Friday, November 30, 2007

Elephant Poop sized reflection on my Trading Blow Ups


No Trading for my today, so I will leave you with this link to all my posts of all my trading blow ups from this year. When looking back you can see I've lost over $50,000 this year due to blow up trading days.

Reflecting on these acts as a good motivation tool for me, and that is why I have put them in my journal.

I'll also leave you this link to Tradersfeed- Seven (Questionable) Things I Hear From Traders, it's another great post by the Doc.


My passion is not to trade...My passion is to make as much money as I can...
If I could make $1,000-$2,000 a day shoveling elephant Poop I would do it over trading.

You could say I shovel poop for a living, but I'm still rich and the job is easy. Having a bad smell on me when I get home is something I'm willing to accept.
Trading just happens to be a way to make a lot of money, and it has been my focus for the last 2 years. Losing is the hardest thing I have had to face, and failure to except losses has slowed the progression of my account. I've had many blow ups, and many good months of profits, and along the way I have learned a great deal about who I am, and what I'm capable of if I put my full effort into it. The key is setting goals, making a plan, and staying focused on your path. There are some psychological impediments I've faced along the way in my trading career, such as taking a loss, getting past a certain value in my account, and making X amounts of dollars in a day. I plan on continuing my trading career and putting more effort into making money because I believe I have an edge, I believe I have a strategy that is profitable when backtested, and I believe in myself. There have been a number of times I ALMOST GAVE UP TRADING, but yet I'm still here, and I'm producing results, because the passion to make money is still there and won't be going away for awhile.

Now who comes up with better topic headings than ME?

4 comments:

StockHunter on 7:35 PM said...

Great post! I can imagine myself writing the same things on my own blog.

HPT on 9:20 PM said...

Thanks Stock hunter, I was afraid people would just read my post and think of me as a big loser, when in fact I'm doing well this year despite my setbacks.

Dinosaur Trader on 9:25 AM said...

HPT,

Glad to see you're still plugging along. You know the VO is there for you when you want to suffer another bout of blowups again.

-DT

HPT on 9:52 AM said...

Thanks DINO,
I'm working on my system this week and my signals are starting to get a lot better and I will probably be back to full time trading soon. So far I'm just watching the choppy market today and testing my system out. There won't be anymore blowups from me. Before I get back into full time trading I'm going to take the necessary action to make sure I never overuse leverage and never go against my stops by either buying buttontrader to set my risk parameters or another software risk management provider. A small monthly fee isn't anything, considering the 50k in blow up trading days I've had this year.

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