2. Be vigilant and sharp. We don't want to be stubborn about our positions. When the market tells us the positions are wrong, (How? our account balance yells out at us) . We need to admit the wrong tradings and correct the mistakes. It needs practice when we actually are able to do it. One example, I held the short positions around 1940 (ES) at the beginning of the Oct over the weekend, the market rallied for 300pts. Here is the attachment for the trade that day. I admitted that my short was wrong, and went long. I know some folks who held the short positions the same as me but they didn't want to cut loss since it hurt. But it turns out my decision was right, I made all my loss back and more later.
3. We need to find a method that suits our personalities. People have different personalities, I can hold ES up or down for more than 20 pts without any problem. But others might be different. So we don't want to be a copy cat from others. We need to focus on ourselves. We need to review the methods and review the trade record for improvement.
4. Don't spend too much time on eye-balling the market. Most of the time the market is dull. We need to find something thing to do other than the market. I check how the market is in the morning before I go to work and the last half an hour before closing most of the time.
5. Don't day-trade. I know people probably disagree with me on this. It didn't work for me when I actively traded back in 09 and 10. I've started to make a steady return after I give up individual stocks and day trading.
6. We need to spend the money we made from the market. I'm very proud and motivated after spending the money.
7. Be confident. I know I will make money next year as well. :-)
No comments:
Post a Comment