11/10/2009

The Two Faces of Solfest

Daytrader 233 wrote a blog post about his mental status during and after a successful trade.

I thought I would add to the conversation with my two trades today. Trade number 1, which I have titled, I am moron, shows a big up move with many blue bars and the cheers of successful traders along the way.

Solfest's entry endured heckling from the peanut gallery and ended with tears and the gnashing of teeth.

I am moron.
Trade number 2 which I have titled, I am genius, shows a nice downtrend, a thoughtful entry, and target reached.

I am genius.
The truth of the two trades is that both were successful. Both trades met my guidelines completely, I took both trades and executed the in flight plan perfectly, and I accepted the outcome from both as part of the business.

Money management took 13 ticks on one and money management gave 55 ticks on the other.

The moral of the story is I am neither moron or genius, (although I am human and therefore could be stupid) I am simply following a plan that has statistical merit.

It's just that easy.

HA!

It's never easy, unless you can somehow get into the Long & Wrong robotic mindset and stay there. I get there, but I don't always stay there. I guess I am stupid.

But I'm not a moron or a genius, I'm a trader.

7 comments:

daytrader233 said...

The internal struggle between fear and greed. How I wish I had that cyborg mentality.

Solfest said...

DT I think the key may be a self induced lobotomy, or just trade drunk.

Yes that's it, drunk.

Start your day with a quart of tequila and away you go.

The best part of this method which we shall call, price bar hammered, is when you wake up the next day you will have no idea what happened the previous day.

You open up your online broker statement and presto, profits galore.

daytrader233 said...

LOL!

ANON said...

I gotta try this drunk trading (holy grail?) plan.

Paper trading (real alcohol) experiment, here I come.

longandwrong said...

Only take trades were the mysterious new number in the top-left corner equals 29.

Easy.

Anonymous said...

Can ask do you go for a set amount of money a day.. Today it seems like you profited $420.00. I take it that this is what you do for a living.. You need to make an X amount a year to survive.. Do you have set goals or how to you go about this b/c if you don't make enough for the month, do you push it? Sorry for all the questions, but I do trade for a living and I know what I have to make ?

Solfest said...

Anon I do not have any profit goals for the day. I do have daily stops that I obey. I try to only take the set ups as per my plan and take all until I hit my maximum number of trades stop outs for the day.