And imagine you have a passenger or two in that plane with you, because I bet you never had a flying casualty. If you had it would have destroyed not only you but other people as well. As traders there is often insufficient self-worth to protect oneself against one's own destruction. But as a pilot what prevents more destruction is the knowledge a pilot would take down more than just him or herself. While there might be the tendency to blame others there is an even stronger human drive to protect others more than we care for ourselves. Look around at the love in the world. Otherwise civilization would just never have made it this far. If there can't be enough self-love at the moment imagine that checklist you review each time before you put on a trade is for the souls of your ancestors who are keeping an eye out on you because they brought you this far. They would want good things to happen to you and for you.
Last edited by plethora; January 19th, 2011 at 03:58 AM.
The following 2 users say Thank You to plethora for this post:
I watched the new guy at Trade the Markets, I think his name was Hoffman. He traded for the 3 days of the free trial I saw with a live Dom. Used the same platform as me, so it was not a sim version. I believe he was going to continue having his dom up every day thereafter. Brave man!!
You really need to consider this since we don't have the luxury of a risk manager making sure what started this post doesn't happen.
The best "revenge" is to stop trading for the session completely. You are making money so to speak by not losing money. Trading is hard enough to not trade on tilt and its not like you even get paid extra for overcoming that tilt. Even outside yourself too there is a good chance that the days range/volatility/whatever does not line up well with your method, so even in a good frame of mind you might still be taking it on the chin.
The only advantage we have vs institutions with a risk manager is that we can pull the plug sooner if starting to slide down that slope mentally since there is no boss to have to explain why you want to go play golf. So basically don't be afraid ever to hit the kill switch on the session sooner rather than later.
The following user says Thank You to dutchbookmaker for this post:
Rob Hoffman took two trades today for about 280.00 profit yesterday was about the same this week has been very light. He is very very selective about his trades all his time frames must line up with confluence of good Support or Resistance. He has some general indicators and several MA but trades mostly price action obviously not indicator free. His favorite quote is "My way or the highway". He does trade a live account and has not had a losing trade in the room in over a year. I am new to the room but supposedly he made well into 6 figures last year, that has been confirmed by others in the room.
The following user says Thank You to Joe H for this post:
You have your set of entry rules. You see a setup, in a millisecond before you take the trade you go over all those rules again very quickly but now focusing if there is a slight thing that is saying why you should not take the trade: then don't take the trade. If that trade you didn't take turned out to be a winner, try to deal with it and move on to the next trade. Don't say to yourself I should have taken that trade. It's no use, it will put you in 'revenge' trade and 'overtrade' modus.
The following user says Thank You to MetalTrade for this post: