Saturday, December 31, 2005
12/30/05 Ryan Jones lesson 2 homework
(OK, this next assignment is going to take a while. But before I start I did have to mention that I edited a couple of things in my first post regarding what needs to be fixed that might be worth going back and re-reading. I know that even though you think you know things because they are so obvious that only an idiot could miss them, that I think I did. I am an idiot... although I think ignorant might be a better description!)
I had emotional revenge trading listed as my largest problem. In fact it isn't. It is only a really bad side effect of my much larger problem which ultimately causes Revenge Trading. My biggest problem is my desire to always be right and try to pick the tops and bottoms. Then I lose money because I'm rarely correct, then I get pissed and we all know what happens after that. Cause and effect! Solving one problem will largely solve the other (but not completely because I will still be wrong quite a bit, just maybe less often, and with fewer $ at stake).
Back to my homework. It's almost 3:00 am so I will be editing this later. I'm suppose to list how I would like to be remembered at my funeral. I really think this is going to be good as I am peeling the layers of my pschye like an onion. My personal list will be much longer than my professional list. Once again I will do that in private. Here goes trading:
1. I would like to be remembered as the trader that always kept his cool in the eye of the storm.
2. I would like be the guy that was willing to admit his mistakes early, close the trade and move on to the next one. There will always be a NEXT ONE! ALWAYS!
3. I would like to be the guy that had the patience of Jobe while waiting for a setup, and the lightening speed of Zeus to execute when the trade does finally arrive, and then the patience to let a few run with the wind while the market moves with me. I tend to pull off my profits too early.
4. I would also like to be remember as the trader that know that sometimes the best thing to do was not to trade. Actually, most of the time the best thing to do is to not trade.
Getting tired now so I will finish these later. In fact, I will be editing all the RJ stuff more as I work through this process.
Trader X
I had emotional revenge trading listed as my largest problem. In fact it isn't. It is only a really bad side effect of my much larger problem which ultimately causes Revenge Trading. My biggest problem is my desire to always be right and try to pick the tops and bottoms. Then I lose money because I'm rarely correct, then I get pissed and we all know what happens after that. Cause and effect! Solving one problem will largely solve the other (but not completely because I will still be wrong quite a bit, just maybe less often, and with fewer $ at stake).
Back to my homework. It's almost 3:00 am so I will be editing this later. I'm suppose to list how I would like to be remembered at my funeral. I really think this is going to be good as I am peeling the layers of my pschye like an onion. My personal list will be much longer than my professional list. Once again I will do that in private. Here goes trading:
1. I would like to be remembered as the trader that always kept his cool in the eye of the storm.
2. I would like be the guy that was willing to admit his mistakes early, close the trade and move on to the next one. There will always be a NEXT ONE! ALWAYS!
3. I would like to be the guy that had the patience of Jobe while waiting for a setup, and the lightening speed of Zeus to execute when the trade does finally arrive, and then the patience to let a few run with the wind while the market moves with me. I tend to pull off my profits too early.
4. I would also like to be remember as the trader that know that sometimes the best thing to do was not to trade. Actually, most of the time the best thing to do is to not trade.
Getting tired now so I will finish these later. In fact, I will be editing all the RJ stuff more as I work through this process.
Trader X
