I sometimes have very ambitious goals with my trading and that makes me neglect certain setups just because they are not so "grand." That is totally stupid. I think that success comes from building on the small and simple strategies that work for oneself.
Imitate while you learn. Innovate when you become yourself.
I like the work that Tyler is doing with his trading.
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I agree... and I think Tyler's doing a great job of breaking down very good setups.
Anarco,
Thanks for the shout out! That means a lot to me.
I realized the other day that my trading was getting sloppy. I was not focusing on the bigger picture, but only the current candle and it was eating into my profits big time.
I decided to go through our trades (mine and my brother's) to see what was happening. I found that I had 25 trades with 9 losers and Tanner had only 12 trades with only 2 losers. This doesn't look that bad, but my losers took away over half the profits I could have had and only took away 10% of Tanner's.
Most of my losses were sloppy trades with no prior analysis of the setup. I decided that I will stay focused on a couple of setups and ONLY trade those. I am going to miss a lot, but the ones I get should be good. Also, when I saw that we would currently be at 200% of our monthly goal had it not been for my bad trading it really got me thinking that I need to simplify.
Thanks again,
Tyler
That is very interesting Tyler.
I observed that trading bad setups has three issues:
1. The most obvious is that the percentage of winners go down and so profits also go down. Not good.
2. When one enters a bad setup, one is committed to monitoring that trade, and that takes away focus. So one ends up using one's time to monitoring a bad setup and misses out on other "good" setups.
3. It develops bad habits. Not good.
So I am also trying to simplify and be more effective at selecting good setups.
Cheers,
you guys are so right! depressing to waste emotional capital on a bad trade, and instead of trading what i see, i tend to be prejudiced by my POS position... when i review the charts on those trades, invariably im managing the damage, like selling to cut loses right at the perfect point to go long... all the while, decent set-ups fly right by me b/c im f-ed in the head and steaming at myself. i have trouble letting go of stupid trades...
sorry, that last little gem is mine :0
i hit "anon" - sorry
Letting go of bad trades is also my Achilles heel.
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