Resources for getting over fear of trading?

Update 4/15:

I bought a position this morning, more shares than usual lately (to tackle this head on, but still an appropriate amount), and it went against me fairly quickly. I set a stop, far enough away to account for reasonable volatility and said I'd wait an hour, no matter what.

The position went 1/2 way to the stop and 'voices' went through my head, 'sell now...it's a lot cheaper loss than getting stopped out...' I considered leaving my desk for the remainder but waited, even tho I was losing all confidence. It started to rally and after the hour I made myself wait, I sold the position for a small profit. :)

The rest of the day had a few minor gains, no losses. The difficult regrets were the ones I didn't get into by waiting for things to be perfect, but..."forgive myself, forgive myself"...and plan attack them next time.

My trading approach isn't necessarily to wait an hour after each trade, but it's what I plan to implement on 'good' positions I take that don't reward right away, until I overcome this.

Overall I'm proud of not getting out of the first position early, whether it would have become a losser or not. Small steps.
 
Ironplates,

You were at 10 mil after taxes 3 yrs ago?

You didn't consider locking in a 10 yr Treasury at 3.25%? That's a 325K a year job equivalent. You couldn't live off of that and never touch your principle? The 20 year yield was at the 4.5% area...a 450K a year "job".

I must have a completely different definition of...congratulations, you won the game, it's no longer necessary to take market risk anymore.
 
assuming you have winning strategy and can't emotionally handle drawdowns ...

you can consider this logic:

adopt strategy to allow only minimal drawdowns, tighten stops or/and add time stops.... This will kick you out of some winners but your drawdown will be less, you will be less in time in bad trade. On your side is "best trades go your way immediately". So you will spend more of your trading energy while in profit and decrease side effects.
 
After loosing on my first day of real trading I had a lot of fear in my mind. I remained coward to take risks and alwys close trades in low loss. Gradually I overcome it by doing low margin trading.
 
4 chapter biography
1st: i was walking down the road and there was a large hole in the sidewalk,i fell in,it wasn't my fault,it took me a long time to get out
2nd: i was walking down the road and there was a large hole in the side walk and i fell in,it was my fault,it took me a long time to get out.
3rd: i was walking down the road and saw a large hole in the side walk,i walked around it
4th i no longer walk down that road

saw this on joel osteen sunday
 
Quote from ammo:

4 chapter biography
1st: i was walking down the road and there was a large hole in the sidewalk,i fell in,it wasn't my fault,it took me a long time to get out
2nd: i was walking down the road and there was a large hole in the side walk and i fell in,it was my fault,it took me a long time to get out.
3rd: i was walking down the road and saw a large hole in the side walk,i walked around it
4th i no longer walk down that road

saw this on joel osteen sunday [/QUOTE

does it say something about a person's character/traits? please explain.
More...
 
Quote from ammo:

4 chapter biography
1st: i was walking down the road and there was a large hole in the sidewalk,i fell in,it wasn't my fault,it took me a long time to get out
2nd: i was walking down the road and there was a large hole in the side walk and i fell in,it was my fault,it took me a long time to get out.
3rd: i was walking down the road and saw a large hole in the side walk,i walked around it
4th i no longer walk down that road

saw this on joel osteen sunday
More...

The original:


Autobiography in 5 chapters

by Portia Nelson


1. I walk down the street
There is a deep hole in the sidewalk
I fall in
I am lost, I am helpless
It isn't my fault
It takes forever to get out

2. I walk down the street
There is a deep hole in the sidewalk
I pretend I don't see it
I fall in again
I can't believe I am in the same place
But it isn't my fault
It still takes a long time to get out

3. I walk down the street
There is a deep hole in the sidewalk
I see it there
I still fall in....it's a habit
My eyes are open
I know where I am
It is my fault
I get out immediately

4. I walk down the street
There is a deep hole in the sidewalk
I walk around it

5. I walk down another street
 
You must log in or register to reply here.
Back
Top