Today I had another two positions stop out(sportingbet and SIG). In a way I feel slightly relieved that I have less positions open. It’s giving me a chance to step back and take a look at my trading since the start of the year. I a word it has been poor. The last 6 months have been filled with mistakes that I don’t intend to repeat.
In short I have a long way to go if I want to reach my goal of trading for a living. I have decided that I need to do alot of work on my the strategies that I use. I am sticking with my momentum divergence strategy as I think it is a good strategy and could prove successful. In the past if I have tried a strategy and I have made a few losses I have looked for another startegy to try and so on. I have learned that this is not the way to become succesful, infact it’s the way to become unsuccesful. I have been on a quest for the “Holy Grail”. Looking for a trading system which gives a profit every time. This does not exist. There is no magic indicator that will tell you when a stock is going up or down and anyone that claims to have the answer to this is, in my opinion, a liar.
Self discapline, and sticking to a strategy is the way forward for me. No more chopping and changing, no more feeling like I have to place trades just for the sake of it, or for the thrill of being in a trade. Trading just for the sake of it is just gambling, if I want to do that I can just go to a casino or a race track(I’d probably have more luck).
I feel like I’ve hit the bottom. It’s time to asses what’s been going on and rebuild from here. I know one thing for sure and that is I’m not giving up. So far I have been failing, but I have learned a lot from my failures and I don’t plan on failing again.
“Our greatest glory is not in never falling, but in rising every time we fall.”- I’m not sure who said this but it’s quite fitting I think.
It’s been a bit of a ramble from me today. Hopefully my future posts will be more constructive.
Ohh and I found another blog with links to a load of free reading material including “Jesse Livermore- Reminiscences Of A Stock Operator” check it out here
Until next time
“May the markets be with you”
Spread Betting Beginner
Hi
yeh another dismal day in spreadbetting land! I also had another 2 positions stop out, one of which was Sportingbet. To think it was in really positive territory for a while; still no point crying over spilt milk.
As I said earlier it's time to step back and have a 'rest' and a consolidation for a while. My basic strategies have generally been sound and so I'll stick to them until things improve. The bottom line is if the markets go down in panic and fear then there's not much to be done – especially if most of the positions are long. Anyway I've still got 8 or 9 open positions so I'll just see how they go; I can't see me opening any new positions for quite some time. Keep the blog going!
Regards, Alan