The Trader in Prison
- Thread starter Rashid_G.
- Start date
Rashid_G.
Registered: Nov 2009
Posts: 782
08-19-11 08:12 AM
Ironically... I trade more if I begin the day with losses. I trade MUCH less or not at all if I am in profit, not wanting to "spend" any of it. Quite diabolical really... trading more when losing and less when winning..
THIS may be at the core of my issues... As account grows my risk appetite drops.. Just wish that should be at a much higher level.
This tells me on days that you start with a loss, you do emotional, revenge trading instead of picking and choosing your entries carefully.
Your fear comes from the fact that you know you are prone to trading impulsively, you don't have to be in the market at all times be more selective and your fear will subside, your ratio will go up. Step 2 stop riding your losses and exiting early on your winners. Good luck.
Registered: Nov 2009
Posts: 782
08-19-11 08:12 AM
Ironically... I trade more if I begin the day with losses. I trade MUCH less or not at all if I am in profit, not wanting to "spend" any of it. Quite diabolical really... trading more when losing and less when winning..
THIS may be at the core of my issues... As account grows my risk appetite drops.. Just wish that should be at a much higher level.
This tells me on days that you start with a loss, you do emotional, revenge trading instead of picking and choosing your entries carefully.
Your fear comes from the fact that you know you are prone to trading impulsively, you don't have to be in the market at all times be more selective and your fear will subside, your ratio will go up. Step 2 stop riding your losses and exiting early on your winners. Good luck.
I took alot from illiquid's post, thank you.
Here's a couple of things I've done and been doing to tough up.
Take something you absolutely love, like something you've had a long time.
Stick it on ebay, sell it, then you have forced your emotions to deal with selling. You don't become attached to something, like a losing trade, for instance. This one can be really painful !
Do something that scares you. I took my motorcycle test last week. Just got a bug up my ass to start riding again. Why is this scary for me? Have family member that was injured severely on a bike and I had developed an extreme fear of riding on the street. This was a tough one for me because I used to ride alot, and I could not figure where the fear started and then it just grew larger and compounded itself somehow.
(This could be too much for the OP, and possibly fatal, especially if you have not ridden a motorcycle, so within reason find something else that is somewhat scary but safer)
Ultimately my system does not pick bottoms or tops and I am at odds with this. Every time I see a signal a thought goes through my head "look a what it missed".. So I I try to get in early, ANTICIPATING the signal.. then I am fighting an existing thread. As a result I am transfixed on a 1, 3, 5min chart while the higher time-frame is in no hurry. Funny thing is when the signal comes, there is ALWAYS A LOT more to be had. I could even use a seemingly dangerous bar stop but very rarely is a bar H/L violated.
Then again MANY failing traders and basic Human behavior is at odds with successful systems as they do what we can't/won't. Excruciating to just sit there and wait BUT there is no alternative.. none.
The resulting mental battle from all this is very very tiring.. But like a smoker or obese person I must not be tired enough yet.
Then again MANY failing traders and basic Human behavior is at odds with successful systems as they do what we can't/won't. Excruciating to just sit there and wait BUT there is no alternative.. none.
The resulting mental battle from all this is very very tiring.. But like a smoker or obese person I must not be tired enough yet.
Its called self sabotage. You got this from experience elsewhere in your life. I'm pretty sure the reason you do it is because somewhere else in your life once, you thought you had a sure thing and it didnt work out for you and it caused you massive pain. So now whenever you think you have a sure thing, you are afraid to execute the plan because subconsciously your brain doesnt want that pain again.
Yeah, try NLP. I recommend tony robbins personal power. Its expensive, but it will help you sort though that crap if you follow through the program and do all the exercises.