Art Of Trading

Thursday, December 11, 2008

Rising Wedge Updates

THANK YOU ALL from the bottom of my HEART!!!

I want to thank everybody for the votes and those that took the time to write in and gimme their words and feedback. It's ALL helpful. I was gonna reply to each one personally but i figured this would be a good Post discussion.

So, where should i start:

first of all, my partner would be ok with the idea as long as i am trading the account and making money but the whole reason why i have been contemplating this idea is b/c i have altered my trading to where i am most active in the first 30 min and final hour of the day. So the rest of the day i am just scanning, blogging, sleeping, chatting on wallstreak or watching TV.
this is time that can be used to do something i truly enjoy and it's teaching people who WANT TO LEARN to trade. I hate trying to teach someone who is not willing to learn or wants an easy way out.

Since i started trading i have ALWAYS been a part of a trading service and i see a lot of value in some of them, most of them are a waste of money and time. i have literally tried a good dozen different services, from zanger's chartpattern, to straight breakout trading letters to elliott wave trading letters and dozens of others. The combination of all these definitely helps but i found some to be more valuable than others.

Replying to the anonymous reader who said that trading is ALL "bunch of bullshit", i used to say the same words when i first started trading. Trading is THE MOST frustrating way to make money. It is inconsistent and unpredictable. The only thing you can predict is how YOU will react to given market. for example: I am a momo trader so when i see lots of big movement and strong directional one sided movement, i get VERY AGGRESSIVE and PILE on big trades and ride out bigger profits and that's how i made most of money this year, just by having 4-5 really strong months. My best month this year I booked about 80K. My worst month i think i was down 25K. I had a couple of disastrous months and i blogged about it a while back.
The learning part of trading is "bullshit" i agree with you but please also remember and this is something you RARELY ever hear people talk about, is that NOT EVRYBODY IS MADE TO TRADE!! When was the last time you heard someone tell you that??!! Trading is NOT for everyone! Can i be a lawyer? NO WAY! I do not have the patience nor the book smarts to sit down and study for hours on end and take the time to understand legal terms and confront someone in court etc etc. Some find this fit to their personality. Trading is made for the MOST DISCIPLINED, those that follow a plan that was put in place and thought out well, knowing where the entries are, the exits and ability to understand oneself to understand how much size position you can put on without pressing the panic button on every wiggle, the ability to COMPLETELY go against what you imagined to be rational, ability to put on a trade and quickly realize you made a mistake and switch to the other side seamlessly, the ability to admit that YOU HAVE BEEN DEFEATED and it's not your day to make money, take your loss with your head high while it's still a small loss and WALK away because for god's sakes tmrw is a NEW day and the market will give you anotehr shot. nobody makes money every day, the ability to quickly realize when you are dealing with a losing scenario is KEY to long term successful trading.

I am one of those traders who tracks his progress very closely, i do thru my blog and i do thru an excel spreadsheet. This excel sheet as OPENED my eyes and allowed me a window into my trading. I will discuss this spreadsheet at a later time but monitoring your progress is VITAL!!!! how on earth are you gonna be any good if you are not aware where you are making your mistakes???!!!! who is gonna tell you?? me? NO! your dad? NO! your wife? NO! Only by you taking the steps to watch yourself and monitor what you are doing will you start to notice the 'holes' in your trading. Once you start to 'plug' those holes, you can start thinking about building your account and enjoying the profits from trading.

Thank you for reading and PLEASE continue to give me your feedback!!!!! Vote on that poll or even better write to me and tell what's on your mind.

Trade em smart!!