Are you losing?

[dbphoenix]

Quote from gotta_trade:




In all seriousness, how do you plan on helping losing traders?

I thought he was going to help people pull the trigger. I can think of a number of people I'd like to help pull the trigger . . .

 

[kernan]

Quote from paulus:

hi gotta trade,

just posted a private message to you concerning a related subject , named discipline !

maybe we can discuss this subject here because lack of discipline is the one thing that keeps me from winning right now;

(started trading ES only 7 1/2 months ago)

my question of course also goes to miami-trader : when a position goes against me i find it hard to close it immediately
upon perception of a loss / hitting my stop;

regards,

paul

Paul - that is a problem most traders have had one time or another. Might I suggest one remedy is - just do it. Break the logjam, spend the next few days closing EVERY position when it hits your stop.

You have to develop the habit, the discipline. The more you do it, the more it becomes second nature. I know it sounds simple, but it is really the most effective course of aciton.

 

[gotta_trade]

Quote from paulus:

hi gotta trade,

just posted a private message to you concerning a related subject , named discipline !

maybe we can discuss this subject here because lack of discipline is the one thing that keeps me from winning right now;

(started trading ES only 7 1/2 months ago)

my question of course also goes to miami-trader : when a position goes against me i find it hard to close it immediately
upon perception of a loss / hitting my stop;

regards,

paul

Hi paulus,

I replied to your pm.

 

[Thunderdog]

Quote from miami-trader:

Losing traders or traders who have difficulty pulling the trigger contact me privately and tell me what you think prevents you from winning. In some cases, not all of the cases, I might be able to help.

Miami-Trader,

Your offer is generous. May I make a suggestion? I think that the inability to "pull the trigger" is fairly generic among many traders. (At least that is the premise of many one-size-fits-all texts on trading psychology.) Therefore, why not share your thoughts in this forum so that any knowledge you impart will be shared by a large number of readers?

Regards,

Thunderdog

 

[paulus]

thanks for responding Kernan,

but the problem with 'doing it' is that when a position is starting to go against me, i am internally building up some kind of resistance ! making it very difficult for me to close out my position,
i.e. to take my mental stop; i've already tried some mental tricks
like 'there are thousands of profitable opprtunities ahead of you'
etc .. but so far it didn't help;

regards,
paulus

 

[Kermit]

Quote from paulus:


...but the problem with 'doing it' is that when a position is starting to go against me, i am internally building up some kind of resistance ! making it very difficult for me to close out my position,
i.e. to take my mental stop; i've already tried some mental tricks
like 'there are thousands of profitable opprtunities ahead of you'
etc .. but so far it didn't help;

Paulus:

It seems like this can easily be remedied by placing a working stop-loss order with your broker or online order-entry system, if you haven’t already considered it. Then you don’t have to worry about closing out your losing position; it’ll be done for you – provided you refrain from canceling or moving your stop away as price nears it.

Kermit

 

[paulus]

kermit,

i am using a softwarestop already (ex 3pt's) behind my mental stop (ex 1pt), just to avoid disaster; but i would like to develop the discipline in a way that i don't have to place stops anymore and to be able to quickly act on every market move and trade
flawessly ...

regards,

paul

 

[Kermit]

Quote from paulus:

kermit,

i am using a softwarestop already (ex 3pt's) behind my mental stop (ex 1pt), just to avoid disaster; but i would like to develop the discipline in a way that i don't have to place stops anymore and to be able to quickly act on every market move and trade
flawessly ...

regards,

paul

Okay, I see, Paulus. Then might I recommend that you augment your mental trick where by you do NOT put importance on the outcome of any ONE trade (after all, you already know where you’ll get out if you’re wrong and it’s well within your risk parameters) – and perceive it as just one out of countless trades you’ll be doing throughout your career. By lessening or voiding the significance of any individual result, maybe it’ll help loosen your “grip” on that position and be more at ease with pulling the trigger to close it out when it’s time. In actuality, it is the result of a series of trades that is much more important a consideration. Good Luck!

Kermit

 

[paulus]

oke thanks for the suggestion, perspective you gave me kermit !
i will try that one;

other suggestions are wellcome;

regards,

paulus

 

[peg_leg_joe]

Can this guy teach traders how to not pull the trigger?

Most losing futures traders I have met are victims of pulling the trigger TOO MUCH, overtrading, and paying way too much in commissions...and suffering a lot of slippage.

PEG LEG JOE