Writing to kill some personal demon... Cheaper than a psychotherapist...
I realized that in trading, one of my worst enemy could be me. Often I got nice entry but cut short way too soon. When I'm in profit, I'm afraid to let any new trade go again me.
This morning I was in profit of 2R (2 X risk). A nice reversal setup in a the appropriate region. Took the trade. But as soon at the price go back again me, I cut it short. for a lost of 0.5R, just to miss another nice ride where I would had another 2R return. Instead of gaining, I incurred a loss
This pattern or bad habit is repeat again and again for me.
Last week, I did listen to Denise Shull webminar, very interesting, about the Market Mind Games. Did ordered the book still waiting for it. I need to resolve that bad habit of being afraid to loose any gain, but not afraid to trade if not in profit for the day.
Trading is a mind game more than a game of number. This I just realized. Thank you group to read me.
Good trading day to all
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The following 2 users say Thank You to arjfca for this post:
I have had a similar experience with my own trading. One of the big things that helped me to really appreciate the value of letting winners run was to do backtesting on different types of exit strategies, which proved to me the value of letting winners run versus cutting profits short.
It's much easier to hold onto a winning trade when you KNOW that, over the long-term, it's the much more profitable strategy, even though you will experience more "pain" through this process.
The following 2 users say Thank You to furytrader for this post:
You got that right. Our worst enemy as traders is us. Trade with probabilities and program your mind only to trade with probabilities not feelings and hunches and "self' can be beat.
"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."
The following user says Thank You to liquidcci for this post:
"I realized that in trading, one of my worst enemy could be me."
It is, - and you have a LOT of company, ... it is for most folks. Like any other endevour, it takes time and practice to over-come this. Unfortunately for traders it also take money, ... good luck with it.
The following user says Thank You to Mountain Hiker for this post:
Interesting approach. Keep us update on your "new you" during and after this process.
Emotion is the key to any volatile market. Without it, there will be no movement. Knowing it for our self and being aware of emotion target for others ( where the crowd place their stop loss, where they, us, me, panic etc.) could greatly enhance my trading result
I truly agree with hypnotherapy could be a good project to enroll in.
The following user says Thank You to arjfca for this post: