Finally Turning the Corner, tha "its 80% Psychology" thing... - futures io
futures io futures trading



Finally Turning the Corner, tha "its 80% Psychology" thing...


Discussion in Psychology and Money Management

Updated by fivewhy
      Top Posters
    1. looks_one TropicalTrader with 58 posts (268 thanks)
    2. looks_two Sandpaddict with 8 posts (16 thanks)
    3. looks_3 oceansailor with 6 posts (25 thanks)
    4. looks_4 josh with 6 posts (30 thanks)
      Best Posters
    1. looks_one Grantx with 9.3 thanks per post
    2. looks_two Big Mike with 6.8 thanks per post
    3. looks_3 josh with 5.0 thanks per post
    4. looks_4 TropicalTrader with 4.6 thanks per post
    1. trending_up 13,580 views
    2. thumb_up 520 thanks given
    3. group 494 followers
    1. forum 133 replies
    2. attach_file 1 attachments




Welcome to futures io: the largest futures trading community on the planet, with well over 100,000 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)

View Poll Results: Do You Even Scalp Bro?
Nope 40 28.57%
Yea, under 10 round-turns a day 55 39.29%
Yea, avg 10-20 round-turns a day 30 21.43%
Yea, over 20 round-turns a day 15 10.71%
Voters: 140. You may not vote on this poll

 
Search this Thread
 

Finally Turning the Corner, tha "its 80% Psychology" thing...

(login for full post details)
  #31 (permalink)
Site Administrator
Manta, Ecuador
 
Experience: Advanced
Platform: My own custom solution
Trading: Emini Futures
 
Big Mike's Avatar
 
Posts: 48,916 since Jun 2009
Thanks: 31,588 given, 94,564 received

Many years ago when I first accepted the vast importance of psychology, I started to develop a combination trading tool that used emwave type inputs and combined it in a traditional trading indicator on a time series chart.

I actually had plans to market such a device with a trader here in the community which was a personal friend of mine.

I never followed through unfortunately.

Sent using the futures.io mobile app

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/
Follow me on Twitter Visit my Facebook Visit my futures io Trade Journal Reply With Quote
The following 8 users say Thank You to Big Mike for this post:

 
Best Threads (Most Thanked)
in the last 7 days on futures io
Is anyone actually making money?
186 thanks
Micro account vs Funded account (combine)
53 thanks
Are sharks watching on the other side?
32 thanks
Market profile entries/exits
25 thanks
Spoo-nalysis ES e-mini futures S&P 500
22 thanks
 
(login for full post details)
  #32 (permalink)
Houston
 
 
Posts: 141 since Dec 2016
Thanks: 69 given, 66 received


TropicalTrader View Post

Hello TropicalTrader,

Thank you for the effort in sharing your trading history.

Can you please explain how Al Brooks has helped you? I was thinking of purchasing his course soon to improve my price action skills?

Thank you

Reply With Quote
The following user says Thank You to goodoboy for this post:
 
(login for full post details)
  #33 (permalink)
Houston
 
 
Posts: 141 since Dec 2016
Thanks: 69 given, 66 received



TropicalTrader View Post
I realized that my strength and passion is short-term trading aka scalping. I define scalping as taking some/all profits off between 5-10 ticks. Its been a huge help for me to trade a market with a large range where I can afford to take 8-10 trades before hitting my daily loss. Fool me once, fool me twice, but not 8 times (on most days). This gives me a strong chance to finish the day profitable or at least with minor damage.

Hello TropicalTrader,

I agree on the take the manageable profits, however with taking profits per trade comes risk per trade.

Can you please explain the follow as it pertains to your trading:

1. How much do you risk per trade?
2. What is your thoughts on Risk vs Reward per trade? Do you prefer R:R < 1 or R:R = 1 or R:R > 1 trades?
3. Do you stick to risking 1-2% of capital per trade?
4. Are all you trades exit at 5-10 ticks regardless of risk?

Thank you

Reply With Quote
The following user says Thank You to goodoboy for this post:
 
(login for full post details)
  #34 (permalink)
Naples FLA
 
Experience: Beginner
Platform: Ninja Trader 8
Broker: NinjaTrader
Trading: Currency Futures, RTY, ES, NQ
 
Oriole's Avatar
 
Posts: 83 since Dec 2019
Thanks: 175 given, 57 received

Great thread. Will watch the webinar and look more closely at Convergent.

Reply With Quote
The following 2 users say Thank You to Oriole for this post:
 
(login for full post details)
  #35 (permalink)
sacramento ca us
 
Experience: Intermediate
Platform: Ninja Trader,Trade Station
Trading: es
 
Posts: 61 since Aug 2015
Thanks: 50 given, 42 received

A Lot of good info I have wanted to do more work on psychology but have been putting it of
procrastinating is another problem to overcome beside trading
Thanks

Reply With Quote
The following 2 users say Thank You to joe s for this post:
 
(login for full post details)
  #36 (permalink)
Amsterdam + Netherland
 
Experience: Intermediate
Platform: Tradestation Global, PRT
Broker: IB and atm Tradestation Global as introducing broker. May change to PRT.
Trading: Emini ES, (I used to have some ETFs here, but now I cant buy them, only buy options. To protect me..
 
Adolpho911's Avatar
 
Posts: 8 since Jan 2020
Thanks: 5 given, 7 received


goodoboy View Post
Hello TropicalTrader,

Thank you for the effort in sharing your trading history.

Can you please explain how Al Brooks has helped you? I was thinking of purchasing his course soon to improve my price action skills?

Thank you


I think I can contribute to this. I got his course free from a sign up to a trade platform deal. I won 50 $ on platform and learned more in 3 to 6 months from his course than I had learnt from reading tons of books and looking at webinar for 8 years or so!

I still read trading books, but never on technical stuff. Except just now I found Mind over market, volume profile FT71 and convergent. I know they gonna be my last stop! 😂

Adolpho911
"Faith does not always let you fix the tuition fee; she delivers the educational wallop and sets her own bill" Jesse Livermore
"I am not curious when I know everything" Adolpho911
Follow me on Twitter Visit my Facebook Reply With Quote
The following 5 users say Thank You to Adolpho911 for this post:
 
(login for full post details)
  #37 (permalink)
Milwaukee, WI, USA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: Equities
 
DavidBodhi's Avatar
 
Posts: 142 since Oct 2014
Thanks: 10 given, 125 received


joe s View Post
A Lot of good info I have wanted to do more work on psychology but have been putting it of
procrastinating is another problem to overcome beside trading
Thanks

I have a T-shirt that helps me. It says


Top 10 reasons to Procrastinate:
1.



I highly recommend it.

Attached Thumbnails
Click image for larger version

Name:	Top10.JPG
Views:	80
Size:	8.3 KB
ID:	288047  
Follow me on Twitter Reply With Quote
The following 5 users say Thank You to DavidBodhi for this post:
 
(login for full post details)
  #38 (permalink)
Vancouver Canada
 
Experience: Intermediate
Platform: Sierra Chart
Trading: ES 6E
 
Posts: 63 since Feb 2016
Thanks: 116 given, 280 received


DavidBodhi View Post

Restricting myself to decent setups, keeping my losses no larger than my average wins and just plugging along, BREATHING and putting my attention on something else when a trade is on, to cleanse myself of my severe tick-itis does, in fact, make all the difference in the world.

Thanks David, yes, we're looking to stay in Conscious Competence zone, instead of going back to conscious uncompetence and doing dumb things.. its a process..

Sometimes I post trade ideas on: https://twitter.com/tropicaltrada
Reply With Quote
The following user says Thank You to TropicalTrader for this post:
 
(login for full post details)
  #39 (permalink)
Vienna, Austria
 
 
Posts: 1 since Apr 2012
Thanks: 1 given, 1 received


TropicalTrader View Post
Thanks David, yes, we're looking to stay in Conscious Competence zone, instead of going back to conscious uncompetence and doing dumb things.. its a process..

To set a time limit helped me to keep profits and not give it all back on the same day....
Now i am only trading for 2-3 hours per day. The hardest part for me is stop trading if i am down, i have to think “tomorrow is another day“.

Reply With Quote
The following 3 users say Thank You to basilio73 for this post:
 
(login for full post details)
  #40 (permalink)
Vancouver Canada
 
Experience: Intermediate
Platform: Sierra Chart
Trading: ES 6E
 
Posts: 63 since Feb 2016
Thanks: 116 given, 280 received



goodoboy View Post
Hello TropicalTrader,

Thank you for the effort in sharing your trading history.

Can you please explain how Al Brooks has helped you? I was thinking of purchasing his course soon to improve my price action skills?

Thank you

I've had an interesting journey with his teachings. I got the 3 books back in 2010 and avidly started reading them, taking notes, etc.. I got massive information overload and learned some things that helped and then some things that didn't. At that time I was going back and forth between renko and time charts. Sometimes time charts were great but often, they messed me up. Now I can see that I had an unrealistic approach to learning, if I would have committed to study it for 1000 hours, take my best setups, do statistics, backtesting, sim trading and then go live scaling up, it probably could have worked.. I realized later though that I don't learn very well with books unless I take tons of notes, draw pictures of what i'm learning, etc.

I took his video course last year with the intent to learn more about price action and find some things that could help me with my renko trading (I only use renko and market proifles) , I like his ideas around how a market has different types of trends, different types of ranges, plus the different transitions to/from, and ways to look at labelling certain moments (ex: major trend reversal). I like some of his patterns (spike and channel).. I don't trade his individual bar-based setups or use the 20 ema.

Brian Shannon has some really good stuff too, they both describe ideas around the classical Wyckoff Accumulation/Distribution/Markup/Markdown cycles which is fundamental knowledge imo. I'm not into mult-time frame analysis though, that really messes me up. I look at "the profile" for big picture, find that very helpful..

Sometimes I post trade ideas on: https://twitter.com/tropicaltrada
Reply With Quote
The following user says Thank You to TropicalTrader for this post:


futures io Trading Community Psychology and Money Management > Finally Turning the Corner, tha "its 80% Psychology" thing...


July 10, 2020


Upcoming Webinars and Events
 

Every journal equals ten meals for the hungry

Now
     



Copyright © 2020 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