I remember I shorted oil around 60s, got stopped out on friday, and monday it gapped way down and never come back. I literally want to puke.
Mindset of a losing trader
- Thread starter TripleJs
- Start date
Oh, I thought you meant you shorted oil last year when it's price went negative.
You were diagnosed with PTSD by a professional psychiatrist, psychologist or psycho therapist ???
How many trades each month do you think you take because so far...it seems like your mind doesn't allow you to recover well from a trade loss in which you're not able to trade again for long periods of time.
- You didn't mention PTSD last Friday when you started this thread. Is this something a professional alerted you about in the past few days ???
A homerun profitable trade will not cure PTSD
wrbtrader
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Hi wrbtrader, thanks for your kind advice. No Therapist diagnosed me. I did some research on why at the conscious level I know I am it's a bad decision but I can't help but do it anyway. Then I found this article which kind of confirm it https://www.trading-research.com/en...ate-trauma-how-they-affect-our-trading-1.html. I only make few trades a day when I am winning, but 10X 20X more trade when I am red for the day. I overtrade because I was too scared to miss a trade that could potentially put me back in green. In my memory, I had missed some once in a life time opporunity by being stopped out.
PTSD is something to be taken very seriously. I highly recommend you not be trading and go get professional (e.g. psychologist, psycho therapist)...preferably someone that works with financial professionals with PTSD...considering now that businesses are opening up more and can see clients indoors in this Pandemic.
You just can't take the risk of having your head messed up in which it results in missing profitable trade opportunities.
Good luck.
wrbtrader
For psychology you may want to look at Yvan Byeajee’s works. You can start by reading his books:
1) Zero to Hero: How I went from being from being a losing trader to being a consistently profitable one...a true story
2) Paradigm Shift: How to create equanimity in the face of market uncertainty
3) Day trading the Spy
These books will give you an orientation to his way of approaching psychology as he applies it to trading. If these resonate with you and you “see yourself in them” then you might wish to spring for a course on psychology that he has created. I think it is a couple of hundred bucks for the course. He used to have the books separate and may still do but I noticed he has now combined some like “two in one”. Just make sure you get all three. You can get kindle version at:
https://www.amazon.com/s?k=zero+to+...+to+hero+y,aps,177&ref=nb_sb_ss_ts-doa-p_1_14
The books are cheap enough.
Or you might can get them at his website tradingcomposure.com
We humans can think logically (we can plan..test..find an edge..but we also are emotional. Trading demands mastery in the psychological realm as much, or more than it does in the logical realm where we will “find our edge” through practice..processes...testing..etc The mind is a wonderful tool, you might say a powerful one. Without it we could not trade. It also can become our worst enemy in trading and a powerful one at that! The mind not only is logical it is emotional and it can be incessant. Regardless of our edge. It can be trained unwittingly to become a destructive tool in trading.
Anyway this young man may not be so well known as concerns psychology in the trading world as other well known authors but I do think he deals with some issues at a deeper level.
I am now at the beach in Fl relaxing and enjoying the beautiful water. “Living the life” motor homing around. Not sure exact date for returning to the house. Been gone since Feb. psychologically the motorhome become “home.” Getting ready to head for beach in a few minutes.
1) Zero to Hero: How I went from being from being a losing trader to being a consistently profitable one...a true story
2) Paradigm Shift: How to create equanimity in the face of market uncertainty
3) Day trading the Spy
These books will give you an orientation to his way of approaching psychology as he applies it to trading. If these resonate with you and you “see yourself in them” then you might wish to spring for a course on psychology that he has created. I think it is a couple of hundred bucks for the course. He used to have the books separate and may still do but I noticed he has now combined some like “two in one”. Just make sure you get all three. You can get kindle version at:
https://www.amazon.com/s?k=zero+to+...+to+hero+y,aps,177&ref=nb_sb_ss_ts-doa-p_1_14
The books are cheap enough.
Or you might can get them at his website tradingcomposure.com
We humans can think logically (we can plan..test..find an edge..but we also are emotional. Trading demands mastery in the psychological realm as much, or more than it does in the logical realm where we will “find our edge” through practice..processes...testing..etc The mind is a wonderful tool, you might say a powerful one. Without it we could not trade. It also can become our worst enemy in trading and a powerful one at that! The mind not only is logical it is emotional and it can be incessant. Regardless of our edge. It can be trained unwittingly to become a destructive tool in trading.
Anyway this young man may not be so well known as concerns psychology in the trading world as other well known authors but I do think he deals with some issues at a deeper level.
I am now at the beach in Fl relaxing and enjoying the beautiful water. “Living the life” motor homing around. Not sure exact date for returning to the house. Been gone since Feb. psychologically the motorhome become “home.” Getting ready to head for beach in a few minutes.
It's been said a couple of times that the market is "out to get you".
I think that's kind of true because the real players can easily see obvious entries and stops of the small guys.
but once you know that, yo can kind of adjust to it.
I see the market now as a sneaky snake, that will try and bite you when you let it.
I found after a while that had I entered my losing trades at the point of my stop losses, a good percentage of them would have been positive. so what helped me was to make a mental adjustment to enter way later than what my initial instinct was telling me.
More often than not, you won't miss the home run trade, as it's quite rare for the price to run away without a pullback (or two).
I think that's kind of true because the real players can easily see obvious entries and stops of the small guys.
but once you know that, yo can kind of adjust to it.
I see the market now as a sneaky snake, that will try and bite you when you let it.
I found after a while that had I entered my losing trades at the point of my stop losses, a good percentage of them would have been positive. so what helped me was to make a mental adjustment to enter way later than what my initial instinct was telling me.
More often than not, you won't miss the home run trade, as it's quite rare for the price to run away without a pullback (or two).
The problem is always thinking. We think a lot when we trade. And you just need to create a clear plan of action: how and when to enter, the goal and where to exit. Everything. And repeat like a robot.
Reality is, to create a plan requires a lot of thinking.
Like a cheapskate person, when they get old and have millions, they still resort to being a cheapskate.
Likewise, a trader in order to evolve needs to put in heaps of brain power, but letting go once profitable may be difficult
Thank you volpri. I did little research on Yvan byeajee but seems like he is another internet trading guru but just focus on pyschology part. Does he trade actually trade? What make you think he's any good?