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Hi.
I am in the situation I suspect many traders may find themselves. If I
remember correctly from the Jack Schwager books, even the great traders
find it very difficult to trade when they are under financed as I am. I
suspect it relates to the statement made by several in the book “When
the trader thinks of the money they are dead”. When I read that I did
not know exactly what it meant. Now I believe it means the trader will
hesitate and miss good trades as well as sell too soon rather than hold
until their targets based upon their record keeping. I have come to this
conclusion because this is my situation (especially the hesitation). It
is interesting because 4 times with fairly large sample sizes (80, 100,
150 and unknown) I tested myself doing strict paper trading and found my
win/loss ratio hovered about 75% to 83%. Apply real money and it nose
dives simply because I hesitate and miss many opportunities and refuse
to chase. I have attempted applying a belief-based psychology I know
called REBT as well as using the paper trading to build confidence and I
still have difficulty. My current efforts are to specialize by
restricting my market, time of trading, and patterns.
I am wondering if someone else may have gone through this and managed to
resolve the issue. Maybe a particular book may be worth reading or
something I had not considered.
I am also considering finding part time contract programming work
hopefully related to trading. The idea being that the additional income
would reduce the pressure and actually improve my trading which I would
do during the morning trading session. With 19 years computer
programming experience in 11 programming languages including VBA for MS
access and some experience in TradeStation programming I am wondering if
anyone might have suggestions on where I would find part time
contracting programming work related to trading. With courses on stocks,
options futures and a small bit of finance as well as my own trading
experience I figure I can provide some value in this regard.
Thanks for any suggestions,
John.
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