DislikedI've attached an excellent PDF regarding trading psychology, I hope you find it as useful as I have.
Found it somewhere on FF, but can't remember the source.Ignored
Thanks nate-dogg.
Trader Psychology - Understanding Yourself 30 replies
Trader Mentality & Psychology 31 replies
Must read trader psychology exercise 0 replies
Trading Stark Naked to Understand Fear and Greed 16 replies
Trader Psychology 3 replies
DislikedHey Phanti. I can assure you that the journey you have taken WILL guide you to even greener pastures. I cannot comment much without deviating from the main purpose of the thread and because I am not good at explaining stuff to other people. But I would like to share this with you. I'll go dig out some more but in the meantime this should keep you brains busy
Keep it up buddyIgnored
Disliked- shutting down the computer after entering the trade. Don't look, don't see, don't interfere.Ignored
DislikedI agree with most of the points except for this one. That is for if you are trading machanical with set SL and TP and/or if you're still novice and learning like me. But if you're actively engaged with the market, there's always a need to manage a position/s as situations constantly change by the minute. Closing your eyes could mean something else.Ignored
DislikedHi PhanTi
great thread so far, thanks for getting it started.
There are so many lessons to learn in this business, and the most important ones can't be represented by a chart.
They are in your mind.
I've been trading and learning for less than a year now, enticed by the m5 lifestyle it promised. Of course I blew my first couple of accounts with ease.
To cut a long story short, I am now trading profitably, not a pip lost this year. The odd thing is that I'm basically taking the same trades I used to lose on, but now I'm profiting from...Ignored
QuoteDislikedNow I can walk away from the screen once the trade is on, knowing that I have picked an high odds trade and given it the best possible chance to succeed. This has brought serenity back into my life.
QuoteDislikedI used to tell myself that I must make 80 pips per day. Such stupid trades I took trying to achieve this. I'll never do that again.
QuoteDislikedI know that as soon as price hits the first trouble area that I should take some profits and move my stop loss to break even, but it still irks me to take partial profits when the possibility for a runner is still there
QuoteDislikedIf you use guesswork in your trading, do not trade with real money.
DislikedAmen to that. If price is coming back at you, get out. Take 2 pips profit with you if you can. I know you put your hopes into this trade, but if it's meant to be, you'll get another signal to enter, perhaps at an even better price.
To answer your question, yes I trade live the setups I know and am completely happy to go with. I'm demoing all I haven't mastered yet. There's a good living to be made from the few live A+ trades per month though.
This reminds me of something I think is important for learners to ask themselves.
How much time do...Ignored
DislikedHere is an interview that i uploaded to youtube a while ago with Mark Douglas, author of trading in the zone. I have listened to this an unbelievable number of times. I find his wisdom inspiring.
I hope i am not in conflict with the rules of this forum. these are a must see as far as im concerned. start at the top and skip the first 1/3 of the first one.
http://www.youtube.com/watch?v=xEcZQdCEiKE
http://www.youtube.com/watch?v=vP47LbbvuBA
http://www.youtube.com/watch?v=NL6r7TSVa2w
http://www.youtube.com/watch?v=hTs1leWymfE
http://www.youtube.com/watch?v=CahlZN5KXn8
http://www.youtube.com/watch?v=nuQRKt4tOHw...Ignored
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This is the worst aspect of the trading: lack of self-control. Trading gives total freedom on deciding when and where to buy and sell but this is also why freedom becomes a hindrance. Discipline is the only method to alleviate fear and greed. Without it, it will set the tone a fear of losing everything and greed will prevent from taking profits when it's right the time to do so.Ignored
DislikedPhAnTi, this is a great thread, i have a few things to add, but i would like to ask a question if its ok.
nearly every book i have read, or website i have visited will tell you that when a trader has a string of winners, they become increasingly confident, and can become euphoric, and they start to forget that the chance of losing even exists, as a result they may take larger and larger positions, maybe risking 10% or more on a trade. eventually they lose and are back to square one.
However-
when i have a string of winners, this is NOT...Ignored
QuoteDislikednearly every book i have read, or website i have visited will tell you that when a trader has a string of winners, they become increasingly confident, and can become euphoric
QuoteDislikedI become increasingly of the opinion that the next trade will be a loser, simply because i know i cannot keep winning forever
QuoteDislikedevery trade is unique, and has a unique outcome.