"Friday Paralysis"

[R. Raskolnikov]

Yes, you are a NOOB! You NEVER EVER EVER cut yourself off to the upside, only to the downside. That is, if you only take your method trades, you keep going until the day is done. If you run into a day where you can do no right, you then should shut it down and watch and learn and figure out what was different and really analyze it.

I've got almost a decade and a half experience daytrading, I don't mean to sound condescending but this is what I know from many years in the game.

Quote from Coolio:

You guys that did not trade today were just too damn smart. Today was crap. Granted I'm a newb and trading paper 50% but I made twice my goal Monday - Thursday in the futures.

When you make your goal .. it is time to shut it down! This is not a day job where you gotta show up 5 days a week. If you make your weekly goal by MOnday noon .... then you are done for the week!

Now if you make your goal on the first day for several weeks obviously your goal might be a bit low ... but maybe you're just damned good.

Besides all this .. by Friday I'm mentally exhausted between my paper exploits, my real positions, webinars during the week and my day job. This is normal.

 

[brocklanders]

Quote from R. Raskolnikov:

Yes, you are a NOOB! You NEVER EVER EVER cut yourself off to the upside, only to the downside.

I agree with you to a certain extent but I also think that having concrete goals in mind when you are trading are essential. Sometimes you need to hit your target and get the hell out of the casino if you know what I mean.

My opinion is daily goals are too narrow but weekly and monthly are not. Besides, if you find that you are consistently hitting your profit goal and leaving money on the table you can always increase it. That's what you call a "rich man's problem".

 

[milktruck]

Haha, one of my first notes in my trading journal was "YOU DO NOT HAVE THE MIDAS TOUCH, ASSHOLE"

I found myself after a few wins I would do something I regretted, thinking I had the hot hand or something.

I have nowhere near R's experience, 2ish years intraday under my belt, but for a while I needed to reign my emotions in after a string of wins to be sure I dont mess with the formula or decide to relax the rules cause I think Im some kind of omnipotent force in the markets.

Anyways

 

[tomahawk]

Quote from R. Raskolnikov:

Its ALL in your head. If you have a working net/net profitable system, then it don't matter. Now, that is unless you look back and see that fridays in the summer are KILLING your overall results.

I'm curious R., do you trade auto or discretionary? Makes sense what you say, most definitely if you're automated.

Appreciate your sharing your experience.

 

[tomahawk]

Quote from brocklanders:

Strange, I did this exact thing this week (afraid to give back 4 days of profits) and could have doubled my profit for the week if I would have traded through today. Instead I called it quits yesterday and am kicking myself of course now. I always notice that if I am making a decision out of fear, chances are I am going to regret it. I keep proving this point correct .

On to the weekend and no regrets! Next week my goal is to trade all 5 days!

I have "coulda, woulda..."'s every day. Fridays I find it easier to let them go, which is further evidence of the problem.

 

[tomahawk]

Quote from trader_david:

I have the same feeling, particularly at the month end or at week end or the last month in a year.

I gained day in and day out, then at the month end, I become nevous, afraid to lose away my profit. in whatever way, this damn thing really hurts me. when I am cautious, that means i am feraful, in trading, if there is fear, most time as you know, end up with loss, " sheep get slaughtered, bull buy to make money, bear sell to make money".

anyone has any idea how to conquer this "end" thing?

Fear is definitely a killer, no question. I think for me the Friday thing is just as much about complacency.

 

[R. Raskolnikov]

I'm not automated but my trading might as well be. I use very little discretion now. Every setup that comes, every trade taken has specific courses of action depending on what occurs after entry.

I have thought about pursuing that avenue (automating) but am very hesitant to let anyone near my proprietary info.

Quote from tomahawk:

I'm curious R., do you trade auto or discretionary? Makes sense what you say, most definitely if you're automated.

Appreciate your sharing your experience.