Saturday, July 28, 2007

Great week!

Had a busy weekend so I couldn't post about thursday and friday, but here goes.. Thursday I closed +165$ after commissions, and friday +114$, I really starting to get the hang of day trading, and I'd like to talk about the most important thing about trading.

Self discipline, this is the most important trait in day trading, without it you are lost, I've lost a lot of money in the last few week, sometimes 2K$ a day, but I still had faith, which led me to better understanding of what I am doing, I saw that whenever I stop the trading day, and paper trade, no emotions involved, I "make money", even if it's on paper, it convinced me that money can be made from the markets, it's just that I have to discover what in myself is not letting me grab it.

This week had been great since I traded only on signals, and not on "2 minutes scalp" that just got me losing money, I only did what my method had told me, except on monday when I lost 90$, which is not too bad since after losing that money I saw that keeping my way would have got me winning money, so to make stuff simple, discipline discipline discipline, this is the most important trait, if you can wait for the right moves, and just enter with speed and power, you can make a lot of money.

I noticed that most of this week I traded for about an hour, and still managed to make 1-2% on my account, which means that heavily overtrading is not recommended, when you can just wait for the 5-15 minute moves that just makes the day like in my last posts.

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