How to hang on

So, even after all these years, here's the problem. For those of you who've been reading my blog you know I've been long since the lows and short since the top, adding more DXD and QID yesterday. I felt pretty sure we're heading for a big dump. So how does one get the discipline to just hang on? Jesse Livermore said the most money he ever made was from his sitting still....but even he was unable to sit still most of the time. Today I kept peeling off small positions for nice profits, but how do you train yourself to SIT still with your convictions? mm

GREAT WORK, MAINEMAN! that's just what i always say: buy the low and sell the high! why waste time doing it any differently?

So, even after all these years, here's the problem. For those of you who've been reading my blog you know I've been long since the lows and short since the top, adding more DXD and QID yesterday. I felt pretty sure we're heading for a big dump. So how does one get the discipline to just hang on? Jesse Livermore said the most money he ever made was from his sitting still....but even he was unable to sit still most of the time. Today I kept peeling off small positions for nice profits, but how do you train yourself to SIT still with your convictions?

mm

You walk away from your computer and take a long walk......

You must be sure of your projections and then use a stop if it breaks the new trend, which I don't think it will.

So, even after all these years, here's the problem. For those of you who've been reading my blog you know I've been long since the lows and short since the top, adding more DXD and QID yesterday. I felt pretty sure we're heading for a big dump. So how does one get the discipline to just hang on? Jesse Livermore said the most money he ever made was from his sitting still....but even he was unable to sit still most of the time. Today I kept peeling off small positions for nice profits, but how do you train yourself to SIT still with your convictions?

mm

Just keep reading his book over and over

it will work

Hanging on is not easy. I always say that it is impossible to sit through a multi-week trend looking at a 5 minute chart, just like it is impossible to scalp several times a day looking at a daily or weekly chart. This is all psychological. If you do both (day trading and position trading) you have to separate them. You have to try to be two different traders. It is difficult. Denleo

Hey Denleo...good to see you around again. Remember it's only important to sit tight for the time frame you're trading. That said, I have a difficult time with it myself. IT

Happy New Year Everybody! I will try to post every now and again. Denleo

Great to have you back Denleo. Hope all is well. Got a quick summary for us? Long/Short, or getting ready to.............. Thanks

The question was kind of rhetorical. The problem is this: I'm pretty sure we're going to test the Nov lows. So why is it so hard to put on say, DXD or QID or a few short SPoos and come back when we hit those lows? Because, and this is my issue, predicting the outcome is never a sure thing, right? So I (we?) end up talking ourselves out of these trading positions with good profits, but less profits than there should have been. Its odd because there's no problem (for me) to pick good stocks for my retirement portfolio and hold them for years, but the minute I get into an intermediate trading vehicle (like ETFs, options, etc) I'm pins and needles. Denleo is right - you have to think differently for the scalps and the position trades. No problem with scalps. In/Out in minutes and onto the next trade. It's these intermediate trades I personally struggle with. All in the head. .... mm