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Overtrading to make up losses for the day


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Overtrading to make up losses for the day

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  #11 (permalink)
Cape Town/South Africa
 
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furytrader View Post
As a systematic trader, my #1 goal is to implement the system without error. As long as I am doing that, I am winning. Every trader has an inevitable string of losers and the key is to not dig a big hole for yourself. Remember, the market is in "giving mode" only a certain part of the time but is in "taking mode" most of the time; when you experience losses, the market is in "taking mode" and just recognize it - it will return to "giving mode" soon, and you just need to have sufficient capital to be around when it does. Also, remember that the market doesn't care how much money you've lost already today or this month.

Thanks’ “furytrader”
What you’ve said makes perfect sense the way you put it! I especially like the part “Remember, the market is in a ‘giving mode’ only a certain part of the time, but is in a ‘taking mode’ most of the time”. Your input and encouragement is very much appreciated. Cheers!

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  #12 (permalink)
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I actually have to give credit to my old boss (one of the traders profiled in "Hedge Fund Market Wizards") for that gem.

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  #13 (permalink)
Hertfordshire England
 
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furytrader View Post
As a systematic trader, my #1 goal is to implement the system without error. As long as I am doing that, I am winning. Every trader has an inevitable string of losers and the key is to not dig a big hole for yourself. Remember, the market is in "giving mode" only a certain part of the time but is in "taking mode" most of the time; when you experience losses, the market is in "taking mode" and just recognize it - it will return to "giving mode" soon, and you just need to have sufficient capital to be around when it does. Also, remember that the market doesn't care how much money you've lost already today or this month.

Good way of putting it, but the market being in 'taking mode most of the time'.. is worrying

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  #14 (permalink)
hollywood
 
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just stop.....

of course easier said than done and we all succumb to it even now and then....but you have to have the will to turn your computer off and walk away...

it's like when you go for that 3rd drink and you know you shoulda stopped at 2 but you only wanted to drink 1....

walk away....you gotta do it!

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  #15 (permalink)
Cape Town/South Africa
 
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lsubeano View Post
just stop.....

of course easier said than done and we all succumb to it even now and then....but you have to have the will to turn your computer off and walk away...

it's like when you go for that 3rd drink and you know you shoulda stopped at 2 but you only wanted to drink 1....

walk away....you gotta do it!

I am with you brother!

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  #16 (permalink)
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tturner86 View Post
Many traders fall victim to this. Check with your broker and see if they can set a loss limit on their side. So if you cross that limit they lock you out until the next day.

Not all brokers do, but some do and it might be worth it.

This is great advice, although it doesn't address the root cause of the problem.

If you don't change your behavior at the root (ie, why can't you follow your own rules?), what will happen is that @tturner86 's great suggestion will cure one ill, but you will just create another destructive ill to take its place. For example, maybe you'll open a second account, and simply trade that one when your first hits the loss limit.

For long term success, you need to fix the root cause.

Think of an alcoholic who wants to stop driving drunk. Solutions like having neighborhood bars prevent him from drinking, or even having a breathalyzer kill switch on his car, won't solve his alcohol problem.

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  #17 (permalink)
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kevinkdog View Post
This is great advice, although it doesn't address the root cause of the problem.

If you don't change your behavior at the root (ie, why can't you follow your own rules?), what will happen is that @tturner86 's great suggestion will cure one ill, but you will just create another destructive ill to take its place. For example, maybe you'll open a second account, and simply trade that one when your first hits the loss limit.

For long term success, you need to fix the root cause.

Think of an alcoholic who wants to stop driving drunk. Solutions like having neighborhood bars prevent him from drinking, or even having a breathalyzer kill switch on his car, won't solve his alcohol problem.

Thank you “kevinkdog’ your sound advice is duly noted!

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  #18 (permalink)
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kevinkdog View Post
This is great advice, although it doesn't address the root cause of the problem.

If you don't change your behavior at the root (ie, why can't you follow your own rules?), what will happen is that @tturner86 's great suggestion will cure one ill, but you will just create another destructive ill to take its place. For example, maybe you'll open a second account, and simply trade that one when your first hits the loss limit.

For long term success, you need to fix the root cause.

Think of an alcoholic who wants to stop driving drunk. Solutions like having neighborhood bars prevent him from drinking, or even having a breathalyzer kill switch on his car, won't solve his alcohol problem.

I couldn't agree more. My idea is a simple stop gap.

@kevinkdog is correct you have to get to the root cause and fix yourself. And to be honest if you cannot do that you will not survive being a trader.

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  #19 (permalink)
Brisbane
 
 
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Of course you are not alone! This is the reason I pulled out from the markets to give myself a break.

I learned that at the very foundation of my trading is my own psychology, eg why I am trading at all. .. everybody will say: to make money. Yes! But there may be some layers underneath such why am I trading and not adhearing to a normal job. Is there anything in trading which gives me thrill other than my normal job? and many other questions.

Finally it all seems to come down to start the trading day with a mind reset which is open to what ever reveals itself during the day, having a sound strategy, sound money management and mainly the discipline to stick to it.

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  #20 (permalink)
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kevinkdog View Post
This is great advice, although it doesn't address the root cause of the problem.

If you don't change your behavior at the root (ie, why can't you follow your own rules?), what will happen is that @tturner86 's great suggestion will cure one ill, but you will just create another destructive ill to take its place. For example, maybe you'll open a second account, and simply trade that one when your first hits the loss limit.

For long term success, you need to fix the root cause.

Think of an alcoholic who wants to stop driving drunk. Solutions like having neighborhood bars prevent him from drinking, or even having a breathalyzer kill switch on his car, won't solve his alcohol problem.

Thank you, great posts here. Any thoughts on how to address the root cause of overtrading?

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