Too much focus on "me"? (Page 2) - Psychology and Money Management | futures trading

Go Back

> Futures Trading, News, Charts and Platforms > Psychology and Money Management

Too much focus on "me"?
Started:December 10th, 2012 (10:04 PM) by josh Views / Replies:1,077 / 11
Last Reply:December 28th, 2012 (12:41 PM) Attachments:0

Welcome to

Welcome, Guest!

This forum was established to help traders (especially futures traders) by openly sharing indicators, strategies, methods, trading journals and discussing the psychology of trading.

We are fundamentally different than most other trading forums:
  • We work extremely hard to keep things positive on our forums.
  • We do not tolerate rude behavior, trolling, or vendor advertising in posts.
  • We firmly believe in openness and encourage sharing. The holy grail is within you, it is not something tangible you can download.
  • 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, and we will never resell your private information.

-- Big Mike

Thread Tools Search this Thread

Too much focus on "me"?

Old December 16th, 2012, 11:11 AM   #11 (permalink)
Elite Member
Miami FL USA
Futures Experience: Advanced
Platform: Ensign 10, NT7 DOM
Broker/Data: IB, IQ
Favorite Futures: Currency Futures
Cashish's Avatar
Posts: 803 since May 2011
Thanks: 811 given, 2,102 received

josh View Post
If I am aware that my success in trading is linked mostly to me, then I will tend to take responsibility for errors, work on my temperament, and all of those things which can improve my execution and thus my success and bottom line.

However, in reading some of Steenbarger's great book "Daily Trading Coach" and after making a list of a couple of exercises, I am left with the thought: am I making this too much about me?

After some recent bad days, I was very focused on what I did wrong, where I needed to improve, what I did well, and my mental state, etc. After some recent good days (and during those days), I was not at all concerned with my psychology, taking my "emotional temperature," breathing, or any of that. Even through the losing trades on those good days, I never really turned my attention to myself and what I needed to continue doing well or do differently; I was just focused on my market.

Someone here at (formerly BMT) has a signature from Steenbarger that says something like: 'Let trading be about markets and trading, not about you' (paraphrased). I wonder if perhaps I have let myself stray from what should be the focal point: trading, and my market. During some great win streaks earlier this year, I remember reviewing trades and correcting some things, but it wasn't focusing on self that got me into those win streaks; it was just trading well, killing it, and keeping almost singularly focused on competing in the market.

Obviously there is a balance here; but I'm not talking about shifting blame or responsibility to an external entity like a market. Obviously, there is a need to focus on how we do and how our gray matter is operating. But I'm wondering if we get too sidetracked by focusing too much on ourselves, when we should turn away from the mirror and "look up for the ball." What do you think?

Another great topic from a highly respected member of (formerly BMT), thanks @josh .. IMO, as Big Mike posted in the threads sub-title, "The psychology and money management forum is where you learn to become a profitable day trader," but most of the threads in this section receive very few responses for some reason. One of my pet peeves when reading posts in different threads is the "we" word, trading (to me) isn't about "we" or "you" or "they" or "us" it's about "I" and "me" no one else. I feel I benefit greatly from posts written in the first person because the author is telling me He/She is, "not talking about shifting blame or responsibility to an external entity."

IMO, the rules of the game of trading are dependent upon each individual trader's method/style and market/instrument. I believe the most important thing to remember when trading is what works (what actions am I taking) when I'm on top of my game and trading successfully/profitably. If I remember this and continue to build on these actions I feel I'll be better prepared during less opportunistic market conditions.

K.I.S.S., (keep it simple stupid) I like to keep things simple. I believe I have two ways to lose money when trading, (1) Be wrong the direction of the market and (2) Make a stupid mistake. My stupid mistakes most often come from just clicking buy instead of sell or entering a 5 lot instead of a 2 lot, not while under pressure during fast market conditions but just as you said failing to, "look up for the ball." I think we all strive to build a better mouse trap, I know I do but I also believe an active trading session is not the time to initiate a newly ill prepared untested idea. It may seem like it ought to work at this very moment and maybe it will, but how do I flawlessly manage a trade I've never taken before? My point is this, if I stick with what works now and do it well I'll be profitable. If I remove my unforced errors (stupid mistakes) implementing the method I currently use I'll be more profitable.

A final thought about, "am I making this too much about me?" I know "me," I know what triggers my bad behaviors and actions and I can usually see them coming a mile away. Most are triggered by stupid mistakes, as an example; I sell a 2 lot instead of buy,,,, the market goes up (as I thought) I cover and take a 3 tick loss. I still want to get long here but now my entry point is 3, 4, 5 or 6 ticks under the current price. Do I go all in,,,, I'm looking for a 20 tick move here,, but I only wanted to risk 5 ticks on the trade (I'm down 3 already),, If my original entry was executed properly I wouldn't be going through this mental masturbation,, I'd be choosing targets NOT recalculating the risk involved in forcing a poor entry. I think of it as self made misery, Mark Douglas says it best, "I continually monitor my susceptibility for making errors."

Reply With Quote
The following 7 users say Thank You to Cashish for this post:

Old December 28th, 2012, 12:41 PM   #12 (permalink)
Trading Apprentice
Indianapolis, IN
Futures Experience: Intermediate
Platform: North-American Derivatives Exchange
Broker/Data: Forexpros
Favorite Futures: forex binaries
lili's Avatar
Posts: 38 since Nov 2012
Thanks: 14 given, 21 received

in my trading I try to look at the "big picture".

The "me" is, of course, a part of the picture - but the "others" are the majority.
In preparation for a trade I always analyze what the "others" are doing, and compare that to my log of past transactions.
When I see certain patterns occurring (what others are doing currently) I select my own reaction based on what action had the highest (statistical) success-rate (what I was doing in the past).

In analogy with "riding the bicycle":
If I see a large group of cyclists coming down the hill at high speed, I know it is in my own best interest to ride behind the group at moderate speed. I wouldn't try to jump into the race ahead of the crowd, because I know from past performance (of mine) that I can't keep the speed up and will eventually just be overrun by the crowd.

The "me" is very important, but only as it relates to the "others".

Reply With Quote
The following user says Thank You to lili for this post:

Reply > Futures Trading, News, Charts and Platforms > Psychology and Money Management > Too much focus on "me"?

Thread Tools Search this Thread
Search this Thread:

Advanced Search

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

NinjaTrader 8: Programming Profitable Trading Edges w/Scott Hodson

Elite only

Anthony Drager: Executing on Intermarket Correlations & Order Flow, Part 2

Elite only

Adam Grimes: Five critically important keys to professional trading

Elite only

Machine Learning Concepts w/FIO member NJAMC

Elite only

MarketDelta Cloud Platform: Announcing new mobile features

Dec 1

NinjaTrader 8: Features and Enhancements

Dec 6

Similar Threads
Thread Thread Starter Forum Replies Last Post
"Extremes", "highest/lowest" functions affecting maxbarback LastSyndrome Elite EasyLanguage Automated Trading 3 September 1st, 2012 05:38 AM
Saxo Bank's 10 "Outrageous Predictions" For "2012: The Perfect Storm" Quick Summary News and Current Events 0 December 17th, 2011 07:10 PM
Fukushima: "China Syndrome Is Inevitable" ... "Huge Steam Explosions", or "Nuclear Bo Quick Summary News and Current Events 0 November 22nd, 2011 01:50 AM
How to change "Stop Loss" and "Take Profit" in "shElderImpulse" Strategy javed759 NinjaTrader 1 November 1st, 2011 10:44 PM
"mid", "buy", "sell" volumes lokgotkent Traders Hideout 6 September 30th, 2011 01:24 PM

All times are GMT -4. The time now is 07:30 PM.

Copyright © 2016 by 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 2016-10-26 in 0.10 seconds with 19 queries on phoenix via your IP