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Rebuild confidence
Started:December 18th, 2014 (03:21 PM) by ness1g Views / Replies:1,154 / 13
Last Reply:January 2nd, 2015 (02:58 PM) Attachments:0

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Rebuild confidence

Old December 25th, 2014, 07:35 PM   #11 (permalink)
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Confidence is built with the right tools at hand.

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Old December 25th, 2014, 11:25 PM   #12 (permalink)
Market Wizard
Bend, OR
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This post has been selected as an answer to the original posters question Answer

I would suggest proving out your method with a goal in sim that is challenging but achievable. It should be a goal that takes time, forces you to trade through a variety of market conditions, and puts pressure on you to perform.

For example, vow not to trade real money until you have earned $5000 in sim trading one lots only. This will take time, and as you near the goal you will start feeling pressure because of your desire to trade live. Sim will soon feel like real money and you will take it very seriously.

The key is to stick with your goal. One lots only and $5000. No cheating. This will require discipline. You may find out that your method needs more work, or perhaps you will prove to yourself that your method is better than you thought.

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Old January 2nd, 2015, 10:49 AM   #13 (permalink)
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Recovering confidence

This post has been selected as an answer to the original posters question Answer

From my experience my advice would be to trade small positions. If you have the right methodology, confidence will come back quickly. It is like riding a bike, you never really forget.

It is important to be honest with yourself regarding your methodology. Does it have and edge and is it applicable? By applicable I mean, can you psychologically withstand the situations it puts you through? For example: a methodology with an edge, but with 50% drawdowns is not applicable. It will break you psychologically.

Most traders fail. True. Most applicants to top universities fail too. Should the statistics prevent you from getting an education?

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Old January 2nd, 2015, 02:58 PM   #14 (permalink)
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My trading technique is working pretty good so far. It allows me to read the PA much better and understand where price is trying to go.
What I really feel at this point is that I need a good mentor a seasoned trader that I can share my trading method with to get some approval and guidance.
I use Hybrid renko charts multiple time frame, 3 different charts per instrument, and MACDbblines .
If someone uses a similar method I would love to share my charts and listen to their feedback.

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