Doug Green

I've been learning how to Day Trading since January, 2009. I was introduced to Mark Douglas's teaching soon after starting. But at that time, I was just learning the technicals of trading. And his teaching didn't seem all that important or difficult. But now that I have and understand a system the I like, I'm finding that the Mark Douglas psychology is my next big hurdle.

More after the fold...

This lesson was reinforced again today. Today was an excellent trading day, but I had a losing day. My system picked the short on the ES at 2:38pm EDT, and would of taken this for about 10 points, which would of been worth about $1500. However, I got anxious. I expected something to happen. Then I thought I saw it happening, I was zoned in on the outcome. And when it started to go against me, I moved my stop because I was so sure that I had the right trade. In short, I made all the mental mistakes Mark Douglas talks about here, not the least of which was that I actually didn't read my signals right, and I got in at the wrong place.

I'm looking forward to the day that I have this programmed to take the signals automatically. But since that's not done yet, today I need to learn these mental lessons.