Thursday, April 26, 2007

NOonglance

Okay, so I started out this blog a little over a month ago and I was obsessively sweating over my P&L... watching it for every little downtick. Then, I decided that I would remove it from my screen and just check it at noon. I would post the number here in a clever little post I liked to call the "Noonglance".

Well, now, with the help of my spiritual adviser
Misstrade, I'm taking it off altogether and just not going to look at it anymore.

In fact, when the checks start rolling in from my company again, I'll just hand them straight to my wife and be done with them.

I'm looking to turn myself into an impassionate conduit for money. That is all.

6 comments:

Anonymous said...

Hey DT,

REALLY, really appreciate you remind me (slap me!) on the no bias trading, really help me clear up a bit!

Frank

Dinosaur Trader said...

Frank,

Heck, no worries. I'm in such a slump, if I can impart any type of wisdom it makes me feel better.

Good luck today,

-DT

Anonymous said...

Hi DT,

Just share some my thoughts when I'm down. I usually say to myself that "draw down" is a process of trading. As long as we keep the draw down controlled (small). I would do something else (not trading) and clear up a bit. When I start back, I would scale down on my shares and not trade as aggressive. And hopefully get my rythem back!

Frank

High Probability Trader said...

I sometimes have the same problem with viewing my P/L. I would often look at my P/L instead of the charts, and I would lose focus. Ask yourself the question, "are you looking for your setups?", or, "are you taking scalp trades that look good initially, but then letting these trades turn into losers in which you add to?" Here is a post I made about it if you're interested- http://highprobability.blogspot.com/2007/03/march-28-trade-summary.html

MIsstrade said...

Enter knowing your risk/reward and the stops with your entry and you won't need to watch your P&L just let the trade work itself out. The P&L if you allow patience in your trading will come on its own fruition.

Dinosaur Trader said...

Thanks guys for the advice. I think, even though I took one on the chin today, that I'm on the right path again. I actually felt it even though I had a bad day.

I really did feel liberated.

So, I just need to cut out the static now. But the fear is gone and that frees me to start thinking about winning again.

Your comments are much appreciated,

-DT