Wednesday, February 27, 2008

Workshop Feedback......

You can click on the picture to read the entire email from an attendee of the workshop back in October. It seems that this person was having issues as everyone does from time to time, and after the workshop they had found a nugget or two and now have moved to breakeven. There are still issues, but again it appears they are thinking about them and how to move to the next level. There are no simple answers because we are all different, we see things differently and react differently.

It's a journey, and part of that journey is taking a close look at the losers, because that is where fear and greed hang out the most. I would suggest logging the trades with whatever info would be important. Entry time, entry price, stop, first target, and if stopped out then how far against you did it go, stopped out time. If like this person it was a matter of a couple ticks, well you would have to think about moving the stop further away from the entry. But if instead of a couple of ticks, it's more like 5 points. Then I would be thankful you were stopped out when you were......

But it's a journey.......enjoy the ride.

1 comment:

Phil said...

Yes, a few ticks can make all the difference in the world. A few ticks late and a trade that could hit 7 ticks on half of the contracts instead turns down after four ticks and produces a one point loss on the whole thing. Do that all day and a job a Walmart can start to look good, or at least less costly.

I also have been having this problem. Perhaps my experience will be of some interest.

My fear of loss has been causing me to wait for confirmation. But now I realize that behavior was causing the very loss I was afraid of. The need to not be late is more important. I still working at implementing this rule.