Go on tilt too easy

[ElCubano]

going on tilt and revenge trading have nothing to do with being a degenerate gambler. Trust me I play poker almost daily and in the 5/10 i play with a bunch of degenrates day in and day out....and they never go on tilt .....they are so used to losing it aint even funny....


work on not trading while on tilt or when trying to revenge trade.,..thats alll...peace

 

[spanish89]

Quote from Tonetrader:

When I'm on, I'm on I feel like I can't miss a trade. I scalp trade using level II so there are many emotions. When I'm cold I get really cold and have a tendency to revenge trade, try to hit the home run to make back all my losses.

I have trading rules in place but always seem to break them. I've even implemented shocking myself with a zap pen everytime I broke a rule. I would continue to break rules. I kept a journal. Still I would break rules. Does anybody have any advice they can offer me?

Mate im in a similar situation to you kinda...

Im probably younger than you though.. lol (18)

I probably have alot less money than you (£2,650 capital), that all the money i have in the world,
and traidng is my fulltime career that i need to use to earn atleast £1,000 per month each month just to pay rent. :eek:


So i really really do understand what it means to be under huge pressure constantly.


And unless you are ridiculously rich, with money to burn, YOU WILL HAVE ALOT OF EMOTIONS WHEN TRADING.


At the end of the day your earning or losing lots and lots of money very fast.
You would be inhuman to not feel something about that.



I personally took a huge huge loss of £836 yesterday, that was about 27% of my entire account just gone, and undid all the money i had earnt so far this month that i really really needed!!

It fuking hurts and crushes you, and makes you feel like your crap and an idiot and loads other feelings...,

But the way to get up and keep going is just take the day off and then eventually just say to yourself in your mind ''IF I CAN LOSE THAT MUCH MONEY IN 1DAY, THEN I CAN JUST AS EASILY MAKE THAT MUCH MONEY IN 1DAY TOO''.


And then when you get back to your trading just focus on what you do, trade the markets.

 

[Marvao]

Quote from NY0BScalper:

To all the people offering negative advice to the OP, you may think you are high and mighty but the real traders read your post and know that you do not actually trade. If you did, you wouldn't pompously pretend to be above human emotion.

To the original poster,

I have suffered the same issues since I first started trading. It is very difficult. What helps me is staying objective, and doing my best to focus only on setups where I won't have an asshole cancel all the bids on me and make me want to hold knowing it's a shakeout. I try to find setups where I can be the first to take the liquidity that's my out, so I'm always out early, but it works... I might be right 8/10 times but only make money 5 out of 10 because on 3 of the 10 I get out too early into an obvious shakeout but not letting the losers get away keeps me from going on tilt. Most likely, certain situations and setups lead you to your losses.

I've been going on tilt when I'm leaning on my out, it goes slowly, so after covering I get back in, then the rest of the out (the last 30%) goes instantly and I freeze instead of paying the wide spread and then it goes against me. I try to avoid these situations.

You will always have the gambler inside of you. It is because you are human. You have to compensate by choosing setups that don't allow you to gamble, you have to compensate by being extra skilled at reading the market. You have to always learn the same lesson over and over. I feel like such a piece of shit right now, venting on this thread is helping me, but I am no different mentally than I was as a rookie trader. The only difference is I'm good enough now that 4/5 days I can avoid letting these emotions overrun me to the point of disaster, and on the 5th day I try to cut my losses between $500-1000. When I have a blowup day and my emotions get out of hand I take a day off, afterwards, that helps. Some people/traders might say the tough man's mentality is to stay and fight the next day, if that works for you great but for me I get too angry. Taking a day off to cool off humbles me and brings me back fresh.

Ignore the negative dickheads who can't trade themselves and want to bring everybody who has some talent down.

WELL SAID!

 

[Urkel]

Quote from JonathanMtl:

Get the book Mastering the trade by John Carter. His section on the business plan really help me. Also the daily profit and drawdown target are a must, all nicely explain in the same chapter.

I just got this today, love the story at the beginning of the book. I can see myself in that guy a little(and I ain't got a wife). His distinction between amateur and professional traders is a must read for those struggling to prepare for the trading day or stay in the correct mindset for trading. I was able to skip some of the parts that were for people not familiar with futures/options.(The author makes it clear most traders he knows only trade stocks). This book reinforces the reasons why trading with a plan, different setups for different market conditions, and sticking to them is crucial for success in this business. First book since "Trading in the Zone" that I am looking forward to finishing and feel I am getting knowledge from. Thanks for recommending it.