Need Help!

NeedHelp · Oct 28, 2003

Quote from Hawker:

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

Yep, I know how to read bullish and bearish indicators and price actions and patterns. I can do all that. I'm just stuck in this psychological BLOCK for some reason! I'm doing things I KNOW I SHOULD NOT do! And the worst part is I keep doing them. Sound like crazy. But...

I guess discipline is the key. I take trades taht I know I shouldn't. I need ironclad rules to follow by so that my mind don't play tricks on me!

thanks for the suggestions!

sulong · Oct 28, 2003

Quote from NeedHelp:

Sulong,

That's a great idea! It would instill discipline and will save me a bundle!! But I like to REVERSE my psychology so I can participate in the rallies as well!

K,
What did I miss here?
Why would you need to reverse your psychology if you had discipline?
If you want to participate in a rally, ( profitably ) then don't short it, if you do short it, stop trading for the day. Thats one way to instill discipline.

BTW. are you blonde?

sulong

NeedHelp · Oct 28, 2003

Quote from sulong:

K,
What did I miss here?
Why would you need to reverse your psychology if you had discipline?
If you want to participate in a rally, ( profitably ) then don't short it, if you do short it, stop trading for the day. Thats one way to instill discipline.

BTW. are you blonde?

sulong

sulong,

what i mean by reversing my psychology is to go LONG on rallies! Rather than just stop trading if I go short. Though that suggestion is GOOD, it will only cut losses. It will not help me increase gains. I want not only to stop shorting rallies, but also to reverse my thinkng and GO LONG NATURALLY! And let it ride baby!

NeedHelp · Oct 28, 2003

Quote from sulong:

BTW. are you blonde?

sulong

sulong and GG,

since trading is such a male dominated field, I know you guys like to know some stats. I'm a brunette. 5'8. Long hair and legs. The rest is for your imagination. Blondes are overrated.

sulong · Oct 28, 2003

Quote from NeedHelp:

sulong,

what i mean by reversing my psychology is to go LONG on rallies! Rather than just stop trading if I go short. Though that suggestion is GOOD, it will only cut losses.
-------------------------------------------

It will also make you pay attention to the chart, help you to look for only legitimate trades, and best of all teach discipline.
-------------------------------------------------

It will not help me increase gains.
--------------------------------------------
without discipline first,your not likely to increase your gains.

sulong

ChaosNSX · Oct 28, 2003

Only natural blonds are over rated, a brunette dyed blond and vaaa voom.. extra points if shes italian, I'm a sucker for italians.
You sound sexy. I'm curious what got you into trading? Meet guys, studied finance?

Quote from NeedHelp:

sulong and GG,

since trading is such a male dominated field, I know you guys like to know some stats. I'm a brunette. 5'8. Long hair and legs. The rest is for your imagination. Blondes are overrated.

Ebo · Oct 28, 2003

Chaos is sporting wood!

resinate · Oct 28, 2003

Quote from Hawker:

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

I think Hawker nailed the practical piece which requires strict rules and discipline.

Now as to your psychology...... As some one who blew out my first trading account shorting in late 98, can I suggest looking at your psychology around authority and crowds.

Problems with your father?, distrust government? rebel against norms?, assume the mob is usually wrong?..... I have no idea what drives you, but what you describe sounds like an ongoing rebellion against something. Usually a smart stance IMHO but can be deadly trading as you have learned.

Whatever motivates it and should you continue to chose to indulge it, consider what someone said above about at least giving the mob its due respect and keeping very tight stops when you buck the trend.

ChaosNSX · Oct 28, 2003

LOL whats up bro?

Quote from Ebo:

Chaos is sporting wood!

Pabst · Oct 28, 2003

Quote from resinate:

I think Hawker nailed the practical piece which requires strict rules and discipline.

Now as to your psychology...... As some one who blew out my first trading account shorting in late 98, can I suggest looking at your psychology around authority and crowds.

Problems with your father?, distrust government? rebel against norms?, assume the mob is usually wrong?..... I have no idea what drives you, but what you describe sounds like an ongoing rebellion against something. Usually a smart stance IMHO but can be deadly trading as you have learned.

Whatever motivates it and should you continue to chose to indulge it, consider what someone said above about at least giving the mob its due respect and keeping very tight stops when you buck the trend.

The art of trading vs. the mindset of traders is a paradox. In a field that attracts fiercely independent free thinkers, the reluctancy to follow trends is truly problematic.