Wednesday, March 28, 2007

Day trading with defined risk....is a key at times.


I guess the one thing I like about the first bar trade setup is this....you don't have to spend hours watching MARIA...and the rest of the empty suits on CNBC or BLOOM. You don't have to spend hours reading the Wall Stret Journal, IBD and so on.
You just stop by the kitchen and pick up a cup of joe....stagger into the office....fall in your chair, open your frontend and just sit there and just stare at the clock.

Like all trades...it's either going to work or it isn't....plain and simple. You will either make money or you won't. How many times have you had "YOUR" perfect setup...the mother of all trade setup and in the end ....LOST MONEY?????

Well except for Woodie...I would have to think that the rest of us all have...so which is the most important....the setup or the management of the trade that caused the end result....either for the good, the bad or just down right ugly.....

Is trading about the 21 setups, the opinion of someone, or is it about management and having the stones to stay with your plan???? How many times have you had that perfect trade and instead of following your rules....you decided you were smarter then that.....I wonder. When you look in the mirror tomorrow morning as you shave that mug of yours, maybe you can answer that one for yourself.....how many times.....?????? See you can makeup whatever to the rest of us....BUT NOT YOURSELF

1 comment:

Flatwallet said...

As Pinky from Pinky and the Brain would say, "Point".

Good post.