Take today for example, near the end of the day I had four solid winners in a row and felt a sense of cockiness creep up on me. I was slightly positive in this 5th position(long) with V, but suddenly the QQQQ halted and a reversal felt imminent. I instantly wrote down "I will not be cocky" in my notebook. Then I chose to cut a small 2-3$ loss, and flip my position to a short, instead of letting my $10 stop hit and leave me staring in the headlights as the price dropped without me. I was able take advantage, grab close to the top, and nail a $34 win.
The trick is not to avoid these feelings but to keep a close eye on them. I've found that certain feelings will always rear their heads but by recognizing them quickly you can stop them from interfering with your trading plan.
As far as performance and money goes, today was my best prop session to date. I kept my average loser under $10 and my average winner was over 25 by the end of the day, and I netted 170.34 after commission
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4 comments:
Nice job..........Just curious, have you ever withdrew from Cy Group? B/C I might think about joining them. Anyways best of luck to you!!
Yes, they are very prompt and courteous. I requested a wire at 3:30pm the day before and they had the funds in my bank account the morning after. Wiring costs $30, but I think checks are free. I highly recommend them, let me know if you have anymore questions.
Thanks again. Another question, why is it that you do not trade microcaps? Is it more profitable trading higher priced equities?
I guess that I'm just more comfortable with it. My roots are in penny stocking, but I never found consistency until I started trading the higher priced stocks. Then again thats also when I really dug into my trading plan and prioritized cutting losses. Now that I'm charged per share commission it makes sense to trade small lots of blue chips that can range dollars. Also if you're thinking long-term, it's definitely more of a scalable strategy.
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