My fears of a market collapse proved unfounded and I should have traded better- actually recording a small loss this week, on trade number 16 of my fiscal year. (loss<£100)
My track record is not so good currently, and this is mainly down to NOT taking trades, due to confidence taking a bit of a hit.
I think it must be so reassuring to be in a trading environment with other traders who understand what trading is. My chums and I all trade differently, and often prefer different instruments, but for me it's still FTSE options.
I was surprised to see the point and figure chart of F now showing a target of 4750, though a column of 0s has appeared.
(Stockcharts- market summary)
I shall be looking for combo's next week, and prefer to go short on a big up day- I have less clue about market direction as time goes on, and in the long term I have no interest either, though perhaps I should put in place some much longer term trades- maybe calendars.
Some more research going on as I look at binary bets and the ±100 daily bets. I have been forced to abandon my pivot method for binaries as it patently didn't work, despite my initial conviction.
June expiry is a 5 week period so be careful out there. Remember there ARE free lunches, but someone always has to pay for them.
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In Alpesh Patel's book, Mind of a Tader. He lists a few different types of trader.
ReplyDeleteThe doubter
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You find it diffcult to execute at signals. You doubt your own abilities. You need to develop self confidence. Perhaps you should paper trade.
The disciplined trader
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This is the ideal type of trader. You focus on your system and follow it with discipline. Trading is usually a relaxed activity. You appreciate a loss does not make you a loser.
thanks for that- I've read many books on the mental side of trading, but I think we all go through periods of self doubt- even after a string of wins, as you expect the worst.
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