This guy is messed up , in the head , juding by what bs he posts about psychology.Instead he should start a journal , detailing the emotions etc of taking a trade.Also he fears a large loss , calls himself a small stop , but that is a receiple for disaster.Name should wide stops ,fear nothing.
The day to day psychology of a trader
- Thread starter smallStops
- Start date
May I correct your misunderstanding : my position sizing were large, not my stops.
So that a 6 pip moves could kill a trade that had good foundations, after I up the position sizing 20 folds.
I am fine talking about my faibles, all the more that these have been sorted.
I really should have updated, but I was waiting for a discussion with the coach first.
So the update :
* I no longer up my position sizes based on emotions.
Whenever I feel like upping sizes, I simply get flat. So I am actually taking into account what I feel -
desire of a bad trading behaviour - to get flat.
* I am no longer looking for a mega winner. It is ok to accumulate during a trading session.
An exemple: I went long on gbpusd, with a 80 pips profit targets. It moved fine, at 30 pips, it started to get wobly ( trading range), then a breakout took place, but the breakout was too early. In the past, I'd have thought first of the 80 pips targets, and not cash in the 30 pips, with the risk of turning a winner into a loser. I simply cashed in at 30 pips. Moved to other trades. And repeated. Ok; did not make my 1200$/day target, settled for 600$ for the day. Later on checked the gbpusd, the first breakout failed, and it went back to retest some lows, after which it came back to reach the 80 pips target. Before, I'd say I left money on the table, now I look to it as I did not jeopardize a winner by risking it into turning to a loser.
The self-sabotage has effectively been dealt with. Now, I could be stressing because of the year loss ( just now at around 12 000$) , but I will not. Just trading my approach.
I will now need to find a trading 'problem' to bring to the coach.
Positive expectancy : in $ or pips ?
Or in other terms, how do you check the effects of position sizing, when the approach per se is solid.
This thread is about psychology, and that is the issue that had to be dealt with.
It's often important for a trader to be able to read a chart and have the right technology so that their trades get executed, but there is often a psychological component to trading that shouldn't be overlooked. Setting trading rules, building a trading plan, doing research and getting experience are all simple steps that can help a trader overcome these little mind matters.
Let's say that in trading, there are many aspects to handle: from the trading approach, to the money management, to the psychology. It is better not to neglect any aspect, including one's health. It is a very bad idea to trade when unwell, that's for sure.
That's the point of such a thread : identifying issues, and if/how an approach works in sorting these out.
Thank you for your excellent advice.
2016 coming to a close.
Losses in $ of 12k : $3k bonus , $6k commissions, $3k trade losses. I'll take that.
Profitable in pips.
The effects of position sizing are all too clear.
Time to relax.
Goal for 2017:
- eliminate ALL stress
- master the position sizing
- profitable in $ and pips.
- - - - - -
Best wishes for Xmas and New Year.
Losses in $ of 12k : $3k bonus , $6k commissions, $3k trade losses. I'll take that.
Profitable in pips.
The effects of position sizing are all too clear.
Time to relax.
Goal for 2017:
- eliminate ALL stress
- master the position sizing
- profitable in $ and pips.
- - - - - -
Best wishes for Xmas and New Year.
I hope everybody had some excellent new-year celebrations.
Back to trading
I wonder if the short break is having some effects, as while trading I am showing much more patience.
Back to trading
I wonder if the short break is having some effects, as while trading I am showing much more patience.
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