Passing up successful trades

Quote from trader198:

Happened to me lots of time. my way to get over it is: detach myself from my emotion with any symbol, setup, trading idea, trades.

I think the bad trade is an indicator. Normally I will turn my view upsidedown, and reverse it. if I saw my trade red, first I will think the market is right and I am wrong, I will get out and find a way to put a reversal position.

most people will do the opposite, when they saw their position is in red, they think they are right and the market is wrong, that is why they will ask "why me", market does not know you, how can the market set you up?

detached to any idea or any trade. if a trade is bad, then pass it by, move on. do not look at it at all. do not try to learn a lesson. just accept the fact it is a bad trade. Never put emotion into a trade. the market is always right, it is you who are wrong.

any trading idea if bad, so let it be, do not be involved in any emotion into it. the more into it, the more likely you can not reverse your self and put you in the winning sitution.
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"do not try to learn a lesson"??? This is flat out bad advice. One should always be looking to improve by analyzing a failed trade... the goal is to determine if the trade was truly a "bad" trade-- one that after being detached from it allows you to see where you potentially violated your setup/trade plan rules. The ideal outcome from analysis will be finding out that you traded the perfect setup... it simply did not work out.

When you lose-- you want to lose on your best, highest probability setups. And you want to take those same setups as they arise over and over and over... with no regard for the losing trade.... for you realize trading is all about probabilities and if your setup is sound... more often than not the perfect setup will be a win... not a loss.

what you DON'T want to do is continue to make "bad" trades... this is a recipe for failure. The only way to determine if the trade is truly "bad" is to analyze it... record it in a journal and the lesson learned from it.... with future review in mind.
 
Quote from trader198:

the worst book I ever read. that guy failed in trading, and make money by writing books.

most failed traders end up in trading tutorials, writing books to earn a dime.shame shame!

real profitable traders do not write books.

Fear is because you do not have deep understanding of the market. if you have a good understanding, there is no fear at all.

do you have fear if you know beforehand the chart? No. if you drive routine to your working place, you will have no fear. but ask you to drive to a never been place, you will be nervous.

use willpower will not conquer fear. since you know you do not know what will happen, either good or bad, if bad it hurts.

before opening, I know what I should do, so I am fearless. why I know what I should do, I do the research beforehand, plot my trade beforehand, and the market conditions and suitable strategy, even mentally execute my trade. I know how much I will lose beforehand, that is my bottom line. so everything is just like routine, on the table. just drive a car to a routine place, there is no reason for fear.

I am keeping selling AAPL those days. I do not bother those little pops since I know there is always some guys who try to buy dips. it is ok. my put options even get menced 80% first then finally ride out with big winning, who cares, that is the risk I take.

Mark Douglas is a loser in trading. never think his books have value.
when I come across any one who eperienced trading, they always lot to say. those are losers.
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"Mark Douglas is a loser in trading". Ooooh really trader198? Pray tell -- what basis do you have for such a bold comment?
 
Quote from riffrafffpatrol:

I probably should have prefaced that with "in my humble opinion"... LOL

But the reality is for me-- it was indeed "immediate". Not sure if you've read the book and/or had the same issues... but I had two other skype trading buddies for about a half a year try and convince me to get over my fear of pulling the trigger with various words of wisdom... none of which did anything for helping me overcome the obstacle... only after reading the book did it literally become an epiphany for me.
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First of all, congratulations on your aha moment after reading his book. I have read it more than once and completely agree with it.

My response was initially directed to your specific comment:

"And I say "immediately"... because if it doesn't... then trading isn't for you..."

IMO, for most people it will not be immediate, they are going to need to work at it.

I believe you had your epiphany because of the groundwork you did prior to reading his book, most people are like Dorothy who had to go see the Wizard and blah, blah, blah when all she/we had to do was click her/our heels 3 times....

Most people have to go the long way around the barn, myself being one of them.
 
Quote from halfwaythere:

Another way this Fear surfaces is if a trader has been overly cautious on trades and has not been able to pull the trigger. And almost every trade he/she "almost" took moved exactly as the trader thought they would and would've made great profits.

So, after letting multiple successful trades pass by, the trader finally musters up the confidence to pull the trigger on the very next idea that comes up. Ironically, this trade loses. Now the trader is upset. "Why does this always happen to me?" they ask.

Anyone else?
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trading is about managing risk thus traders who know how to take a loss win....
 
Quote from dealmaker:

trading is about managing risk thus traders who know how to take a loss win....
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so that's how they do it. I was always wondering how they buy those fancy cars.

And it's all about managing risk you say?

I'm going to remember that next time I put something on

I could use a new fancy car
 
Quote from Tonkadad:

First of all, congratulations on your aha moment after reading his book. I have read it more than once and completely agree with it.

My response was initially directed to your specific comment:

"And I say "immediately"... because if it doesn't... then trading isn't for you..."

IMO, for most people it will not be immediate, they are going to need to work at it.

I believe you had your epiphany because of the groundwork you did prior to reading his book, most people are like Dorothy who had to go see the Wizard and blah, blah, blah when all she/we had to do was click her/our heels 3 times....

Most people have to go the long way around the barn, myself being one of them.
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Yeah I hear ya... I think up until the point I read the book I had exhausted all possible methods of overcoming the fear. But I really believe the contents of the book itself brought up some very objective and tangible points that I had never considered or been exposed to prior... as opposed to just simple "mind over matter" subjective psych stuff for lack of a better description. This distinction is truly what made my "immediate" reaction possible in my opinion. That is why I feel the eye opening effect it had for me with little/no lag time is very possible for others who had struggled just like I did. And I like your metaphor of going the long way around the barn... believe me... I went around more than a few times before I found where I was going LOL!
 
Quote from dealmaker:

trading is about managing risk thus traders who know how to take a loss win....
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Yep I agree with this loosely described comment...

First you must determine what the risk amount is that you would be willing to lose.

More importantly however is ACCEPTING the risk. Understanding that losses will occur... "business expenses" in essence. If one gets upset after a loss-- this proves it wasn't "accepted" from the beginning... and therefore will negatively impact future trade decisions. (in addition to being jaded by tying a future trade decision to a prior "failed" trade on the exact same setup).

Being able to remain objective after a loss and completely open to the next setup is key... this in and of itself is a "win" right off the bat.
 
Quote from dealmaker:

trading is about managing risk thus traders who know how to take a loss win....
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bingo, get over the fear because over half your trades will go against you the minute you are filled,accept ti as part of the game and roll with it,become good at losses,this is how one builds an acct, making money is easy, hanging on to it is hard,becomes easier as you get better at managing losses
 
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