Thank you mike, what you wrote resonates with me. As I said having a bad day for me translates into not sticking to my own rules, i.e. falling into the mental trap of 'what if'. A loss is usually not a problem provided it was part of the accepted risk.
I've been trading for 10 years, and can tell you that you cannot get to success from suffering, pessimism, powerlessness, and pain. I never would have become a millionaire thinking and feeling that way, for that is a loser vibe. But you are welcome to beat your head against the wall if you prefer. Up to you.
And for the record, I am not advocating the view that trading is 'easy'. It certainly isn't. But it does not have to be filled with negative emotions as you showcase.
The fact that you speak of pain as a necessary component shows that you have not come to terms with the most basic task that a trader faces: accepting the risk and the uncertainty of each individual trade.
"...the degree to which you think you know, assume you know, or in any way need to know what is going to happen next, is equal to the degree to which you will fail as a trader." - Mark Douglas
Last edited by Anagami; January 13th, 2016 at 06:33 AM.
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thank you, i deleted my post after i realized the thread itself is about when to stop trading.
but i am happy now it lives on at least as a quote because it took quite some time to write
as for your initial post, yes, not sticking to the rules is what happens absolutely every trader from time to time.
making a mistake and recognise it as such is important. but i think more important is to turn such things into something positive like a chance to learn and a chance to think about a way to prevent unwanted behaviour for the future.
for me personally it helps to write down those situations in a separate column in my trading log. i then see it when i write it down and each of the following days it reminds me to not break my rules.
during my trading session i often use that quote from mike bellafiore: "One good trade" to remind myself to only take valid setups.
another thing that from time to time comes to my mind is that after the trading session i will enable the "Plot executions" in ninjatrader to show the trades i have made and what i want to see there are good trades.
but this is a progress and we are human. think positive and let some room for mistakes. we learn from failure, not from success or like Salvador Dali once said: “Have no fear of perfection - you'll never reach it.”
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I got through all 27 pages. When trading/speculation is discussed here and everywhere else, it always ends up being a touchy feeling thing. Discipline, know yourself, patience, honesty, managing your feelings, reasonable expectations, adequate capitalization, to to rank success, we are our worst enemy .....
I think that psycho-babble is just used to detract us from the fact that nothing works worth a damn. And I'm the responsible because I send the shysters $$$.
On the other hand, NOW is the best time ever because us mass of unwashed retail traders can practice in SIM.
Also so far I after 28 years I'm down about 35K. Sound bad huh? Before I got into trading, a denny's waitress (she still had on her waitress uniform) ran a red light because her husband was late for his VA hospital appointment. She totalled out my porsche for $5000 well it was a 914. And I had a collapsed lung, internal bleeding, and a whole shit load of broken ribs, cost was $25K.
So disaster can come out of nowhere.
I gotta joke: In 1994 I made a live hog trade. It was based on the fact that live hogs never went up 4 days in a row or down 3 days in a row, $100 each day unless the there was a crop report or cold storage report. The trade was supposed to be enter MOC, and exit tomorrow's MOC. The market went limit down on me!! I held and added to the account to meet margin for 3 months. I sold in January right at the bottom. Lost $2000 on a trade that never made more than $300. So no more trading for tyler durden!!!
Then I got on with this semiconductor company, participated in their stock purchase program. How could I lose? Well before the earnings release the shit bag CEO announced they were writing off inventory. The stock dropped like a turd. I lost $20,000 in less than a day. The CFO CEO and founder got busted for insider trading.
Punch line is now I don't feel so bad about losing $2000 on the live hog trade. (they were called live hogs back then)
Last edited by thailerdurden; February 21st, 2016 at 09:37 AM.
After perusing some of the posts in here, I'm not even sure I have any business being here at all. I'm brand new, lost, and only working on a demo with a friend right now trading futures only. Been doing okay so far, but I'm sure things will change when real money is involved.
I need to find some really elementary stuff in this forum to just get myself rolling along. I'm a quick study, but I need the information fed from a straw rather than a firehose at first. Any suggestions as to where I need to get started?
If you are doing good with paper money you are in the good track. You won't find here the manual of the perfect trader (since this manual do not exist, and never believe those who want to sell you one) but if you ask the good questions you will have some answers that will help you make some progress.
R.I.P. Olivier Terrier (aka "Okina"), 1969-2016.
Please visit this thread for more information.
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