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Not following plan is my biggest problem! After hitting SL I think for my self next time no matter what happens I will follow the rules. And when the time comes to place a order I say come on my signal is just 1 rupee away, lets get in. And SL hits in spite praying to GOD
I would love to hear from the people that said "not following plan". Can you be more specific as to what exactly you aren't doing, that is in your plan, but that isn't listed as a separate poll option?
I am surprised that as of now, the #1 result in the poll is "lack of funding". I didn't expect it to be the top reason.
I believe that most people that select this option are in the "learning" phase of trading, and are separately accumulating money so they can fund their trading account. Would you agree?
Or do you think people that select this option are talking about increasing their buying power, for example if they have a winning method today but lack the funds to exploit it to the full potential? I don't think that is the case, but curious to hear what you guys think.
I believe it has to do with the $500 to $500,00 in a year dream that a lot of people have. Or that they think if they start with a larger account they can trade larger size and achieve that dream quicker.
almost "not following plan":
I had decided 2 exit points for a method:
1) stop trading when maximum expected drawdown *1.25 is reached. Take a pause and see how the next 10 trades would have developed and if the strategy picks up again decide for a new trail.
2) when the strategy doesn't produce profit x ( with modest goal) within timeframe y, continue trading until exitpoint 1 is reached, but start looking for other streams of income and consider the strategy as 'has lost it edge'.
Forcing returns from the market within a selfset timeframe is offcourse ridiculous, but I had to define exit points. What happened was that just before timeframe y ended and I was up the modest goal, I was afraid of pulling the trigger or looked to exit when the trade didn't move very fast. Afraid that losers would bring me under my profit goal. Luckily I managed to sit on my hands which had a very nice result, but it shows again what happens when you try to put external 'borders' on the market.
One of my worst enemies are my own false assumptions
I picked the option because I only put a small portion of trading capital into IB to make sure that I wanted to go with them. I'm basically limited to two longer term position trades until I'm fully funded. I should be up and doing some real trades on Wednesday. Once I've got the funds I will have to watch myself to make sure I don't enter positions just because I've got blocks of capital burning a hole in my account.
I didn't have trading at the forefront of my mind but I've been saving what I can for years in the hopes of one day working for myself. Once I realized trading is what I wanted to do I defiantly started viewing my job as a way to build my trading account. Even after I'm working with all my trading money I'll only be "dipping my toes" into day trading while focusing most of my money on swing and position trades that are based on both fundamental and technical factors. Before I get too heavy into day trading I'd like to have enough gains from slower moving trades to pay for my data, platform, trading computer and the money I will be day trading.
I can only speak for myself but I wanted enough to day trade and keep longer term positions.
I kinda wonder how many people who answered that are looking at a broker that charge ~$7-$10 per trade?
Could you explain "Habit of Full Tilt" a little better? I'm not sure what that means in the context of the poll. I know Full Tilt is an online poker site, and I've heard the expression "going full tilt" or "going on tilt". Does it mean trading too big, or maybe revenge trading? Just not exactly sure what you mean for the poll. Thanks.
Yes, just means you might do really well trading for months, but have a bad habit of going full tilt on one day or one trade that sets you back all of your profits over those months, and much more.
