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The Psychology of Handling Large Drawdowns
6 days ago
Monday, September 19, 2011
Monday, September 19th, 2011
X is on hiatus, but here is a fresh post should anyone want to post comments or questions for other readers.
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20 comments:
20Sep Tuesday-
BusyStock premkt WL: aapl goog amzn rig wynn bidu sina mcp mlnx hme cat prgo mgm. MCP big short winner
9/20/11
CELG, 5m, 5ema, Fibs OR, entry above bar 4 with support from R2, exit at $64. Ripped onward to almost $66. Crazy.
Crappy, end-of-day sell-off hurt my other trades. Poor trade management on my part. Lesson re-learned.
21sep
BusyStock premkt WL: WLT ANR CNX MCP AAPL ADBE ORCL SINA NFLX OREX. ANR retraces then 5-10" min inside bar short. A banks or commodity WL minus oil would have done well
BS.com premkt: mcp sina apa bhp rio fcx rht mlhr ba clf rig utx. 30min sell off, reversal,reversal
Since last week was a limited trading week for me, I had the ability to view the markets from a different perspective.
In some ways, the limited trading time created easier or better results, but in other ways, I saw myself repeating some of the same mistakes. In the end, I was able to better crystallize many of the insights that have been floating around in my head.
One of them was the ability to trade with a certain state of mind, that state when you're really "going with the flow", so that even if you have a losing trade, it's OK because you followed your rules.
That brought me back to the post Trader-X made about meditation several months ago. After reading it again, I now realize how it's even more relevant for me today.
http://traderx.blogspot.com/2011/04/just-say-om.html
It wasn't necessarily just the meditation part, but another part of his post that also stood out:
"I learned to write down my goals, review them daily, and visualize myself achieving them constantly. I learned to interrupt negative thinking and replace it with positive thinking."
It's of no use to have any state of mind if I'm not crystal clear what my goals are (specific to following process, not outcomes such as profits per day), and if I'm not able to quickly interrupt bad mental chatter.
So once again, it's my mind that's playing tricks on me. But as I continue to discover more about myself, at least it's becoming clearer what I need to focus on doing to improve myself.
This week will be another limited trading week for me, but good luck to all on this last week of the 3rd quarter!
UBS, 30m, 5 and 8ema, Fibs 10:30 low and 12:00 high, entry above bar 9 with support from rising 5 and 8 ema and .38 retracement. Exit at 12.04 (1.38 Fib Extension)
27Sep BS.com premkt: SINA BIDU CRM MCP SLV HON FCX CLF MOS BHP POT NEM ABX GG SLW AEM AU PAAS. Golds were an opening fade with comodities following in afternoon 2:20 typical sell off or rally up time.
Anon,
Was that a Tuesday trade,bar 9/30"?
Wed 28Sep BS.com premkt: AMZN RIG IBM ACN JBL QCOR ALV. Nice options on IBM AMZN. I put up SLV GDX also. 30 min reversal/sell off for the commodities per usual.
Bl,
That was Mon 9-26. 30m over bar 9.
Fri 2Oct BS.com premkt WL: BIDU
DB FOSL IR CS UBS HRBN MU. Gap down retrace reverse.
Mon3Oct11 BusyStock Premkt: ACI NEM ABX PCLN NFLX GORO AMZN...nice focus list. 30-45 min rally then sell off. Weekly options 50 or so might be nice indicators.
um...do you guys trade any stocks that have a ATR as in F, GE, BAC, RF?
they if you see good setup, will you guys take it even the ATR is kind of low like maybe $0.05 or smaller?
like will you increase your share size and go for those stocks if a good setup come?
Th6Oct BS premktWL: AAPL BIDU WYNN MCP and all have weekly options
Fri7Oct BS.com premkt WL: BDX BHP IPGP ILMN MWE LIFE
Mon10Oct.
Have been writing covered calls on #500 RMBS and have made $1600 on the calls/stock when Oct exp 21oct for 4 wks or 21%. It ignores the "stopped out". Have been working and I don't have time to day trade but look at BS.com premkt for consistency. Mon WL: NFLX LVS FCX BIDU RIG BHP SMG SPN POT ALV. A friend of mine only does cash secured puts on 52 wk lo type of stock. Check out Seeking Alpha for info: SIRI NTRI
Fri14oct bs.com premkt WL: GOOG AAPL BIDU NAV AMZN GMCR NFLX WLT NCMI DB DEPO...nice fades and many weekly options. Where are the posters?
9Nov Premkt busystock.com: SINA RL SODA PANL ROVI NILE STEC ADBE. good bunch. -100 naz bot amzn 215c wk option 1.6...snap back Th?
10Nov Th premkt BusyStock.com, Nasdaq site list, CNN list GMCR(2) CSCO MPEL(3) SSRI(2) CLF SLB ATPG PEGA(3) GS. (Nice 5 min inside bars). AAPL reversal at the open...downgrade
Fri 11Nov Premkt WL:
MCPw NVDAw DIS CATw JWN DDS
w=wk options. Commit and Focus on 1or 2 beta stocks pre open and good possibilites. I don't need many charts/choices to trigger analysis paralysis.
Wed16Nov Premkt: ANF TGT GMCRw TSRA ASYS PCRX ADSK DELL CNQR some
nice moves
w=wk options
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