How Do Yall Maintain your Discipline??

F

Flashboy

I'm sure this has probably been covered before..

My problem is I know what I'm supposed to do.. I have my rules.. they're not written down but are in my head.. and I know what type of trades I need to wait for.. I know what setups I need to trade..

My problem is I keep taking trades that don't fit into my type of setup.. example. today in emini.. at 13:55 they had a fairly big down bar and I've been expecting a move down.. so I think that I don't want to miss this and I jump in short.. and I know when I do it that it doesn't fit my plan but I do it anyway.. self sabotage??

and this usually happens after a good day which I had yesterday.. yesterday I took 3 trades.. 2 winners, one loser.. and both winners were larger than the loser..

Its just a matter of discipline and I know if I stick to my rules I will be profitable .. I'm just having problems doing so..

Any suggestions appreciated..


Good trading to everyone...

thanks
 
It may help to write down your rules. also, write down the times you violated the rules and what you were thinking at the time.
if you see a pattern, it could provide insight into what you need to change in your approach.
 
You know that feeling you get when you break your rules and it causes losses?

Its the same feeling that makes you sick to your stomach for not being disciplined.

That feeling also that makes you curse yourself for being a loose cannon.

When and only when you lose your trading capitol or get tired of feeling that way you will retain discipline. Hopefully it is the latter.

Good luck and stress free trading!
 
Quote from Flashboy:

My problem is I keep taking trades that don't fit into my type of setup.. example. today in emini.. at 13:55 they had a fairly big down bar and I've been expecting a move down.. so I think that I don't want to miss this and I jump in short.. and I know when I do it that it doesn't fit my plan but I do it anyway.. self sabotage??
More...

Might you be bored at times? That is, if you're not in the market and it's moving (up or down) do you feel you're missing out on the action and then put on a trade just to be in the fray?

Do you know WHY you put on the trade at 13:55?
 
DHOHHI,

Good question..

I think a combination of 2 things..

1. I didn't want to miss out on the move..

2. I try to make at least 3 points a day and had not had a good setup all day.. what I need to keep reminding myself is some days won't offer a trade while other days will offer me 5 - 6 points to make up for it..

I guess a part of it is wanting to be in a position.. which is not good.. and thats what I'm trying to get control of.. gambling mentality I guess.. need the excitement..
 
Trying to make 3 points a day is a problem in itself. You have to take what the market offers - you can't force it to give you anything!!! With a daily profit target, most folks would get more anxious as the day progressed with no profits - and then start doing dumb things like jumping into trades that they know they shouldn't be in.

Note having a profit target is different than protecting profit once a certain point is reached - totally different mindset! No psych. problems if profit point isn't reached.
 
Quote from Flashboy:

...they're not written down but are in my head...

Its just a matter of discipline and I know if I stick to my rules I will be profitable .. I'm just having problems doing so...

Any suggestions appreciated...

thanks
More...

Seems like an easy problem to fix...

The question is...do you really want to fix it?

Try writting down all the rules (criteria) for your trade setups...

print out a copy of each...

go to your local print shop...run off about 50 copies or so...

make sure you leave the opposite side of the paper blank...

Every time you take a trade via one of your trade setups...

print out an exact intraday chart of the completed trade on the other side of those copies you made...

correlating the chart to the paper with the appropriate trade setup.

Next...add notes to either side about what criteria you ignore, where you need improvement on (entry, exit, trailing stop, profit-target...whatever)...

Do this every trading day...which each trade...immediately upon trade completion...

takes no more than a total of 30 mins of work by end-of-day.

(Yes...you risk missing a trade signal while your updating your notes...but these notes have priority)

It will be the most important 30min investment you'll ever make.

Now you'll have a nice review of why your either a profitable trader or a trader that blew out his/her account.

Regardless if your profitable or not...your objective (goal) is to stick to that written down trading plan.

It will also allow you to easily spot problems in your trading plan and make the appropriate adjustments.

Trying to make adjustments in your head is a tough task...much easier on paper.

Hard facts in front of you...very difficult for your subconscious to ignore.

P.S. Re-read and read again the advice by Swish...its a good one.

NihabaAshi
 
Rent or buy Harry Potter and the Chamber of Secrets.

Pay careful attention to Dobby and his interaction with the chest and the lamp.
 
dbphoenix, My trading improved considerably after watching harry potter. After studying the film i bought the book and read it once a week, I am now averaging 20 points profit per week on the ES.
 
Quote from wwatson1:

dbphoenix, My trading improved considerably after watching harry potter. After studying the film i bought the book and read it once a week, I am now averaging 20 points profit per week on the ES.
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OK - what are you guys talking about!!!???!!!
 
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