I ran across this on twitter, and thought this might help some of you who are struggling with your confidence. Learn from the mistakes of others.
There are also a few good replies in the thread.
We stress the same things in the VTF chat. Money management. Position sizing. Knowing your instrument. Overcoming fear. Overcoming greed.
Well, it's been a while since my last post. My desire was to start making positive post of how I was doing with details about what I was doing. Sorry to say now, this is not the case…. I'm officially out. For a long while anyway.
I again would like to thank all the regular contributors to MyPivots Forum and even some of the not so regular contributors. My appreciation for your time and information can never be truly expressed. This is such a fantastic web site for new comers like me. Unfortunately it was my own execution and fears that ultimately led to my annihilation.
Fear was and still is my biggest obstacle. I would sit and call one good trade after another… Over and over without the courage to enter the market.
Even if I did enter the market with a good decision… I would exit prematurely on account of panic. Bringing only a quarter to a half point tops at a time! I would feel like an absolute idiot afterwards.
And when my confidence was most strong, like this morning, is when my decisions were most destructive. I failed because all my good decisions never made a significant profit to compensate the bad ones.
Just a final note. Yes, I'm finished here because I failed to exit a few bad trades early. But more importantly… I failed because of my inability to control my fear, to actually enter into those good trades and my inability to stay strong in the good trades I did enter.
I learned to recognize those good trades throughout the pages of the MyPivots Forum. It's the importance of getting a hold on my emotions I still need to work on.
There is so much to learn. It's comforting and just as much discomforting to know some of you who've been trading successfully for years are still refining your skills and still experience some of the same qualms as I do from time to time. Thanks for sharing that insight as well.
New traders… Keep that in the back of your minds, for it's what we'll be up against for years to come.
With all its disappointments, I still love this. The peace of working on my own, being myself without fear of mortification is oh so settling. I only wish I could have experienced that feeling of self accomplishment. Still, this is the goal.
Well… It's back to 60hr work weeks. The good news is I love my job. The bad part is the competition to keep my job. Uh, it's a constant battle. Plus, as mentioned in the past… the, additional, dreaded 10+ hrs a week sitting in traffic to and from. uh.. That's the worst part.
I shall be back again! Someday… much older. Hopefully smarter!
Best of trading for all of you who come through this thread. And such as a skipping record, MANY MANY THANKS to all of you who rule the ES Threads! Again… For all your insight and education… Thank you thank you thank you! Happy lives to you and yours!