Wow, that was some session. Talk about the market vomiting all over itself!
I had some early success, trying to focus on riding the momo train and not trying to predict reversals. It seemed to work ok. I found some trouble thereafter, I was taking Day-job calls, not being attentive, and damn but I didn't try for a reversal where I hadn't confirmed one. It really is a dysfunction with me. I had to do some day-job reports so much of the afternoon was spent with the IB off. Toward the end of day, once I signed back on, I focused on NOT calling revesals and tried to focus on playing what I actually was seeing, not what I was guessing was going to happen. This seemed to help and I made a recovery, finishing ok.
Same thing today though. I am drawn to predicting reversals on strong moves. I do not let my winners run. But, as I've mentioned before, these are patterns and with enough work, I feel I can correct them. We'll see.
Not that I didn't know it already, but I am definitely not a natural born trader. I'm going to have to really work at it.
9 for 12 winners, 75% success rate. Net gain of $1.01 per share.
I don't think anyone is a natural born trader. Trading is one of those things where nothing beats experience, hard work, and discipline.
ReplyDeleteI should have been more clear. I don't think I have the trader's personality. I am prone to over-analyze, to be deliberate of thought and plodding in response. I tend toward order and organization, not fly-by-seat-of-the-pants reaction. In a field where 30 seconds is a lifetime, these traits do not serve me well. In other parts of my life, they have been invaluable and profitable.
ReplyDeletePart of my training is to compensate for them, and it seems very unnatural indeed.
I have some natural deficits -
ReplyDelete1) I'm not detail oriented. (Big picture thinker - in my writing I have to double check my proof reading mega times, for example).
2) Emotive decision maker not always rational.
3) Not disciplined which I've made up through hard work.
These traits have helped me in some parts of my life but maybe not trading, yet!
We'll get there, Charlie. It's just a matter of time and determination.
ReplyDelete