Man does not change easily unless there is usually some type of pain, fast change is actually real body pain, quick bolt of impact or electric certainly has changed my errors with wiring anything, LOL or not wearing thick gloves and using sledge hammer and nails. Very difficult for man to basically "give up control of oneself", cause when you design one's method, when you trade it, you are willingly giving up control of the now man in you, to who you were when making the system. Many lack confidence in their abilities of the guy who designs so "we" have intense mental responses to change when market is open. Pain of losing money is actually happy time for the brain, brain gets use to losing and helps you find losing trades. Am sure many get anxiety attacks when they are in a trade going their way and since it happens less often, brain giving many bad feelings of getting out. If you hang around long enough to be profitable, your brain actually helps you select better trades, but beginnings you see the real person within you and often times you see what you never knew existed.
Need to eliminate the big losses
- Thread starter SteveM
- Start date
Man does not change easily unless there is usually some type of pain, fast change is actually real body pain, quick bolt of impact or electric certainly has changed my errors with wiring anything, LOL or not wearing thick gloves and using sledge hammer and nails. Very difficult for man to basically "give up control of oneself", cause when you design one's method, when you trade it, you are willingly giving up control of the now man in you, to who you were when making the system. Many lack confidence in their abilities of the guy who designs so "we" have intense mental responses to change when market is open. Pain of losing money is actually happy time for the brain, brain gets use to losing and helps you find losing trades. Am sure many get anxiety attacks when they are in a trade going their way and since it happens less often, brain giving many bad feelings of getting out. If you hang around long enough to be profitable, your brain actually helps you select better trades, but beginnings you see the real person within you and often times you see what you never knew existed.
No more reckless gambling, day #: 1
# of trades: 2
# of trades where stop orders were entered and adhered to: 2/2
# of trades where dollar-risk adhered to plan: 2/2
# of trades where profit taking orders were entered and adhered to: 2/2
# of trades where I entered long above bull bar or short below bear bar: 2/2
# of trades that could be reasonably justified to a boss or OPM: 2/2
# of trades that were not carried overnight: 2/2
Total Score: 12/12
Today was a good day. While I am still shell-shocked from the big avoidable loss I took on Monday, and am happy that I made money on both of the trades that I took today.
Knowing for certain today that I could only lose a small amount of money really helped take away that horrible knot feeling I had in my stomach while recklessly trading recently - ending the day flat has allowed me to actually unwind a bit and detach from the obsessing over the markets this evening. Interestingly, I was previously taking about 6 trades a day, but trading today knowing that I would have to justify my actions, I was only able to find two "justifiable" trades, and both turned out to be winners. So there is probably a valuable lesson for me here as well.
So right now I feel good; obviously I have a long journey ahead of me here, so I don't want to get over-confident. In a strange way, I wonder if this is how alcoholics feel when they are new to sobriety and trying to change their ways, lol.
I plan on keeping this journal updated after every trading session. Thanks for reading.
# of trades: 2
# of trades where stop orders were entered and adhered to: 2/2
# of trades where dollar-risk adhered to plan: 2/2
# of trades where profit taking orders were entered and adhered to: 2/2
# of trades where I entered long above bull bar or short below bear bar: 2/2
# of trades that could be reasonably justified to a boss or OPM: 2/2
# of trades that were not carried overnight: 2/2
Total Score: 12/12
Today was a good day. While I am still shell-shocked from the big avoidable loss I took on Monday, and am happy that I made money on both of the trades that I took today.
Knowing for certain today that I could only lose a small amount of money really helped take away that horrible knot feeling I had in my stomach while recklessly trading recently - ending the day flat has allowed me to actually unwind a bit and detach from the obsessing over the markets this evening. Interestingly, I was previously taking about 6 trades a day, but trading today knowing that I would have to justify my actions, I was only able to find two "justifiable" trades, and both turned out to be winners. So there is probably a valuable lesson for me here as well.
So right now I feel good; obviously I have a long journey ahead of me here, so I don't want to get over-confident. In a strange way, I wonder if this is how alcoholics feel when they are new to sobriety and trying to change their ways, lol.
I plan on keeping this journal updated after every trading session. Thanks for reading.
let me rewrite.
For demo trading,
trading is 1% mind and money management,
and 99% method.
For live trading,
trading is 80% Mind and Money management,
and only 20% method.
If the right brain is not co operating, very difficult to earn money even if
the left brain has the best trade plan
For demo trading,
trading is 1% mind and money management,
and 99% method.
For live trading,
trading is 80% Mind and Money management,
and only 20% method.
If the right brain is not co operating, very difficult to earn money even if
the left brain has the best trade plan
Yes----extremely closed minded when I'm correct.
Except you are not.
There is no way, shape, or form that taking large losses is part of a winning trading plan. --mic drop.
Ok Mr. Kindergarden, here is some basic math for you.
You win 10 trades of 5 dollars each, you now got 50 bucks.
You lose 1 trade, not 2, not 3, but 1, and you lose BIG, considerably speaking vs your winners, say you lost a whopping 30 dollars, 6 times larger than your winner.
50 - 30 = 20 dollar profit, a winning trading plan as long as the system is of very high accuracy, so please, dont be so dense, I do it week in and week out, and my family knows very well, I place food on the table and a roof over their head doing what you claim is impossible.
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You're on the losing side of this argument methinks. You're not playing the math properly here. Incoming B1S2 retort. *hides*
And you don't know math.