I think you just hit a MAJOR nail on the head there "Cloudy"
This is always used to happen to me!
I used to start off with a small account and minimum contracts, i would then do consistently well making 1k to 3k a day too, with no daily goal and lots of greed and confidences. I then get over confident and start trading too many contracts to soon
To then get myself into a emotion state were I take a bad trade to find myself with a bigger loss because of the more contracts involved and end up taking a huge loss, most of the time just letting the trade wipe my account out!
itís a very hard battle with your self
I suppose this is why you have to have ultimate discipline to be a pro trader
The key for me is to trade with probabilities. Probabilities allow you to look beyond each individual trade lessening it's importance. If individual trades are less important removes you a degree from the psychological minefield that goes with each trade. Because individual trades don't matter in short term can chill. Only thing that matters is long term probability of system and being capitalized in a way that allows you to handle inevitable draw downs.
Once have a grip on probability of system then can even take step further and automate which can remove even further from the fray.
Trading can mess you up more than financially.
"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."
Last edited by liquidcci; December 14th, 2011 at 04:59 PM.
The following 3 users say Thank You to liquidcci for this post:
If you do things in sim you would never do in cash, you are defeating the purpose of sim.
For example, if you add to losing positions, move stops further out, or walk away and "just don't care" -- while leaving the position on -- these are things you likely wouldn't do when trading cash. So they serve no purpose except to create bad habits.
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
If you want to support our community, become an Elite Member.
The following 2 users say Thank You to Big Mike for this post:
I found one of the best ways to trade SIM is to try make yourself feel the emotions you feel on a live account and make you actions accountable
1 good technique is to make trading SIM as real as possible in the sense if you make a mistake ect there is a consequences behind you actions
For me I found creating live journals on site`s like this that people read, or a personal journal, or a live video journal on you tube. This makes you take SIM trading more serious making you hold you trading accountable because at the end of every trading session you should post your daily PnL for you self and other people to see
If you keep track of you trades in real time, you cannot just reset the SIM because you trades for the day will not tie up with you Daily PnL
This helped me a great deal in the past and still helps me now trading a live account, You could also get a close friend or family member to keep track of your trading, this didnít work for me as I donít know anybody around me that understands what the blood hell Iím doing
So sites like this work wonders because people know what their reading and talking about most of the time, so you have to be real to yourself and the people reading