Monday, September 1, 2008

Lessons from today

I do not promise that I leaned them or anything but let's state them:

1. Market is not your mother or any other person that you can manipulate with your anger or any other way. You can't manipulate market to do what you want, so don't try it.

2. Don't trade when you notice that you are not emotionally balanced because you are not on your optimal level and results can vary. It's than like you trade some questionable setup. Setup should be good, you should be good also on mental-emotional front.

3. Don't trade what you think, but what is proved according to your thinking. Not confirmed ideas are not enough, like going into pair that is not moving or counting on b/o before it happened.

4. You got to know where is your stop before you put your trade on. Is it max -20, or -10 or some other number or condition. It's bad to think about that after the trade start.

5. If you don't treat trading as any other serious business sometimes you will get away with that attitude but sometimes penalty will be so big that your head will spin.

2 comments:

ORION MACHINE said...

No charts? I would love to see the charts of the blow up day as well, just out of curiosity. If you don't feel comfortable posting them you could always email them??? Its your choice entirely so don't feel obligated.

Listen, I know you probably had a shitty day, BIG TIME. I opened the charts today and saw the extreme volatility. I think one lesson you should learn is one that took me awhile to get.

don't trade on holidays unless you can handle the choppy market.

I made an advanced decision last night NOT to trade today. Just for fun I demoed the Casino and it was slightly above break even. You will see it in next weeks update.

Anyways, I was COUNTING on today being a crappy day with no opportunity because of the lack of volume. Many traders who did not consider the holiday got hurt today so just try to be mindful.

http://i66.photobucket.com/albums/h241/orion_machine/Trading%20Page/9-1-08Casinowarning.jpg

FX said...

Well orion what I can say, just check the post before this one :)))