Weekend thoughts

After reading Eric Chung's entry today, I felt inspired to update my personal approach to trading and change the blog up a little. I added pages via the new page function at the top of the blog for navigation, and am reserving the right column links for great trading material that I find on the internet (FNG dominates at the moment lol). All the pages saw small changes, but Entering and Exiting a Position saw the most - primarily to do with the emotional aspect of this business.

The weekend has offered a respite from last week, and some perspective.  I have spent some time coming to grips with what happened last week - inside of me, inside of my head. As I was writing Friday's EOD review, I noticed that there was a lot of movement in the stocks I had been trading. Movement that in several cases I just watched. Why?

Because I was afraid. Monday wasn't too bad, end of day I felt a little numb, but I recovered. Then after realizing virtually the same dollar figure loss on Tuesday, I was beat. I tried to tell myself that I wasn't, but I was, and I think it affected my trading the rest of the week. I was not concentrated on the market, I was concentrated on how I felt and wondering if I could make it up by week's end. I don't have enough energy and/or resources for my emotions while I am trading. As Scott says over and over again, charts are easy, green means up, red means down. Sometimes you pick the wrong side. Get busy getting on the right side.

I know I can do this. Not in some empty self flattering, self convincing, will power type of way, I really know this. I look at the charts from last week, even Tuesdays, and I see the movement. It is there. I may get in on the wrong side, but I can easily change sides. Or I will get in on the right side next time. The only thing keeping me from doing that was/is fear.

That fear has a lot to do with the account balance. I thought I was able to maintain some type of balance - only looking occasionally, or looking to see how good the exits were on the bid/ask. Doesn't work for me. I have decided I am not looking at it any more. Not once during the day. Not when I take a break, not if I wonder how much slip occurred on the trade, not when I had an especially long run. Not even after 12 stops in a row. It is not going to happen till end of day. I am in the day to trade the market as well as I can. Every trade is a new trade.

Oh yeah, and I decided to go live Monday.

Meaning I may have to set up a donation button by end week lol.

Best of luck next week guys/gals!

Thanks too to the Fozz - for sharing this great read.