You slipped and made another bad trade!

How many new traders out there have suffered this...

You have your strategy laid out and you're determined to stick to the rules and will not fall into the trap that eats up all other newbies. You see the chart forming the way it's suppose to and you're PRETTY sure you know what's going to happen next. So what if that last 1 or 2 filter condition isn't quite met yet? It's almost there...heck I'll enter now and catch the move early. Your heart beats fast, you finger hover over the mouse, say a small prayer, and hit the BUY/SELL button.

Then like magic, right before your eyes, it slips away. You're losing, it's approaching your stoploss, and before you know it, you're stopped out.

Then starts the, self-kicking process.

It's happened to me many times. Being still new in trading, I'll take a while to learn to kick this habit, and start practicing the discipline I've been preaching myself to!

So I made this video. I watch it before I pull any trade triggers. And you know what? It helps, most of the time. And I'm getting better, thankfully. Because I don't have much left of my account to lose

Just my little way of stopping my downwards spiral, gripping on with my fingernails to stay alive in this business.

Will it help you too?
http://forexhypnotize.googlepages.com

The answer lies within yourself as you have not yet assertained your true motives to trade. It appears you are still in the "for the excitement" phase.
Win or lose, the excitement is the same. More so during a loss cause then you get to kick yourself - and like most you probably can kick yourself harder than anyone else can. Even your video kicks you for making mistakes.
Focus on the big picture - individuel trades are meaningless - once that concept replaces the belief you have to win each trade you've taken step 1.
BTW - I would suggest you replace the video w/ positives. Mark Douglass book(s) are a good place to start. Replace the text inthe video w/ positives - i.e. his 5 fundamental truths.

oh yes, this was one of my biggest mistakes at first... It took me a long time to get over it as well.

Most of that video I would agree with, however :...

If you are going to use a visual stimulus, to try and reprogram your brain. I would remove the
"It is difficult to make pips" statement. Think about it. Do you really want to be telling yourself that everytime before you pull the trigger?

Also, the whole KILL x, KILL x, bit.

Many studies in subliminal hypnosis, visual cortex stimulation etc. etc. are well proven studies that work very well to overcome many situations, phobias etc.

All I'm trying to say is, be careful what you are "reprogramming" yourself to "believe"

Thanks to all for your input. I'll surely take your suggestions into account. Will make a more 'positive' one to put on soon.

Happy trading!

Hrm... original post is a bit spammy, but it's still a good discussion.

I make bad trades all the time. Doesn't mean I've "slipped" and doesn't mean it's personal. Every trade has a calculated risk... 20%, 30%, even 60% on some trades (those better have dang good ROI, laff). I've done all I can to make a perfect trade, I've followed my MM and system as it's laid out, I haven't made any mistakes in the trade... the trade just didn't work. Big deal, you can lose a battle and still win the war. Heck you can lose 3 out of every 4 battles but if your 1 win is spectacular... you'll still win the war.

Winning the psych war is just about living in the correct frame of mind. That risks are inherent in everything, and that odds are inherent in everything no matter what. There are odds that a meteor will come crashing down and kill us all, does that mean we're to blame if it happens? No... just means that's what happened.

I like Mark Douglas's statement that "the market is moving and generating an endless stream of chances to make money." It logically follows then that if there are endless chances, we shouldn't chase them... we should just sit back and wait for the best opportunities to come to us.

I went through similar experiences as you, la maya k, for longer than I wish to admitt. When trading becomes boring you'll know you're on the right track. Your description of swetty palms and heart racing reminded me of myself as I kept telling myself things like, "I only need a few good trades to get back to even." and "if I don't get in now I'll lose the chance for a big move."

I like that quote too, rabid...
It seams the more patient I become, the more good trades I make, or more accurately, come to me. As a side bar, I've noticed that when I see what looks like a good trade, if I wait for the price to hit where my stop loss would have been if I had entered early, I will quite often get in at a better price. Sometimes I lose out on the entry altogether, but I only lost an opportunity, not money.

Lots of practice will help.