Correct me if am wrong BM
1 BE +3,
+25 today. Practicing weekend Next.
Nice weekend everyone
I want to share with you guys my worst day ever since I started trading. I heard it so many time, and literally everytime i start a day, I keep talking to myself that "you have to believe in your plan", but dealing with the real emotion is kind of something.
I started the day with a BE trade. This trade i didnt follow my plan, I have to pay for it. Alright!
And the next trade (trade 1), i did move the stop to BE, but the news got me and stopped me out with a slippage of about -20p. Ok, bad luck & my bad, cause idgad about the news, next.
The 2nd was a good one (at least i thought so) but the price stopped me out again, right at my SL and then move back upward. Got a little tense, but ok, next.
The 3 next trades (3) were nice RR, although i notice that the price want to retrace from the big swing earlier. Maybe that's the reason why I was torn between staying true to my trade plan and the fear of being lose again.
The 2 trades in nr. 4, I was expecting a correct cause PA hit the 32.8% of big swing, 1-1 harmonic but one more time was taken out. And this where everything went ugly.
The 5 trade was a pure gambling to me, I was so frustrated that the market didn't move in my favor and makes me lose too many,and I really can't handle those emotions. I realised what I just did and want to stop. And right when I stop, it moved up.
End of day with -100p.
I mean like, what did i do to make the market hates me so much T_T. Have you guys ever been through something like this?
Marcus Aurelius and his lessons helped me a lot to handle emotions.
“I can control my thoughts as necessary; then how can I be troubled? What is outside my mind means nothing to it. Absorb that lesson and your feet stand firm.”
Check for a probe: https://books.google.de/books/about/...page&q&f=false
Or, as already posted here, Mark Douglas:
Hope this helps.
Been there done that... a couple of times and lost a bit more than you The only thing I can say is stick to your plan even Damian has told us that once in a while he goes rouge and breaks his rules. But if you're consistent most of the time than you should manage.
I wish you good luck and patience because I know the feeling
You are not alone.
My trades for today. total of 19 points. I found today difficult to trade so I'm happywith this result. The red lines are where I had my stop placed. I figured that when for example a swing is 50 points and you get a rotation at the 38.2 with structure to the left (sos2 signal) you place your stop behind that structurezone and you get stopped out and an ABCD completes in level 2 or 3 (thus an sos3 signal now) you re-enter with your stop at the correct place (behind the 100%fib) and the expectation fails, you didn't lose as mutch as you would place your stop with your first entry at the 38.2 behind the 100%fib. That should improve your risk/reward and your results at the end.
Although I know that I'm too agressive with the stop moving to breakeven a lot of times. So that's something to work on
just a suggestion.
But how you respond and behave after a loss is key. I almost gave up at the beginning of this year
but i discovered my self during that period (Thanks to Pereira) and words of Mr. Pips kept on running
through my mind "There is no giving up here". Focus on your trade plan and stick to it.
Review the chart, see where you made mistakes, where you didnt follow your plan. And then Next!
Read Post: 16,196
Anyway, i'm kind of slow and steady personality so i guess it takes time for me to absorb everything. As a newbie, I'm still taking baby steps so those loses are inevitable.
Hopefully, that someday I can eleminate all the unnecessary emotions & have the carefree attitude like you guys, novice traders. Thank you all once again.
Not because I like seeing you lose, but because it is so recognizable.
And I'm sure it is for almost everybody on this thread.
I've had many days like that, on YM live account.
It's like you're in some kind of dream, making one bad decision after the other.
And the damage grows, until you finally realize what you've done.
All you can do then is exit and lick your wounds.
Then analyze your trading and your behaviour like you did, learn from it and move on.
This will possibly not be the last time you experience this.
I myself have had this happening many many times.
Everytime I felt I learned from it.
And I did, but the problem is that you tend to forget these things when you're emotionally collapsing.
It's a learning process, you get there step by step. You learn to recognize when you're coming into that state again.
And you learn to reset yourself or stop trading when it happens.
You NEED these experiences to grow.
But personally I think the absolutely most important thing is (many people including Mr. Pip already said this, I repeat here):
1) Make sure you are truly convinced that your rules give you an edge. You have to trust your rules unconditionally. Very important!
2) You have to be truly convinced that strictly following your rules will make you a winner over a series of trades. You must know that it is a game of probabilities. Some trades will lose, some trades will win. But if you execute your rules flawlessly, you WILL win.
3) Your account must be large enough so you can allow losing trades, so you can allow this longer term edge to play out.
That's it. It may seem trivial, but it is not. Think about it thoroughly,
I always heard people talk about it, I read about it.
But it wasn't until just recently that I really understood it is what makes a trader a loser or a winner.
Good luck !
I could erase the loss and finish in profit, but it was not intended to trade that long on that day.
Peter T gave a good summary.
In terms of trading, I am a bit more concerned on your entries and trade management, since I do not see how you followed really a trade plan (e.g. Jumping on different orderflows).
Anyway, I wish you all the best.
If an account is too small, then a person will worry more about losing all of it instead of cutting off losing trades. The fear of not getting to a comfortable level of success can be paralyzing.
Over the years, I have read many successful traders say how hard it was emotionally at the beginning, but after they had big accounts would always tell those with small accounts to not focus on the money.. ha ha ha... we are all human.. of course we are here to make money.
I do believe that practice is important and learning where your entries and exits are is the main skill that traders want to learn.
I do believe that traders, when looking at their chart should try to speculate where price may go if they are wrong. Basically if you are trading with the bulls, then ask yourself..if I was trading with the bears, how far would I be able to take price down before being stopped by the bulls.
Not only ask yourself that question, but mentally trade against your bull trade. Kind of like playing chess with yourself.
I hope that makes sense.
I would like to highlight a general thing belonging to the behaviour within this forum: (sorry Bogdanlinee, I quote explicitly your name, but I mean it more general)
before I answer your question asked via PM here, I wish to highlight something else. You posted a question in the thread, I answered as fast as I could. Then from your side, nothing (not I single sign of life, not even a "like button" or better woud be a reply message).
I do not mind if someone does not agree with me and see a given thing different and explains his point of view. But nothing happened.
This, I do not like at all.
If you look at how many people even try/bother to answer a given question (e.g. the answered question by me and the new one which has been answered by nobody), it appears to me normal that the person asking a question motivates somehow the person that invest his personal time (and for free) or at least do not give the impression that he talks to a wall.
In this respect, I see that the forum changed a lot over time. People are in general ready to get but not much are ready to invest (see comments from traders like: Damian you changed my trading,..... then no more message, no charts, no help to others; or people asking for more from contributors).
With the forum, I could change my trading and I wanted to payback somehow by trying to help others. Not more, not less.
Now back to your question:
"Did you change the expectation when immediate swing made NSH (red lines). Did you look there for longs?"
The answer is on the chart. I traded the longer term orderflow. Therefore, I do not change my mind on every little thing that happens. Price reacted perfectly within my longer term expectation, so why should I bail out of my trade?
End of my Sunday speech.
© Forex Factory