Does anyone have methods to treat a trader that cannot pull the trigger?
How to treat the 'cannot pull the trigger' symtome
- Thread starter ADX_trader
- Start date
I have a $50k a/c and try to trade only one T-Notes contract. I plan to use 3 points stop loss that is only about $100 or 0.2% of my capital. But I still cannot put on the trade!
Really depressed!This is a trading mantra that I often give to people that have this problem..maybe it helps you, maybe it's too Stuart Smalley'ish..but take it or leave it:
Trading is a game of probabilities. I don't have to be right every time. I just have to follow rules. I know my system works. Every trade is just a profit or stop. Any given trade is not of significance. Results over a certain time period is what matters. Trading within my proven system puts odds on my side. I just have to play to allow chances to realize. I know I can trade by rules. All I do is I react on signals, a signal to enter and a signal to exit that are generated by my system. They take me in and out with no hesitation. I can observe the market being emotionally detached from it. Any stock movement is just numbers that change by certain patterns, and I know how to read those patterns. I am totally focused on what the market is telling me. I can hear it and react on it.
Feel free to modify it to better fit you as well..adding or subtracting relevancy.
Regards,
Chris
Trading is a game of probabilities. I don't have to be right every time. I just have to follow rules. I know my system works. Every trade is just a profit or stop. Any given trade is not of significance. Results over a certain time period is what matters. Trading within my proven system puts odds on my side. I just have to play to allow chances to realize. I know I can trade by rules. All I do is I react on signals, a signal to enter and a signal to exit that are generated by my system. They take me in and out with no hesitation. I can observe the market being emotionally detached from it. Any stock movement is just numbers that change by certain patterns, and I know how to read those patterns. I am totally focused on what the market is telling me. I can hear it and react on it.
Feel free to modify it to better fit you as well..adding or subtracting relevancy.
Regards,
Chris
Quote from ADX_trader:
I have a $50k a/c and try to trade only one T-Notes contract. I plan to use 3 points stop loss that is only about $100 or 0.2% of my capital. But I still fear to put on the trade!
3 ticks (3/64) is $46.87 + $4.8 for commission = loss of $51.67
thats only .001% of a 50k account
6 ticks (3/32) = $93.75 + 4.8 = $98.55 (.002% of your account)
3 points = $3000 - to big of a stop
pull the trigger
pull the trigger
pull the trigger
pull the trigger
pull the trigger
but don hestitate
i find the exits much harder
ADX_trader:
I was once taught to metaphorically view your trading system as your âclientâ and you yourself as the âbrokerâ. If your client generates a âbuyâ signal and calls you up to buy, you âbuy!â; if your client tells you to sell, you âsell!â. Otherwise, do nothing. A broker wouldnât question or fail to âpull the triggerâ to execute the orders of his/her client; and neither would you when your system tells to do so. This places a level of detachment between you and your trade.
Kermit
I was once taught to metaphorically view your trading system as your âclientâ and you yourself as the âbrokerâ. If your client generates a âbuyâ signal and calls you up to buy, you âbuy!â; if your client tells you to sell, you âsell!â. Otherwise, do nothing. A broker wouldnât question or fail to âpull the triggerâ to execute the orders of his/her client; and neither would you when your system tells to do so. This places a level of detachment between you and your trade.
Kermit
Quote from ADX_trader:
I have a $50k a/c and try to trade only one T-Notes contract. I plan to use 3 points stop loss that is only about $100 or 0.2% of my capital. But I still cannot put on the trade!
You don't trust yourself to adhere to the stop and you don't accept the $100 risk(stop).
You need to practice. try bidding/offering and cancelling first. then let yourself get filled and immediately offer/bid to close out. Then start holding longer...........
TNotes you should not try to buy offer or sell bid unless you really need to get in, of course getting out you should do whatever is needed when appropriate.
I did an analysis of myself. I found the following:
Afraid of lossing: I was once nearly wiped out in the Forex market many years ago.
self-esteem: Don't want to respond for what I do if the trade goes wrong. Only want to respond for the winning trades.
I view making a wrong trade as a hit against my self-esteem.
Perfectism: want to be 100% correct. This one I think I can overcome it but my subconscious is still looking for it.
Afraid of lossing: I was once nearly wiped out in the Forex market many years ago.
self-esteem: Don't want to respond for what I do if the trade goes wrong. Only want to respond for the winning trades.
I view making a wrong trade as a hit against my self-esteem.Perfectism: want to be 100% correct. This one I think I can overcome it but my subconscious is still looking for it.