Day Trader’s Weekend Aftermarket Lounge 24 -26 May 2019, page-43

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steps_asx

6,195 Posts.

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25/05/19

10:09

Post #: 38740517
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Originally posted by TraderRR: ↑

working double time with my research this week
the way i see trading is like a businessI have my trading book to record my daily increase and decrease of trading revenues, that way i know when im steering off track and during periods im doing well.
when you start to see your book go down, you know the market has turned against you and your current strategy which was working needs to be refined.
This month has been the best i have done in my 10 year trading life in terms of monthly revenues. In the first two weeks, i managed five digit growth in revenues. My trading book this week though, shows a decline in trading profits of about -20%
this shows that the market has turned against me and my trading strategy which worked for the first two weeks, is starting to become ineffective.
Which means this week, i need to refine it and do more research.

for me, i missed a few obvious runners on Friday. I tried to trade less and in smaller sizes. After recording five digit growth, my trading amounts increased from my usual ($10k p trade) to about ($20k p trade) and my holding position increased from $20k p day to $100k p day.

Guess that is where i went wrong this week, made a lot of money so increased my risk appetite and move funds into higher risk areas, such as Rare Earths and small cap miners.

anyway, don't know why im kicking myself even with so much success this month. I just need to refine, re-tune and protect my other 80% of profits. market is cruel, it can take it all back from you before you know it if your not disciplined.I'll leave you guys this week with a few words of wisdom and for myself too.

Business, discipline. Many thanks for listening to me.

TraderRR

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Agreed it certainly is a business. I think a lot fail to see this I know I did when I first started.

Last edited by steps_asx: 25/05/19
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