Shared by
Blake_BOWS
I thought that it was breaking the flag there, but it turned around right at that spot, then went like I thought it would later
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2014-11-14 10:10:42 | WDAY | buy | $94.570 | long |
| 2014-11-14 10:15:21 | WDAY | sell | $94.220 | 0 |
Comments
Blake_BOWS
When you're looking at these plays from people, since you look at a lot, do you start to notice the mistakes that certain individuals consistently make? Or is too many people to keep track of? I'm getting anxious to figure out why I can be so hot simulated trading and then struggle going live. It's happened about a half a dozen times. I've only blown up one account and I'm on my second one right now and I'm about flat in the whole account. I've had a couple people try to work with me but they can't figure out why I struggle, just wondering if you got anything or wouldn't mind starting to (or any help at all would be appreciated)
Nape_BOWS
Usually people take small gain not letting the winners run to catch the bigger gains, but i notice with you, your trades are really good. What position sizes are you trading?
I'm only risking $30 a trade right now. I have wanted to keep it at that until I get consistent enough to up to $50, hang there for a week or two consistently, then up it to $75, and so on... But I'm just not quite finding enough consistency yet. With simulated trading, I could easily do that (even factoring in what my commissions would have been).
Truthfully, if I could say in a nutshell what's holding me back is time after time after time, I watch a good pattern form, intend to take the trade and then talk myself out of it, orrrrr I put in a limit order and it doesn't fill. Then the 2nd thing is that sometimes I really really like a good pattern and I only take out a third on my first sell, then it reverses and I get rid of the last 2/3 on my stop, and then the times I do sell half instead of a third right a way, are the times the stock really goes! I've pretty much mastered those two things on simulated trading, but real money I'm just shooting myself in the foot on those
Okay I see. It has nothing to do with your trading skills. You have the skills in order to make as much money as you want. I can see that you know the setups and know how to play them really well, so with that being said, It is the psychological aspect of trading that is holding you back.
Its the fear of missing out and losing money that is holding you back when you are trading real money. This is what you need to do:
When you see a stock that you want to take and you see a setup that you know that works good when you usually take it. Ask yourself I'm I confident enough in my skills to take this trade. If it goes against you, so what, just get out for a small lost. You can always jump back into the trade if the setup presents itself again. You have to tell yourself to stop hesitating to take a trade when you know your skills are good enough to take the trade. Your at a turning point in your trading which is a good thing! Let the winning trades run when you are live trading. Trust your skills. You really know how to trade bro.
Do not be scared to take a loss when trading. You know this stuff well enough to make that money back. You have to go for it.*** The only person that is holding you back is YOU.***
I think you're definitely right! I think it is psychological. I really appreciate the confidence boost as well. It is definitely me holding myself back.
I'm going to do what you say for sure. I'm going to stop hesitating so much and get myself on the right track! I'm sure that a lot of other people have been in my shoes and some have persevered and some haven't, and I will for sure, I know I'm a good trader, but would it be ok for me to follow up with you? Or at least ask you when you're reviewing my trades to be extra constructive of the things I'm doing wrong? I know you review so much, so I feel bad even asking you this, but I don't think it will take long for me to work through this psychological stuff!
Yeah I will definitely try to point out the things you need to improve on when I see them.
thanks buddy. Another thing that goes along with me missing some of these great trades is that I keep waiting for confirmation on the really really good flags of the day and that just keeps killing me because 3/4 of the time when it breaks the flag, it jumps 10, 20, 40 cents or so depending on the stock and then I feel like I'm chasing so I don't take the trade... so I have to start hitting those really good flags that I'm confident in before they break
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Damn algos shook u out. Hate when that happens.