http://www.thestockbandit.net/2006/06/13/perfection/ Trading blog with trading insights, discussion on swing trading, day trading, and trading psychology. Thu, 22 May 2008 19:41:51 +0000 http://wordpress.org/?v=2.0.9 http://www.thestockbandit.net/2006/06/13/perfection/#comment-18438 Thu, 26 Jul 2007 15:59:40 +0000 http://www.thestockbandit.net/2006/06/13/perfection/#comment-18438 [...] There are going to be plenty of times when you’ll be unsure of what your next move should be. Good news - that doesn’t at all have to be tied to your profitability! I have felt that way numerous times in the past week, and yet I’ve been able to make several profitable trades and grow my account during that same stretch. Predicting didn’t get me there, discipline did. Good traders know that perfection isn’t required, which means they don’t have to predict with accuracy what may happen next. Instead, it’s about selectivity and offsetting small losses with big winners. [...] […] There are going to be plenty of times when you’ll be unsure of what your next move should be. Good news - that doesn’t at all have to be tied to your profitability! I have felt that way numerous times in the past week, and yet I’ve been able to make several profitable trades and grow my account during that same stretch. Predicting didn’t get me there, discipline did. Good traders know that perfection isn’t required, which means they don’t have to predict with accuracy what may happen next. Instead, it’s about selectivity and offsetting small losses with big winners. […]

]]> http://www.thestockbandit.net/2006/06/13/perfection/#comment-1687 Wed, 06 Sep 2006 14:57:10 +0000 http://www.thestockbandit.net/2006/06/13/perfection/#comment-1687 [...] Not anymore - I’m past that, and thankful that I finally realized it. It took some time, probably because of the irony of it all. Who would have thought that the best traders’ real key to consistent profits in the market all boils down to humility and their ability to get out of a trades when they need to the most? What happened to bravado and having the guts to take the plunge and go big when you really feel you’re right? Is that not how the best traders do it? Occasionally that approach might give you a windfall profit, but what happens when you’re wrong (and you WILL be)? If you don’t have an exit plan, you’re gonna be toast. It’ll be Hammer Time for your account, and it won’t be pretty or fun! [...] […] Not anymore - I’m past that, and thankful that I finally realized it. It took some time, probably because of the irony of it all. Who would have thought that the best traders’ real key to consistent profits in the market all boils down to humility and their ability to get out of a trades when they need to the most? What happened to bravado and having the guts to take the plunge and go big when you really feel you’re right? Is that not how the best traders do it? Occasionally that approach might give you a windfall profit, but what happens when you’re wrong (and you WILL be)? If you don’t have an exit plan, you’re gonna be toast. It’ll be Hammer Time for your account, and it won’t be pretty or fun! […]

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