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Red Cards and Life
Started:August 8th, 2012 (05:26 PM) by Patrick S Views / Replies:374 / 1
Last Reply:August 8th, 2012 (05:26 PM) Attachments:0

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Red Cards and Life

Old August 8th, 2012, 05:26 PM   #1 (permalink)
Elite Member
Raleigh NC
Futures Experience: Beginner
Platform: Ninja
Broker/Data: Mirus/ZenFire
Favorite Futures: Oil
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Posts: 628 since May 2012
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Red Cards and Life

In our trading journey we develop a set a rules. Hopefully they are constantly evolving. A little tweak here and there is important because it shows you are learning. In the beginning you might be adjusting your plan on a weekly basis. As you begin to develop your rhythm the rules may not change for a couple of months however you must be diligent to review them frequently. All the while keeping a Journal to track yourself.
Trading is a two edged sword and just like any weapon this sword must be respected. It can cut you down to pieces, leave you for dead or it can open new paths to a whole new existence monetarily and most importantly psychologically. The respect I am speaking of is your rule book. Disobey it and I promise, you will get cut.
The problem is life happens. The markets donít care what your problems are. They donít know you had a bad day at work, your dog ate one of your favorite slippers,you dinged your car with the shopping cart, The air conditioning broke last night and you did not sleep well. The market does not care about your problems.
Did you notice I did not include the big stuff like marital issues or legal problems or situations with your kids? That was done purposefully because I would hope that if you have some monumental big stuff happening in your life that you are not trading at all.
When I say life happens I am speaking of the little stuff. The stuff that after a while, builds up and if you do not find a release you might hear a pop!
The Tricky part is, how do you know that the little stuff is starting to stack up? What exactly is the writing on the wall? Well my friend, Only you can answer that. You must know yourself like you know the instrument you are trading.
On more than one occasion I have just blown up the entire day. I over traded, doubled down, moved my stops, traded through the news. Man I broke every rule in the book. Disgusted with myself I would walk away from the computer wondering what the hell just happened? How did I break all of those rules. I cannot believe what I just did. I am down 89 tics!!. Holy Crap what a dummy I am. And then I start to beat myself up. Have you ever been there?
What happened on that dreadful day? What went wrong? How did I get so far off track. Why didnít I quit after the 2nd or 3rd major loss. It is because I put on my REVENGE hat. The market owed me, and I wanted my money back. ( if I knew how to spell the sound of one clearing his throat I would write that) ( So imagine that sound) I ask you Sir or Madam, does any of this sound familiar?
I have come up with a simple way to monitor myself in my trading. It is quite simple actually. There are two red playing cards on my desk that sit face down next to my mouse. If by chance I break a major rule I will pull one of those cards and stand it up next to my main monitor. It serves as a reminder that I better not screw up again, because if I do, I am done trading for the day.

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Old August 8th, 2012, 05:26 PM   #2 (permalink)
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