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Unable to follow my rules and result is string of losses. How to break this habbit ?
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Unable to follow my rules and result is string of losses. How to break this habbit ?

  #21 (permalink)
Elite Member
madrid spain
 
Futures Experience: Beginner
Platform: nt
Favorite Futures: None.
 
alejo's Avatar
 
Posts: 1,311 since Apr 2013
Thanks: 16,557 given, 643 received


Fadi View Post
It looks like you are focused on the Profits and not on the Process.
This is a big NO!

Please, focus on the Process, not on the profits
I repeat, stop thinking about the money, and focus on the process!


Of course you have to be patient, and stay disciplined. Everybody will repeat that to you, in sports, arts, science, trading or others.

But how can you be patient and stay disciplined? how?
The how for me is by focusing on the process and forget about the money...
Then comes:

1. Patience
The key to everything is patience. You get the chicken by hatching the egg, not by smashing it.

Developing your trading plan will take time. Developing skills will take time.
Waiting for the right trade opportunities requires patience. Entering and exiting a trade at the right moment requires patience.

2. Discipline
It is a virtue, and it means doing the things you need to do to progress and get better….even if you don’t want do it.

This means preparing for each trading day or week with research and chart study.
If you’re a mechanical or automated trader, this means back testing systems and constantly trying different settings and strategies as the environment changes.


And of course, don’t forget about keeping a trade journal and reviewing every single day you trade.
Journaling is the one trading task that separates the wannabe traders from the real deal traders. Unfortunately, most newbies won’t do it.


Let me tell you this:
Trading concepts and techniques are simple and easy to learn. What’s hard to learn is how to be patient and disciplined to do the right things and make good trading decisions. Truthfully, it will be one of the most difficult endeavors you will ever take on!

To a newbie, sitting on the sidelines and watching the markets move while you wait for your best setups means you’re missing out on profits.

BUT This way of thinking leads to a failure of patience and discipline and causes some of the most notorious trading mistakes:
1. Impulse trades
2. Letting losers run too long
3. Cutting winners too quickly
4. Revenge trades

These actions will kill your account!


Remember that your job as a newbie is to learn how to make good trading decisions and SURVIVE!
The best thing you can do to stay patient and disciplined is to look at your career as a trader as a marathon and NOT a sprint.

This is not an overnight, get-rich-quick scheme.
This is a commitment to build skills that will allow you to profitably trade in any environment the market will throw at you at any time.


If you stay patient, maintain discipline, and commit to constant improvement, then your results today as a noob trader will probably be nothing compared to the results of the trader you will become after years grinding it out in the markets.


Another thing…

Always remember that opportunities for good trades occur ALMOST EVERY SINGLE DAY!
No need to rush into bad trades. They will only set you back from reaching your goals.

Stick to your best ideas and setups, and if they don’t come that session, just wait for the next.
Unless the world stops then there will always be opportunities around the corner.



Good luck and good trading!
Cheers
Fadi

hi, i think this post is fantastic and i agree 100%
i think you need to go sim, and journaling and we talk again in 3 month, 6 month, 1 yr, ,,,when you can say, i got it
one thing more, i recommend strongly do not scalp, and go for nice points, (i do not know what you are doing), and use big stop to let the market move

good luck

La lucha es de igual a igual contra uno mismo
The fight is fair against oneself
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  #22 (permalink)
Trading Apprentice
Hyderabad, India
 
Futures Experience: Beginner
Platform: Amibroker
Favorite Futures: Futures
 
manishchan's Avatar
 
Posts: 9 since Oct 2014
Thanks: 36 given, 13 received


Fadi View Post
It looks like you are focused on the Profits and not on the Process.
This is a big NO!

Please, focus on the Process, not on the profits
I repeat, stop thinking about the money, and focus on the process!


Of course you have to be patient, and stay disciplined. Everybody will repeat that to you, in sports, arts, science, trading or others.

But how can you be patient and stay disciplined? how?
The how for me is by focusing on the process and forget about the money...
Then comes:

1. Patience
The key to everything is patience. You get the chicken by hatching the egg, not by smashing it.

Developing your trading plan will take time. Developing skills will take time.
Waiting for the right trade opportunities requires patience. Entering and exiting a trade at the right moment requires patience.

2. Discipline
It is a virtue, and it means doing the things you need to do to progress and get better….even if you don’t want do it.

This means preparing for each trading day or week with research and chart study.
If you’re a mechanical or automated trader, this means back testing systems and constantly trying different settings and strategies as the environment changes.


And of course, don’t forget about keeping a trade journal and reviewing every single day you trade.
Journaling is the one trading task that separates the wannabe traders from the real deal traders. Unfortunately, most newbies won’t do it.


Let me tell you this:
Trading concepts and techniques are simple and easy to learn. What’s hard to learn is how to be patient and disciplined to do the right things and make good trading decisions. Truthfully, it will be one of the most difficult endeavors you will ever take on!

To a newbie, sitting on the sidelines and watching the markets move while you wait for your best setups means you’re missing out on profits.

BUT This way of thinking leads to a failure of patience and discipline and causes some of the most notorious trading mistakes:
1. Impulse trades
2. Letting losers run too long
3. Cutting winners too quickly
4. Revenge trades

These actions will kill your account!


Remember that your job as a newbie is to learn how to make good trading decisions and SURVIVE!
The best thing you can do to stay patient and disciplined is to look at your career as a trader as a marathon and NOT a sprint.

This is not an overnight, get-rich-quick scheme.
This is a commitment to build skills that will allow you to profitably trade in any environment the market will throw at you at any time.


If you stay patient, maintain discipline, and commit to constant improvement, then your results today as a noob trader will probably be nothing compared to the results of the trader you will become after years grinding it out in the markets.


Another thing…

Always remember that opportunities for good trades occur ALMOST EVERY SINGLE DAY!
No need to rush into bad trades. They will only set you back from reaching your goals.

Stick to your best ideas and setups, and if they don’t come that session, just wait for the next.
Unless the world stops then there will always be opportunities around the corner.



Good luck and good trading!
Cheers
Fadi

Excellent post... Thanks Fadi !! I have read this like 10 times by now... took a print out and pinned it to my desk

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The following 3 users say Thank You to manishchan for this post:
 
  #23 (permalink)
Trading Apprentice
Hyderabad, India
 
Futures Experience: Beginner
Platform: Amibroker
Favorite Futures: Futures
 
manishchan's Avatar
 
Posts: 9 since Oct 2014
Thanks: 36 given, 13 received



alejo View Post
hi, i think this post is fantastic and i agree 100%
i think you need to go sim, and journaling and we talk again in 3 month, 6 month, 1 yr, ,,,when you can say, i got it
one thing more, i recommend strongly do not scalp, and go for nice points, (i do not know what you are doing), and use big stop to let the market move

good luck

well said alejo. I was doing some analysis on the trades taken over the last 3 months and these 2 things came out pointing finger. "Took many Un-neccessary trades" and "Didn't skip the trades which had wider stops wit the fear of loosing out on profitable set up."

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The following 2 users say Thank You to manishchan for this post:
 
  #24 (permalink)
Trading Apprentice
Hyderabad, India
 
Futures Experience: Beginner
Platform: Amibroker
Favorite Futures: Futures
 
manishchan's Avatar
 
Posts: 9 since Oct 2014
Thanks: 36 given, 13 received

Greetings.. Everyone !

aite.. so hv been doing great.. just didn't get time to come back to this forum wid lil hectic schedule over last 2-3 weeks

Took some really nice trade in controlled way some decent profits over the last 2 weeks.

Registered for forex demo acc for some practice.. will try to post charts nd reasons for trades here

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The following 2 users say Thank You to manishchan for this post:
 
  #25 (permalink)
Trading Apprentice
goa india
 
Futures Experience: Beginner
Platform: amibroker
Favorite Futures: stocks
 
Posts: 11 since Jun 2014
Thanks: 4 given, 3 received


manishchan View Post
Thank you very much guys ! Appreciate the responses !

Over this weekend, I have been going through a loads of articles and youtube videos and have noted down some really nice things. Gotta work on them over the next few days/weeks.

Sirji what were the things u noted , pls share with us.

thank you

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