How often do you check your trades?

[NickElliott]

Hi All,

I've started with a dummy account trading US stocks and although I should be swing trading I can't seem to stop checking the positions every 30 mins ( list of positions are here www.stockabull.com)! Is this a Nebie thing or does everyone like to keep an eye on their trades throughout the day?

I've been told I only need to spend 4-5 hours a week swing trading but I would say I've spent that time this week just looking at the trades I've taken... how does this compare with other newbs and more importantly - any pros!?

 

[TheBramble]

Aren't these rather basic questions for a coach/trainer to be asking?

Or are you a newbie?

Or are you confused?

 

[NickElliott]

I'm a newbie, not a trainer. Starting to learn and do homework now and looking to start with a live account in Jan 2011.

Aren't these rather basic questions for a coach/trainer to be asking?

Or are you a newbie?

Or are you confused?

 

[TheBramble]

Your profile identifies you as a coach/trainer.

Which is it: Newbie or coach/trainer?

 

[NickElliott]

Newbie - have seen the error and think I've changed it in my profile...

 

[timsk]

Newbie - have seen the error and think I've changed it in my profile...

Hi Nick,
Welcome to the site.
No, you're still listed as a vendor of a commercial website. You need to go to 'Edit Profile' in your 'User CP'. Scroll down to 'Vendors' and make sure nothing is listed - then the vendor icon will be removed. All this assumes you're not flogging anything via the site you've linked in your posts. If you are, you'll need to remove the link or hand over a large wedge to the T2W advertising dept'.

Tim.

 

[ThinkForexJB]

To answer the question, checking trades a lot is often a newbie concept. The good traders take the emotion out of it. My suggestion is to check out some money management articles that offer basic advice so you know what to look out for when emotion comes into play.

I think all of us at some point or another fall victim to this. If we didn't love trading starting out, then why would we do it?

 

[tina.joe81]

Hi Nick,
I did it very often when I started trading. This is usually ones emotions with hard earned money.
When you start applying money management rules or start getting the right entry and exit points or your overall view on the market you get more confident your habit will get rid.
But you need to practice it.
My advice for you is just don't look at the price but answer the below questions your self:
1. Why are you buying?
2. When are you selling?
Your answer to the questions may be any method (i.e Technical/Fundamental/Rational).
If you have answers then you fell more confident.

Reagards,
Tina Joe

 

[NickElliott]

Thanks for the advice Tina! I'm just reading a book called "Come in to my trading Room" and there's a whole chapter on money management so will dig into that and see if I can get into a routine...

 

[arabianights]

are you related to nicole elliot?

 

[HowardCohodas]

Thanks for the advice Tina! I'm just reading a book called "Come in to my trading Room" and there's a whole chapter on money management so will dig into that and see if I can get into a routine...

Anything by Dr. Alexander Elder is worth reading.

 

[HowardCohodas]

how does this compare with other newbs and more importantly - any pros!?

The newer you are, the more often you check. As your confidence builds you will reduce you checking time to what fits your trading style and risk tolerance level. It's better to start out checking too frequently and taper off than the other way around.

 

[NickElliott]

Hi guys, no I'm not related to Nicole but always good to see another Elliott on the internet! Dr. Alexander is proving to be quite an easy read - I like his simple writing style it makes it easier to all go in.

 

[Black Swan]

Hmmm...I reckon you should check them out as often as you like. This notion that you'll gradually become like the Fonz when you've got one on is not nec. true, particularly when it's your own dosh on the line. Check out Paul Tudor Jones on you-tube; twitchy, nervous, checking price every nano second, wanting to take in every bit of market info. he can, he also states that he's always on edge/nervy when he's in the market.

I'm swinging 5 fx pairs as I typed this, have had a look at my charts (not the P&L) as I've typed, and why not? By using trailing stops and limits I sleep fine, but my first waking thought is a hard on for the market, not a hard on..

I read an article recently on this *relaxation* specifically relating to trading, book marked it on my netbook or laptop, if I think on I'll post it up this evening. We all strive for the unconscious competence were we; click, don't think just do, all laid back and relaxed...I've now accepted that this will never be the case, not for me anyhow, or if it arrives it will only come on the cushion of massive experience and a huger softer fluffier cushion of cash built up by trading.

Doing not thinking not a problem, self confidence in my edge ditto, as for the unconsicous competence there may be a fifth level, were you're conscious of the unconscious competence, but have the ability to do despite (or because of)..That 5th level makes for a good mentor apparently.