Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
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 for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Your first trade is a nice winner. Do you keep on trading?
I used to keep on trading, even when I reached my daily goals (20 pips on forex, 2 points on futures) and I blew accounts those days because I went into revenge trading and overtrading. I was thinking : Oh man, I had my goal, now I'm loosing, I need to get winning again !
So now when I reach my goal I stop. I had a day last week were I traded for 9 minutes. That was it, trading day was over.
Make a plan, stick to it.
Can you help answer these questions from other members on NexusFi?
This is what happens when you over trade. I was +93 ticks in two trades only to lose it all and then some. Made one more trade and ended the day +6 ticks. I made my goal early on and over traded shame on me. Broke a rule and paid dearly for it. You can bet it won't happen again.
Yeah from the beginning, I don't know how to look at it any other way. You get in the ring you are going to get hit. You sit at the table you are going to lose some hands. Doesn't mean you are going to lose the fight or lose the session, just part of the game.
I can't imagine getting pocket aces and winning a big pot, then get pocket aces later on and folding because I won a hand earlier (speaking cash game here).
Awesome man, that is awesome on the business tip, seriously.
I realize this thread died a couple of weeks ago, but I am new to the site and thought that I would post a few thoughts. There are two aspects to be considered here - a psychological aspect and a statistical aspect. It also depends a bit on whether you are trading a discretionary or mechanical system.
From the psychological point of view - what is your mindset when you take the first trade? Maybe you are waiting for the best/"A" setup on that first trade. With that first winner in hand, do you get a little cocky on trade #2? If you lose on the second trade, then do you approach trade #3 with an eye for revenge, or are you still waiting patiently for that "A" setup?
From a statistical point of view - you need to take a close look at all of your trades. For your first trades, how many are winners/how many are losers? What is your ave win? What is your ave loss? What is your profit factor? What is your expectancy? What is the heat that you take on the winning trades? If typical winners have little heat, maybe you should tighten up your stops. If you're taking profits after 3 points on winners, how do those winners perform after you're out - do they keep running? Should you increase your profit target? Should you trail a stop? The key is to analyze all of your trades and look for common themes, and do more of that which works, and less of that which doesn't.
Thank you for your positive feedback. You have mentioned very valid points which I have stated recently in my journal that psychologically I become impatient and speculative. I am a discretionary trader and my biggest vise is being impatient and not waiting for a signal bar according to my rules and I jump in when I get speculative and think the bar is going to run based on what I see on the Dom. Another form of chasing. This has been a bad habit which I need to break and the best way to break an old habit is create a new one. I need to design a way to have a locking mechanism on my mouse until the bar comes within a couple of seconds before the bar closes....lol. Seriously, I am completely focused on my thoughts and feelings before and during the trade.
Threads like this will never die Methodologies change constantly, you can look back 1 year, 5 years, 50 years, there is always going to be new and unique ways to trade the market. But the psychology of it rarely changes.
to the site.
Methodologies change constantly, you can look back 1 year, 5 years, 50 years, there is always going to be new and unique ways to trade the market. But the psychology of it rarely changes.
