Trading Psychology and How The Mind Works (I) - futures io
futures io



Trading Psychology and How The Mind Works (I)


Discussion in Psychology and Money Management

Updated
      Top Posters
    1. looks_one George with 4 posts (95 thanks)
    2. looks_two kashbg with 2 posts (10 thanks)
    3. looks_3 TrendTraderBH with 2 posts (5 thanks)
    4. looks_4 reallypo with 2 posts (2 thanks)
      Best Posters
    1. looks_one George with 23.8 thanks per post
    2. looks_two jstnbrg with 23 thanks per post
    3. looks_3 kashbg with 5 thanks per post
    4. looks_4 Peter with 5 thanks per post
    1. trending_up 20,367 views
    2. thumb_up 173 thanks given
    3. group 39 followers
    1. forum 26 posts
    2. attach_file 3 attachments




Welcome to futures io: the largest futures trading community on the planet, with well over 150,000 members
  • Genuine reviews from real traders, not fake reviews from stealth vendors
  • Quality education from leading professional traders
  • We are a friendly, helpful, and positive community
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts
  • We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

(If you already have an account, login at the top of the page)

 
Search this Thread
 

Trading Psychology and How The Mind Works (I)

(login for full post details)
  #21 (permalink)
reallypo
Colorado Springs Colo/USA
 
 
Posts: 8 since Dec 2017
Thanks: 0 given, 3 received

No, I have not worked with him yet. The cost is very high so I am trying to find someone who has worked with him for a reference. I will hop over to the other thread to read your input.

Reply With Quote
The following user says Thank You to reallypo for this post:

Can you help answer these questions
from other members on futures io?
AddPlotNames2a support thread
NinjaTrader
CQG historical tick data missing trade direction (buy/se …
Traders Hideout
Transferring from computer to computer
TradeStation
convert sierra chart graph to Ninja traders 8
NinjaTrader
East West Petroleum Corp - EW (Canada) – EWPMF (USA) …
Stocks and ETFs
 
Best Threads (Most Thanked)
in the last 7 days on futures io
Ninjatrader Margin Update for Major Events & New Ann …
31 thanks
FootPrintV2 Chart for NT8
18 thanks
Is DOM worth using if I only have access to best 5 bid a …
7 thanks
There is more to trading than charts
6 thanks
Trader Guardian Angel
5 thanks
 
(login for full post details)
  #22 (permalink)
WmAFoster
Eugene, OR. USA
 
 
Posts: 27 since Jun 2019
Thanks: 5 given, 33 received


jstnbrg View Post
A friend just pointed me to an interesting and highly pertinent article in the New York Times Magazine online. The title is "Do You Suffer from Decision Fatigue?" https://www.nytimes.com/2011/08/21/magazine/do-you-suffer-from-decision-fatigue.html?_r=1&pagewanted=all%3Fsrc%3Dtp&smid=fb-share

I traded in the pits at the CBOT for 16 years, but the first three years were difficult for me. I did make money in each of the first three years, but not enough to grow as a trader and barely enough to cover my living and trading expenses. One big problem that I had was that I would often do well in the morning, but give back most or all of my day later on. I eventually decided to trade for a set goal of 4 ticks/unit of size per day, and then leave even if I had only been on the floor for 10 minutes, on the theory that with such a modest goal I could take only the safest trades and still make enough money to grow, and that going home a winner every day was more important than catching all the action. After I made that decision, I didn't have a losing month for 6 1/2 years. Perhaps lack of decision fatigue is why.

This simple idea has made a huge difference to my trading.............
This video also brings this idea out and that you don't need to catch those big trends to make really good money also illustrated in the spreadsheet image.


Attached Thumbnails
Click image for larger version

Name:	Screen Shot 2019-06-25 at 7.36.31 PM.png
Views:	357
Size:	102.1 KB
ID:	267461   Click image for larger version

Name:	Screen Shot 2019-07-02 at 1.25.16 PM.png
Views:	295
Size:	107.8 KB
ID:	267462   Click image for larger version

Name:	Screen Shot 2019-07-02 at 1.25.27 PM.png
Views:	308
Size:	109.1 KB
ID:	267463  
Reply With Quote
The following 3 users say Thank You to WmAFoster for this post:
 
(login for full post details)
  #23 (permalink)
GH0ST 0P
Columbus
 
 
Posts: 10 since Oct 2019
Thanks: 68 given, 19 received



Hemmo View Post
Reallypo,

After completing the intense upfront homework, I had the first session with Steve Present last week, which was great.

There is an existing futures.io thread in relation to Steve and his website ... Trading Psychology ...



That is where I am planning to provide some feedback on the experience for other futures.io members to consider approaching Steve Present for their trading psychology issues. It was these contributor's comments that made me feel comfortable in outlaying the money to work with Steve.

[Mike, I feel like I now have something to contribute to futures.io!]

Reallypo, have you worked with Steve? How many sessions? Do you feel that the impressive changes have remained permanent?

If you don't mind sharing, roughly how much upfront does Steve charge?

Sent using the futures.io mobile app

Reply With Quote
 
(login for full post details)
  #24 (permalink)
Symple
Zuerich / Switzerland
 
 
Posts: 733 since Sep 2021
Thanks: 853 given, 1,670 received


PhillyFanatic View Post
Is it easier to trade with a $100,000 account or $10,000? Does it change how you approach the market mentally?

@PhillyFanatic

It is in the final stage all about risk and money management, regardless how good you are in what ever in trading. You can read Wizard Books and Wizard Comments on and on, at the end this will be the point as soon as you make real money with trading. Even in today's algo trading, the risk is more or less the first topic to look at.

Symple

Reply With Quote
 
(login for full post details)
  #25 (permalink)
psanford
Huntsville, AL
 
 
Posts: 1 since Sep 2015
Thanks: 0 given, 0 received

Any suggestions on how to get into the right midset?

Reply With Quote
 
(login for full post details)
  #26 (permalink)
Phoenixoboros
Paris France
 
 
Posts: 23 since Feb 2021
Thanks: 40 given, 14 received

Amygdala hijack is a trader's ennemy.

Reply With Quote
 
(login for full post details)
  #27 (permalink)
 ursus 
Sydney NSW Australia
 
Experience: Intermediate
Platform: TradeStation, Oanda
Trading: Forex, index futures
 
ursus's Avatar
 
Posts: 76 since Jun 2020
Thanks: 5 given, 79 received


George View Post
Now to the other issue. Have you heard of the term "Know Thyself"? I am sure you have, but what does it really mean? Well it's about knowing who you are and in this case the very essential part is...in order to stop yourself from committing those errors, you'd have to stop yourself before YOU happen. In other words get to know yourself well enough in order to catch yourself before it happens. That way you don't have to trade those days, or commit those errors leading to those heartbreaking results.

"Knowing yourself", sounds very cool and very New Age, but an immensely hard goal to achieve. What's "yourself" anyway? Some Buddhist schools deny its existence altogether. As strange as it sounds, modern science has very little idea about consciousness. We know it is connected to the brain, but that's about it. There are plenty of theories that involve various neurotransmitters and anatomical structures, but at the end of the day they tell us nothing. Sure, you put a person in fMRI machine, show him a picture and his temporo-occipital zone goes from yellow to red. Now what?

There is a great book by Suzan Blackmore, Zen and the Art of Consciousness. She describes her experience with the practice of Buddhist koans. Koans are little riddles that don't make sense and cannot be answered by logic. Their goal is to transcend the logical thinking and "get it!" So the first koan was, am I conscious right now? As simple as it sounds, when you start paying attention and thinking about this, things start getting strange.

Anyway, it's a big topic. For those interested here is the link to one of her articles: Delusions of Consciousness

So what does it all have to do with trading? Well, I am not sure. I wish it was possible to dissect the mind and its functions and come up with some sort of a solution for not fucking up the trading account. Personally, mechanistic approach makes most sense to me. I don't necessarily mean algo trading, but rules in general. Look at the chart, make up your mind and make the decision. Long or short, stops and profit targets, whichever method makes sense, put the orders in and that's it. Don't change anything after that. Keep a diary and come back to it to see what went well and what went wrong.

Is it useful to analyse my childhood and try figure out if I cut the losses too early because I was worried about the integrity of my genitals while I subconsciously wanted to screw my mother, as per Ol' Sigmund? Even if it does turn out to be the reason, will it help me change my behaviour? I don't know. Strangely enough, we, humans, are so similar and so different from each other at the same time. The topic for another koan I guess.

Reply With Quote
The following user says Thank You to ursus for this post:


futures io Trading Community Psychology and Money Management > Trading Psychology and How The Mind Works (I)


Last Updated on May 3, 2022


Upcoming Webinars and Events
 

NinjaTrader Indicator Challenge!

Ongoing
     



Copyright © 2022 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada), info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts