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In need of a coach/mentor/advice for keeping calm and confident in a trade
I've been trading for 8 years since I graduated high school and the stock market crashed in 2008.
I am a trader that thrives in high volatility environments(2011,2015) instead of just trending markets like 2013.
Anyways, I have created edges for myself in pinpointing key levels in which the future indexes tend to reverse.
However psychologically lately maybe because my account keeps dipping low into margin&PDT levels, it makes me more fearful in a trade since I don't want to have to add deposits to continue trading.
For example in today's morning session(10/20/2016), I shorted the YM pretty much near top tick but was SCARED AS HELL since the market had such a strong move up from the open and some of the traders in the chat room was long.
I was the only one shorting and seeing the move the market made, I only got out for a few ticks profit.
Low and behold after a few minutes goes by, it drops 100 ticks. I also bought the low after the dip, but by taking as long as it did to go higher, I was just happy with a few ticks of profit.
Anyways I am in a dire need of a mentor psychologically to keep me focused and calm emotionally. I have the edge, I just need the discipline and confidence to almost be robotlike. Thus, I am not looking for a handout from an experienced trader to teach me all he knows, I just need to change my mindset.
Can you help answer these questions from other members on NexusFi?
Check out he FT71 webinar series that was just completed. Also, for coaching that costs check out Adrienne Toghraie. Her Webinar Modeling Top Traders has someone fundamental info for beginners, but has plenty of ideas that perhaps anyone could use.
I have yet to trade live, but I can appreciate your post. It reminds me to be prepared to stick to my trading parameters. I have a hard time saying plan as I am looking at discretionary trading.
You might consider doing charity work with the poor. It can be a good way to deal with atychiphobia etc.
Bad trades are like encountering conflict with a person or a problem not in your comfort zone. Facing into awkward situations without procrastination is a skill like any other to be developed and few do this. Use it or lose it is my experience.
A robot-like state is not very realistic, sometimes large account traders who are risking very little proportionately to account size seem robotic... but.. Seeing what happens to the ice cool on their last 10-20k would reveal a lot.
You will find many (emotionally normal) successful traders have robust backgrounds that armor them a bit more if they keep involved in the world.
For overcoming this check out The Obstacle is the Way by Ryan Holiday. This book changed me - for now at least, so, maybe about 3 months. And, I realize that sounds so trite, but this book has pushed me through many of the everyday head winds. It is about perception, action, and will. Short and quick to read, with many interesting anecdotes. Get it done!!
I'd say that knowing how to trade is as knowing how to fly an airplane! Just as the pilot knows an airplane and the weather conditions.
Trader must have a checklist and know the set up.
I would never trust that pilot to fly me to a destination. He is doing his pre-flight checklist through memory, and not from an actual written-down list.
I don't care how many tens of thousands of hours he may have as PIC under his belt in the same-type aircraft...You ALWAYS read from your written checklist.
The morning checklist for a pro trader goes like this:
1. Coffee
2. Internet works
If you need to read that from a list, a career as a carrot might be brighter and more rewarding.
My point being that if one develops and maintains the correct persona, one can handle almost anything without effort. Less is more, those who add rules and then more rules are likely to choke on them at some stage. The fear and anxiety centres of the brain learn from doing in the real world, not thought experiments performed by the conscious mind. They are barely connected to conscious thinking, more like panicky passengers that share the senses.
If you can face stressful things in the real world, trading is straightforward. If you cannot, no amount of arranging your pens and pencils before the exam will help.
Do you actually need a coach/mentor?
It seems you broke your own rules, so you went against your edge. How is a mentor going to stop you doing this?
Do you have confidence in your edge? Have you tested it thoroughly? You know it works?
If you answer no to any of these then that's the issue, imo. If you answer yes to all of these then you are the issue. A mentor won't change that - diligence/discipline will, but that comes from within.
Unless of course you pay a mentor to sit with you to hold your arms back from clicking the mouse.
