A drink to take the edge off...

More courage? I would advise against it.

First it's "Just one shot before the market opens". Next it will be "Just another one at one o'clock". After that will be once every hour.

Pretty soon you'll be reaching for the Kool-Aid.
 
Funny how no one remarks about the guy who has 20-40 doses of nicotine all day, or the guy next to him drinking 3-4 pots of coffee. But let a guy ask an honest question about trying to overcome something every single one of you have felt, and some feel it's their divine duty to say, "just get over it.". These are punk remarks made by those who don't trade for a living and who populate this board hoping someone will give them a turnkey method.

Congrats on the successful trade Cocaine. I'm with you all the way as long as you are in control. The emotional element is - despite the bravado of some of our elite members - part and parcel of every trade. Show me someone who says he trades without emotion and I'll show you a liar.

That said, let's hope that whatever evil force allows traders who average down to profit the first time they do it only to wipe them out later when they continue to buy into a sinking ship wasn't by your side today.
 
Quote from inandlong:

Funny how no one remarks about the guy who has 20-40 doses of nicotine all day, or the guy next to him drinking 3-4 pots of coffee. But let a guy ask an honest question about trying to overcome something every single one of you have felt, and some feel it's their divine duty to say, "just get over it.". These are punk remarks made by those who don't trade for a living and who populate this board hoping someone will give them a turnkey method.

Congrats on the successful trade Cocaine. I'm with you all the way as long as you are in control. The emotional element is - despite the bravado of some of our elite members - part and parcel of every trade. Show me someone who says he trades without emotion and I'll show you a liar.

That said, let's hope that whatever evil force allows traders who average down to profit the first time they do it only to wipe them out later when they continue to buy into a sinking ship wasn't by your side today.
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InandLong, a guy whose moniker is Cocaine is asking is taking a shot at 9:00 am a good idea and you have trouble understaing how people can belittle him?

This guy seems to have a substance abuse problem that is in no way comparable to caffiene or nicotine use.

The best way to hit the market in the morning fresh and relaxed is to have an intense orgasm the night before (preferably with a mate)
 
Just so everyone is clear, my "moniker" has nothing to do with my lifestyle and I definitely do not have a substance abuse problem. The problem I do have is sacking up and taking that large position those 1 or 2 times a day where it is warranted. I have been trading long enough to know when the opportunity feels right and when it doesnt. Will I be right everytime? of course not, no one is. But what I hope to accomplish is somehow transitioning to being able to not have the position size affect my judgement (a problem I am sure many on here have).

As an added note, I did not continue the experiement today although I may try again tomorrow.
 
Thanks for this post. People are so easy to criticise on this site but I knew it would come when I decided to start this thread so it doesnt bother me.

By the way, I do not avg down a losing position. I try and get most of my position in one shot. What I hope to accomplish now is to take more than normal as long as the trade setup is still there. By no means will I compromise my trading style. I am profitable as is, I just want it to more scalable.




Quote from inandlong:

Funny how no one remarks about the guy who has 20-40 doses of nicotine all day, or the guy next to him drinking 3-4 pots of coffee. But let a guy ask an honest question about trying to overcome something every single one of you have felt, and some feel it's their divine duty to say, "just get over it.". These are punk remarks made by those who don't trade for a living and who populate this board hoping someone will give them a turnkey method.

Congrats on the successful trade Cocaine. I'm with you all the way as long as you are in control. The emotional element is - despite the bravado of some of our elite members - part and parcel of every trade. Show me someone who says he trades without emotion and I'll show you a liar.

That said, let's hope that whatever evil force allows traders who average down to profit the first time they do it only to wipe them out later when they continue to buy into a sinking ship wasn't by your side today.
More...
 
Quote from Cocaine:

Just so everyone is clear, my "moniker" has nothing to do with my lifestyle and I definitely do not have a substance abuse problem. The problem I do have is sacking up and taking that large position those 1 or 2 times a day where it is warranted. I have been trading long enough to know when the opportunity feels right and when it doesnt. Will I be right everytime? of course not, no one is. But what I hope to accomplish is somehow transitioning to being able to not have the position size affect my judgement (a problem I am sure many on here have).

As an added note, I did not continue the experiement today although I may try again tomorrow.
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-ooo I can relate to this, when I'm wrong I'm wrong and stops get hit, when I'm right I'm right and I will add to a winner maybe 5-10 times the orignal stake, opportunities that come 1-2 times a day - this is probably the most demanding mental challenge to face during the trading day - and this is the one to conquer, the final part of the jigsaw if you like. A touch of the strong stuff reduces my inhibition and makes the process a lot easier. We all get emotional to a degree, but when u up your size the challenge to not let your position effect your view is fierce. I know I have to rebalance my thoughts to effectively react in a way as if I had no position at all and am viewing the market from a completely non biased standpoint.

- I am however in the EuroZone so its well into the afternoon/early evening here for the U.S Markets. Taking a slug at 9.00 am would be somewhat frowned upon. :P
 
Cocaine just to be clear, I wasn't suggesting that you average down. I was pointing out the not uncommon occurrence of someone employing a poor idea and having success first time out only to be creamed later on by that same poor idea.

Anyway, the cool thing is that you realize an area in your trading that you want to improve and you're trying to improve it. Incidently, a problem I have is piling on too much size which can be boiled down to greed. For my work, the cardinal rule remains diversification. Smaller size on many positions favors my strategies. Imagine that.... spreading risk.... what a concept, huh?

:)
 
Quote from JimmyJam:

You aren't taking a drink to take the edge off, you're boozing up so you can overtrade, fullfill your greed and ignore sound money management rules ...
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Quote from inandlong:

... Incidently, a problem I have is piling on too much size which can be boiled down to greed. For my work, the cardinal rule remains diversification. Smaller size on many positions favors my strategies. Imagine that.... spreading risk.... what a concept, huh?

:)
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Thanks for the support inandlong! :D
***
No seriously Cocain, if you're looking for reinforcement for a certain setup which you'e seen like, over a hundred times, try using an customized indicator as the tell card for whether you should go ALL IN, or not.

JJ
 
How's it going Cocaine?

Catching any of htis great downside action? Plenty of opportunities to double your pleasure to downside, if you were so inclined ...

Can you still tell the difference between UP and DOWN when you're drinking and trading?!?

Yeah, I know that sounds facetious, but it isn't. Most good traders use something called self-talk to discipline themselves and reinforce their trading methodology to their subconcious.

If you're in an inebriated state of mind when you're doing this, the results probably would not be so good.

But I could be wrong (I can't imagine I am though).

Please continue with your posts ... you would need at least a month of taking shots on a consistent basis to determine if this technique is solid ... or stupid.

JJ
 
JJ,

One drink does not inebriate me. It simpy "takes the edge off" and not my trading edge :D.

I have tried the experiement one other time so far and made an additional $375 on a trade because I held half my position in a situation I normally would have covered all. Deep down, I "knew" this would pay off.

Believe it or not, with a sound trading method, I am finding this experiement very helpful. It gives me that moment of clarity where my emotions are not allowed to cloud my judgement and I am able to focus more on the trade rather than my P&L.


Quote from JimmyJam:

How's it going Cocaine?

Catching any of htis great downside action? Plenty of opportunities to double your pleasure to downside, if you were so inclined ...

Can you still tell the difference between UP and DOWN when you're drinking and trading?!?

Yeah, I know that sounds facetious, but it isn't. Most good traders use something called self-talk to discipline themselves and reinforce their trading methodology to their subconcious.

If you're in an inebriated state of mind when you're doing this, the results probably would not be so good.

But I could be wrong (I can't imagine I am though).

Please continue with your posts ... you would need at least a month of taking shots on a consistent basis to determine if this technique is solid ... or stupid.

JJ
More...
 
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