Hi ady
I think it's good setup, 0.8800 is strong daily PPZ
you were right.... nice move there.. hope someone is enjoying it
james16 Chart Thread
- #21,905
- Feb 19, 2009 9:42am Feb 19, 2009 9:42am
- | Joined Mar 2007 | Status: Fundamentally Technical | 4,446 Posts
Patience + Humility + Study = Success
- #21,908
- Feb 19, 2009 9:52am Feb 19, 2009 9:52am
- Joined Nov 2008 | Status: You must obey the dance commander | 2,038 Posts
- #21,913
- Feb 19, 2009 10:38am Feb 19, 2009 10:38am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
How is it that you you can know in your heart the right way to do something, but manage to screw it up over and over?
that is usually Mr. Ego knocking on the door
- #21,916
- Feb 19, 2009 10:41am Feb 19, 2009 10:41am
- Joined Nov 2008 | Status: You must obey the dance commander | 2,038 Posts
- #21,917
- Edited 10:53am Feb 19, 2009 10:49am | Edited 10:53am
How is it that you you can know in your heart the right way to do something, but manage to screw it up over and over?
There are many on this thread who can describe the psychological barriers much more eloquently than I, but allow me to rant for a moment in the hope it may help. Imagine you have a trading account with $100k in it. Now, if stuck to only taking the best possible setups throughout the month and came away each month with 4% profit, would $4k per month be enough for you to live on, and perhaps leave some to build up in your trading account? If you managed to leave all of it in your account it would compound to a 60% annual return = $60k. Now imagine having a trading account with $500k in it - can you see how profitable it would be to only take the best setups? Why risk your money on anything less than A+?
The acceptance of trading in this manner can only come from experience. Experience of making mistakes and paying the price. Ask James - 25 blown accounts! Thankfully he has suffered a LOT more pain than anyone else has to go through, and he has and is still sharing his vast wealth of knowledge with us, in a hope that we can avoid those feelings. At some point you will have that 'penny drop' moment, when everything will fall into place and you will accept the route that needs to be taken in order to become profitable. I've been there. So have many others on this thread. You are not alone in your feelings, nor will you be the last. Take comfort in this, but also take a step back and write a long term plan on how you see trading fitting into the rest of your life.
Can you afford to put aside $50, $200 a month? Great! Do what you can and start building a trading fund. While you are doing this, demo trade and practice over and over until you get really good and disciplined about the type of trades you are taking. See the first post for James' recommendations for the hurdles you should force yourself to jump. You will know in your heart when you are ready to move onto your live account. Just to make sure your heart isn't lying, do a double check on you P&L for the last 3 months! Then while you're trading, keep saving up and adding little by little to help your dream grow. This isn't a get rich quick scheme - none of those exist, at least in a legal environment. The path to long term wealth can take many years, but it WILL be worth it.
I'm 28 years old and I look forward to the day I'm 75 and I can still look at charts at the end of every day and make my pension fund grow, rather than having to diminish it. I view this as not only my future career, but a way in which I can build a future for the next generations of my family.
Ok, verbal diarrhea over with! I'm a little under the weather today so prone to rambling, but still up 0.5% for the day with a stop at BE and the rest to possibly run... Little by little...
Best,
Chris
