What do you do to stop overtrading / manage trades? - Psychology and Money Management | futures io social day trading
futures io futures trading


What do you do to stop overtrading / manage trades?
Updated: Views / Replies:2,838 / 69
Created: by muis2 Attachments:1

Welcome to futures io.

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

futures io is the largest futures trading community on the planet, with over 100,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

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

Reply
 1  
 
Thread Tools Search this Thread
 

What do you do to stop overtrading / manage trades?

  #31 (permalink)
Sydney+Australia
 
Trading Experience: Beginner
Platform: NinjaTrader
Favorite Futures: futures
 
Posts: 27 since Feb 2014
Thanks: 34 given, 51 received


gmt123 View Post
To avoid over trading you must write down entry rules and exit rules. The next step is simply to stick to them. If you have the feeling that you may break an entry rule I suggest that you turn off the computer.

It is hard to disagree with you @gmt123. When you are over trading is most likely that your current market conditions are not met. You are getting in and out but have no patients to wait for trade to move in your direction. You either seat and wait for momentum to pick or just shut it off. This is what i usually do. There is always tomorrow. Market was before us and will be there long after

Reply With Quote
The following 2 users say Thank You to tr8d3r for this post:
 
  #32 (permalink)
GEORGE TOWN
 
Trading Experience: Advanced
Platform: Ninja Trader
Favorite Futures: GC
 
Posts: 3 since Oct 2017
Thanks: 0 given, 13 received

The way I avoid overtrading is setting limits.

I only trade one instrument.
I only trade US session.
I only trade when price gets to a specific level.
I only trade based on a one specific time frame.

The more you limit yourself with very specific rules the less you will be able to overtrade (if you follow your rules strictly, then its impossible to over trade).

Reply With Quote
 
  #33 (permalink)
San Francisco
 
Trading Experience: Beginner
Platform: NinjaTrader
Favorite Futures: NQ
 
Posts: 5 since Apr 2015
Thanks: 0 given, 0 received


You need to slow down. Take a break. Take some trading psychology programs.
Go back to SIM. Can you do it in SIM the same as you would like to do in each and every trade?
If not, it's better not trade with real money.

Best,

Reply With Quote
 
  #34 (permalink)
ancona+ marche italy
 
 
Posts: 1 since Apr 2019
Thanks: 0 given, 1 received

Forgive my english but it's not my motherlanguage it' going to sound strange ad filled with errors, I apologize about that.

Im my opinion the first thing you need to do is assess if your strategy is a winning one, meanig is it statistically sound. In a
paper trading lasted at least 3 months are you profitable? If not you need either to change it or to invest money in finding someone that can coach you, on eon one, on a profitable method that you can follow to the T. When you have not been a successfulll
trader for a long time, you NEED to have a repetitive method that you can have confidence with. In my esperience a TOL home trader at least in the beginning of is never ending learning curve, needs a lot of structure and repetitive almost boring methodology to follow, if not you'll always blow out you account and in the end never be profitable. But how can you be so disciplined. First you need to know how serious are you about this. Even if you have another job and this is a side activity, you have to treat it like a job even if it's whithouth a boss. Then you need to understand that money is a very powefull symbol that will dominate you, if you do not learn how to dominate yourself. If you do not have a strict discipline, you'll end up moving your stop loss all the time, when do you take profit, who knows, if it does retrace do I get what I can
or I keep going and risk it more. As you have lived trought this, I'm sure you can reconize that greed and fear will overwhelm you, simply because MONEY is a very powerfull symbol in your psyche as is for everyone. You can be making profit for 3 months in a row, feeling like a king and then boom, one bad day you'll wipe everything out. So if you do not learn how to control your emotional side, you'll wipe out, in the short/long run doens't matter, your account. The argument is vast, but I'll summarize it in:

-Find somedoy or by yourself a sound winning strategy. If you have somebody coach you, one on one let him show you his montlhy account and the successful trades he is able to do consistently. If it does not do that forget about it. Many will say It's my thing, it's private. Bullshit, if yor coach somebody who is paying you money you need to demonstate that you are able to do what you teach yourself otherwise...(p.s. it took me 2 years to find a good mentor, but I finally did).


-a repetitive and constant string of small gains goes a long way to build your account up.If you hope to build it whith great fat trades, good luck never met anybody having succes this way.

-at the beginning trade a very small amount of money, for each trade, if you do not want to paper trade, so you can apply easily you strategy without having to chage the SL or TP all the times, it's a way to learn subconsciously almost automatically that what you do is successfull. Do not be overconfident and just because you make 50 good trades you say now I can make money. Be patient and only after 100's of succesfull trades, your subconscious mind, will accet this way of trading without intervening when you trade with bigger summs at stacke and start to kick in to preserve you.
Meaning the secret is that you have to make your emotional mind quiet and let your everyday logical mind take over and be there when you do what you need to do,make it automatic, you set the trade and forget it, if it hits SL, move to the next trade and so on. If you have a winning strategy which for me means you are profitable in the worst case scenario at least 70% of the time, sitck with it it's the only way to succeed in this business of algotrades and big players.A trick cold be trade with ticks and not in money. If you loose 300$ ona trade your mind will say damm 300$, I need to recover them immediatly and make you trade until either you lost 3 times that or have recovered it. As I said money is a powerfull symbol, you need to depotentiate it's emotional side.

- do not trade more thaqt 3 -4 hrs max a day after that you attention span diminishes and beside few exceptions you lucidity it's gone.


Trading is not for everyone and it's veeery difficult to parsue, don't yourself. Very few succed because the industry behind it needs cows to milk and puts around the fake news that it's easy and dandy. It's not and never will be, better be honest about yourself and what you want to do.I wish you the best

Reply With Quote
The following user says Thank You to palipoli for this post:
 
  #35 (permalink)
miami,florida
 
 
Posts: 14 since Feb 2019
Thanks: 3 given, 7 received

1-Set a goal,$100,$200 a day... ? .And stop trading there .
2-Follow a strategy that provides low risk entries before you are proven wrong.
3-PATIENCE, wait for the mkt. to do what your strategy dictates.
4-Trust your strategy,even if it's not %100 right.
5-STICK TO IT, DISCIPLINE!
6- Journal.
7-Repeat.

Reply With Quote
 
  #36 (permalink)
Shanghai/China
 
 
Posts: 1 since Jun 2019
Thanks: 0 given, 0 received

Remember the saying that looks like a mantra, "Overtrading is financial suicide."
That effectively cured my overtrading.

Reply With Quote
 
  #37 (permalink)
Legendary Market Wizard
Chicago Illinois USA
 
Trading Experience: Advanced
Broker/Data: IB, ToS
Favorite Futures: /ES, US Equities/Options
 
wldman's Avatar
 
Posts: 2,625 since Aug 2011
Thanks: 1,327 given, 4,289 received

If I'm honest...

when I run out of money. God willing its a lesson that people will only have to learn once. EXPAND your time frame, trade less...always timely good advice.

Visit my futures io Trade Journal Reply With Quote
The following 4 users say Thank You to wldman for this post:
 
  #38 (permalink)
Orlando Florida
 
Trading Experience: Intermediate
Platform: ThinkorSwim
Broker/Data: TD Ameritrade
Favorite Futures: Emini ES
 
Posts: 2 since May 2019
Thanks: 12 given, 1 received

Contingencies


muis2 View Post
I've had a couple of frustrating weeks resulting in a big drawdowns in my account.

I'm finding that I have spotted several good trades/trends over this period, but I get stopped out too early, then I chase overtrade and end up doing serious damage to my account.

What do you guys do to manage your emotions? How do you create a trading plan?

I have a serious tendency to focus on the markets and get an itchy trigger finger when the markets are open.

Thanks

Whenever I talk with traders it inevitable becomes a conversation about how to deal with a bad situation. For me to get past the emotional hurdles of a bad trade was to become an expert on loosing trades. I put a lot of work into using a live demo account and even going back in history to put myself into bad trading scenarios. I knew that the more I could experience these bad encounters the better I would become at dealing with them, using more focused energy to plan contingencies and realized my confidence improved. Its like learning to jump over a six foot wide 1000 foot drop across to the other side knowing that one slip and you fall. But if you work out your legs over a 1 foot drop a 1000 times you build confidence knowing I can do this. What can go wrong. Fix your body and practice and the same thing with trading. You have to put enough effort into knowing all the right things and wrong things that can go wrong and how to fix. I don't believe there is a magic wand to do it. You have to work at it and then you will start to become an expert. For example, "Hey,,, I have seen this situation a thousand times,,, I know what to do." And your brain will become more structure, routine, and there's nothing more satisfying than looking at any situation and recognizing the possibilities. Either stop live trading or greatly reduce your exposure and get give yourself the opportunity to discover successful trading. I don't like to loose and I almost never do but it happens and guess what. Its no big deal because I know what to do. Sincerely,,, Dustydog

Reply With Quote
 
  #39 (permalink)
Market Wizard
Portland, OR
 
Trading Experience: None
 
Massive l's Avatar
 
Posts: 1,778 since Mar 2011
Thanks: 1,260 given, 2,975 received


wldman View Post
when I run out of money. God willing its a lesson that people will only have to learn once. EXPAND your time frame, trade less...always timely good advice.

might have to run out several times though

Reply With Quote
The following 3 users say Thank You to Massive l for this post:
 
  #40 (permalink)
Legendary Market Wizard
Chicago Illinois USA
 
Trading Experience: Advanced
Broker/Data: IB, ToS
Favorite Futures: /ES, US Equities/Options
 
wldman's Avatar
 
Posts: 2,625 since Aug 2011
Thanks: 1,327 given, 4,289 received

This specifically...


has only happened once. My first off floor big deal was trying to automate a multi-strategy gray box. Truly my siren song, and the reason I first joined this forum.

My other forced reconciliation was the two weeks following 9/11...which could vaguely be argued as "not my fault".

Ive walked away for perseverance sake, but I've only gone to zero in the trading account twice.

Dan

Visit my futures io Trade Journal Reply With Quote
The following 3 users say Thank You to wldman for this post:

Reply



futures io > > > What do you do to stop overtrading / manage trades?

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)
 

futures io is celebrating 10-years w/ over $18,000 in prizes!

Right now
 

$1,000 in Amazon Gift Cards being given away right now from GFF Brokers

Right now
 

$250 Amazon Gift Cards with our "Thanks Contest" challenge!

Right now
 

Show us your trading desks and win over $5,000 in prizes w/Jigsaw Trading

August
 

Webinar: Suri Duddella (TBA)

Elite only
 

Webinar: Richard Bailey (TBA)

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Overtrading to make up losses for the day williamfrank Traders Hideout 26 November 12th, 2018 05:09 PM
Strategy to manage a trailing stop based on prior bar closse markbb10 NinjaTrader Programming 1 June 25th, 2018 12:35 PM
Good trades, bad trades, winning trades & losing trades AsymOlly Trading Journals 42 July 11th, 2016 10:08 AM
How do you manage stress? Yuri57 The Elite Circle 21 June 26th, 2013 06:00 PM
How do you manage & maintain? thinkfuture Traders Hideout 5 April 30th, 2010 08:14 PM


All times are GMT -4. The time now is 01:56 AM. (this page content is cached, log in for real-time version)

Copyright © 2019 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, 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