This blog is no different than the daily journal entries that I record after everyone of my trading days. However, I've decided to share it with the world in hopes that another can be influenced as well. My trading journey wasn't pretty, but I'm finally at the point where I feel comfortable with it. Am I making money? Well looking at my account balance NO, not yet. But I know how to make money and I know what it takes. I just have to do it. (lol) Sounds familiar right. The difference is when i say it I MEAN IT. The two most important keys of successfully trading are having a solid game plan and discipline. When I started fooling (I say fooling around because looking at what I know now, I can not call myself a serious trader) around in this market a year ago I had neither. Six months ago, I had a solid game plan. However when the real money was on the table I would constantly break my rules do to emotional reasons and outside influences. After going through a lot of pain my heart is finally numb (or close to) as far as trading goes. I took the month of December to develop a system, back test it, and write specific rules for it. Now I work solely on "if...then..." scenarios. "If the market does this, Then I will do this", no excuses. I have also gotten to the point where I am no longer scared to lose money and accept it as part of the business. Let's just say that I have lost so much already, trying to "get rich quick", that I finally understand that I must "crawl-walk-run-fly". I compare it to Neo in Matrix 2, or breaking up with a girl friend and getting a second chance. (Well maybe not the latter , as that often didn't work out well for me personally). Either way, 98% of traders fail within their first year of trading an I'm determined not to fall into that category.
The 3 most important rules of trading are: 1) Don't go broke. 2) Don't go broke. and, 3) Don't go broke. As long as you have an account you have a fighting chance.
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