Fear

[dbphoenix]

Quote from jztrading:

Thanks, everyone of you has a great point. I guess the hard part here is that I beleive i can do well , which is why Im still doing it, but the immediate need to get a check is clouding my trading ability, so i guess until I get past that Im going to suffer.

Practically all the questions I'd ask are none of my business. Therefore, I'll just point out that practically everyone in this situation waits far too long to do something about it. If the phrase "stop the bleeding" means anything to you, then adopt it. If not, maybe "the first thing to do when you find yourself in a hole is to stop digging".

If your wife and daughter are unaware of the situation, make them aware of it. If they are aware of it and expect you to fix it all by yourself, then that's another subject entirely, one that, again, is none of my business.

But whatever you do, don't just sit around expecting things to work out. They rarely do.

 

[BSAM]

Quote from jztrading:

I was wondering if anyone can shed light on the subject of fear in trading. I'veworked in the business for 15 years the last 87 as a marketmaker,..... Any feedback would be appreciated, thanks

Hmmmm....You claim you've been around FIFTEEN YEARS....the last 87 (I presume you mean months) as a market maker. And you STILL don't understand price action?? Maybe I'm missing something here, jz. No offense, but, I've got a problem with your story.

 

[jztrading]

BSAM.... excuse my fat fingers, I've been a MM for 8 years, Im not sure why you say I dont understand price action. Ask me any question you want and I'll ansewer it to the best of my ability.

 

[PetaDollar]

DBs advice is best as usual, but if you can't get past your trading genes and trade anyway,

Why not take the Old (Dead) Man's (Wycoff) Advice:
Trade the smallest size available with real money until you figure it out. You trade for points, not $$. But things are a whole lot more real since actual transactions are taking place.

 

[BSAM]

Quote from jztrading:

BSAM.... excuse my fat fingers, I've been a MM for 8 years, Im not sure why you say I dont understand price action. Ask me any question you want and I'll ansewer it to the best of my ability.

I say you don't understand the price action because you say you can't make money trading. Very, very briefly, what is your approach to making decisions on trading. E.g.....do you use s/r, candles, technical indicators, random entries or what?

 

[PuffyGums]

Quote from dbphoenix:

Shall we take it that the money you're trading is not money you can afford to lose?

I've never understood that phrase at all. I'd like to meet someone who has money they claim they can afford to lose. Guess what. That's the money they are going to lose. There's no such thing as mad money or play money or the house's money. Its all real money and no one would want to lose even one dollar of it.

Here's the dirty secret of professional trading. You are going to eventually end up dedicating ALL of your capital to your business of trading (unless you are already a millionaire). Ask some floor traders. Read those trader interview books.

 

[iceman1]

Quote from jztrading:

I was wondering if anyone can shed light on the subject of fear in trading. I'veworked in the business for 15 years the last 87 as a marketmaker, I've done well, but like the rest of the trading world I was a victim of downsizing.I've been day/swing trading for the last 5 months and hav'nt made much. I belive it is do to fear of failing or loosing too much money as I am the sole supporter of my wife and daughter and have high monthly bills about $6000. I know i can trade but cant get past that certain level and tart making money. has anyone ever been or is currently in this situation. Any feedback would be appreciated, thanks

curious... do you find your fear level rises commensurate to the size of your positions (s).

There is no doubt that reducing size is one way to reduce fear... until you do some internal programming on yourself to handle same... (and maybe build it up again if necessary).

But this way, although you can't always get what you want (size), but you might just find "you get what you need"....

....... more consistentcy and patience !

JMHO

ICe


b.t.w. how many years were you a MM.... and was it in Chicago if I might ask?

 

[BSAM]

Quote from PuffyGums:

I've never understood that phrase at all. I'd like to meet someone who has money they claim they can afford to lose. Guess what. That's the money they are going to lose. There's no such thing as mad money or play money or the house's money. Its all real money and no one would want to lose even one dollar of it.

Here's the dirty secret of professional trading. You are going to eventually end up dedicating ALL of your capital to your business of trading (unless you are already a millionaire). Ask some floor traders. Read those trader interview books.

Puffy....SURELY you're not saying no one can successfully trade, are you?

 

[harrytrader]

Oh yeah good idea let's everybody stressed :eek:

Quote from dbphoenix:

If your wife and daughter are unaware of the situation, make them aware of it. If they are aware of it and expect you to fix it all by yourself, then that's another subject entirely, one that, again, is none of my business.

 

[iceman1]

Quote from PuffyGums:

I've never understood that phrase at all. I'd like to meet someone who has money they claim they can afford to lose.

seriously... ?

Hmmmm.... I agree with DB that "scared" money always (typically) performs worse IMHO. The principle is not that one "wants" to lose any money.. but as you know in trading you must assume a degree of risk in the pursuit of rewards; and if said risk capital is dear... the rewards are diminished in relationship thereto; assuming in my explanation one is talking about the same skill level applied to said funds.

Ice