Severe Greed----I need opinions!

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scalperT
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Severe Greed----I need opinions!

Postby scalperT » Tue Oct 23, 2007 7:46 pm

Guys,

I am having a serious problem at this point with my trading. I am using just two of Avery's methods, that is all. I only watch three stocks AAPL, RIMM, and GOOG, that is all that I scalp.

I usually hit my goal of about 1% of my account by 10:30 AM or 11:00 AM. But I keep trading, and trading, and trading. Despite what others think about the slow hours of 11:00 AM-1:00 PM, I love trading these hours. As the prices seem to roll in nice little small .5 cent to .10 cent increments.

I was done again today by 10:45 AM and had reached my goal, but I continued to trade. I saw RIMM finally enter the buy zone this afternoon and fired off another quick three trades for .20 cents. I could not help myself, it was a legitimate trigger and I had to take it!

Now, don't get me wrong. I am not whining about all this. If I told you how much money I have been making, you simply would call me a liar. But it amounts to an average of 2k per day for the last month, which is huge money to me. I know that I cannot continue like this, it seems wrong, or maybe I can?

The truth is, my girlfriend left me about a month ago, and I am just bored out of my mind. I have nothing to do but sit and stare at the screen and fire off trades on every trigger I get.

How do you guys walk away? What do you do with the rest of yuur day? How do you force yourself to stop trading? I am posting this now, just to force myself away from the market-----literally-- as it is 3:43 PM Eastern time.

Any advice would be appreciated.

PS---Avery, if you read this. I have had TS for over two months now. Those idiots have yet to set up an appointment for tech support. I am trading off linear regression charts and still making your stuff work. Watch out if I ever get TS set up!

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Postby snowblind » Tue Oct 23, 2007 10:12 pm

Greed can be conquered(or humbled) faster with futures :)

Try and meet other people who don't work midday/afternoon. This is what I did. I find myself getting out to play golf, travel, etc

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TheRumpledOne
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Postby TheRumpledOne » Wed Oct 24, 2007 1:26 am

Is it greed?

You said you are bored!

You need a hobby other than trading.

Take an afternoon class... that will force you to walk away from your computer.

Do what MP does... wander the frozen food section of the grocery store...LOL!

You can continue to make $2k a day, it's not luck.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

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Patch
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Postby Patch » Wed Oct 24, 2007 2:28 am

tmjxxx

All I can say is that if you can do it, make $2000 a day in the stock market -- do it again and again and keep on doing it. It ain't no accident. I would be thrilled to make $100US a day. What drives a man? The single best book I every read that helped me more than another, and save my life, is Sons of the Father by Gordon Dalbey. You can order a copy @ www.abbafather.com . Gordon's writing saved my life, appart from that I have no financial interest. Though if you buy his book and read it, and want a refund, I will back it up for you with a refund.

Patch the Pirate

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Postby Ken_S » Wed Oct 24, 2007 2:35 am

Of course you can continue....if you stop thinking about it and don't beat yourself.
Treat the profits as a "means to an ends". The ends being something that you always dreamed of doing.

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Postby traderjeffb » Wed Oct 24, 2007 4:25 am

tjmxxx
I went back and took a look at the chart for RIMM today. I simply looks like you did a good job trading. If you were greedy you would be hanging on trying to make more on some of those trades:like the one at 12:50-best case you had a 40? move down(if you use a 20? break out min.) If you would have tried for much more than the 20? you mentioned you would have lost. Then again at 1:35 you grabbed 20? on that little pop up-greed would have had you hang on for more(which you didn't) and you would have missed the final chance at 2pm-- Good trading my friend!

I have heard John Carter say that his idea of a "good night" is sitting down with his laptop and looking at 200+ charts ...and I concur. Do what you love......

Jeff

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Postby traderjeffb » Wed Oct 24, 2007 4:31 am

Sorry guys!!!!!!!!!!!!

I kept getting error messages- I will be more careful in the future!

Jeff

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Postby Lynx » Wed Oct 24, 2007 5:57 am

First of all congratulations, I have to concur that it is no luck to repeat the proces for that many days. Is the money your after or the passion for trading that gets you money as a byproduct? If you ask me it sounds more like your passionate about trading and that ends up in being 2K a day. Greed is never having enough, always wanting more. Perhaps that is not your case but only you can decide.
On another note, I see your using the buy zone, what else are you using? YOu mentioned you use two things. Just curious.
Lynx

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Postby TheRumpledOne » Wed Oct 24, 2007 1:14 pm

1) If you are making $2k on average then forget about changing ANYTHING... That's $500k a year!!

2) Please post a couple of charts and explain you trades so that others may benefit.

Good job and Thanks.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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scalperT
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Postby scalperT » Thu Oct 25, 2007 1:55 am

Thanks for the great advice guys. I am not sure what it is I am trying to accomplish anymore. I do love trading and cannot think of anything I would rather do. When I was laid off from my job at Johnson & Johnson, I basically just wanted to duplicate my salary by day trading. I was making about 52k at that time, so I was shooting to make about $200 per day. I would have been thrilled with that. That is all I reallly wanted. As a single man, I can live like a king on that salary; I am not extravagant in my spending.

After a while $200 became just to easy, it was a joke, then $300 became to easy. I bumped it up to $400-$500, which is breaking six figures. That is also not very difficult. I can usually get that by 10:30-11:00 AM. I just keep trading though, for no real reason, I don't need the money. After $500, the trading seems to become more stressfull to me. I know that I am stressing because my hair is starting to fall out a bit, and I have a full head of hair.

Today, by 11:00 AM I had $400+, I kept trading though and at one point in the day I was up $2.24 or about $2,240. Then I was bored because my three stocks were not cooperating. I got into a really bad trade on CROX. I was just bored and forced a trade. I went long, when it was a clear short reviewing my charts. It was simply a terrible trade. Then RIMM and AAPL woke up later towards the close and I fired off a bunch of trades on RIMM, and AAPL. I don't have my platform up, but I ended up at about +1.67 for the day.

I think that I do need to force myself away from the computer when I hit my goal. I believe that I am simply bored out of my mind, eveyone I know is at work. Tonight I took a tour of a gym right around the corner from me. It is called "Planet Fitness", but based on the people I saw working out, it should be called "Planet Fatness". It was a very nice place though, clean, lots of equipment, and open 24 hours a day. I think that I will start working out in the afternoon to have something to do. That should be interesting, as I have literally done no exercize for the last 25 years!

Anyway, thanks again for the advice; I needed the feedback from other traders.

Patch, I checked out that website, thank you. I have decided to buy that book. I am a religous person, and according to my ex-girlfriends, a big time mama's boy.

Lynx, if you PM me I will tell you the other method of Avery's I am using. It is from one of his e-books, being honorable, I cannot tell you exactly what I am doing. I will point you to the webpage for the book though.

I think a chimp coould make a living on just the buy zone-sell zone method, but combined these methods are particularly deadly.

Thanks again my fellow traders!

Tom

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