Psychology - Currency vs. Points setting - Psychology and Money Management | futures io social day trading
futures io futures trading


Psychology - Currency vs. Points setting
Updated: Views / Replies:458 / 3
Created: by TrendTraderBH Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

Psychology - Currency vs. Points setting

  #1 (permalink)
Elite Member
Detroit, Michigan
 
Futures Experience: Beginner
Platform: Ninja Trader
Favorite Futures: Futures
 
Posts: 295 since Nov 2011
Thanks: 302 given, 280 received

Psychology - Currency vs. Points setting

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 07:39 PM. Reason: correct typo
Reply With Quote
 
  #2 (permalink)
Quick Summary
Quick Summary Post

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

 
  #3 (permalink)
Elite Member
Portland, OR
 
Futures Experience: None
Platform: tos
Favorite Futures: NQ, SB, 6J, CL, GC
 
Massive l's Avatar
 
Posts: 1,458 since Mar 2011
Thanks: 922 given, 1,821 received


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.

Psychology > Strategy ≥ Money
Reply With Quote
The following user says Thank You to Massive l for this post:
 
  #4 (permalink)
Elite Member
Dartmouth NS
 
Futures Experience: Intermediate
Platform: MC, MC.Net, NT, TWS
Broker/Data: IB / IQFeed / Kids
Favorite Futures: Forex, stocks
 
bnichols's Avatar
 
Posts: 638 since Feb 2010
Thanks: 64 given, 459 received

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)

Reply With Quote

Reply



futures io > > > Psychology - Currency vs. Points setting

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Linda Bradford Raschke: Reading The Tape

Elite only

Adam Grimes: TBA

Elite only

NinjaTrader: TBA

January

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
PCOM: Points International, ... Mountain Hiker Stocks and ETFs Trading 2 April 30th, 2012 06:09 PM
Account Currency not equal to Base or Counter Currency caliph Currency Futures 4 February 13th, 2012 02:15 PM
A few points in first one to 1.5 hours? Nimble The Elite Circle 4 July 28th, 2010 08:58 PM
Turning Points Spanky The Elite Circle 34 January 27th, 2010 05:57 PM
Experience points Big Mike Feedback and Announcements 0 October 17th, 2009 08:58 PM


All times are GMT -4. The time now is 08:28 PM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-10 in 0.08 seconds with 19 queries on phoenix via your IP 54.83.122.227