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Da Roolz
G'day All (yup I'm one of those Australians... so no jokes about another kangaroo on the barby okay :))
I am a profligate trader and poster over in Australia, and have recently spent a short period of time (three weeks) going at futures day-trading full time.
(I generally trade international Indices, FOREX and commodities futures)
During this time I managed to repeat a lot of mistakes I have made trading part time, but, I recorded every trade and made notes on what I was feeling and thinking and then spent some time analysing what I had done, why I had done it and pinpointing certain things I could do toimprove mey results.
In doing so I put together a document which outlines a bunch of rules and guides for myself.
As I have just logged on, subscribed, registered here, I thought I would take the opportunity to put what I wrote for myself (and have posted elsewhere in Aus based forums) as my first contribution here.
Apologies as I am not too sure how to highlight headings... (does HTML work?) so th readability is not as great as it could be. However I hope this is of some interest/help, and I would love to hear other's rules n guidelines that they employ.
as an aside, since writing this thing up and obeying it (pretty much) I have significantly reduced the number of mistakes I make ans as a result have definately improved my trading "bottom line"
I have just discovered the text is to long so the rest of the post is after this one.
Tags:psychology
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4. Open Multiple contract positions and take profits gradually.
This is the one I now need to focus on the most. I have the strategy, just haven't been using it. Much appreciated!
Cheers mate, Uturn
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Thanks admin, managed to hack my way back into the profile, but danged if i can see the MyPlanet link on ANY screen.
;)
LOL nice one U-turn, I did read your previous post on the matter and appreciate you putting it here as well.
basically I guess we are pretty much saying the same thing. :)
bloody Aussies... Everywhere
;)
Hi, I'm an Aussie living in Hungary.
I have posted the below previously.
I have tweaked it up since.
Of course it has been gleaned from other traders.
There may be something in it that you like or can use.
Cheers, Uturn
*****************************************************
The Successful Trader:
1. The market is always turning. Let it turn, let it turn, let it turn.
2. Let the market come to you, do not chase it.
3.The BIG money is never made buying or selling, but in the waiting.
4. Patience will achieve more than force.
5. Find setups and entries which minimise exposure.
6. You know what to do, and you know when to do it.
7. Let them run, let them run, let them run.
8. Lose your opinion not your money.
9. The charts will tell you everything you need to know. Trust them, and no-one else!
10. Hedging Stops protect profits and cap losses.
11. Premature speculation leads to capital annihilation.
Motivational:
~ I am a successful trader
~ Each day's performance is fresh
~ I find and execute successful trades
~ I trade effortlessly and automatically
~ I Trade with confidence
~ I achieve excellent trading results
~ I am successful without being perfect
~ I am personally responsible for my trading
~ One bad trade is just that
~ My performance as a trader does not reflect my self worth
~ Trading is an ever evolving skill
~ Believing in myself and proven methodologies,
I approach each day fresh and alert to the opportunities presented.
