Should I quit?
- Thread starter shootingiron
- Start date
Mate, it's thinking like that that GOT me in this drawdown in the first place...thanks for the laugh though
That may be the most profound piece of wisdom ever posted on these boards. Seriously.
1. Do what you're doing: take a week off.
2. Do something that absorbs all your attention during that week: fishing, hiking, blackjack, running, getting drunk, whatever, where you are not able to think of anything else. Thinking about trading will cause nervous/frustrated exhaustion. Thinking about something else will get you your energy back.
3. When you get back next week, do one trade per day, with real money, and halve or quarter your normal position. Your brain will be working on what you can do different than before.
4. Stick to ONE TRADE PER DAY. I mean it.
5. Figure what your average stopout is. Double it, and make it your defined gain. You only need to be right 1/3 of the time to break even.
6. Set a bracket order. You either get stopped out or make money.
7. LEAVE! Shut the computer off, leave the room. Go outside, go for a walk, go for a drive, eat a sandwich, enjoy the day.
8. Come back 10 minutes before the close and see what your trade did.
9. Repeat for a week.
10. Don't just log out of your trading account and surf the internet. Shut the computer off and leave. Git. Scram.
11. Ease up on yourself in week 2.
12. The reason for doing this is to break your train of behavior. You are currently forcing yourself to ride the tracks off a cliff. If you can derail that train, you can put it back on another track, one that will lead to a good destination.
2. Do something that absorbs all your attention during that week: fishing, hiking, blackjack, running, getting drunk, whatever, where you are not able to think of anything else. Thinking about trading will cause nervous/frustrated exhaustion. Thinking about something else will get you your energy back.
3. When you get back next week, do one trade per day, with real money, and halve or quarter your normal position. Your brain will be working on what you can do different than before.
4. Stick to ONE TRADE PER DAY. I mean it.
5. Figure what your average stopout is. Double it, and make it your defined gain. You only need to be right 1/3 of the time to break even.
6. Set a bracket order. You either get stopped out or make money.
7. LEAVE! Shut the computer off, leave the room. Go outside, go for a walk, go for a drive, eat a sandwich, enjoy the day.
8. Come back 10 minutes before the close and see what your trade did.
9. Repeat for a week.
10. Don't just log out of your trading account and surf the internet. Shut the computer off and leave. Git. Scram.
11. Ease up on yourself in week 2.
12. The reason for doing this is to break your train of behavior. You are currently forcing yourself to ride the tracks off a cliff. If you can derail that train, you can put it back on another track, one that will lead to a good destination.