I will be journaling later about how much of a moron I was today. Putting that aside I do believe I had a huge emotional win today. We are all far too aware of how difficult it is to trade without emotion. Today I missed some huge trades that were right up my alley. There is no excuse for missing these trades. However, rather then sitting at my screen with the finger on the trigger thinking "Okay I missed that first move let's make something happen here" I walked away. I went and took a shower and grabbed a cup of coffee. I figured after missing those big moves I was very prone to forcing trades and it was best to walk away.
It may not be money in the bank but it truly makes me feel like I am developing as a trader.
The following 10 users say Thank You to Blz17 for this post:
Blz, fantastic decision Live to fight another day. There is always tomorrow, there is always a better day, a better trade, a better setup, a better signal.
There is no reason to overtrade and yet it is so incredibly difficult to not do it. You have won a major battle today.
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Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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I too have found that whenever I force a trade I regret it.
Obviously - in hindsight - it is difficult to spot those forced trades. Some of them were perhaps forced but went my way anyway, so I'm sure a part of me will say 'well I made money on those so who's to say they were really forced?'
In the same way - in hindsight - is fairly easy to say 'that was a forced trade because it didn't work out'.
Maybe the real skill is to spot both winners and losers that were not forced, as well as losers and winners that were.