Be your own better trader

Feb 29th, 2012 | By Bella | Category: General Comments

Greetings from Capetown.

I received this daily review from a solid developing SMB trader from which we can learn……….

I am so disgusted with how I traded today… probably the most mad at myself I have been in weeks… I made so many mistakes today…

  • Overtrading… trading too much away from good prices… this is a huge problem in something like DPZ and APOL that got being persuaded into trading things I should not be like ZAGG… or SWN… I am my own trader I don’t have to be in the things that others are in if this is no MY PLAY
  • Also RDC, HGSI I don’t need to participate in either… and the worst part is that my goal for the day was to be selective… I should be trading 10-15 stocks and no more as we got out of earnings season
  • In too many stocks again.. I tried to be in every play on the open… and just end up trading more stocks bad..
  • Terrible execution errors in APOL that cost me a good day and such stupid errors too
  • I couldn’t even capitalize on the one trade that I made money in KMI for no other reason than losing track of it…

The only good thing I can say I did today was, after getting really pissed I got up for lunch knowing that I need a break and after leaving down 150 gross atleast I was able to make some money back and get gross positive and clear my head as well

Also something I am adapting that I think will help me is, after 11 I am looking through my list of stocks, the radar, volume advancers, strong and weak and just writing down 10-20 stocks that traded well and might offer opportunity.. this way I am going to be focusing on the right stuff and looking at these stocks exclusively the rest of the day.

Overall, I need to come in more focused, be more selective, and get back to focusing exclusively in plays where I think I have potential… I need to start cutting my tickets and stocks coming into march and be much more patient… and the one thing that really hurt me is trying to do too much on the open instead of keeping up one or two stocks I am trying to flip through 5.

Bella

At one point in your trading career you will sit behind or next to or near someone better than you.  The urge to be like them can be mistaken for actually making their trades.  They are not you.  Trading is not a copycat sport.

Yes you can coopt trades from that great trader near.  And great mentoring is essential to you becoming great.  Yes you ought to watch that star’s focus, work ethic and preparation.  Talk with him/her about how they think through their trading.  But you are you.  You playbook is your playbook.  Your PnL is determined by you making plays that make sense to you.

You cannot copy trade.  You do not have the bankroll of that great trader for his drawdowns.  He will get big when you don’t see it and that will be all the difference.  Yes learn from the pros.  But learn from the pros to be your own better pro.

Bella
One Good Trade

no relevant trading positions

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Comments

  • http://www.tradecrushers.com MattNadell

    There’s a definite adjustment period when you sit next to a trader better than you, as you invariably start to trade bigger size as the better trader makes it seem so easy. It’s great advice to focus on your own setups and stocks, while slowly taking in lessons and techniques from the better trader. Be patient on your path to excellence and remember that the better trader makes it seem easy only as a result of his experience and hard work. 

  • Jimm

    I guess I should feel bad that I lost $100.00 today but I don’t. Today’s lesson was a lot cheaped than a college course. Onward my friends.

  • http://twitter.com/askchrishetrade Channel Guy Trader

    Don’t trade the first 15 to 20 min and watch your stocks from your watchlist. You did the research the prior day for a reason right? So if you did good research they are bound to offer you some type of opportunity, and guess what ? If your patient on the open you will see which of the 5 stocks that you are focusing on are going to pay you in the a.m.. You don’t have to be the first one in the trade… Let them show you first. This will help your patience.. If you have to leave your screen because its like crack lol, then go to the store around the corner by some coffee and then come back. Hope this helps as its helped me in my experience and now I plan on doing this everyday.. 

    Chris
    aka/ Channel Guy Trader
    askchrishetrades.blogspot.com

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