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Dear friends,
I am spanish trader (sorry by my english)
I am doing intraday trading in mini ES future almost 20 years ago. I have never reached to be consistent. I have a big big problem. When I see my stop going to hit I move it. I broad it.
I earn 100 or 150$ in my trade sesion each day (more or less). But one day, the price moves against me and I don't want to lose all earned the other days. Move (broad) my stop and then I lose 400 or 500$ in one trade.
I have tried many things: Visualizations, breathing, to think about points and not money, get up when I entry on the markets.... I have done several psychotrading courses. All that you can imaging.
I am very tired. If I can not to resolve this problem, after 20years I am afraid I will have to give up and leave my dream.
I some body have any exercise or advice to control this big problem It will be a big help for me.
Thanks in advance.
Can you help answer these questions from other members on NexusFi?
This problem can't be fixed by others but you, this is a psychology problem.
A suggestion i can give is open your trade, set your profit target and stop level and then walk away. Make sure you get an alert once the trade is closed, either profit or loss. This way you can not change the stop level, this of course only works if you don't go back every 5 minutes to check your position, again this would also be a psychological issue.
Do as i suggested above and read some books about trading psychology. The only way to get over this is to get over your fears you have while trading.
Hello Avila I am sorry to hear that. But If it helps you in anyway, I will have to admit that I have the same problem too but I only been trading 7 years. I have analyzed this to some extent and have come to the conclusion that it is rooted in perfection, or better said trying to be perfect. Having only winners and when when the market does not agree with us we make this false adjustment. If you have traded for 20 years and its still a problem then you have to be honest with yourself and be severe with your self. I would recommend the practice of analytical meditation to analyze who you are, what you are doing, and why you are doing it. We need a revolution deep within our psychology if we are to stop becoming victims of our own ego. Our false sense of self. Which is the root cause of all our problems. I recommend a book called Revolutionary Psychology By an Author named Samael Aun Weor.
I post the link here so that any one can access it.
Also if you are unable to achieve a dream then so be it. Be a higher man and accept it. It doesn't matter in the end. The purpose of having dreams is to aspire to something higher and to have purpose. Maybe if this dream were to die, it would be a good thing. I have read of traders who have made it only after they gave up on their "dream", or stopped caring.
Hello Avila feel free to ask me any questions. Its not a book about trading but it is a deep psychological book that's for the one that wants to understand the causa causarum of one's own suffering. Our own ego is really at the root cause of all of our own miseries. This feeling, this idea of the myself, this "I" that we feel that we are is really a terrible joke played on us in a very bad taste. We lack true individuality, we are a walking contradiction. If we had true individuality then we would have continuity of purpose. The ego and the soul don't mix they are like water and oil. To crystallize individuality is to crystallize a soul.
You've proven that your unrelenting passion is to never give up!! Prove that your passion is to be profitable and never widen your stops, never. Nobody ever remains consistently profitable who move their stops. The market is telling you that there is a better entry. Love your stops, they are vital every single second of the day.
