My mantra today... "Trade well, and screw the results"
Yukoner's 2015 Psychological Journal
- Thread starter Yukoner
- Start date
My mantra today... "Trade well, and screw the results"
Do you trade from work sometimes ?
If so, can you post in your daily journal log if you're trading from work or at home. Actually, there's a lot other missing pieces of info I've been curious about that doesn't seem to get mention unless I missed those post.
For example, do you have a set trading period (e.g. between 6am - 9am est only) or do you trade whenever you get a chance to trade ?
Be really difficult not to do well today, had all weekend to rest, everyone is pulling for you, relax, breath, have some fun by making deeper routine.
So what you doing for us today? Are you trading happy or you uncorked?
I made more than my daily goals after few hours, done for the day, no need to be a hog, Starbucks time to relax and watch others work. CHI Baby
Day #29 (Baby Step #10) - today I absolutely sucked... so much so, that I am going to really think through if this is a goal I want to keep striving for.
Slept well, and the beginning of the day, I just didn't quite seem to connect like I thought. Looking back, I kept second guessing myself if I was doing the right thing... just like I did when I was in Live Trader Prep. Worried about what others would think. Kept trying to justify to myself if was following my trading plan. Was this trading with an edge...
(And I want to trade OPM... shesh)
I was really trying hard not to trade my P&L, but then later in the morning when I checked it I was way over my $400 loss limit. Barely considering it, I suddenly had the urge to fight to get it back... and obviously that isn't good. I don't really know what to say, other than I just tilted. Once I got focused on that P&L this feeling of I couldn't lose came over me, and I had to fight to get it back.
The only thing good I can say about this day, was stopping trading. I have got to get my emotions under control when I start to have a losing day... and I need a plan of someway to know that I have hit my personal daily loss limit. Seriously went backwards...
-985
Slept well, and the beginning of the day, I just didn't quite seem to connect like I thought. Looking back, I kept second guessing myself if I was doing the right thing... just like I did when I was in Live Trader Prep. Worried about what others would think. Kept trying to justify to myself if was following my trading plan. Was this trading with an edge...
(And I want to trade OPM... shesh)
I was really trying hard not to trade my P&L, but then later in the morning when I checked it I was way over my $400 loss limit. Barely considering it, I suddenly had the urge to fight to get it back... and obviously that isn't good. I don't really know what to say, other than I just tilted. Once I got focused on that P&L this feeling of I couldn't lose came over me, and I had to fight to get it back.
The only thing good I can say about this day, was stopping trading. I have got to get my emotions under control when I start to have a losing day... and I need a plan of someway to know that I have hit my personal daily loss limit. Seriously went backwards...
-985
Before you begin each trading day
And then keep em in check throughout the entire day
Whether you're up..., down...., or sideways.., shtf..., or what ever
RN
Yukoner: I am sorry you had a very bad day. I know the feeling that descends on you when nothing seem to go right; the feeling of all your dreams shattering can be devastating. Based on experience, I can tell you that this is not the time to make any decisions about your goal. You are filled with emotions, and any decision you make will not be rational. Even though you feel this way, things are not as bleak as you think it is. However, you will also have to recognize that your mental strength has been depleted due to today's emotional turmoil. Many of us here have been talking about letting the thoughts that trigger these emotions "go". The reason is precisely to conserve the much needed mental strength to follow our plans. You have to start building this mental strength again.
I have been thinking of steps I would do if I were in your boat to help build self-trust and the required mental strength. Here are my steps during the trading day:
(1) Take the first trade as per the trading plan;
(2) Note the PnL (or ticks). Immediately do a "go/no-go" analysis and disregard the PnL/Ticks -- "go" if your daily stop limit is not hit/surpassed.
(2.a) If "go" goto step (3).
(2.b) If "no-go", shutdown the computer, and do something else.
(3) When you get the signal for the next trade. Skip the trade. Instead, write the trade down in your notebook. Just sit back and observe the trade as it progresses (this is very important). Document (in audio/book) all your thoughts -- the urges to trade, all the self-talk you have, your feelings etc.
(4) After the trade in (3) is complete, go back to Step(1) and start all over again.
Notes:
(1) For any reason, when in step (1), you enter a trade not in plan, close the trade, write it down. Shutdown the computer, and walk away.
(2) Do not review the documented emotions as part of step (3) at the end of the day. Instead, review them the following Sunday morning.
These are baby steps. The above plan lets you make all the mistakes, but in a structured way. Forget about everything else -- you are trying too hard to achieve this trader's mindset and wanting to trade OPM. In the process you are getting attached to both those "longings", and that in turn causes emotional turmoil. Just follow the outlined baby steps for 1 week. Stay true to yourself. We can then evaluate after a week. Do not NOT trade (yes, double negative) tomorrow. You will build up more mistrust, and more fear. If you want to stop trading for a few days, follow the baby steps tomorrow, and then stop trading.
If you are unable to follow the baby steps outlined above for 1 week, your problem is bigger than the problem of acquiring the trader's mindset. In that case, your problem is a complete lack of mental strength to be disciplined, something I cannot help you with. Note: I am not saying that you cannot have any emotions when trading or that you cannot act out of emotions when trading. At this time, it is OK for you to act based on emotions, but only to close a trade when you are in step (1) ('cos when opening a trade, you have to follow the plan). This is a process of rebuilding, and will take time.
A final note: If after you see that you are trading on a loss for the day, but it is still a "go" for the day, and, you "feel this urge to fight back", acknowledge it. Go ahead and fight back. But only when you are in step (1), and you still have to enter into the trade only based on your plan.
Rooting for you. I still believe in you.
Regards,
Monoid.
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