The StockTwits® Edge: 40 Actionable Trade Set-Ups from Real Market Pros

CHAPTER 45

We Have Met the Enemy, and It Is Us

Abdel Ibrahim, @RatioTrader

Abdel is a Fibonacci expert who trades with precise discipline and respect for levels and his plan. The methodical manner in which he approaches the craft of trading helps him to sail through the harsh winds of market chaos and uncertainty.

The title of my chapter is a line that comes from the comic strip “Pogo” and was actually quoted in Market Wizards by Jack D. Schwager (New York Institute of Finance/Simon & Schuster, 1989). It really hits home when I think about trading.

My trading journey has been a fascinating one, to say the least. I never had any formal training in finance or economics. My background is actually in design and creative marketing. I started out as many people do—taking some money I had saved and throwing it into some stocks. It wasn't long before I was spending more time looking at my positions than actually doing design work (although I still love design). It really struck me when I was at work one day and my boss came up behind me as my screens were full of stock quotes and she was giving me this pretty nasty look. You can guess what happened shortly afterward.

So here I was, no job, and some money saved up. I had bills, rent, and I'd just met this girl, so I had to make some cash to keep up with my way of living. As I traded day in and day out, I found myself being very inconsistent. In fact, I found myself trading purely off of emotion. I was making all the novice mistakes, from ...