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Many times I have decided not to open browser but sometimes when there no setups for long time, get tired and............
One has to accept faults he/she makes. May be you are correct and i may not have tested my system enough. I have started further tests of the method and will post in a few days once i am done.
Do not agree... as mentioned earlier my risk per trade is 0.35% per trade. If i am down by -10R, i will reduce risk to 0.15%. From there will continue till -30R. Still this will keep more than 90% of my account safe.
Now even after going down by 30R if i am not able to produce result than will have to check system... if system is ok and i am still not able to catch good entries, i will have to find a good wall to
First of all thanks a lot for taking time and typing this nice post.
Yes, my story is same. The difference is that i take back seat and do not pull the trigger after take two or three wrong trades.
you are correct. But if system is producing good results in back test and not doing well in real time then i guess it would me who is at fault and not the system. I am backtesting further and will post result in next few days.
Thanks for thoughtful insight. of course i will also try ginger & cinnamon tea
I had the same problem, I learned how to program my strategies and let the auto strategy do the trading.
I also move to trade the M6E , to risk just a small % of my account per trade.
this was the perfect solution for my psychology problems.
1. All I hear is an excuse. Just being honest. Commit yourself to trading X hours a day. Even if all you can do is 1 hour. Then give every ounce of your attention to that time. Be there 100%. Now I understand that some days are just not advantageous to trade. Recognize this and accept it. Shut down your trading computer and go do something else. Not web browsing. Go do something you are passionate about - go work out, go hike a mountain, go spend time with friends or family. Do not waste your time if you are not 100% committed to trading that day. Coming back to your monitor and living in regret because you missed trades takes you out of the present and sabotages the future success you could have. Don't live in the land of coulda, woulda, shoulda but didn't.
2. Either you haven't tested it enough or you don't believe the results. You must believe in yourself, in your trading system to succeed. Trading will test you. Those that succeed can go beyond the temporary pain of the moment and reach down deep inside to persevere through it.
3. So if you have imagined this worst case scenario and it isn't that bad then what is stopping you? What are you afraid of? Perhaps you don't really want to be successful? Perhaps you are afraid that your family won't love you because you are successful? I don't know. I don't live in your head. But if you want this you need to get inside your head. You don't trade the market. Not really. You trade yourself. So figure out what is holding you back and start examining it. Take that thought apart and analyze it. Then construct a new belief that is more powerful and empowering to replace it. Work on stepping into that belief everyday.
1. This used to be a major problem for me. When your trading day starts make sure nothing is onscreen except your charts and platform and trading-related tools (such as trade alerts). Shut down email, web sites, phone, anything you can possibly be distracted by, because you WILL be distracted. It's a defense mechanism, gives you a way to satisfy your ego ("look how good that setup turned out, I sure can read the price action...") and gives you an "out" - someone/something to blame for not assuming the risk (email, forum, kids, dogs, etc.).
2. I solved this by taking second entries on most trades. I found that the vast majority of trade setups I used came back to stop out the nervous traders.
Focus on your proper execution and the outcome will take care of itself.
I was backtesting my system for the month of April 2012. Here i am posting the results for the same.
Notes:
1. These backtesting is done on indian markets as i am in india and trading indian markets.
2. Trades between -0.1R to 0.1R are individually counted as BE. However they are calculated in NET P/L.
3. My target for the month is 25R.
4. I am using a simple candlestick chart, volume and EMA. Time frame 10 mins.
5. this backtest is done on six different symbols i am tracking everyday.
It's like anything your trying to do that requires money. I know someone who started to remodel their kitchen. They started construction but couldn't "pull the trigger" on cabinets, etc. Room stayed dissary for two years.
Same thing applies here. Pull the trigger!!! it will get easier as you go. Maybe you can have a friend sit with you and let him hit the Done button. Just get stasrted!!
I'm curious if there is readily available any hard math (tables/charts) that one can use to apply to trading.
In his book "Gambling Theory and Other Topics", Mason Malmuth calculates the size bankroll needed to assure one doesn't go broke while playing with (X) advantage --- and also how many trials are necessray to guarantee a win.
In briefly glancing through the section, I have serious doubts that most people will ever make enough trades in a lifetime to make the claim that they are anything other than lucky if they happened to survive. But of course, to not belive in those who claim to be successful by trading skillfully -- is to not believe we can do it ourselves.
Pardon me for giving my opinion, but this forum is severely littered with extremely tiresome and repititious posts dealing with everything from "how to explain what you do for a living", psycholigical soul searching to the point ad nausem -- to why it's better to taking a freaking shower before you start trading ! I mean, really !!
I want to know the answer to the following type of question: (Example)
If I trade a set-up that has, (at least, in my opinion proven itself) to make $50 --- 55% of the time and lose $45 -- 45% of the time ----- what size does my account need to be in order to assure that I do not go broke ? And how many trades will it take to assure me of a guaranteed win?
In fact, everyone here should want to know the exact answer to this question before making any trade, I would like to think. To me, this type of knowlege is what builds confidence. Unless you have this type of thing nailed -- no advice is going to help you.
