Fearless trading

Quote from TSGannGalt:

You tame fear, not eliminate it.

Progression comes from overcoming the fear.
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fear comes when u feel insecure and have not develop yet a sense for recognizin' patterns...fear is good in this regard..it might stop u enetrin' potentially profitable pos but also u might avoid being killed in just 1 misstep...fear of execute therefore is not exactly an hindrance and with time [if u know u instincts are mostly spot on] u'll be able to overcome it and become a real warrior...:)
 
Lot of talk on here about fear being good, (stopping you from standing on a train track with a train coming, etc.), but you don't have to fear, just be wise and step off the track. :D
 
I believe I've recently turned a corner in terms of fear.

I believe that fear flows from delpoying a random strategy.

Since reading the Logical Trader and using both the Opening Range and Pivot Range as guides, it's really changed my perspective on the market.

For the longest time, I believed that fading sharp moves was the only fractal and I viewed short-term trend following as a random strategy.

Reading that book has helped me immensly.
 
"Trading in the Zone" is the reason I'm checking out this forum! I have recently Studied this book and just got blown away by it!
I read it a few years ago but didn't get it then. It's the difference between addressing the symptom vs the source of the problem! Fear is a symptom and this book addresses the problem in an enlightening way. Thinking in probabilities is one key! You really have to study it!
 
After I enter a trade, I immediately enter a stop. This reduces chance of big loss, and mitigates emotion. If I'm wrong, the stop will protect me. If I'm right, I'll place a trailing stop which will protect my profit.
This will help you with fear and greed (and hope and despair). At least it did for me. Getting better results now with less fear.

As for paper trading, it only helped me with understanding the software and how to place a trade with my brokerage. Developed strategy placing 100 or less shares, losing initially, learning why I lost and won, and building from there.
 
Quote from Wallace:

"He was a slave to his subconscious. He had come to understand that the anticipation of pain was more immobilizing than the pain itself — though the knowledge didn't help him."

p145 'Stormy Weather' 1995 Carl Hiaasen, Warner Books.

Some may find the relatively simple techniques of EFT helpful
free manual: http://www.emofree.com/
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Now this is very interesting. Because there is so much bogus horsesh*t peddled to the public, most of it should be ignored.

However I like the look and purpose of this EFT stuff. I have written in other posts that most people choose to lose and choose to be a loser. They do this because this is their identity and they want to retain their true, even if camouflaged, negativity. It is who they really are.

So superficially without having gone into EFT in any depth, it appears to go in the right direction in freeing people from their mental prisons of deep, innate restriction together with their self-chosen and cherished relegation in life.

Wallace, perhaps you can add a little comment to your mention of the EFT approach?
:)
 
Quote from Johnnie T-Bond:

Confidence to make trades and make money doesn't come from paper trading. After 34 years of trading I've concluded that the only thing that gives one dominion over fear is the constant repetition of trades using a proven and winning method or system. The more you trade with REAL MONEY, the more you desensitize your sense of fear, provided that your method is profitable. I knew some floor traders that worked for a large arbitrage firm. They used to have their beginning floor traders trade in the bond pit and spend the first month just making scratch trades... all day long, each day. The purpose of that was to desensitize their emotions through the handling of money. Paper trading does not do that. If you buy 100 bonds as a paper trade, you can relax and calmly watch the market action and go have a sandwich, if you wish. Do it with real money and I guarantee you will will not be thinking about eating! Emotional control and discipline are huge necessities for a trader. Paper trading is only an intellectual exercise and should be abandoned as fast as practical because it doesn't really teach you anything. You only really learn about trading and about yourself when REAL MONEY is on the line. Courage comes from doing the thing you fear over and over, with REAL MONEY!
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There is a CME firm with the same "method". Just take trades and get out with small loss or profit. Tells you a lot since all these people are real traders. No BS there.
 
Cheese, apologies for the delay in answering, just discovered your comment/question.

EFT is one of the simplest self-help methods I’ve come across but I don’t know first hand how effective it is.
EFT has 2 components, affirmations and tapping. Because tapping is repeated several times on a point and there are several points tapped on, the single affirmation being dealt with is repeated many times. Users employ any and various points to tap on as well as tapping repeatedly for extended periods, so there are now many variations of the ‘standard’ EFT method. Users also EFT in transit for example while traveling on a bus, train, car (passenger) walking down the street as well as mentally during a meeting say.
What isn’t specifically or formally part of EFT is visualization. It may be that the repetitions of the affirmation alone cause the user to begin imagining the objective of the affirmation – particularly when very specific and simple, causing a ‘natural’ visualization process to occur by the user thinking/imagining/visualizing themselves in their new state – affirmed.
Whether or not visualization is a part of a successful EFT ‘treatment’, visualization is an important part of cognition: the following gives an explanation of the importance of the visual and how and why the NLP ‘Fast Phobic Cure’ is so effective:
http://www.deep-trance.com/techniques/fast-phobia-cure.html

The crux of the matter for many individuals is NOT being ABLE to recognize their particular “mental prisons of deep, innate restriction” and “self-chosen” or otherwise “cherished relegation in life”. Being able to go clear or zazen in one sitting into enlightenment seldom happens except to bhuddas. Since none of us arrive with an Owner’s Manual the struggle is not only trying to fix self problems but figure out what type of self we are when we have no idea of the childhood imprinting we were subjected to nor the consequences of such imprinting.

Whatever technique one might choose to try or work with, it will be of benefit to employ a professional/expert user of that technique to work with us and probably a necessity if the problem has us imprisoned. Most endeavors benefit from a coach, NLP is complex and has a steep learning curve while EFT appears to use ‘on-the-fly’ techniques according to a particular practitioner; if one obtains a successful treatment it ‘proves’ the method works and is worth pursuing.

Little as I could make it Cheese.

http://health.groups.yahoo.com/group/One_EmotionalFreedomTechniques/
http://health.groups.yahoo.com/group/TapIntoHeaven/
 
Thought I'd add this as it illustrates that while EFT is a simple method 'a' problem may be more complex than first thought to be and why a practioner's help is useful:
via: EFT Insights Newsletter (June 9, 2006)
http://www.emofree.com/archives/archive271.htm
scroll to: ' Tips ' : 'For a detailed case on performance anxiety see Performance anxiety and many aspects':
http://www.emofree.com/panic-anxiety/performanceaspects.htm

5. What is the SUD's?
SUD's means "Subjective Units of Distress" and it is the 1-10 scale we traditionally use to rate the intensity of the problem. Most people find it easy to "give it a number", low (1-3), medium (4-7) or high (8-10). The value of using the SUD's is that it makes it easier to tell if anything has changed. Even if the change is not dramatic, the number may seem to have gone down. Then you keep tapping, bringing the number lower and lower. If the 1-10 scale seems cumbersome or if you don't like using it, just skip it. However, our results are best if we are persistant with the original issue and keep tapping until the problem is gone or almost gone.
http://www.risingsunhealing.com/bettystuff/EFT_QA.html#5
 
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