on my side.
I have come to realize that most men I know like to have indicators and all sorts of gadgety stuff to complete their trades. They want to have their emotions out of the way- something most women are not afraid of. Hey, we are supposed to be emotional. The least we can do is to have a vague knowledge of our to master our emotions.
Trading is no quick way to make money. If you believe this or know someone who has made money in a blink on the markets, then you probably have the same odds on your side then playing the lottery. And the only way for you to make money consistently is to find what type of m istakes you do and then correct them. Most mistakes are actually due to flaws of character that are quite hard to spot when they are your own, but if you keep a journal of your trades, including your state of mind of the day, you may come up pretty quickly with a good idea of what you’re doing wrong. Then it’s up to you to correct them, with the help of a coach or on your own. It is hard to admit that you have problems- and that you’re not perfect. It can be even harder to ask for help. Like the rest of the game, it requires discipline.
I love trading. I dream about trading, I jump out of bed because of trading, and I feel guilty when I don’t trade- whatever the reason is. Right now I am on holiday with my children – and I am trading everyday. They are great – they don’t complain. But I know that I have to take a few days off for them – and thank goodness, we have Easter to force me to step down for a few days. And a friend and his family are going to come and spend a few days with us – and he’s a trader too. How to mix work and pleasure…
I am strating to deal with my demons. It is going okay but each step is slowing me down. In a sense I have to backtest everything I am doing in order to make sure I am tackling the right strategy/ flaw in my personnality/ new learning. But when I look back I am conscious that I’ve come a long way. So I take heart and just go forward.
Losing is not pleasant but if you don’t learn to handle it you start making mistakes and breaking rules without even realizing it. A guy I know complained the other day that he hadn’t made any money the last few weeks. I thought – so what? I’d start to question this if my capital was seriously diminishing but if I do this right, I shouldn’t get to this point.
So I keep learning and working.

My pals are giving up the UK market…

I had a shock this week. At the beginning of the eyar I have asked a few of my trading pals how they had been doing so far. Most of them have far more experience than I do in trading and I was curious. I believe I already told in one of my posts the type of answers I received – and so many excuses. Well, this week most of them took a step further. They decided that the Uk market doesn’t work and they have decided to move on, from what I could gather, to US indices and Forex. Ha ha. Hmmm. What is going to happen now?
Well I am no quitter. For one good reason. I think that the UK market is slower and moves less than the US market. So it is quite good when you are a learner. Another thing is that I trust that when you have had enough experience, you should know how to play, what to play, whatever happens. We are not supposed to be punting. We mainly use technical analysis. Knowing our technicals is one thing – that most of us are far to do properly. Mastering the psychology is another thing- and it is well know that this is the most important point.
Saying that The UK market doesn’t work is silly. If it didn’t nobody would be playing it. To say that we haven’t understood all the finesses and the techniques of the UK market and that our strategies may need to be corrected is another thing. I have ask about backtesting. How long do people stay in their trades? What are the targets, the exit points ( and reasons), do they always enter their trades at the right prices, can they pinpoint what goes wrong in their trades after 3 months, what should be refined, changed, amended?
believe it or not I didn’t receive any answer. I still see though some guys choosing to go long on trades that have the 10, 20, 50 and 200 EMAs above their head or to jump on a breakout of a round number such as 500 and wondering why they lost their shirts. I still see gals asking if there is anything to play when ALL the markets of the world are in the red and the UK is opening lower with a bunch of bad news in its sleeve ( how can anyone believe that inflation is contained or that loans are going to be reimbursed, I have no idea. We live in Wonderland here and newspapers are just good to light a nice fire).
So I kept my mouth shut and I do my trading alone now. It feels lonely. But in a sense I feel free as there is no one out there who knows what I am doing.
I will play the Dow, that’s for sure. I have just finished reading John Carter’s book ( ” Mastering the trade” ) and during the Easter holiday I am planning to study the set ups more closely. I will one day move on to FX too – once I know what I am doing in other departments. But I will not quit the UK market as long as I am not mastering it. I do not like to be wrong.
As for my pals, well, I wish them good luck of course, wholeheartedly. I wish I could also warn them that there is no such thing as the holy Grail in trading and that if they haven’t learned from their mistakes, they will just repeat them over and over until they drop …trading. It seems to be rude to say such a thing to anybody, so I shut up.
And I keep learning.

I keep trading and exploring this very lonely world

I have read again and again that only a trader can understand what another trader goes through. Most people have no idea what we are going through day by day and how much self control is required. But the truth is, as long as you’re learning, you will find people around you giving you ( even unwelcomed) advice and people with whom you can exchange ideas. But once you’re starting to hit it and you’re getting better, your only choice is to find someone who does as well as you do and progresses in the same direction – or you end up with a bunch of guys and gals who try to get tips from you and even skype you at 4 am in the morning as long as you leave your computer on to ask silly questions.
So I’ve kept trading every day. And I have learned something new – in this business you should do every day. I learned that once you basically have some knowledge and practice, that you have some form of strategy you can apply with eyes closed because you have backtested it enough, once you have understood that blaming your broker/ politics/ the economy/ heaven/ (…put your own personal regular Nemesis here) is not going to get you anywhere you enter one more phase – I hope the last one. You discover that your are your own enemy.
That’s right. Stick with me because that’s the whole point of this business. It is about money – and money in our society tells a lot about who you are and where you come from. What you get when you become a trader is some insight about your true personality. You discover that you have impulses. Or maybe I should say- I discovered that I can be quite impulsive.
So far I was proud of my attitude. I am learning from my mistakes. I don’t cheat with my money management, I don’t fiddle with my stop losses, I don’t panic on the news and I generally have more than one reason to get in a trade. I am even able to sit on my hands on “those” days- when the markets takes back what it has given you, and probably even more. Then I thought all I need is to refine my strategies , establish some golden rules, and start piling on the pounds ( on my bank account, silly. I am losing the others).
Then I did what I said. I sat on my hands when I thought I should. And after a few days (2 if my memory is good) I started being frustrated so I got in – and got killed. But this is virtual, so I got back in, made a few more mistakes, dropped the idea of making my money back -right-now and things just started to adjust themselves. My confidence was still there so it became a smooth ride.
But I have my own traits of character. And there is one thing I don’t deal very well with at all levels in my life – anger. I don’t need anger management. But I have strong destructive reactions when I am angry. Being well behaved I don’t turn them against the outside world. I know it is very fashionable nowadays, especially if holding a glass of fuel in your hand such as alcohol. But at the end most people end up the same way I do: the greatest violence you commit is against yourself. That’s where the damage is done. Because even though you might be punching someone else, ( something I have never done. I do walls) at the end, what you do is taking a very bad habit that you are going to pay for, one day or another. Trust me on this one, it is a dangerous route and you always find a nasty cul-de-sac at the other side of it. Or someone who punches faster.
So back to the trading world, I became aware that if I miss an opportunity, I am alright with it. Two, I think I am slow today. Three, what’s wrong with me. And the next alarm that fires, I am in, for whatever’s sake. And of course I am wrong. And I get more irritated, and I get into another one. I was so angry the other day that I actually ended up in 8 trades in one day, all of this because the day before I had missed a great day and the morning after, missed two opportunities.
3 of my trades were rotten so it took the 5 others to make things even. And in the process I decided to try to limit the degree of my stupidity if this was at all possible and hang in there until I was done and over with. One of these trades was MGCR- and it made my day the next morning. So I learned 2 things this week. If you get angry, think twice instead of not thinking at all. And if you don’t think, and you get into trades impulsively, start thinking – it is never too late. What I did on that unfortunate day was to cut my losses at the worst trades and let the others run. It did the trick and save my ( 9 lives) neck . But it is not something that I should be stupid enough to do twice. I hope.
Now my next step is anger management.