Overtrading to make up losses for the day - futures io
futures io futures trading



Overtrading to make up losses for the day


Discussion in Traders Hideout

Updated by SamJames
      Top Posters
    1. looks_one ShaunG with 7 posts (6 thanks)
    2. looks_two tturner86 with 3 posts (13 thanks)
    3. looks_3 furytrader with 2 posts (5 thanks)
    4. looks_4 pvlee with 2 posts (5 thanks)
      Best Posters
    1. looks_one tturner86 with 4.3 thanks per post
    2. looks_two kevinkdog with 4.0 thanks per post
    3. looks_3 furytrader with 2.5 thanks per post
    4. looks_4 ShaunG with 0.9 thanks per post
    1. trending_up 10,470 views
    2. thumb_up 52 thanks given
    3. group 14 followers
    1. forum 27 replies
    2. attach_file 0 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)

 
Search this Thread
 

Overtrading to make up losses for the day

(login for full post details)
  #1 (permalink)
stevi MT/USA
 
Experience: Intermediate
Platform: tradestation
Trading: live cattle
 
Posts: 3 since May 2014
Thanks: 2 given, 1 received

My pitfall is that I overtrade when I am having a losing day, trying to make up for my losses. I often end up having a very bad day! I have tried to set a daily loss, but somehow I go into a trance and ignore this rule. Am I unique or does this happen to other traders? Any suggestions to change this bad behavior.
Thanks,
Bill

Reply With Quote
The following 2 users say Thank You to williamfrank for this post:

Can you help answer these questions
from other members on futures io?
Zytrade Brokerage Review (www.zytrade.com)
Brokers
Do you know any futures platform that allows grid automation like shown on this vid?
Platforms and Indicators
SC parameter optimization
Sierra Chart
Range bar differences in Tradestation vs. TOS
TradeStation
NinjaTrader 8 with TD Ameritrade futures
NinjaTrader
 
 
(login for full post details)
  #3 (permalink)
Europe
 
 
Posts: 79 since Dec 2013
Thanks: 428 given, 150 received


Hi @williamfrank,

The answer is simple, follow your rules. Trading is about control. If you set a rule that protect you from this types of days, if you are not able to follow, nothing will help you.

Try to recognise physical signals on you that show you that this type of days are present, and go out to trading. Find how many money you need to lose for entering in this type of days.

For example, if you lose 500$ and you experimenting this type of reactions? Find a sand in the line when you lose money for don't be emotionaly broken.

You need to have the confidence that following this rule you will be take more benefits than not follow it. Trading is about accepting losses and this is another aspect than can help you. The market open every day and next day you can have more opportunities.

Don't trade for money. Trade for find opportunities is best, the money will come alone. An special sentence about how you can improve in trading is cut your losses the fast they come and let your winners run. Easy to say, hard to apply, but 100% real edge trading.

Reply With Quote
The following user says Thank You to ofatrader for this post:
 
(login for full post details)
  #4 (permalink)
Europe
 
 
Posts: 79 since Dec 2013
Thanks: 428 given, 150 received

BTW,

here you can find a nice advice speaking about that.


Reply With Quote
The following user says Thank You to ofatrader for this post:
 
(login for full post details)
  #5 (permalink)
Site Moderator
Portland, Oregon
 
Experience: Intermediate
Platform: F-16CM-50
Trading: GBU-39
 
tturner86's Avatar
 
Posts: 6,159 since Sep 2013
Thanks: 10,438 given, 12,541 received


williamfrank View Post
My pitfall is that I overtrade when I am having a losing day, trying to make up for my losses. I often end up having a very bad day! I have tried to set a daily loss, but somehow I go into a trance and ignore this rule. Am I unique or does this happen to other traders? Any suggestions to change this bad behavior.
Thanks,
Bill

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.

Reply With Quote
The following 6 users say Thank You to tturner86 for this post:
 
(login for full post details)
  #6 (permalink)
Chicago, IL
 
Experience: Intermediate
Platform: Ninjatrader
Broker: AMP
Trading: CL, TF
 
Posts: 41 since Jul 2012
Thanks: 18 given, 43 received


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.

Best advice ever.

Reply With Quote
The following 2 users say Thank You to scalpingticks for this post:
 
(login for full post details)
  #7 (permalink)
Cape Town/South Africa
 
Experience: None
 
Posts: 39 since Jul 2014
Thanks: 198 given, 44 received


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.

Great advice "tturner86" I must remember that going forward!
Thanks

Reply With Quote
The following user says Thank You to ShaunG for this post:
 
(login for full post details)
  #8 (permalink)
Cape Town/South Africa
 
Experience: None
 
Posts: 39 since Jul 2014
Thanks: 198 given, 44 received


williamfrank View Post
My pitfall is that I overtrade when I am having a losing day, trying to make up for my losses. I often end up having a very bad day! I have tried to set a daily loss, but somehow I go into a trance and ignore this rule. Am I unique or does this happen to other traders? Any suggestions to change this bad behavior.
Thanks,
Bill

“williamfrank” don’t feel alone! I share your feelings! Some days I ‘know’ it’s a bad market, and I should just quit for the day, but somehow I just want to try get out of the RED! This, needless to say, ends up with me having just a greater LOSS! So, rest assured, you are not alone…! I am challenging myself daily to change this mind-set!

Reply With Quote
 
(login for full post details)
  #9 (permalink)
Hertfordshire England
 
Experience: Intermediate
Platform: NT
Trading: DAX
 
pvlee's Avatar
 
Posts: 92 since May 2011
Thanks: 96 given, 164 received


williamfrank View Post
My pitfall is that I overtrade when I am having a losing day, trying to make up for my losses. I often end up having a very bad day! I have tried to set a daily loss, but somehow I go into a trance and ignore this rule. Am I unique or does this happen to other traders? Any suggestions to change this bad behavior.
Thanks,
Bill

This is the biggest problem facing most retail traders. Moving from scalping to swing trading is the only cure for the undisciplined (like me). I could have 10 or 20 good days scalping and then lose all my profits when volatility kicks in. Moving to a higher time frame/bigger range bar that can absorb the volatility helps a lot

Reply With Quote
The following 4 users say Thank You to pvlee for this post:
 
(login for full post details)
  #10 (permalink)
Chicago, IL USA
 
Experience: Intermediate
Platform: MultiCharts + CTS T4
Broker: Advantage Futures, IQFeed.net
Trading: YM, ES, EU, US, S
 
furytrader's Avatar
 
Posts: 153 since Jun 2011
Thanks: 109 given, 146 received


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.

Reply With Quote
The following 4 users say Thank You to furytrader for this post:


futures io Trading Community Traders Hideout > Overtrading to make up losses for the day


September 6, 2020


Upcoming Webinars and Events
 

NinjaTrader (special webinar #400 w/giveaways)

Oct TBD
 

Bookmap

Oct TBD
 

SharkIndicators

Oct TBD
 

Carley Garner

Oct TBD
 

Ironbeam

Oct TBD
 

Zytrade

Oct TBD
 

GruttePier

Oct TBD
     



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