My new years resolution is to beat this into my head. I sure as hell hope it does not take the entire year to learn.
I know deep down that if I can do precisely what you are talking about that many of my fears would go away.
I can't even do it in market replay right now. I keep taking profits at 10 and 12. when I trade live I do the same damn thing.
I have the 20k cash to run two contracts and accept a 20 tic loss on 2 contracts at a 2% loss.
the memories of 10k losers screwing around in trades I had no business in..... still haunt me.
The only way I am going to re-train my head is hours of market replay and sim trades. 2 contracts, taking profit at 12 on the first and moving my stop up on the second.
thank you for your comments. They resonated Lima Charlie.
Untill I learn to do precisley what you and many others have been telling me I will continue to get what I have always gotten
If you always do what you have always done you will always get what you have always gotten.
Celebrate because you executed your edge. Not because you won.
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Patrick S, maybe your doing this already, but I see your using ninja, it's very easy to set an automatic stoploss/profit target on your dome. IF the stop is already in, you have to think about canceling it. Makes you think twice before doing so. Also, don't be afraid in Replay to do the same move or session repetedly.
Also spend time in the psychology section of this forum. Your first sentence is your post will eventually turn to something like "I have no fear so I will do exactly what I need to do"
just some thoughts. good luck
Last edited by lrfsdad; January 9th, 2013 at 06:35 PM.
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Glad this is helpful. That is my only intent on posting this information. I'm not looking for any personal reward or confirmation obviously. I realize trading is incredibly hard especially the psychological aspect of it. You can have the best trading method possible but without the confidence and belief in yourself, you will have a hard time with reaching true success.
If you can, save your $20k until you're consistently profitable and most importantly extremely confident in yourself, it may make a huge difference in your trading career. Yeah, SIM trading is nowhere near the feeling of live trading but you have to act as if it is. Change your SIM account balance to what you'll have in live trading. Trade the exact same way until you're reaching your trading goals and lightly transition into live trading.
Don't fret on the past because its nothing but the past and no matter how hard you worry about it happening again, it won't provided you implement what you learned from the experience. Everyone goes through it and you just have to forget about it and focus on trading the market. Taking losses are just business but your edge should provide you with a favorable advantage.
For trade management on 2 lots, maybe cover your first lot at the equal amount you're risking with the second being either a runner or with a target at an attainable tactical area. Once you get this down and increase your profitability and account size (in SIM), look to add a 3rd for a runner. As I mentioned earlier, its very hard psychologically to hold on to half a position which is why its sometimes easier to have a target in place vs. just letting it run. Don't get me wrong, its certainly possible but just a bit harder psychologically.
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