I have read "Trading in the Zone" but still struggling with psychology

[Scataphagos]

Not exactly Scat,

Agree.

I don't like comparisons of trading to gambling in any way.

In gambling, the odds are fixed and against you... yet you play hoping to prevail against the odds and win anyway.

In trading, you are supposed to win. The only way you lose is if you screw up.

 

[volpri]

Agree.

I don't like comparisons of trading to gambling in any way.

In gambling, the odds are fixed and against you... yet you play hoping to prevail against the odds and win anyway.

In trading, you are supposed to win. The only way you lose is if you screw up.

Like surf?

 

[SteveH]

"I get nervous sometimes, I get the feeling of "hoping" even though I have backtested multiple instruments over 10 year period. I still get the feeling to want to revenge trade when I lose a trade."

Well, you're better off than Mark Douglas...he's dead so can't trade no mo'.

 

[jonahern]

I get nervous sometimes, I get the feeling of "hoping" even though I have backtested multiple instruments over 10 year period. I still get the feeling to want to revenge trade when I lose a trade.

How do you guys solve this? I've been trading for about 5 years, although I feel I have gotten better psychologically over the years, I still feel it cannot be completely removed, I still feel uncomfortable. I want to feel at ease, like trading has become easy.

Look at NLP and CBT... I have had some pretty good results. It's all basically behavior modification: you have certain feelings, but what do you choose to do about them? What subconscious stories start playing in your head when certain feelings arise?

 

[themickey]

Have you considered trading a much smaller size. This has been mentioned on previous threads so not an original idea. I used once to trade large size but I've been lucky in a way and it paid off mostly, however it carries large risk. These days my trade sizes are decreasing while position numbers are increasing relatively. Small size decreases risk but increased positions doesnt affect me, ie, not difficult to manage.
Currently I hold 23 open positions with room to add which I will. You need a method to manage stops which is not that difficult once you get into the habit and your methodology of how to apply.

 

[addminuslast]

Have you considered trading a much smaller size. This has been mentioned on previous threads so not an original idea. I used once to trade large size but I've been lucky in a way and it paid off mostly, however it carries large risk. These days my trade sizes are decreasing while position numbers are increasing relatively. Small size decreases risk but increased positions doesnt affect me, ie, not difficult to manage.
Currently I hold 23 open positions with room to add which I will. You need a method to manage stops which is not that difficult once you get into the habit and your methodology of how to apply.

I trade quite small size, it actually doesn't really affect my trading performance, but I get these feeling, I rarely revenge trade and do silly shit but these feelings still here after trading for somet ime.

 

[addminuslast]

do you make money?

imo 'trading in the zone'... and there is some other guy wrote a similar book I forgot the name... these things are really secondary... if you make money, there is nothing to psych about lol.

I don't do short term anymore.... more of a long term finding value pockets and accumulation type style now... you might want to just take this approach.. there will be some draw downs.. my last peak to trough was like 7 digits lol but whatever you just buy more on the dip.... bottom line is if you make money short term loss/draw down is no big deal.

I do but not much, couple hundreds a month?

I do shorter term trading, get about 5 setups per week. My goal is to build it to 7 figures but I'm not sure how the more senior traders feel when they trade, does money mean nothing to them? Because sometimes I think about opportunity costs, if I didn't lose the trade I coulld have bought this and that etc.

 

[addminuslast]

MattZ makes a good point.... discipline.

Discipline in trading is, "doing what you're supposed to, even if it makes you a bit queasy."

Discipline can come when you "KNOW you are probably doing the right thing". Of course you'll have to understand why it's probably the right thing.

Douglas has another book out... "The Disciplined Trader". I suspect much overlap with his other books, but there might be some inspiration for you in this one.

"Discipline in trading is, "doing what you're supposed to, even if it makes you a bit queasy.""
This is exactly what I'm facing, I am making money, and emotions don't really affect my performance much but I still feel some emotions. I get feelings to revenge trade, to feel sad when a perfect setup goes wrong, but I never ever do silly things, because I know in the long term it will destroy my account, however these feelings still exist after some time. Do senior or people who have traded for some time still feel this?

 

[HolyGrailSeeker]

I get nervous sometimes, I get the feeling of "hoping" even though I have backtested multiple instruments over 10 year period. I still get the feeling to want to revenge trade when I lose a trade.

How do you guys solve this? I've been trading for about 5 years, although I feel I have gotten better psychologically over the years, I still feel it cannot be completely removed, I still feel uncomfortable. I want to feel at ease, like trading has become easy.

Just trade to the largest amount where you still feel at ease.

 

[stevethetrader]

I get nervous sometimes, I get the feeling of "hoping" even though I have backtested multiple instruments over 10 year period. I still get the feeling to want to revenge trade when I lose a trade.

How do you guys solve this? I've been trading for about 5 years, although I feel I have gotten better psychologically over the years, I still feel it cannot be completely removed, I still feel uncomfortable. I want to feel at ease, like trading has become easy.

I read the book about 10 years ago and got nothing out of it. It went over my head, and I traded randomly and lost my account several times and quit trading.

I picked up the book again a few weeks ago and this time I’m determined to get it right.

I think he’s absolutely right that trading is 80% psychology and I’m on my third time reading through the book and making evermore highlights and notes as I go.

I have decided that the book does not really begin until page 121 where the five fundamental truths are listed. I have not really been profitable yet but it’s only been a few weeks and it has made a big difference and keeping me calm and focused on perceiving what the market is offering. The only thing I trade right now is the CL crude futures.