Mistakes I try to overcome

I like your attitude. Not sure what you're trading, but if it's energy or grains, PM me and I'll give you some detailed pointers that had helped me along the way.
 
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Geo said:
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Thanks for your advice. Been meditating before but not as much, now I'm focusing more on it, I've red Phycho cybernetics twice, The chimp paradox, and a great book called Trade mindfully by Gary Dayton - which actually is talking about not trying to get rid of the emotions but instead learn to use it to our advantage, and I've got another bunch of personal development books on my list waiting to be red so I'm working on it, I'm slightly starting to see some improvements. I'm also beginning to see the importance of journaling plus a healthy risk management. I've realised that there's so much more work to do when it comes to trading, apart of just learning the technicals and fundamentals, and I'm seeing the positive side of this journey in the sense that if the trader is willing to devote the time and effort, will improve as a person alongside the financial improvement so there are multiple benefits to it. Thank you!
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You are heading in the right direction.
Keep it up.

I always remember these things :

my trained mind practitioner :
Your problem will surface again and again and again unless
you consciously face and fix it

A Canadian who went to Himalaya to be a monk;
He has this calm serene expression.

Dalai Lama :
After so many years, I still find meditation to be difficult
on some days

trained EFT practitioner :
You have to persist and persist till your emotion is neutral

Gregorian song :
DON'T GIVE UP


All the best Mister.
 
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Snuskpelle said:
Random suggestions:

A) Create a spreadsheet on GoogleDocs or Excel. Depending on your trade frequency, write down weekly (or monthly, or daily) starting amount and ending amount, plus an automated column for returns. Add some columns to automatically calculate a target and max loss for a given start amount. When you hit target, trade much more defensively (potentially even stopping on first loss). If you hit max loss, stop trading for that period (and potentially longer if you're trading daily). Make a strong point of sticking to this, it will protect you from yourself.

B) Ditch the group chat. Why hang out with losers that you admit are influencing you negatively? The majority loses money, don't hang out with the majority.

C) Figure out your edge if you have any... you can also add to your spreadsheet above e.g. your preconditions for every single trade if you have the stomach for it, so you can systematically go back and deduce whether signals had any correlation with returns. I don't do this personally but I saw an experienced guy here suggest it and I can see why it would help. If you don't have an edge, you will be on a gentle downward slope using the above rules that gives you plenty of time to react.
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Love your answer.
 
1) Determine if you even have an Edge. Your biggest mistake is trading with real money when it seems you don't have an Edge. An Edge is not psychology or thinking about if you are doing something right or wrong. Your chart program should be able to give you a report and win %.

You should not even be trading real money until you determine if you found it. Hard statistics. Science not magic. I knew I had an edge when my all of my trades were analyzed by a certain website and it showed that my system was #1 out of 9,000. Hundreds of trades with real money.

2) Once you know your system works like others have said, determine how much to risk each trade and where your stop and targets should be.

3) And like others have stated set a maximum loss you are willing to take for the day. Watch your account balance. Once you reach that level, have the discipline to fucking stop trading for that day.

4) Pretend you are hired by hedge fund and your boss told you he does not care if you make or lose money, but you will be let go if you don't follow their rules for trading exactly every time.
 
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