A shoulder to cry on
- Thread starter hjkl
- Start date
Quote from hjkl:
This has probably appeared here a thousand and one times, but I am feeling so upset and frustrated at the moment, I wish to talk about it.
I started trading 3 weeks ago; now my account is down 19%. It is not the losing that bothers me as much, since I perceive it as a necessary tuition fee. What really upsets me is the fact that I always make the same mistakes, again and again, without the ability to break from them.
From the books by Mark Douglas, I know that in the end it is a trader's psychological ability that determines his success. Every day, before the markets open, I even try by telling myself repeatedly to be disciplined and stick to my plan. However, once I am in the environment, I just cannot control my emotions, and make all the mistakes again:
- rush to enter into a position due to the fear of losing out;
- when the price does not move immediately as expected, I begin to panic and close the position, before the stop is hit;
- then the price begins to move in my original trade's direction; I blame myself for not sticking to the stop and mourn the profit I could have made, and miss the second opportunity to enter;
- after that, the price takes off, and I just sit there, frozen, thinking of the mistake I made and the profit I missed, unable to enter when a new signal comes along.
This process repeats, and I am so upset and frustrated with myself. How can I break all these bad habits and learn discipline? Or am I simply not cut out for trading???
If you hedge your positions with optoins, you will less of a fear that the stock will run away forever from you and you will lose your shirt. Just try it for psychological reasons - insurance.
Until human nature changes, which doesn't happen swiftly, peoples fear and ego states will continually create market opportunity for those that can recognise and go against their ingrained belief systems. Hence why trading is very initially difficult, even if you have a very good method of entry and risk control. Trading risk can often take time to understand and practice and on top of that you have so many best methods being touted as the key to success in the markets, dont get me wrong they are helpful as one part of the whole but the ulimate edge in the market is You.
To the original situation regarding emotional upset.
I feel that this is a very common situation that one must go through and graduate from as douglas remarks and always remember "my trading losses do not diminish me as a person" now at the time you may well feel otherwise but we all ? go through those emotional states.
You show strength to state your feelings and concerns now you must develop and evolve from that. Its fear keeping you back and you already recognise this, which is the first step perhaps to move on from it. I suggest you look yourself in the mirror and state that "I am professional and will trade the market risk opportunity according to my trading plan always."
this is your mantra keeping stating it and you will be just that, write it up and put it on the screen infront of you
put your positions on and do just that, if you take a normal trading loss which is ok. then pat yourself on the back for being professional and being disciplined. Youve won half the battle, that is, with yourself. Keep a detailed journal of your trades and review after the event how things have gone as a business. continue to look at methods and markets as again it can take a fair while finding the appropiate one to use.
Learn to be a trader.
It doesn't happen within 3 weeks, usually years when you are trying to figure it and yourself out.
Just remember as douglas may agree on "The edge is something that cannot be written down as it is non-physical , The Edge Is You."
Best wishes to you.
I feel that this is a very common situation that one must go through and graduate from as douglas remarks and always remember "my trading losses do not diminish me as a person" now at the time you may well feel otherwise but we all ? go through those emotional states.
You show strength to state your feelings and concerns now you must develop and evolve from that. Its fear keeping you back and you already recognise this, which is the first step perhaps to move on from it. I suggest you look yourself in the mirror and state that "I am professional and will trade the market risk opportunity according to my trading plan always."
this is your mantra keeping stating it and you will be just that, write it up and put it on the screen infront of you
put your positions on and do just that, if you take a normal trading loss which is ok. then pat yourself on the back for being professional and being disciplined. Youve won half the battle, that is, with yourself. Keep a detailed journal of your trades and review after the event how things have gone as a business. continue to look at methods and markets as again it can take a fair while finding the appropiate one to use.
Learn to be a trader.
It doesn't happen within 3 weeks, usually years when you are trying to figure it and yourself out.
Just remember as douglas may agree on "The edge is something that cannot be written down as it is non-physical , The Edge Is You."
Best wishes to you.