Weird, I don't know why I can't see your reply when I'm logged in (and you're not blocked), but yeah, I should be on my way then. Not learning from mistakes hasn't usually been my MO, but if I don't I will probably reach the tons level [respectively speaking] soon.
Anyone else self-sabotage?
- Thread starter Aisone
- Start date
Because it is him who put you on ignore. He gets pissed too easily. Such a pussy. LOL
Anyway, I would like to suggest you trade for trading's sake. While making money is great and all, there's no greater feeling than to see your trade go exactly as planned, even when you're stopped out. Hence, have your plan mapped out in advance and act accordingly.
Moreover, this is a waiting game. I wouldn't say patience is the sole virtue of this game but it pays in the end to be patient. Like in the game of seduction, don't chase her. Let her come to you instead. She will come.
I don't mind being on ignore, I just thought he wouldn't have seen my thread if I was on his list so he wouldn't have been able to reply, so maybe it was something else. I've gotten in some pissing contests too that I've just blocked people for at least the time being for my sanity. But a long time later I go into my list, like today, and have no recollection of what happened and unblock them lol.
Thanks for the suggestion. Some things I enter I have to be very quick, but as long as I'm paying complete attention in advance and know exactly all that I need to know before entering I'm good. That pre-positioning is critical in being able to have that plan in advance to stick to, instead of finding out all the ramifications of the position afterward. These episodes happen when I'm probably caught offguard in one way or another and wasn't totally locked in. But yeah, patience is a good point and is a beautiful thing when you're rewarded for it, and that's something that I always need to check myself on. The best positions for me are always the hardest mentally for some reason (and always have been.)
If I read your responses, I think you missed some basic stuff of being a successful trader.
1) What is your objective of your tradingplan? For example, mine is catching the high or low of the day and riding it to the close, hoping for a large range day.
2) What rules do you need to accomplish this? For example: I need to sit on my hands when I'm in a trade and must be willing to give up profits, because the market can turn mid day and go from a nice profit to a loss, because of my goal of catching the large range day's.
by writing it out, thinking clearly beforehand, you will get more confident in what you are trying to accomplish with your trading. I have the feeling now, that you are trying to figure out what you want to do while you are trading.
I keep my daily MANTRA for self-talk on my computer screen to
avoid the voices talking in my head.
Unfortunately my staring at the screen does not make the market do anything,
therefore, once I'm positioned, I walk away from my desk or play chess.
It works for me.
Chess.com is what I use. I go up against the easiest computerized players. I will take back moves...I treat it like how people use solitaire.
Self sabotage will come from having un realistic expectations and/or being undercapitalised.
This game is harder than most people expect. The losing and break even periods can last a lot longer than people expect, so you get frustrated and emotions come into play. Thats when trading on the left hand side side of the bell curve, trading when on the right hand side side of the bell curve is much easier.
eg. If you expect to make money 85% of months, but in reality your approach can only make money 65% of months. You will self sabotage when you get four losing months in a row. Or after 12 months when you have little or no profit to show for 12 months of hard work because the year was outlier year (on the negative side).
Now if you really have an approach that can make money 85%+ of months (and not blow up like Niederhoffer), then trading will be much easier for you as you wont have long drawdowns. And self sabotage will be less of a concern. But thats Rentec Medallion 2.5+ sharpie ratio type performance.
This game is harder than most people expect. The losing and break even periods can last a lot longer than people expect, so you get frustrated and emotions come into play. Thats when trading on the left hand side side of the bell curve, trading when on the right hand side side of the bell curve is much easier.
eg. If you expect to make money 85% of months, but in reality your approach can only make money 65% of months. You will self sabotage when you get four losing months in a row. Or after 12 months when you have little or no profit to show for 12 months of hard work because the year was outlier year (on the negative side).
Now if you really have an approach that can make money 85%+ of months (and not blow up like Niederhoffer), then trading will be much easier for you as you wont have long drawdowns. And self sabotage will be less of a concern. But thats Rentec Medallion 2.5+ sharpie ratio type performance.
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Every trader makes mistakes, but if your keep on repeating the same mistake(s) over and over, then forcing discipline onto yourself will be like trying to keep air balloon submerged under water. (in such cases discipline becomes just a temporary band-aid, and you need to deal with the underlying psychological cause).
I have different viewpoint from others on self-sabotage (and on lack of trading discipline), I believe that it is caused by cognitive dissonance. (Google “cognitive dissonance” for more info)
There is no quick fix, but it starts with developing awareness, and understanding that you don’t trade the markets but rather your beliefs about the markets.
Self-sabotaging (sub-conscious) beliefs have positive intentions in spite of the harmful consequences. However, because self-sabotage is subconsciously driven, it can be difficult to pinpoint the actual culprit.
That’s why forced discipline, positive self-talk, trading plans, etc, often do not work (long-term) for most traders. i.e., they know what to do, they do it for a while, and then the self-sabotage creeps in again because some of their subconscious beliefs / values are not in total congruence with each other.
Unfortunately, there are not many good trading books on this subject, as most of them regurgitate the same discipline stuff over and over, instead of helping traders to realise that lack of discipline is a symptom, and not the underlying cause.
For some lucky traders, trading discipline will become a second nature once they get burned few times. However, such traders are usually psychologically sound to start off with. The rest of people either need to deal with their underlying psychological issues or they don't make it as professionals.
LOL i have the exact same issue. I think all the trades have. the problem is when trading with respect to risk management it makes you feel like you are nit earning enough.
You’re not doing it right.
I have special powers that can make the market behave in certain ways just by staring at the screen. I just haven't learned how to use these powers effectively. I don't have sufficent control over them.
Have you ever watched a TV series called The Gifted?