Exactly. I often look here. Also, FYI, for every contract Lobster mentioned there is some rough equivalent in stocks, ETFs, etc. if you are uncomfortable with futures. IB has a great list of ETFs on its site. You can short countries if you want. Somewhere in the world, some market is always getting its lights punched out. :eek:
Need Help!
- Thread starter NeedHelp
- Start date
Exactly. I often look here. Also, FYI, for every contract Lobster mentioned there is some rough equivalent in stocks, ETFs, etc. if you are uncomfortable with futures. IB has a great list of ETFs on its site. You can short countries if you want. Somewhere in the world, some market is always getting its lights punched out. :eek:
I'd strongly discourage you from trading bigger size to make up for losses. That's "revenge" trading. And after some intra-day losses we sometimes force trades which may not meet our normal criteria for entry. So it's easy to go from bad to worse and incur bigger losses.
And trading smaller size, long or short, might be a good idea just to get a few successful trades under your belt again. Although you may not make a lot of $$$ by trading smaller I suspect your confidence will improve after a few positive outcomes.
Last ... I suspect tomorrow will be a good day to short.
oh, so now you're interested now??
see my "trade what you think, not what you see" thread under strategy trading. your issue is simple, and easy to alter. BUT, you are the only one who can do it. one thing you can do easily is turn your monitor upside down ( or your charts if your software allows for it ) ---- see what i mean ?? perception is key to solving your issue....
all my best,
surfer
Hi NeedHelp,
I used to have the very same problem and the punishment for those actions was big and harmful.
From my point of view and my own experience I can tell you that such a situation is because a lack of discipline. Make some rules regarding this condition and stick to them under all circumstances.
If your market indicators show you an overall strength picture , adopt a bullish bias and only short those significant corrections ( lower risk). Conversely if the indicators are showing you a picture of global weakness, step into the bear side and long the corrections only if they show a good opportunity ( low risk)
The key is to follow the rules. Find your main bias ( bullish/bearish ) for the day and then step in the opposite side only when price tell you to do so and not when you think you should.
Don't let your mind play games on you.
Hope some of this can help .Good luck
May I make a simple suggestion that will save you NLP fees, keep you out of lecherous chat rooms, and obviate any need for painful change? Turn your screen upside-down and continue as before. If this is not practical, stand on your head. I am always available to help during regular office hours, no matter what time zone you are in, at:
http://www.elitetrader.com/vb/showthread.php?threadid=23812
Arthur (Art) Deco, M.D.
http://www.elitetrader.com/vb/showthread.php?threadid=23812
Arthur (Art) Deco, M.D.
Ms. K. NeedHelp,
Long is definitely not wrong, once you get used to it.
Perhaps if you adopted a rule to where you have to quit trading for the day if you enter a short while in an uptrend (a form of punishment for playing with the short side when you need to be playing with the LONG side).
I sincerely hope this helps.
sulong