bonchi07

Wow!!! You definetely need to finish the "mindful trader project." That sound so interesting. I will help you sell it... Have you tried to find programmers through Elance? or Guru.com?

I am interested in the article. Could you please send it? Thanks

Hello, I am thinking about taking the course provided by Ifundtraders. I will be taking the course in day trading equities. Have you heard of them and Oliver Velez? Any opinions on this?

Your current laptop with the dual core and lack of RAM is definitely an issue. That laptop may be fine for surfing but it wasn't designed to handle the real time data flow of todays markets...If you can afford it, move up to an i7 laptop...especially the i7-2630QM....Lenovo makes one and Eddie Z at EZ Trading Computers upgrades it with 8 GB of RAM and a Solid State hard drive...you don't necessarily need to have it upgraded but Eddie knows how to make them lightning fast. Like putting a supercharger on a car!

I totally identify with this system because I am a day trader myself and I trade this way too. My way of minimizing losing trades is by having an R (max amount of money I can lose per day) factor. This helps me control my trading. As hard as it is, I think this is a great rule because it keeps me in check. It pushes me to be more careful with my picks and my buying time. I like being a day trader because I sleep better at night. I dont have to worry about waking up to a disaster in Europe or who knows where...and the market is down big... Yes, of couse I have missed the gaps too, but overall my peace of mind is more important at this point. I hope this helps!

Thank you for putting it so clear!!! As traders we seldom forget about this and this is what gets us emotional all the time. We need to be realistic and cold, which is hard but not impossible. "Discipline is Key" to be succesful. As you put it: You need to know how much money you can lose on any given trade. Thanks for reminding us of this!!!

I do not think you should start taking big risks. You are calling them risks, so it seems stressful already. I have felt the same way a bunch of time. I think it is important to examine the good and the bad trades in order to learn. Also, as much as we all want to make money quick, the market will teach you otherwise. Somebody told me: "It is not about the results but about the process" and yes the money makes us feel we are trading well, but if we focus on the trading itself instead of the money we make, the money will follow...It always does.... I hope it helps!!! I try to remind myself of this every day.:crap:

This is great advice/ Most of the time consistency is more important than anything else. Also, I think it is very important to limit your losses on a daily basis as well. As long as your losses are less than your gains you are on the right track.. Having that feeling of making your money back can really hurt you. Knowing when to stop is vital. Thanks for the input!

Very intersting video and so true about training psychology and mental rehearsal. The problem I have is to practice the mental rehearsal before I trade. I struggle with that part of the discipline a lot. I am really trying because I know what difference it makes.

If it is not too late, check out this site Trading Computers for Day Trading & Stock Trading, EZ Trading Computers For Sale

Thanks for all this backup information. I also trade stocks and it is always challenging and ever changing. Besides, controlling your emotions and having a discipline is one of the most important things...regardless of what you trade. :missy:

I agree with your quotation and I do because there are a lot of people out there who believe that trading is easy and they are looking for a get rich quick type of scenario. A lot of people start trading with this in mind so they start gambling in the market. They want to make it a Vegas experience. As far as the schools, I also agree, most of them promise a lot!!! but ultimately is the students choice to believe it or not. Education is always good but then it is up to the student to apply what he or she has learned. I think what happens in trading is that there is no mercy in the mkt. You make a mistake and it is tangible, right there in the moment. In any other industry or job, people get second chances but the market does not forgive so yes the chances to succeed are slimmer. Now, this is not to imply that it is impossible. Jessy Livermore went bankrupt 4 times before he finally said he figured it out. He was obviously a very exceptional case. I think what made him successful is his ability to learn from his mistakes and that is something vere few people do. Besides learning the trading technique I think that the psychological work that needs to be done is far more important. You can know all you want about indicators, strategies, etc, but if you cannot control your emotions, all your knowledge goes out the door. I truly feel that the mkt is capable to bring the worst and the best of us in a split of a second. I think that the ability to recognize what we did wrong and right will make us better traders but you have to be open....

"Those adapters work well but you have to remember that laptops have been optimized for minaturization, not power and speed...their processors tend to be slower.. My friend Eddie Z talks about it in his free guid to trading computers Trading Computers, Day Trading & Stock Trading Computers, Mulitple Monitors

Very interesting points. I think that one possible answer is having rules. Rules will be the main guide in the market. I am a day trader, so one of my rules is: As soon as I buy a stock, I put a stop loss. This keeps me sane and without guessing. If a stock is going to work, then it needs to meet all the conditions at the time of the trade. If it doesnt work, I am out and that is the end of it. I cannot over analyze it because I will go crazy. I will, however, think about the reasons why it didnt work. Maybe the mkt is going the opposite direction, maybe it doesnt have the right volume, or maybe I am just too early. I think we all have a pain tolerance in every aspect of our lives. The market is no different. As a day trader that is another one of my rules. If any given day, I am down X, then I am out. Obviously I am not doing something right and maybe it is time take a look at the big picture. The worst thing to do is to over trade, so I have this rule to keep me from doing that. Rules, rules rules!!! I really think that we are disciplined to follow them, it makes life so much easier. Again, this can be applied in many aspects of our lives.

You are right about the mass manufacturers. Also, I do would take into consideration customer support and warranty. I have heard good things about EZ Trading Computers.

Well said!!! I have heard that what you resist "persists." This has been a hard to concept to truly understand since we do not want to give into bad behaviors. Do you agree with this statement? or in your opinion what is the best way to achieve re-attunement?

This helped me a lot when I was looking for a new trading computer. I learned to stay away from the mass manufacturers who use low grade components and I see that the BannRonn talks a lot about Dell computers. I hope you find this useful: Free Guide | EZ Trading Computers

Thanks so much for sharing this. It is so true! We look at times for personal validation in the market. I am trying to disconeect from this need and it has been extremely hard. I have the intellectual understanding and I know that the hardest is to put all these concepts into practice. It is refreshing to hear reminders like this one.! Thanks again!

You are absolutely right. Greed is good when used correctly and yes in small amounts. A lot of people are looking for the big move that sometimes never comes. It is better to be consistent and disciplined every day. I have found that discipline is if not the most important factor when it comes to trading. Discipline is what makes you or breaks you. Another one is patience, which goes along with discipline teaching you to wait for the right entry and controlling you from acting emotionally.

By emotions I mean greed, fear, ego...etc. You name it!! I think trading brings them all out. I agree, I think we should not try to learn how to control our emotions with medication. We live in a society where we are so used to immediate gratification tha we dont want to do the work. As far as therapy, I think that is an approach that a person can take to learn how to deal with all the emotions. I think at some point that fearful feeling could come to us while trading. The point is to know how to deal with it but you cannot deny we all have experienced it at some level while trading.

Very interesting! and totally agree. It is amazing how our trading style becomes a mirror of our inner emotions. The big big difference is that the results of our actions in trading are instantaneous. If we let our emotions take control of us, we more than likely lose money and if this is a pattern, soon we get shut down! The market could become our very best straightforward teacher.:doh:

Very interesting article. Losing is part of the game. The key question is knowing "How much can you lose and still be able to keep going." Have you read the biography of Jesse Livermore? He went broke 4 times and every time he was able to come back strong, not only financially strong but psychologically more aware of what the market represents. You are right!! It is not a quick get rich job. It takes years to learn and to master it. This learning process has to do a lot with human psychology. It is the process of learning about our emotions and how to control them. This is the real hard learning that takes place when fighting with ego and greed.... It is a hard path because we dont fight the market, we fight ourselves!!!