I have been trading part time, once or twice a week now for about 1-2 months. I have recently in the last 2 weeks been able to stop my emotions from coming into play. heres how:
- I entered a slow moving stock and just sat on my hands, letting it slowly grind away, inside of my risk of course, and I used that to get over the freaking out of being in a trade and learning patience
- I used to sweat and twitch while in a trade, and be very anxious and nervous, but once you stop think of it as a dollar value, and think of it as inside of your plan and percentages, you will be able to keep a cool head which is very important
How to stop overtrading:
- I used to over trade and take any opportunity, but like Tim said, being like a sniper has been the best strategy, especially in this market. Now with that said march has been great so far giving us a lot of plays, and I hope it continues like that.
- Do not come off of a trade, win OR loss and try to force another trade to make up that loss, or make more on the day. It will most likely just compound your loss or deminish your gains.
Finding plays:
- I see it too many times in the chat, people blindly following alerts, and getting cocky when they win, and crushed when they lose. That is the worst way to trade. Sure I use the chat to find stocks but i just look at the ticker and if I want to make a play, or if its a setup I like, i will track it. But I will never enter a trade without a plan
- Run your scans and do your homework, don't just wing it. Coming prepared everyday is one of the many keys to success. Don't be lazy
All said and done you need to just have experience, trade extremely small size if your just starting out, and work on getting comfortable and seeing what works and what doesn't. i would also recommend tracking your trades in a spreadsheet. Good luck and Happy Trading!!
Still working on these kind of things. thanks for the post!
Excellent post bro!
Well said. I have had the same experience.
Awesome post!
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