07-03-2021, 10:35 PM
The break I decided to take is going well. I am about half way through the first book "Market wizards'' its a classic book but its a must read, its been on my shelf for a while.
Again with major realizations,
I realized that when I first decided to become a trader, the reasons were:
- it really facinates me
- I enjoy it and it keeps me happy and alive
Early years these two aspects made me devolp a trading style (swing trading) that is relaxing and really interesting, but what happened is, I started to get greedy, I want success fast, I want it fast, I started to combine different trading styles to acheive one objective which is How to generate the most amount of profit in the shortest time possible.
While I did acheive this objective but I could not sustain it at all, I got burnt out, my entire thoughts pattern became about trading only, it shifted from facination and fun to frustration.
Dont get me wrong, I made the most amount of money because of this trading style combination, but I get burn out quickly, it is something I would rather not do. It is not based on my personality. I like more the swing style even if it means less money in the same time span, but after really thinking about it, its not less money, I think it was just limiting belief.
Few take ways from the book: These point are directly related to me, thats why I picked them.
- Most traders lose because they are not patient enough to encounter a clearly defined situation
- When you are in a trade, you cant think clearly and if you are in doubt about your trade, the best thing to do is get out and get a fresh plate to start again.
- Let profit run and cut loss fast
- Dont Lose money for reasons you dont understand
- Stop Loss are very important, where to place them? its not wise to put your stop in a popular area
- The less observed, the better to trade
- Focus on protecting what you have
I may add more points as I finish up the first book,
As always, good luck
Again with major realizations,
I realized that when I first decided to become a trader, the reasons were:
- it really facinates me
- I enjoy it and it keeps me happy and alive
Early years these two aspects made me devolp a trading style (swing trading) that is relaxing and really interesting, but what happened is, I started to get greedy, I want success fast, I want it fast, I started to combine different trading styles to acheive one objective which is How to generate the most amount of profit in the shortest time possible.
While I did acheive this objective but I could not sustain it at all, I got burnt out, my entire thoughts pattern became about trading only, it shifted from facination and fun to frustration.
Dont get me wrong, I made the most amount of money because of this trading style combination, but I get burn out quickly, it is something I would rather not do. It is not based on my personality. I like more the swing style even if it means less money in the same time span, but after really thinking about it, its not less money, I think it was just limiting belief.
Few take ways from the book: These point are directly related to me, thats why I picked them.
- Most traders lose because they are not patient enough to encounter a clearly defined situation
- When you are in a trade, you cant think clearly and if you are in doubt about your trade, the best thing to do is get out and get a fresh plate to start again.
- Let profit run and cut loss fast
- Dont Lose money for reasons you dont understand
- Stop Loss are very important, where to place them? its not wise to put your stop in a popular area
- The less observed, the better to trade
- Focus on protecting what you have
I may add more points as I finish up the first book,
As always, good luck
