RE:RE:RE:RE:RE:RE:WOW!Nice to come across someone who"gets it". Same experience too with .com It was the best of times, and then the most searing lessons that are with me still today.You use the 1 minute chart? 5 Min chart for me, with deference to the 15 and 60 in support. I agree it's not for everyone. In fact, it's definitely not for the vast majority of people. People think it's glamorous. It's not. It's boring some times. It's hard as hell to do well. And it requires a certain personality that can train to remain level-headed. They say Spock would have made the best trader ever. For me, it was learning to be a technical trader. Had I not, I would have washed out a long time ago. Emotions can kill. Case in point with most people in this stock.
rollindice wrote: Cognitive dissonance is a mental conflict that occurs when your beliefs don't line up with your actions. It's an uncomfortable state of mind when someone has contradictory values, attitudes, or perspectives about the same thing.
I lost my shirt when the Dotcom bubble burst. Months prior I saw myself sipping Margaritas on a beautiful beach forever ....just needed six more months of the climb.
When you loose that much money it causes the same chemical reaction in the brain as when a close loved one dies. I stopped trading all together and kept my day job.
5 Years later I met a very successful daytrader. VERY wealthy. I was watching her trade and she tells me watch this stock blow through $12. It did but she sold at $12. I said why they hell did you sell when you knew it was going to blow through $12? (biggest lesson I learned). She turned and looked at me like the terminator and said " I do this for a living". "I dont have any other job". I plan my trade and trade my plan.
She explained to me how to understand fear and greed and how to take emotion out of trading. How to overcome cognitive dissonance. Most valuable lesson I have learned.
I daytrade stocks and will only hold overnight those that I know are solid. I read the news releases before trading starts. Making money is about minimizing your loses. You can do everything right and the trade can go south on you. If you called it wrong get out. i use the 1 day minute chart. High volume liquid stocks, go in big, but small bites. Have confirmation it has turned solid green before entry.
I trade oil, gas, uranium, gold, silver, weed. There will always be a good trade for me everyday when you cover different commodities. Never go all in. Always have some dry powder to average down if you get caught.
Its not for everyone....in fact I really dont know many who can stomach it. But if you learn to understand fear and gread you can make this corrupt, manipulated market work for you. Thats just the tip of the iceburg really....but something to consider for those with the time, ability and willingness to learn.