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Howard,
At Date: Sun, 18 Nov 2001 11:51:40 -0500, you wrote:
From: "Howard Hopkins" <hehohop@xxxxxxxxxxx>
Subject: Re: Re: Profit Taking
... Plus don't forget an important thing, if he does his job well
and riders reinforce the fact by giving better tips AND verbal
appreciation
he will probably take pride in what he's doing and feel good about
himself.
Why is this important for a trader to understand? Because I've been
there
many times mentally beating myself up for quitting too early and
missing
opportunities, staying around too long making mistakes and losing
money,
etc.. If you set a daily goal and reach it then you've done your job
well.
You can feel good about your trading and yourself and THIS is what
the
ultimate goal should be.
4) This then leads to the real question we all must answer... What is
our
goal??? I've struggled with this in the past and am still struggling
with
it. I daytrade the S&P's and puke trades too quickly. The way
that I've
tried to overcome that is with exit rules (which I am still trying to
consistently follow). FOR myself (and EVERYONE is different) I found
that
taking a multiple contract position is the best way to go. I usually
take
three contracts per account and peel them off one at a time. It feels
great
when I lock in a handle to handle and a half profit on my first
contract.
With a little profit in under my belt I'm more objective and less
emotional.
I then bring my stop up on the other 2 and look for my next
support/resistance target to exit another one. Then I TRY to hold the
last
one for a big gain.
5) I read a quote last night off
www.innerworth.com.
I don't have it in
front of me but to paraphrase: 'The difference between a professional
gambler and a professional loser is that a professional gambler gets
up and
leaves the table when he has reached HIS goal. The professional loser
stays
at the table until he's lost all his money and has got to stop
gambling.'
Taxi drivers don't have to combat the inner demons that may cause a
trader
to force himself out of the game.
Thank you for the pointer to inner worth.
I think you have an answer to your goal in the title of this
site. If you find a way of providing service and
perceiving that you provide service you have a feeling of
innerworth.
Regards, Ric.
www.traderscalm.com
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