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The Most Important Lesson in Trading Psychology
5 hours ago
Tuesday, July 12, 2011
Reader trades
I am still shaking the rust off after vacation. Here are a few reader trades - click "comments" on the last post to read the details.
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8 comments:
7/13/11
UNH, 15m, 5ema, Fibs OR, entry above bar 7, target is the FE. Here we go....
Well, that was short-lived. Stopped outta UNH. Meh. :\
Hey X,
How many trades do you make per day now that you're using 2 - 5 min time frames?
Welcome back, Trader-X! I’m rusty too after not trading for a while after having my own family problems. I started up again on 7/11, but took KNDI and WMS, which both stopped out. Looking back at them afterwards, they both had quick drops before their hammer "setups."
7/12 missed trades
Yesterday I just flat out missed every setup:
QTWW 6th 5m bar
The setup bar triggered too quickly for me, which made me revert to my old ways and worry about a few pennies slippage. The stock later dropped past my entry price; of course, I wasn’t going to buy then, but that was the perfect time to buy because it broke over the ORH and almost hit the whole number and R2.
QSFT 8th 5m bar short
The setup bar was green, but it had an upper tail and was right at the 5ema and 38 fib. However, the stock had a circuit breaker status on it, so I couldn’t just hit the bid (I tried). I tried floating an offer, which I don’t usually do, but after 15 seconds I noticed that SPY was forming a green bar, which made me nervous, so I quickly withdrew the offer. The stock never ticked up and eventually bounced right at the magical FE. There’s a lesson to be learned here.
BXS 8th 10m bar
I didn’t see this hammer at the 8ema in time. The stock hit slightly over the FE before falling back.
OWW 7th 15m bar
I did the same thing here as I did with QTWW: I worried about a few pennies. It dawdled for 3 1/2 hours before exploding at the EOD on huge volume.
7/13 trades
Today I caught a couple of trades, but they didn’t work:
JASO 6th 5m bar
This setup bar was a red hammer at the 8ema and 50 fib. It dawdled all day and finally did nothing.
HTCH 10th 10m bar
This doji hammer at the 5ema and 38 fib looked good, but it ended up doing nothing.
Missed trades
ACOM 5th 10m bar
I saw this hammer at the 5ema and 38 fib late; when it came back down I again didn’t feel like buying it, but it later hit the ORH.
joshua, you had asked how I trade the time frames. I have the 5m, 10m, 15m, and 30m charts up for the current stock that I’m viewing, and if any charts set up at any time, I consider the trade.
Re: fighting the boredom. I think you’re at Lightspeed, correct? They don’t advertise this, but they have a person that monitors the news feeds and reads pertinent market-moving headlines over Skype. He’s very quick, though I haven’t actually taken advantage of any of his reads yet. Ask RMS about joining the conference call.
Benny, about 3-5.
klaorman,
thanks for reminding me about that guy. maybe i will turn him back on. not my style though, i think he's more for the scalper out there. i may suck it up and pay t3 to here them blabber. i think if you open a trading account through them you actually get to listen for free. i just don't like when the head guy starts yelling at everybody. there is a couple other guys on their that are very funny.
hi joshua,
are you talking about the guys from T3 Live? Are you currently listening to them?
timo,
no i am not currently listening to them. i have heard them in the past through a free account. i stopped listening because the head guy would get so negative. i think the best trades would be to go opposite his positions when he was losing his mind, lol. i did enjoy a couple of the other guys. and you can turn off whoever you don't want to hear.
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