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

jinxu said:
Actually things are much better. Apparently I was freaking out because my system might not produce $700 profits everyday. I've come to accept that is a part of life.
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Though it is not at a stage where it damages your trading, one never knows when your trading capital evolves, if this problem will be magnified. As you are profitable - this is important : if you were to double your trading capital ( you can negociate with some brokers to double your trading capital) - will you make 1400$/day or something will be different? will you freak out more or something else will come up?

What I have been finding with trading is, if you try to push yourself, somehow you are also pushing for your embedded psychological/spiritual issues to show up.
 
What has changed is that I'm finally given up on my day trading system. Which was the system that was consistently causing me to lose money but I kept trying to fix it. The other system I have is a swing trading system and was the one where I was making big profits in. Don't know why it took me so long realize. But I have to look at my track record which is saying day trading will not work.

$1400/day is possible. I don't see why that wouldn't be. My swing trading system give high reward/risk and high probability trades. Which those two factors a possibility $1400 is possible simply by scaling up. I think my psychological issue was due to the day trading system. Unconsciously I knew that the system wasn't good but consciously I didn't want to listen to it. That costed me a lot of time and money. Now just trading the swing system my psychology is more relax. Go figure.
 
mlawson71 said:
Everything is possible, and then something like the GBP drama last night happens and you wonder what to do now.
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Actually the Gbp drama is also part of trading.
The only question you should ask : what mistakes did you make?
if you had not done any mistake, would you have been fine ?
How are you going to fix this mistake once for all?

My own example.
I myself got caught on the Gbp drama : the trade, the stop were all fine.
My mistake : adding positions based on profits, thus reducing my heat tolerance. This was not part of the plan to load at these prices. But "something" got me to "load".
if you had not done any mistake, would you have been fine ? actually yes.
How are you going to fix this mistake once for all? that's what I am working on

Trading is really simple: work on eliminating one mistake at a time.
 
jinxu said:
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$1400/day is possible. I don't see why that wouldn't be. .. a possibility $1400 is possible simply by scaling up....
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It would be interesting to find out what really happens when you scale up ( position sizing * 2 here).
 
smallStops said:
It would be interesting to find out what really happens when you scale up ( position sizing * 2 here).
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Not all my setup has the same probability of success. There are a few setups that gives me the max probability that makes it easier to scale up with. What makes trading easier now for me is to KNOW where my stops are. My stops are in area where I know if it gets hits the trade is a failure. My past mistake with stops were to try to keep them tight with the goal of preserving capital. That ended up getting hit so many time with either trade that ended up working it was frustrating. Now my stops are where I know my trades should not hit if I was right.

Today I made a little above $700. Very good but still not good enough got out too soon a few. Again using the swing trading system.
 
jinxu said:
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Today I made a little above $700. Very good but still not good enough got out too soon a few. Again using the swing trading system.
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How long ( many trading days), have you been on 700$ daily average?
How many losing days, if any?
 
smallStops said:
How long ( many trading days), have you been on 700$ daily average?
How many losing days, if any?
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It's not $700 daily. One month on the new system. I'm still part time. When I'm at work I'm not trading. So far I've had about 8 days where I've taken off and traded full time. 6 were winning. 2 were losing.

There's also been A LOT of good days that I've missed from being at work.
 
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