Taking the emotion out of daytrading?

[easyrider]

Quote from ddog:

Exactly. This was his method. Play particular hands on particular machines differently due to the varied payouts between machines.

I guess a mechanical malfunction could be exploited but I'm pretty sure they keep track of the payouts and any machine outside the norm would be fixed pretty quickly. When I was a kid and they had those great pinball machines I would look for machines where they had the tilt set too loose and you could manuver the ball quite a bit. Used that money to get in poker games. Those were the days.

 

[indahook]

Quote from rgelite:



“On every trade: an entry, a target, a stop…no exceptions.”

It takes the emotion right out of it, imho. You can learn more here:

http://www.undergroundtrader.com/ral/

Agreed. I`ll go one better. Once you are in the trade bracket your orders with the tgt limit and stop loss and simply walk away.

 

[prox]

Quote from kserra:

This sums it up for me, you should know what you are going to do in any circumstance before the circumstance occurs, thereby eliminating emotion. These are how my best trades work. My trades that fail often lack a plan, or the plan is changed midway through the trade.

If you are not able to do this, you are not ready to trade. Mark Douglas suggests that if you are not able to do this, it means that you are not willing to take responsibility for your actions in the markets. Trading is hard enough as it is.

Yep, your plan has to have a solution for every possibility and then you just follow the plan. If it goes X against you, you have a course of action. If it goes X in your favor, you do so and so.

You do not second guess the trade if you got out early, some days you'll be glad you got out early, some days it'll take off without you. No one knows just how far anything will go, so there's no point in trying to dwell on it.

Granted, even with a plan .. emotions will still be there.

 

[Gordon Gekko]

trading drives me crazy, but I LOVE IT.

i just went through like an hour of mental anguish this morning. i have a plan and i stuck to my plan, although i did not want to emotionally make the trades. in the end, it paid off.

it is an incredible feeling when you force yourself to do something you don't want to do because your plan says it's right.

 

[razorack]

Know your trading personality and develop a trading approach which fits in with your personality. Then stick to it(the hard part!)

 

[Grob109]

Quote from listedguru:

Just wondering what techniques some of my fellow 'elite' traders use to take the emotion out of their trading? Is automation the answer? Trailing stops? I'm having a heck of a time staying in winning trades and it's really upsetting to see them rip after getting out

-Guru

Emotions are always part of everything you do. They Assimilate thoughout your life and most are parked in your body somewhere from your life experiences and what is given to you by your parents and also from the clan of people who make up your habitat.

Some people will never be successful traders because of such baggage they carry with them.

The overall perspective is to compare your emotional balance and the other side of the coin, the emotional inflamations that you bring to the fore occasionally. Taken together these are always with you influencing you.

Trading is a profession thing to do well. It is extremely important to understand the breadth and scope of your emotions. Educating your self with regard to their totality and continuous effct upon you is an amazing growth experience.

Do not think that because you "feel" that you have only one emotion at a time, that that is your reality. Try noticing that all the time you supply yourself with an emotion of the moment.

When you are trading, all the emotions you possess at at play. Often you summon emotions; other times you find that you are being controlled by emotions that you personally prefer to not have in play.

If your being is out of balance; those emotions that are inflamed can take over any situation that they please.

Better check into your portfolio of emotions and repair the inflammed ones so you can get on with spectacular trading performances.

Did you ever wonder why some of the people here behave as they do?? Make a list of the emotions that they have that are out of balance and which control them by being broken.

Everything is there when you trade. You will find that the busted ones are the one that interfer with how well you perform.

 

[overload]

Quote from listedguru:

Just wondering what techniques some of my fellow 'elite' traders use to take the emotion out of their trading? Is automation the answer? Trailing stops? I'm having a heck of a time staying in winning trades and it's really upsetting to see them rip after getting out

-Guru

Listedguru: If we don't consider the emotions of the market we may not be wise when we (try to) control our own emotions when we trade.

ol