"A man is not finished when he is defeated. He is finished when he quits."

Thursday, February 11, 2010

February 11th


Small gains again but no losses. That is the problem. I averaged down on my first trade of the day and it worked out in my favor. While I have become adept at it and some traders swear by the method (gMan at SMB Training calls it "paying for information"), I still loathe the idea that I cannot break my habit of doing it. I simply HATE to be wrong on a trade, as it is in other parts of my life and ever since I was young. It is why I am a perfectionist... I don't like to make mistakes. I don't like to fail and selling for a loss is a failure, even though it is the wise choice to do so. At some point, if I am to trade successfully, I will have to become comfortable with taking losses. It hasn't happened yet, and I am frustrated by it. If I were to go on a streak of 99 for 100 in winners, I still would not be happy unless I am doing it "cleanly" by not averaging for a better price to get those winners.
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My final trade was a good one but late in entry. I did peg the momo drying up and sold within 3 cents of the top of the move I was in. A small gain on a small move but an acceptable read of the price action.

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