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

June 30, 2010 by Harry
Category: blog