I've had a beautiful several-day run trading where everything seems to be clicking. I'm raking in steady really nice money. I'm trading like a pro! calm, collected, taking my stops, following my rules. ...and also getting (and cashing in on) some luck.
I'm noticing the feeling that I need to regulate in myself. That feeling is ... what is it?... thrill?
It's a little better than satisfaction or confidence. It's excitement. And maybe feeling a little invincible. Exuberance?
But also nervous. Nervous because this feeling in the past has led to a slippery slope.
So now I need to check myself. Don't get over confident. Don't start thinking I'm invincible. Don't do anything stupid!
Just keep chopping. Bit by bit. Chop and chop. Climb and climb. Calm myself down.
Remember the trader adage: If you're dancing around the kitchen, singing about how genius you are... that's the top.
This can't be my top. I need to keep cool.
One of the most successful things I've been doing lately is taking a ~20% p/l target as fast as I can. More specifically, on the first surge. When I get that surge that I'm looking for (the quicker the better), I take half off. YES, HALF. If I had odd lots, the big half.
LISTEN UP SELF, don't underestimate taking p/l target as a key to success. This is the parnasa. I want parnasa from trading! Never stop taking half at the p/l target. The rest is dessert.
Wednesday, September 25, 2019
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