I'm losing money and can't stop. How do you be patient?

Some trader lose with discipline.
It's not only and all about discipline.
Do you know what you're actually doing ?
What are you trying to Implement ? To Replicate ?
If you can't answer these questions ... You're doomed.
Discipline is the cherry on the top of the cake.
But many just don't have the cake ready.
Cause they don't want to bake it !
Patience is also baking better.
Ya won't get rich overnight.
 
jinxu said:
One of the pitfall I'm discovering is that I get impatient waiting for my setup that I start entering gambling trades that I should not have. I'm impatient and keep thinking about my next trade 24/7. Even though there is no need.

The good thing about my job ia that it distract me from to market. However I'm afraid that when I quit I'll end up obsessing over the trades and will lead to overtrading and more losses.

How do I learn to relax? Do I traders need hobbies?
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Hi Jinxu,
I'd like to send my thoughts your way. . . This is a huge challenge for traders, as you know. This is a complex answer, but I'll try to simplify. We store traumas from childhood in the body when they are too harsh to deal with. (Example: we lose our Mom in the store at age 2 and think we are lost forever. If we don't cry and let her know the fear of the experience AND have her nurture us and "fix" it, it might remain as a trauma, stored away in the body)

As we get older, and especially as we face ourselves doing activities like trading that elicit emotions, theses feelings start to come back to the surface.

The "tools" I use are to start to become really aware of thoughts while trading. Write them in a journal or talk in a recorder. Also, become aware of your body sensations. Tight shoulders, tense jaw, anxious stomach, things like that. The more we can start to be aware of our body and mind as we trade, and not just of what the market is doing, the more we can start to address all our reactions and emotions and use tools to help disappear them.

Most traders are mainly focused on the trade, and not on their mind / body. Stuff like yoga helps, as I saw in another post.

There are many tools to help. The first step is to realize that the mind / body reactions are key and need to start to get some of your attention. Hope that helps, Andrea
 
Andrea Wylan said:
The first step is to realize that the mind / body reactions are key and need to start to get some of your attention.
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Incorrect. The first step is to find a method that puts you one step ahead of other market players, which simultaneously lowers your risk relative to your profit potential.

All the sound mind/body stuff is textbook bullshit. I used to think the same way until my experience and research led me to eventually realize what a battlefield the financial marketplace is.
 
profitlocker said:
Incorrect. The first step is to find a method that puts you one step ahead of other market players, which simultaneously lowers your risk relative to your profit potential.

All the sound mind/body stuff is textbook bullshit. I used to think the same way until my experience and research led me to eventually realize what a battlefield the financial marketplace is.
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Yes, you need a winning strategy for sure. But, if your mindset isn't right, it won't be enough. Wish it were bullshit! But, it isn't. The reason most traders can't trade is precisely because of this. Most. Some already have a healthy mindset and are fine. Most do not. . .
 
Andrea Wylan said:
But, if your mindset isn't right, it won't be enough. The reason most traders can't trade is precisely because of this. Most. Some already have a healthy mindset and are fine
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Wrong again. The reason most can't trade is because their method produces poor to marginal results. This inhibits confidence building. I know from experience.

The process of finding a powerful method requires so much time and effort, it actually requires an atypical mindset. Introverted, obsessive, anti-social, diligent come to mind, all considered unhealthy from a societal perspective.
 
Andrea Wylan said:
You certainly have a perspective on this. . . We will have to agree to disagree as I see it so very differently! :) lol
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No worries. Unlike many here, I live in a city that has allowed me to meet more than a handful of independent traders. The higher their income/net worth was, the more weird and antisocial they were. There may be exceptions, but these guys were very much savant types. Most unmarried, no children, and living in their own world.
 
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profitlocker said:
Wrong again. The reason most can't trade is because their method produces poor to marginal results. This inhibits confidence building. I know from experience.

The process of finding a powerful method requires so much time and effort, it actually requires an atypical mindset. Introverted, obsessive, anti-social, diligent come to mind, all considered unhealthy from a societal perspective.
More...

People mostly would blame things like poor money management, discipline and many others because they are easier/simpler to fix; they choose to believe those are the problems that cause their trading troubles and dodge the most critical one.
 
That's correct, and that critical problem is the poor understanding of market structure, regulations, price development, order flow, trade management, etc...........

Most don't have the ability to assemble a viable model from all those components. Your solving a very difficult puzzle that requires knowledge and years of experience. It's a very draining process mentally and financially, and has very little to do with discipline and a positive attitude.
 
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