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Could you creat this keep me from trading indicator?
Im in a similar position with poor self control.
I see nothing wrong with having an automated "kill switch" that will ignore opening orders when ""x" condition(s) =true.
If I cant control myself, the computer will be my "sponsor"
This "kill switch" project has been my latest craze, so no, I'm not trying to "run up the post count
AK
Can you help answer these questions from other members on NexusFi?
Having this kill switch in the computer is the wrong way. It could theoretically help you not to take some stupid entries, but it will not help you with all the rest. There is a very high risk that you delude yourself with such a kill switch and thus still lose money. The switch must be in your head.
It is very likely that the entries will not be the only problem regarding self control. What about moving stops, position sizing, exits.... And if the entry really is the only problem, you probably have come a long way already, just keep going.
The better way in most if not all cases would be to learn to know your strengths and weaknesses as good as you never imagined possible, then work on them. Keep a journal, journal every trade, every thought, feeling, things done well and mistakes. As @Deucalion wrote (btw. one bl**dy brilliant post that is!) learn from your mistakes.
If you manage learning from your mistakes,the next step is to learn from the mistakes of others. Conquer this and you hold the holy grail in your hands.
How about approaching the problem from another angle.
Plot all your conditions on the chart, and when all of them align, the system should draw an arrow, or what not. And then only take plotted entries? (After much backtesting though).
@vvhg
You are 1000% right... "Self mastery" is the holy grail for just about anything..
control of emotions in any and ESPECIALLY in "high adrenaline" situations is quite difficult for most people.
I'm working on that every day...
My custom indicator nails entries almost dead on, but lacks the "wisdom" of respecting the trend or identifying trend/chop days.
My system will throw up a "yes/no" box as a signal.
I'll be making the final call on whether it takes the trade or not.
the point of this is for the system to identify these "golden" set ups and alert me to them, setting constant Stops and position size.
Also rules like "if x and y are true, close all (longs/shorts) and ignore any orders for long/short as long as the conditions are present" should be a nice way to develop self control...similar to shock collars they have to teach dogs to stop barking. (Id wear one if it shocked me every time i made a bad trade)
