Today I failed miserably. My emotions ruled the day today. I am now ok with working with the emotions and am getting better but once in a while, they take over. Thankfully, I have a daily stop in place and it kicked in today.
I only made two mistakes regarding trade selection. The losses sprang from exiting winners to soon. For some reason, letting the winners ride is problematic. The solution that seems to work best is to just leave the room once a trade is in progress.
In all honesty, I felt like somehow I self sabotaged today. Like my subconscious was working against me to make sure I lost. Does this make sense? I am sick of that feeling. It doesn't come often but when it does, its sickening.
No more charts or second guessing today. I've done the review for today. Time to clear my head.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
The following 9 users say Thank You to PandaWarrior for this post:
Hi PandaWarrior, I've been working on my emo & psych forever it seems. Do you know what emotions kicked in and when? Were there any specific triggers that started them? Was the session a gain or a loss? Do you have a notebook for a journal that you use to dig deep and write everything you can possibly think of that relates to the trading and your feelings and thoughts and behaviors? Or do you pretty much know that this was a repeat of something you are already familiar with? Can you focus on what it was from your subconscious that may have influenced your conscious thoughts and decisions at specific times? I have found out shocking things that my subconscious was thinking and it was the driver of my behavior and influenced my conscious decision making so greatly that it was amazing to discover what I had in there....
The following 5 users say Thank You to jaytrades for this post:
in the spirit of making a contribution and not of coaching. Your journal has made a contribution to me and as Big Mike says, we shouldn't let inexperience hold us back from contributing.
Your issue of Holding or Folding is an issue for me too. How about having set rules for when to Fold and always following them. These are Rules that I am working on for Get Out Now
GET OUT NOW
1. Do not enter a trade in Congestion - unless a trap presents itself
2. If Price is in congestion for 6 bars – get out at BE or +1 tick
3. If Price goes against my trade for 3 bars.
4. If the trade is a runner, then OK to be in Congestion since you are already profitable on trade. Choose a method of moving SL such as trailing 2 bars when in strong trend and leaving at BE when not in strong Trend
Note Congestion is 4 overlapping bars at least 1 of which is a doji
A Trap is a price fake that brings amateur traders into trade and immediately price reverses.
I understand that your issue is with letting Runner ride, so this may not be helpful.
The following 4 users say Thank You to Superdoug3 for this post:
I scalped this morning, all losers. Then I found an entry, set target many many ticks away and walked away. Target hit. Then I did it again. This time I picked a spot I felt it likely for price to reverse, set target and literally drove away. No trail stops, either full winner or loser. Normally I would not recommend this as a valid trading method but today it was the right thing to do.
I made 100 ticks between the two trades and recouped all the losses and finished up very very nicely.
Any lessons learned here? Not sure yet but sure was nice to come back to a green chart after being down this morning.
How was your risk/reward? If it was a good ratio and the trade setup met your plan, then go for it! I remember FT71 saying in the webinars that he believes majority of people mis-manage their trade and would be better off just walking away.
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
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.
If you want to support our community, become an Elite Member.
The following 7 users say Thank You to Big Mike for this post:
Haha, the same happened to me, though I only got 1 runner instead of 2. it was an experiment today, I decided to stop micro-managing my trade and set likely target and tried not to look at the chart too often. I literally had to restrain myself from intervening a couple of times. but it was such a refreshing experience. I watched CL jumping up and down, setting traps and then trap the trappers, again and again, without half the usual fear and dread and hopeful prayers. and when it finally hit my target, I felt serene. I felt that I've discovered another possible way to trade, which probably much more suited my personality. there is still much to investigate and experiment, but I'm just glad to find somebody who had shared a similar experience.
The following 7 users say Thank You to iPlayGames for this post:
The lesson may be a bad one. The market has a way of rewarding bad behavior just to lure you in, and then put the smack down on you hard next time. I haven't been following your thread so I don't know how this fits in with your normal trading, but this seems to be arbitrary, I may be wrong. I use to do this out of frustration after losing several trades, but your motive might be different, you should examine that just in case. Unless this is part of an experiment in determining if your method can support larger risk/reward, I would not advise just going with it without backtesting it.
Last edited by monpere; August 22nd, 2012 at 10:10 PM.
The following 6 users say Thank You to monpere for this post: