[luker]

Ok my next idea up for criticism. I don't mind being made an example of with my ideas, because there is really no other way for me to learn. So don't hold back!

When looking to take a trade, i look to build a case. I do try really hard to look at oppurtunity as objectively as possible.

I ask why is this a good long opportunity? What Signs of relative strength can i see?

I will then look at it and say, what signs of relative weakness are there?

If i can find that the signals are much stronger for the long side i then look at my R/R.

Does the trade give me a large enough reward to warrant the risk?

If it does, then i take the trade.

I have been trading for 3 years now, which really, isn't that long. And i still find myself having trouble being completely objective. In some ways, i want to find a trade, and i feel like i am looking for reasons more on one side then the other in order to satisfy my desire to take a trade. I am alot better then i was mind you, the trade i posted above is the first trade ive taken in 1 month, as i could not find a high probability set up.

So how have others managed to combat this? Or is it, that there will always be a part of the psychology/emotion that can never be rid of?

Or maybe once a level of confidence in ones methods is reached, knowing full well, that if i am wrong on this trade, in the overall scope of things, i will be profitable in the long run?

For me, i have a low frequency of trading as i work full time, long hours, and i simpy dont have the time to scalp or day trade. So i must take trades which allow me to walk away from my computer for a day.

[natedredd10]

Originally Posted by luker »

Trading, doesnt that word have such sex appeal?

The promise of riches, the dream of sitting in the bahamas, sipping on your cocktail while making your millions. It happens everyday, to people like you and me!
.

It totally does not...From my experience retail traders fail because they are lazy, incentive is delusional greed..however the biggest mistake is that they are delusional that they are up against some boogie man they call "smart money"...
As if somehow institutional traders are not equally lazy and their incentive is delusional greed...from my experience they are actually more delusional..You aint never going to bump shoulders with a bank trader who isn't going to crush reality with their own hedge fund some day...Even though their frat boys or daddy got them their job to start with and they really couldn't give a shit about the game.
The reason to trade as an individual is because there are exploitable billions on the table up for grabs to those who want to take it more than the next guy...
Collectively, we have evolved a system that is laughable as far as efficient markets go...Your either a 2 bit pirate or you are being exploited.