[daedalus]

^^ Smart thing to do. Too many traders overtrade.

[brownsfan019]

Originally Posted by daedalus »

^^ Smart thing to do. Too many traders overtrade.

Very true. It took me A LONG TIME and THOUSANDS of dollars and hours to realize this. For me at least, getting a few decent moves off the open and then shutting it down sent my profitability through the roof, lowered stress and opened up a life outside of trading all day long.

It feels very counter intuitive that you can work less and make more, but that is entirely possible in trading. Once you found something that works and you are confident in, it's just a matter of trading more size. That is the one very nice thing about trading - you can work the same hours and make more simply by increasing size. Many other professions cannot do this - they must work more hours to make more (lawyers, doctors, brokers, etc.). This was an incredibly difficult thing for me to get my arms around b/c I had been brought up and taught through school that working hard and long hours is the key to success. And in most professions, that is true. Not so in trading.

I can't stress this enough to the newer guys reading this - find 1 quality setup, test it like no tomorrow and once you are confident in this 1 little setup, trade it confidently and make your money. When you need/want more money do the same thing but with bigger size. Repeat process over and over. There is no need to trade all day and try to time every single move out there. It's practically impossible and very difficult as you need a dozen or so possible setups to trade the big moves and chop areas. IMO that's a quick way to shorten the life of your account.

Just find one solid, reliable setup that you can do every day w/ confidence. Then increase your size. That's the holy grail many are searching for.

[brownsfan019]

10-26-09: +$287.50

Not bad today based on the setups that were there. I missed a Russell long that I should have been in that would have recouped that loss, but 2 things fired off simultaneously and I should have gone to the Russell first.

[brownsfan019]

10-26-09 update: +$437.50

Couldn't resist what GGC was willing to give before my Noon EST cutoff time.

[Grey1]

this is today's result,, Had a few traders here to enjoy chatting hence the late P/L

P/L for each signal is shown on the screen shot,,, the entry is on the screen shot

The 2.58 entry was spot on and I loved it,,

Grey1

[Grey1]

GREY1 took an over night LONG TRADE on BTU as seen,, The shown P/L does not mean any thing as the market could Gap down and I am toast,,

BTU is an energy stock and could defy the gravity ..
I be happy with $1000 profit and a loss of $500

We will see tomorrow

Grey1

[brownsfan019]

Anyone still around besides a couple of us?

[Grey1]

Originally Posted by Grey1 »

GREY1 took an over night LONG TRADE on BTU as seen,, The shown P/L does not mean any thing as the market could Gap down and I am toast,,

BTU is an energy stock and could defy the gravity ..
I be happy with $1000 profit and a loss of $500

We will see tomorrow

Grey1

GREY1 closed his over night BTU long Trade with $828 profit as seen ,,

Round1 Grey1 wins Mr Market lose,,

Grey1