Without getting too cocky, I feel as though I am getting a little better with my trades. Watching the videos and studying is sometimes tough but it definitely helps. Always learning something new in the videos. The past couple of weeks i have been working on controlling my emotions while making a trade and taking smaller positions than what I started out doing. I do plan to scale up my positions here soon but trying to be smart and take it slow. While I did have some of my most profitable trades earlier on, I feel it was more luck than anything. Not only that but I also had my biggest losses, as well.
I still need to work on cutting losses quickly. I'm a little torn on using stop losses or not. I know Tim says not to use them and I know I have been screwed several times now by the market makers (when it comes down, picks up my stop loss and then goes right back up). At the same time, I do have trouble letting go and have a bad habit of trying to wait it out and do feel having a stop loss can help with that and make up your mind for you, until I become better at cutting and executing quicker on my own but, I don't like to be screwed over either. So I don't know.
I'm also working on not forcing trades because I want to trade and get involved with trades I should've stayed away from. I guess you could call it over trading. Just wasn't always waiting for the proper setups. Need to be more patient with that.
A mental game that seems to help me is; I stopped looking at my daily profit or loss and am now focusing on the week as a whole. I will probably try to look at it by month eventually. I own a business and you definitely cannot watch your sales by the day or you'll go crazy! So if on say Tuesday, you have a loss (a red day lol) yeah, it sucks but try not to dwell on it, you still have the rest of the week to hit your goal. Just my way of looking at it.
My account is now up to $5,500 and my goal right now is $500 profit/ week. I am usually trading about $1000 positions/trade, as of late. This is my third week of that new goal.
Week 1: +$459
Week 2: +$528
Present Week 3: +$390 so far. As long as there are suitable trades the rest of this week and I'm anticipating a few small losses, I should finish over $500 for the week, as long as I don't do anything dumb.
Anyways, just wanted to share my thoughts and issues that I have and hope this might help someone.
-Dave
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