I have been trading on and off for many years (and reading these FF for many years, I just do not post).... but at the moment, I am a trading rut. I have been searching long and hard for some answers to take my trading to the next level. In fact, it sometimes feels that the more I look, the more things I try and the more determined I am, the worse results I get.
I know that trading psychology is important. Anyone that is successful that does not think this is so already has a solid trading psychology, maybe due to their up bringing of other reasons and fortunate that they did need to work on it like other people. For them, its just a little harder to understand as they already have a good psychology programmed in, most likely from a young age. That's great.
When it comes to trading psychology threads, books, articles, etc, I normally just say to myself "yep, I know that, I know it's important, I've read about that, I agree it's essential", but move on. On an intellectional level I know all about trader psychology, but I am realising that that I have not dealt with matter properly on an emotional level.
I know that I am not not at peace when a trade is going against me. And trust me, I have had some BIG and BAD ones. I know I am dissappointed with myself when I do not take a good trade that I should of and then take bad trades that I should not. At present, most of trading is non-mechanical and inidicator free on low times frames (1m and 5m usually), so which trades I take and do not take is very subjective to being in tune with the market.
Trading psychology is where I need to spend some time. The beast is in me. It's appears controlled, but really running wild and untamed and lately for some reason it's been rearing it's ugly head causing me some trading problems. I'm cetainly not always at peace when trading, have expectation, gets upset after consecutive losses, get confident after consecutive wins. Tranquility and freedom from fear and greed are not the emotions I experience when trading.
Lately, I've noticed I have been setting my stops too close from fear of losing after suffering some losses. My last few trades (with very close stops 5 - 10 pips) would have been great trades (50+ pips) for my style but were tagged out by a few pips before the move. BUT I 'knew' the stops needed some more room, but had a bad run of trades and was 'scared' to loose more. Sounds foolish when I out this out there for everyone to read.
I am going to step back and look within. I have a good trading knowlege, solid strategies and fine ideas, but there is something stopping me from acheiving the results I 'know' that I am capable of.
This thread has helped me make the decision to focus on my trading psychology. I think I've been putting it off for years. Thank you Winston. Please keep posting. I am going to follow this thread carefully. Please keep posting.
Darren.
I know that trading psychology is important. Anyone that is successful that does not think this is so already has a solid trading psychology, maybe due to their up bringing of other reasons and fortunate that they did need to work on it like other people. For them, its just a little harder to understand as they already have a good psychology programmed in, most likely from a young age. That's great.
When it comes to trading psychology threads, books, articles, etc, I normally just say to myself "yep, I know that, I know it's important, I've read about that, I agree it's essential", but move on. On an intellectional level I know all about trader psychology, but I am realising that that I have not dealt with matter properly on an emotional level.
I know that I am not not at peace when a trade is going against me. And trust me, I have had some BIG and BAD ones. I know I am dissappointed with myself when I do not take a good trade that I should of and then take bad trades that I should not. At present, most of trading is non-mechanical and inidicator free on low times frames (1m and 5m usually), so which trades I take and do not take is very subjective to being in tune with the market.
Trading psychology is where I need to spend some time. The beast is in me. It's appears controlled, but really running wild and untamed and lately for some reason it's been rearing it's ugly head causing me some trading problems. I'm cetainly not always at peace when trading, have expectation, gets upset after consecutive losses, get confident after consecutive wins. Tranquility and freedom from fear and greed are not the emotions I experience when trading.
Lately, I've noticed I have been setting my stops too close from fear of losing after suffering some losses. My last few trades (with very close stops 5 - 10 pips) would have been great trades (50+ pips) for my style but were tagged out by a few pips before the move. BUT I 'knew' the stops needed some more room, but had a bad run of trades and was 'scared' to loose more. Sounds foolish when I out this out there for everyone to read.
I am going to step back and look within. I have a good trading knowlege, solid strategies and fine ideas, but there is something stopping me from acheiving the results I 'know' that I am capable of.
This thread has helped me make the decision to focus on my trading psychology. I think I've been putting it off for years. Thank you Winston. Please keep posting. I am going to follow this thread carefully. Please keep posting.
Darren.