"So here I am again....Yet another trading journal... why am I not successful??"
The quote above is the summation of years of journal entries from my personal trading journal. I thought it appropriate to start off this one with that quote to remind me who I used to be and how I used to think.
I have looked back at my previous journals, personal and public and seen where I have made mistakes. I have seen where I did not know enough to know I was wrong. Worse yet; I have ignored those who were giving me the answers. I have shown naivety in believing the answer was in a book or in a formula. I thought I could find the holy grail. I have been wrong at so many levels. Had I only made different decisions. Then recently I had the realization that had I done everything right and listened and learned everything I still wouldn't have been successful. Why? The underlying fundamental rules I was playing by were wrong.
What I have learned through all my journals; trading is hard. The market knocks you down and humbles you. When you get back up it kicks you in the teeth just for good measure...then it goes to work on you.
What I needed to learn in order to move on: I do not know how the market will end today and I cannot predict what the market will do tomorrow or any time there after. Finally, my opinion on the subject means absolutely nothing.
We all want to believe we are right and have assurances on what we do before we act. Thus, accepting the above was hard.
How I am going to approach the market: When in Rome.. as the old saying goes.. observe what the market is doing and then get on board. Then stay on board until I am told to get off. Obviously easier said than done.
That's it.. yet another trading journal has started.