Just a small tidbit that has really helped my trading in the psychology department lately (its been mentioned somewhere on futures.io (formerly BMT) but thought it deserved another mention).
I changed the Ninja setting from showing currency during trading to showing points. This seems to have reduced the emotion from each trade (so far) and trade management seems to have become much easier.
Showing currency encouraged me to take profits quicker before losing the currency and made me fearful to not admit to lose the currency when the trade was red. Using points instead seems to have neutered those tendencies somewhat. Funny how the brain works....
Hope it helps someone (particular new trigger happy currency sensitive traders).
Anyone else doing this too?
Last edited by TrendTraderBH; September 24th, 2012 at 06:39 PM.
Reason: correct typo
I used to have my p/l next to my chart but now I just have the charts.
I also used to use the dom for entries/exits but now I just click the chart
at the price I want. I day and swing trade.
I was cutting profits early and deviating from my strategy. This definitely helped me
stick to the chart and not the money.
Strategy ≥ Money
The following user says Thank You to Massive l for this post:
NT chart trader is still set to pips P&L for that reason (don't need the distraction while a trade is active) but still view the Performance Summary in $$$. Agree it's tough to view losses due to mistakes in terms of $$$, but IMO pips don't compare to $$$ for encouraging good behaviour (learning to avoid mistakes)