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

Wednesday, February 24, 2010

February 24


Done practice trading for the day. Spent the whole time working with FCX and I seemed dialed in on it. I have no idea why... I just felt tied in, even when I was down on one trade, I felt like I knew why and that it was coming back to me. It did, and I doubled up on it after it went positive. I did get out too early... actually I left a ton of paper-gains on the table. But, that is the mind working against me... after having been down on the trade and not trusting that I was ok in it at that point. I took a short afterward to get my head back into the stock, fading the huge pop at 1:15. I covered it for a gain and decided I have to get to my home construction duties for the rest of the afternoon.
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As I see my technical skill improve, I still have trouble fighting my emotions. Practice, practice, practice. It doesn't matter that I put up six paper winners for over a $1000. I felt weak at points... where I didn't listen to what my senses were telling me to do. I feel what I should do, but sometimes I don't act on it. And that is why I do not trade real money now.

2 comments:

  1. Definitely interesting following you - and congratulations on the great paper day!

    Getting over the psychological barrier is a huge challenge. I see the need, I see all the reasons, and I still have an incredibly difficult time implementing what I 'know' to be the best approach. There is something about being on the wrong end of a trade and the possibility of it turning around that keeps me hooked.

    It is great that you are able to recognize and try to deal with the psychological/emotional aspects in simulated trading. I have a hard time making that connection if it is not the real deal - much to my expense and chagrin... =)

    Keep up the great work!

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  2. In the beginning, the technical aspects of trading were so new and overwhelming that it masked the difficulties of the mental aspects. As the technical becomes easier, the mind becomes the real challenge. And I think it will continue this way.

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