Wednesday, November 04, 2009



Not exactly panic in the streets yet so I'll take my profits in FAZ SKF and call it a day


FAZ













SKF
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7 comments:

CN said...

Awesome catches on FAZ and SKF. It's great to see someone making the right calls. Since I finally started trading with cash this week, it seems I've done everything wrong. I was too shell shocked to trade by the time those big pushes came. Maybe I need to ignore the market at the start and wait for good opportunities at the end of the day. Seeing your reactions to the big big movements today really help to show how one should react.

1:06 p.m.
Scott said...

I don't know what the news was today to make those big moves and you can see it doesn't matter what moves the markets, only that they do move and give us great opportunities. All this week there has been great action for day traders.(I pity the poor swing traders though who got reamed by the big up move yesterday)
You've been reading my blog for long enough time to know that the things to focus on are going with the flow and trading your plan. If you feel beat up and shell shocked, definately take a step back to a safe emotional place where you know what to do and then start back in mentally step by step. Visualize the steps you need to take to make a successful trade and what your edge looks like. When the market conditions set up and present your edge, then you trade it. Don't try and push it when it or you are not ready. Thats what will kill your account balance through loss self confidence. Your success comes from knowing the market is an endless stream of opportunities and not your adversary. You can choose to see the information it presents as opportunities to profit instead of catastrophe waiting to happen.
Get back to the simple steps of trading your plan and trusting the probablilities will be in your favour at the end of the day/week/month.

7:48 p.m.
CN said...

Thanks for the encouragement. I think something that has caused me to stumble is how I watch my P/L while in a stock. So today I moved all indicators of my P/L to a separate place where I can't monitor it - leaving me with just the stock to watch. Doing that I think will help kill the emotion involved, and let me focus more on my plan.

6:21 a.m.
joshua said...

cn,

i find myself concentrating on the p/l also. i am going to figure out how to hide mine as well. good suggestion.

8:23 a.m.
CN said...

Joshua, I see from your blog you use lightspeed as well. I use that, and what I did was move the P/L columns over to the far right of the tables that have them, then stretch the table until it was out of sight. That way I don't miss important info in regards to my trades being filled.

8:36 a.m.
joshua said...

cn,

thanks, i will try that. did you get the mp/l off the main lightspeed bar at the top left corner? that one drives me nuts. i just figured out how to create custom stop orders that fire off immediately. before i was trying to use the stop orders that lightspeed suggest, but they state it can take 30 seconds to execute, so i wound up just watching the level 2 for a mental stop. if you need to know how to set up correct stop orders, let me know. again, thanks for the help as i don't personally know anyone who uses lightspeed.

9:13 a.m.
CN said...

I haven't tried to remove that indicator yet - the way I've set my screen up keeps me from looking at that. I use mental stops as well... one thing I've found to help me focus is when I enter a stock, I enter my stop price in the order window, and watch the level 2 to see if the stock hits it. This way, my mind is focused on getting out at the time I want as opposed to the profit I may be losing. If I make it out when I want, that's still a win in my mind.

7:08 p.m.

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