I promise you this…
Not every trade will go according to plan.
Not every trading session will go according to plan.
You will have to deal with a LOT of crap outcomes in this business.
And your success DEPENDS upon how well you manage that crap.
The market is opening… and I REALLY LIKE how it looks.
A profitable trade sequence. But messy.
That’s often the way this business is.
“Don’t expect trading to be perfect. Aim instead to be good enough to operate alongside the imperfection and uncertainty and doubt and general mind-fuckery that is the markets.”
That’s one you might want to put on a post-it note.
Happy trading,
Lance Beggs
Thanks Lance, great to see the good and the bad from you. It’s a messy game.
With your last sequence, I also have the urge to short an up move because you’ve “missed” all the action so far, something I’m trying to stop doing, the desperation to make something happen is strong.
I try to tell myself that usually trends don’t end with reversals they often just go sideways in a range, so shorting is a dumb idea anyway. Goes some way to avoiding shorting up trends.
Thanks for sharing!
Thanks Ross. Agree 100% that shorting is more often than not a dumb idea. I used to do it a LOT. It doesn’t occur too much now, typically only when I’m tired & close to my fatigue limits.
But like everything in trading, it’s a constant work-in-progress to improve myself.
Best of luck with your trading,
Lance.
It’s nice to see how you’re always managing crap until you catch nice vawe. I would love to see one live video from you on youtube about trade management live. Thanks for best blog ever!
Thanks Bruno. It’s been a LONG time since I’ve last done anything with video. I expect I’ll do something again one day. To be fair though, for the life of me I cannot see how anyone who actually daytrades also has time for video. It’s a whole lot of work!
Cheers,
Lance.
Hi, Lance
I’ve been following you for years. I always find ideas that make me think about my trading. In this entry, I found this one
“Accepting that I have made this entry decisions , what could I have done to make the best of the situation? Because great part of the sucess depens upon how well you manage the crap.”
When I do my review I always try to find how I should not have made a bad trade. And maybe I should focus on how I should have managed that bad trade to minimise the damage. To change the point of view to gain confidence in my “bad trade” management more than in my “not do that bad entry”.
Thanks Vicente,
Both are possibly equally important. How could I have avoided the bad trade? And assuming I couldn’t avoid it, how could I have better managed it?
Best of luck,
Lance.