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Just one thing
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Just one thing

  #1 (permalink)
Elite Member
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Just one thing

So much info in the psych threads. Overwhelming.

One must assume most of it doesn't work, for obvious reasons. However I am convinced the mind is of vital importance. My personal experience tells me this.

Can someone please say from their own experience what one psych technique helped them in real live trading?

Thanks.

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  #2 (permalink)
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  #3 (permalink)
Market Wizard
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OMWF View Post
So much info in the psych threads. Overwhelming.

One must assume most of it doesn't work, for obvious reasons. However I am convinced the mind is of vital importance. My personal experience tells me this.

Can someone please say from their own experience what one psych technique helped them in real live trading?

Thanks.

Having a Trading Plan.

There is a lot of “stuff” on FIO. Some of it valuable, some of it not.

Firstly, if you don’t have a Trading Plan you are toast.
Secondly, if you don’t have a Trading Plan that you stick to you are also toast.

When people talk about trading an instrument, whether they believe they have found an edge or are using a tried and tested break out strategy, my response is always the same. What is your trading plan? I am not talking about some wishy washy “I kinda have a Trading Plan, but it changes on the fly”, I am talking about a rock solid Trading Plan. That alone can button down 99% of the psychology required to trade confidently.

Why? Because a correctly applied Trading Plan will reduce your risk of ruin, freeing you up to concentrate on the trading part. Hence, knowing you will not have an ELE on your account means you can be wrong (which you will be many times) and still continue to trade the next day, week, month or year.

If any trader doesn’t have a Trading Plan in place, they shouldn’t be trading.

--------------------------------------------------------
- Trade what you see. Invest in what you believe -
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  #4 (permalink)
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JonnyBoy View Post
Having a Trading Plan.

There is a lot of “stuff” on FIO. Some of it valuable, some of it not.

Firstly, if you don’t have a Trading Plan you are toast.
Secondly, if you don’t have a Trading Plan that you stick to you are also toast.

When people talk about trading an instrument, whether they believe they have found an edge or are using a tried and tested break out strategy, my response is always the same. What is your trading plan? I am not talking about some wishy washy “I kinda have a Trading Plan, but it changes on the fly”, I am talking about a rock solid Trading Plan. That alone can button down 99% of the psychology required to trade confidently.

Why? Because a correctly applied Trading Plan will reduce your risk of ruin, freeing you up to concentrate on the trading part. Hence, knowing you will not have an ELE on your account means you can be wrong (which you will be many times) and still continue to trade the next day, week, month or year.

If any trader doesn’t have a Trading Plan in place, they shouldn’t be trading.

Chicken and egg situation. How do you consistently apply a trading plan without discipline? Which do you prioritize? Consider that a trade plan only works for as long as market conditions allow and when things change you have to adapt the plan. The constant is you so focus on yourself first before anything else. Trade plan is nothing unless enforced by a strong mind.

The one thing that helped me was i stopped saying that this could happen or that could happen and reduced it all into one question. Is this an opportunity? If yes then go for it.

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  #5 (permalink)
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OMWF View Post

Can someone please say from their own experience what one psych technique helped them in real live trading?

Check out The Sedona Method. In my own experience, it helped me when I was afraid to pull the trigger on live trades. It can help in many situations.

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  #6 (permalink)
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You are seeking an authoritative answer to a qualitative question. I share 5 ideas that might be valuable:

1. Go deeper with your analysis. Try using the Socratic method or try to teach your methods to another. This will help you clarify matters to yourself.
2. Develop resilience. Most successful entrepreneurs fail several times before finding success. Be willing to fail the method without failing yourself. Maybe you just need to tweak something.
3. Learn from your mistakes, in a deeper way, and develop flexibility. Resilience without learning is not sufficient.
4. Focus on strengths, cultivate, and develop them.
5. Develop a routine and plan & Do a mental self-check before you trade.

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  #7 (permalink)
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OMWF View Post
So much info in the psych threads. Overwhelming.

One must assume most of it doesn't work, for obvious reasons. However I am convinced the mind is of vital importance. My personal experience tells me this.

Can someone please say from their own experience what one psych technique helped them in real live trading?

Thanks.

Go to a casino and gamble, maybe with a few hundred bucks. At the start, you should be a little excited and nervous. It might be quarter slots for some, nickel slots for others, dollar machines for a few. It has to be enough to excite you at first.

Keep gambling non stop until the nervous excited feeling goes away and it gets boring and dull. Then, keep going for a few hours more until you are totally sick of it (or until you run out of your budgeted money).

You want it to become boring and routine, just like you want trading 1, 2 or 10 contracts to feel the same way.

Trading gets a lot easier once you lose that gambler's thrill. And quarter slots are a lot cheaper than losing that thrill in the markets.

If you have any questions please send me a Private Message or use the futures.io "Ask Me Anything" thread
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  #8 (permalink)
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OMWF View Post


Can someone please say from their own experience what one psych technique helped them in real live trading?

Thanks.

Change the way you measure success from how much money you made to did you follow your plan.

This accomplishes two things. Takes your focus off the money and determines if your strategy has an exploitable edge.

It is hard to find the Truth when you start your search with a preconceived notion of what the Truth will be.
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  #9 (permalink)
Trading Apprentice
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Brainwave entrainment and related audio technologies helped me evolve from a trading system developer to real trader.

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  #10 (permalink)
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JonnyBoy View Post
Having a Trading Plan.

There is a lot of “stuff” on FIO. Some of it valuable, some of it not.

Firstly, if you don’t have a Trading Plan you are toast.
Secondly, if you don’t have a Trading Plan that you stick to you are also toast.

When people talk about trading an instrument, whether they believe they have found an edge or are using a tried and tested break out strategy, my response is always the same. What is your trading plan? I am not talking about some wishy washy “I kinda have a Trading Plan, but it changes on the fly”, I am talking about a rock solid Trading Plan. That alone can button down 99% of the psychology required to trade confidently.

Why? Because a correctly applied Trading Plan will reduce your risk of ruin, freeing you up to concentrate on the trading part. Hence, knowing you will not have an ELE on your account means you can be wrong (which you will be many times) and still continue to trade the next day, week, month or year.

If any trader doesn’t have a Trading Plan in place, they shouldn’t be trading.

I don't disagree with ANY of what was said.. BUT it's the actual, in practice, "sticking to the plan" part that calls in the need for other so called "psych" aspects. I know and have read of many people who have had a "plan" and then suddenly find themselves in a trade that is not in their plan. What happened? One of the many mental twists that humans are capable of happened. Mark Douglas talks about many of them that traders fall for. Not newbies, not stupid people... but people who have studied markets and traded for quite a while. Thinking Fast and Slow is another book that talks about the basics of the human brain and how we make decisions (good and bad)... and what can happen to make it look like we are "changing our mind" only to pound the desk later asking, WTF was I thinking?
If only, if only, it was just having a good plan... that's my experience anyway. The good part for me is that in studying all this stuff to help trading I have grown in all areas of my life for the better...
Craig

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