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Preserving Trading Confidence

Just quickly wanted to cover this topic cause i got some emails asking about this topic.

Trading with size that is too big for your account WILL MAKE US ALL EMOTIONAL. That's the bottom line. Emotions is what wipes out most traders out of the market. Stubbornly repeating and repeating mistakes over and over again and the ironic part is that most traders know fully well what they are doing wrong. But while you are in the thrill of the 'moment' and the rush gets to the trader's head and visions of massive profits cause the trader to become over confident and ramp up that 500 shares to 2000 shares.
I used to do that ALL THE TIME! Can't tell you how many decent up days i ruined by getting "greedy". Essentially, it's greed. You are not happy with your current gain and at that moment you are willing to sacrifice that gain in hopes of tripling the current gain.

The problem with this type of trading is you are sabotaging yourself and you are setting up for failure! Sure, you might win here and there but over the long haul, ramping up position size will hurt not only your performance, but importantly your confidence and psychology as a trader! As traders, there is nothing more important than TRADING CONFIDENCE.

Ever notice how when you have a bad trade: there are usually numerous other bad trades that follow shortly after? that usually cause your trading confidence was shaken and now you question yourself. The trades you think about taking work and the ones you actually take, do not work!! This is lack of trading confidence.
How do you know when you are lack trading confidence? WHEN YOU QUESTION YOURSELF and doubt you will make money. If you doubt you will make money, then you are probably right!

Protect your trading confidence!!

CLNE: WOW!!

A couple of weeks ago, i pointed on this blog that CLNE was setting up in a high probability pattern. Look at it now!!

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"Yes got in XTEX @ $10.40 out at $11.45 .... made a nice $1100 after a long gap.
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GS Chart Indicating Reversal

Time to be very nimble and protect gains if bullish. Not the time to slack off and get complacent. Here's an example of many charts i am seeing out there right now. GS is a stock that on top of my watchlist as it is oneof the big market leaders. When it speaks, it's best to pay attention.

Awesome Testimonial From An Art Of Trading Subscriber

This Art Of Trading Subscriber Joined less than a Week Ago!!

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Hey Stewie,

Last week was a great week for me. As you know I did very well with my AAPL position, but I also did well with your calls.
I was in the following: CLF, AIG, GNTX, XTXI, SNDK and CLNE. Only using about 20k from my account and around 8k per trade I made over 300$ in 3 days last week and another 250 today (closing CLNE, and in PCX).

Needless to say I'm happy with the performance thus far. I've tried to stick to your trades only to get a feel for them, and so far they were all winners.I did take off a few positions or portions of them before you called out too in an attempt to be more conservative. Sometimes this worked in my favor, other times it didn't, but nothing major.

I do realize that last week was a strong week in the markets and I don't expect you to call 15/18 profitable trades every week, but last week was quite impressive. You made some timely calls and helped a lot of people make money.

I'm normally not a big fan of holding stocks that I'm not familiar with overnight, but it's been paying off so far. I do often reduce my position before the close going into it with a less aggressive position which I'm more comfortable overnighting.

I sold PCX early today for a small gain and I'm still holding CTRP, 200 @ 39.30.

Thanks,

Jason

Stocks To Watch As Breakouts Look Imminent

When Brokers Breakout, It's Time To Pat Attention

Posted this chart 2-3 weeks ago on twitter as it looked like an early bullish formation and now it's breaking out. This index needs to be watched from here as it is a great market gauge of overall health.

CLNE Chart Setup Update

Becoming a big winner now! This is a solid base breakout but heads up earnings are Wednesday.

Phenomenal Week At The Art Of Trading!!!

18 trades: 3 small losses and 15 WINS!



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LONG/SHRT	Symbol	Entry Price	Exit Price	% Profit/Loss		Holding Period
LONG	RINO	20.5	20.2	-1.46		swing trade
LONG	APWR	13.35	13.77	3.15		swing trade
SHORT	APL	13.43	13.62	1.41		swing trade
LONG	XTEX	10.57	11.2	5.96		swing trade
LONG	ATLS	33.75	34.25	1.48		swing trade
LONG	ATHR	38.15	38.3	0.39		swing trade
LONG	HLX	12.7	12.75	0.39		swing trade
LONG	XRA	8.57	8.7	1.52		swing trade
LONG	HEAT	12.57	13.3	5.81		swing trade
LONG	CTRP	37.3	37.1	-0.54		swing trade
LONG	BGZ	16.18	16.05	-0.8		swing trade
SHORT	CLF	58.45	57.55	1.54		swing trade
SHORT	LZB	14.5	14.21	2.00		swing trade
LONG	AIG	26.85	27.25	1.49		swing trade
LONG	GNTX	20.2	20.29	0.45		swing trade
LONG	XTXI	9.3	9.47	1.83		swing trade
LONG	GIL	25.15	25.47	1.27		swing trade
LONG	SNDK	33.2	33.72	1.57		swing trade

CLNE Chart Setup Update

Moving out of that base like a charm now! These kinds of setups are high probability in my book. Hope some of you banked on it!!