My first week of trading only my live account without mixing in some paper-trading. Didn't trade on the 9th because day-job kept me away. Only one trade on the 8th because of day-job and not feeling well. I traded 10.5 hours of the 32.5 available in the week.
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21 for 35 winners, a 60% win rate. Gain of $504 in 10.5 hours of live trading. Average of $48 per hour.
Sunday, July 12, 2009
More Words of Wisdom
From Trading in the Zone, by Mark Douglas;
Page 11:
"I'm sure there isn't one trader reading this book who hasn't gotten into trades too soon--before the market has actually generated a signal, or too late--long after the market has generated a signal. What trader hasn't convinced himself not to take a loss and, as a result, had it turn into a bigger one; or got out of winning trades too soon; or found himself in winning trades but didn't take any profits at all, and then let the trades turn into losers; or moved stop-losses closer to his entry point, only to get stopped out and have the market go back in his direction? These are but a few of the many errors traders perpetuate upon themselves time and time again.
These are not market generated errors."
"I don't think I could put the difference between the consistent winners and everyone else more simply than this: The best traders aren't afraid. They aren't afraid because they have developed attitudes that give them the greatest degree of mental flexibllity to flow in and out of trades based on what the market is telling them about the possibilities from its perspective. At the same time, the best traders have developed attitudes that prevent them from getting reckless."
Page 12:
"Ninety-five percent of the trading errors you are likely to make--causing the money to just evaporate before your eyes--will stem from your attitudes about being wrong, losing money, missing out, and leaving money on the table. What I call the four primary trading fears."
Page14:
"Confidence and fear are contradictory states of mind that both stem from our beliefs and attitudes. To be confident, functioning in an environment where you can easily lose more than you intend to risk, requires absolute trust until you have trained your mind to override your natural inclination to think in ways that are counterproductive to being a consistently successful trader. Learning how to analyze the market's behavior is simply not the appropriate training."
Page 36:
"Even though you cannot force or will yourself into a zone, you can set up the kind of mental conditions that are most conducive to experiencing "the zone," by developing a positive winning attitude. I define a positive winning attutude as expecting a positive result from your efforts, with an acceptance that whatever results you get are a perfect reflection of your level of development and what you need to learn to do better."
Page 11:
"I'm sure there isn't one trader reading this book who hasn't gotten into trades too soon--before the market has actually generated a signal, or too late--long after the market has generated a signal. What trader hasn't convinced himself not to take a loss and, as a result, had it turn into a bigger one; or got out of winning trades too soon; or found himself in winning trades but didn't take any profits at all, and then let the trades turn into losers; or moved stop-losses closer to his entry point, only to get stopped out and have the market go back in his direction? These are but a few of the many errors traders perpetuate upon themselves time and time again.
These are not market generated errors."
"I don't think I could put the difference between the consistent winners and everyone else more simply than this: The best traders aren't afraid. They aren't afraid because they have developed attitudes that give them the greatest degree of mental flexibllity to flow in and out of trades based on what the market is telling them about the possibilities from its perspective. At the same time, the best traders have developed attitudes that prevent them from getting reckless."
Page 12:
"Ninety-five percent of the trading errors you are likely to make--causing the money to just evaporate before your eyes--will stem from your attitudes about being wrong, losing money, missing out, and leaving money on the table. What I call the four primary trading fears."
Page14:
"Confidence and fear are contradictory states of mind that both stem from our beliefs and attitudes. To be confident, functioning in an environment where you can easily lose more than you intend to risk, requires absolute trust until you have trained your mind to override your natural inclination to think in ways that are counterproductive to being a consistently successful trader. Learning how to analyze the market's behavior is simply not the appropriate training."
Page 36:
"Even though you cannot force or will yourself into a zone, you can set up the kind of mental conditions that are most conducive to experiencing "the zone," by developing a positive winning attitude. I define a positive winning attutude as expecting a positive result from your efforts, with an acceptance that whatever results you get are a perfect reflection of your level of development and what you need to learn to do better."
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