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In an effort to be transparent and real inspite my deep pain today. Im sharing my $3,572 loss today. I keep on making the same mistake over and over again. I need help
I continue countertrend a trending market either to the upside or the downside, thinking i spot where it will pivot and it i get shanked. Just so u all know im a hyper scalper. Im not a newbie to trading but i continue to make newbie mistakes. Today I took a position long NQ at 9:43am. It seemed to have moved down and i was expecting a fast scalp going long for a hyper scalp. Within 10 seconds,
the NQ moved fell in a 6 point drop, then i cost averaged down, thinking it will bounce back. It shaked me out. Im like F@#$%@#$%#@!@!
How do i break this bad habit of counter trending in trending markets. Do i write down my Dos and Donts and print it and religiously read it like the bible before i trade?
I wonder in myself, why do i naturally lean towards countertrending in a trending market...Its like a mind set in me or like an addict who is drawn to the wrong thing. When all the signals say the opposite or the signals say dont trade at all, its a not a good set up. Any solid gold advice would be helpful...Thx E
The best advice I ever read was "losers add to losers" so reading your description it appears the real question is do you want to be a comfortable losing trader or a uncomfortable winning trader.
Review all your trades and see where you would be if you just didn't add to losers
@octoman7
I could have written this post, and in fact did write a very similar question not long ago, when I was looking for help on the same subject.. I could not understand how I could keep taking trades (countertrend trades) that were outside my plan, when I knew that, statistically, my plan would yield excellent results if I just stuck to it. I have been trading for over a decade, but could not shake being drawn to trying to catch the reversals. I knew better, and had the proof to back up my system. I also knew that these countertrend trades, despite the occasional winner, ultimately lost money for me. Worse yet, inevitably, being in the countertrend trade meant ignoring a trend continuation trade that would have made money and was part of my plan.
I knew I needed some psychological help on this, and was lucky enough to run across a guy who helped me understand my compulsion, and reset my thinking. It was not a magic fix, but over the last couple of months it has made a tremendous difference in my performance. I still am drawn to those reversals, but with his help, I can now resist them for the most part, and stick to my plan. @ZviTradingCoach was a big help to me....
Good luck....I know this is fixable and I also know you aren't the only trader that has dealt with this exact issue.
As long as you're in denial that every single trade can turn into a mess, you'll keep averaging down..
I've now accepted that for a sole discretionary trader the survival mode is the only reality.
Keep your head down and stop pretending that you can guess the market profitably without major adverse events. They invariably come and you'll have to grind through them to keep moving forward.
I have been and still the same way as you are. The way I got to stop trading against the trend was to just wait a bit longer and a little longer still. then pull the trigger. I still have the will trade against the trend. by waiting long enough I found out that a new swing just started and I just go with it. The hard part is to stay in the winning trade. The market only spends so and so much time exploring prices then moves on. I still have a hard time. I guess patience would be worth it. This is an trend that will help 62.5% of scalpers.
Please do, its helping me a lot. Also, not getting stuck to one idea that it HAS to go one way or another. Be flexible, forgiving and focus on mental/physical health.
