Any ideas?

[NZDSPeCIALISt]

Quote from sgsaxton:

I think that is exactly what you need. First because someone else is in the loop, your not alone and second because you know that you have to justify why or why not you didn't trade there is a reason to overcome your fear.

Point noted

Quote from JMowery1987
How long have you been trading for?

Do you play poker, or golf, baseball, basketball or anything like that?

Try relating it to that, nothing is perfect.

Since middle of last year full time. I took a break for a while when things wern't working out until before the new year. I like to swim and make it a competition of how many laps I can do. I say at the outset "I will do X amount of laps regardless"

Am I afraid of success? I think my subconsciouss self image is still in transition.

 

[sgsaxton]

Quote from JMowery1987:

I think I could personally say this is not true. I am currently testing systems for longer term approach later on. I love scalping, but I know as I continue to better myself, that my scalping will handle the business, that I can put in some long term investments with options, which is why I'm learning options currently, and have also been demo'ing on a Forex account and had returned 2k on it in 3 months. I'm always looking for back-up plans for my trading. There is nothing wrong with trying something new.

If you are good at scalping, taking 30+ trades a day, why not accept it and do it. There is certainly nothing wrong with having multiple ways to trade

Good points, but 30+ trades a day racks up alot on comms and the spread eats you alive. You simply can't grap a few pips (4-6) in forex and make it. 10, or so, is do-able though.

 

[NZDSPeCIALISt]

EDIT: Maybe try going from the 1 hour timeframe to a 15 or 30 timeframe instead?

In forex I like looking for the high probability settups that will move a bit - and the one hour t/f is a very good time frame - it is the balance between the small timeframes (5-15 minute) and the large ones (4hour, daily). That way when I'm in I can let it go even if it comes back to BE a few times - because i know that this is not a "minor" intraday move - but has at least 30 pips in it. I like to think that I am scalping the one hour chart.

 

[JMowery1987]

Quote from NZDSPeCIALISt:

Point noted




Since middle of last year full time. I took a break for a while when things wern't working out until before the new year. I like to swim and make it a competition of how many laps I can do. I say at the outset "I will do X amount of laps regardless"

Am I afraid of success? I think my subconsciouss self image is still in transition.

Well it's been about a year for me as well.... so you should be happy your still here. Some say it takes several years to do this, so keep it up.

I believe I have difficulty accepting success sometimes, it is more than likely because of where I come from, and the fact no one around me supports what I do, and it's generally thought that people in my family should work hard and such. So it's become issues for me.

Just give it more time, try new things, manage your risk. Do you plot your equity curve? Open up excel and record your P&L.

ElectricSavant also posted a great spreadsheet on here to handle that, let me know if you want me to find it for you.

You just have to show yourself that you are succeeding and accept it, because that is the only reason you can be scared of a trade. Your not scared money, so your scared of success or failure or both. It's a mental issue. You have to change yourself to either change it, or you have to find ways to deal with it.

 

[NZDSPeCIALISt]

Quote from scalper21 Also I would have anxiety trading a 16-24 hour day!!!

Would you be better off reducing your trading hours and trading more often?

Again well said, I have been thinking to forgert the Asian session and just not go near the computer in that time - perhaps I am trying too hard and the net result is that i am burning myself out.

 

[JMowery1987]

Quote from NZDSPeCIALISt:

In forex I like looking for the high probability settups that will move a bit - and the one hour t/f is a very good time frame - it is the balance between the small timeframes (5-15 minute) and the large ones (4hour, daily). That way when I'm in I can let it go even if it comes back to BE a few times - because i know that this is not a "minor" intraday move - but has at least 30 pips in it. I like to think that I am scalping the one hour chart.

Well if you already read Trading in the Zone, I would assume some more experience will help you to show you there is nothing to be worrying about.

perhaps I am trying to hard and the net result is that i am burning myself out.

In that case, don't worry about the money, just worry about your performance. Don't think about $$$ think about percentages. Do you set a goal for your trading each day or for your week?

Try aiming for a lower goal for a day and then re-evaluate if you should continue or feel like it, or if you're happy with your results. Some people trade all day long. I can't even do that.

I scalp, but I trade from 10:00 - 11:30 and then 2:00 - 3:45 most days. So, maybe you are working too hard.

 

[NZDSPeCIALISt]

Just give it more time, try new things, manage your risk. Do you plot your equity curve? Open up excel and record your P&L.

ElectricSavant also posted a great spreadsheet on here to handle that, let me know if you want me to find it for you.

You just have to show yourself that you are succeeding and accept it, because that is the only reason you can be scared of a trade. Your not scared money, so your scared of success or failure or both. It's a mental issue. You have to change yourself to either change it, or you have to find ways to deal with it.

I made up a Trading Diary - record all the transactions as well as emotions that i feel at the time of putting on the trade. I can see that working out very well - but I never had the discipline to follow it.
Re the mental issue, I am thinking of seeing a counsellor again.

 

[NZDSPeCIALISt]

Well if you already read Trading in the Zone, I would assume some more experience will help you to show you there is nothing to be worrying about.

Logically that is true but in practise not so - the worry is always just around the corner.

In that case, don't worry about the money, just worry about your performance. Don't think about $$$ think about percentages. Do you set a goal for your trading each day or for your week?

Not really a goal as such - although I like to put on at least two trades a day as that is all i can handle at this stage.

Try aiming for a lower goal for a day and then re-evaluate if you should continue or feel like it, or if you're happy with your results. Some people trade all day long. I can't even do that.

I scalp, but I trade from 10:00 - 11:30 and then 2:00 - 3:45 most days. So, maybe you are working too hard.

Again, its the difference between scalping and intraday swing. Scalping is like a job as the settups are coming up rapidly and their is always action. Not for me because i cannot stand investing so much mental effort for a few pips and the lower timeframes are much more variable as well - always, refine, refine, refine. Although it does feel good to take the money and walk quickly and do that 2 or 3 times is enough in a day.

With intraday swing the dynamics dont change much on the one hour charts - BUT you are chained to the PC waiting for that elusive settup and then i have to wait for hours sometimes to get the results. Sometimes wait for 6 hours only to watch it come back and hit BE when I was ahead 50 pips. Its a completely different mindset and they each suit different personality types. In my Honest opinion in Forex Scalpers get scalped in the long run because you are playing against super computers and the spread is not worth it long run. Not to mention getting 10 pips when I could have gotten 100 - that too is a real mind f***

 

[JMowery1987]

Do you scale in or out of your positions?

I think you fear having your whole position going against you. Why not instead of putting it all in at once, scale in as the trade gets better, and scale out when things are getting rough.

If you already do this, then.... I'm not sure... but I'd really suggest trying to scale in if you fear a trade going against you, or scale out, if you fear losing profits that you already have. Or work both into your trading strategy, I think if you could work that in, it will help you with the psychological issues, there is nothing wrong with scaling in and out of a winner, just don't continue to add more to a losing position to revenge trade.

"Although it does feel good to take the money and walk quickly" <--- that is the attitude of a scalper.

This is what sparked my above reply. You want to take the money and walk quickly, instead, scale out of your position. Take profits on half of your position, and let the other go back to breakeven, or go further, and continue to scale out. I tend to scalp. But when I get into a position that moves heavily in my favor, and I feel it could go more, I take profit on half of the position and set a stop on the rest of the position AT LEAST at breakeven.

I just really suggest you do this.

 

[JMowery1987]

I personally don't know how much more I could suggest. The rest I think you'll have to figure out on your own. You have to figure out a way to be calm with your trades. Trading can be as simple or as complex as you make it. You say your system is simple and you have proven to yourself it works in the long run.

You just have to stop looking at the results of individual trades. I fear this is what causes people to get greedy and blow it in the end. You need to aim for a goal for consistency and stop putting emotions in your trading.

Scaling in and out of your position can really help if done correctly. I don't know how much more help I can be though.