Start paying attention to your body and how you feel? You should be able to start to recognize when you are on tilt and off your plan. And to your point, when you are in trades that are according to your plan, you may need to walk away from the screen. Unless you are scalping on really short time frames, reducing screen time will do wonders for your trading.
What do you guy's do to prevent tilting?
- Thread starter FTDK
- Start date
Then you should know by now how important it is to calculate the odds (ie. probability) when you're playing poker, just as it is in trading.
So why you talking like a fresh noob?
In case you don't know what I mean...
How to Calculate Poker Odds
https://www.mpl.live/blog/calculate-poker-odds/
For one, there are no odds to "calculate" in your trades.
(I'm curious to know what you believe are "calcuable odds" in trades.)
I suppose you recall years back some high profile hedge managers hired on some top poker players to help them make better trades and have better results... one in particular was Daniel Negranu.
Well, nobody got anything positive out of that and we never heard about it again. If the "most expert" of poker players can't get anything out of trading, why would a trader (or "less than expert trader) expect to correlate poker and trading?
Poker and trading... different skill sets. (I'm not saying poker players can't win at trading... they can and should... but different skill sets nonetheless.)
You might like this one...
https://www.elitetrader.com/et/threads/good-at-poker-bad-at-trading-how-could-that-be.355356/
There have been many instances of successful card players moving to trading.
One in particular that will be familiar to long time ET members is Bob Bright, brother of Don Bright and founder of Bright Trading in Las Vegas. He made millions with Blackjack until being banned from casinos. He then turned his skills to stock trading, and killed it in the markets.
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OK;
this may help. FdtK, YOU picked the WORST time to the worst thing\
revenge trading.[SPY is so close to 200dma is a bad risk for sure this month] I've accidently done almost the same thing past 52 weeks , instead of exit\ did a double buy/ not a double check.
AND sad to say some times one profits on a stupid error but not this one.
A yellow post it note may help\PAUL tudor Jones yellow noted\ '' losers average losers.''
NO wonder P Tudor Jones bought a farm + shoots ducks for food
,Sharpshooter Alvin york's dad shot ducks + aimed for the last duck/in a flock.
I aim for the lead duck \plenty of times i accidently dropped the mid duck of the flock doing that; so 110% sure not all accidents are bad.............................................................................
No offence but what you did [me to, by accident]= NOT even aimin' right @ any thing, shooting blind\shooting stupid. The good news is i think you know you goofed up bad + sad.
Psycho-cybernetics, so OG
Jack Schwager> Having seen people who have survived as traders and those who haven't, what do you think are the characteristics that differentiate these two groups?
Bill Eckhardt> The people who survive avoid snowball scenarios in which bad trades cause them to become emotionally destabilised and make more bad trades.
Bill sounds like he is talking about people going on a form of 'tilt', really it is the worst thing a trader can do, leads to ruin and career wipeout. You just keep digging yourself into a bigger and bigger hole. And the reason why people often go on 'tilt' is because they cant to afford to lose in the first place. So ending up with such big losses is hugely painful.
Only way to avoid 'tilt' is to have a trading plan with well defined rules that you know works in the long run and will make a lot of money in the end. Then taking small controlled losses isn't so bad. Just part of the plan.
When you have no plan it is hard to see how you will ever make up a string of losses unless you bet big to get them back. Therefore you end up betting big, because you have no confidence that betting small will get your money back.
Bill Eckhardt> The people who survive avoid snowball scenarios in which bad trades cause them to become emotionally destabilised and make more bad trades.
Bill sounds like he is talking about people going on a form of 'tilt', really it is the worst thing a trader can do, leads to ruin and career wipeout. You just keep digging yourself into a bigger and bigger hole. And the reason why people often go on 'tilt' is because they cant to afford to lose in the first place. So ending up with such big losses is hugely painful.
Only way to avoid 'tilt' is to have a trading plan with well defined rules that you know works in the long run and will make a lot of money in the end. Then taking small controlled losses isn't so bad. Just part of the plan.
When you have no plan it is hard to see how you will ever make up a string of losses unless you bet big to get them back. Therefore you end up betting big, because you have no confidence that betting small will get your money back.
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Blair Hull is another one. professional gambler, phd in math
