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Attachments: My take on Emotional Discipline
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My take on Emotional Discipline

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  • First Post: Edited at 2:23pm Jan 10, 2018 7:28am | Edited at 2:23pm
First , thanks to forex factory , i learn everything from here.

There are many selfless traders leaving wealth of information in this forum.
Thank you all!!


This is to record my trades, just over 2 yrs as experience long way to go from here.
Never been consistently profitable for more than 2 weeks time.
Blown few accounts ,costs £5k as my tuition fees to the market.
I believe emotional discipline is what stopping me from consistency.
Less is more.
I trade small most of the time, went big and lost 25% last week.
This is a marathon not a sprint
This is how i trade... i want to trade

Max leverage 1:10,
Multiple pairs,
4hr and Daily charts only.
Draw down limited to 5%
Taking smaller losses often, Equity SL of 5%
I am happy with whatever market offers 0.25% to 1% per day ,profit is profit
Quit trading for the day when 2% loss is taken

Rigorously Following these parameters is the challenge ahead for me.
Less is more.
holding 3 positions on dd
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Less is more.
14 entries yesterday.
8 were planned 4 winner 4 loser
6 were unplanned 5 loser 1 winner
overall 5% return. could have been better if unplanned trades were avoided.
Less is more.
on it
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Less is more.
14 trades today
10 wins , 4 loss
6.5% return,
almost recovered all the losses occurred earlier this month.
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Less is more.
Net long on Nzd, DD reached its limit, hopefully dax will save my day.
Less is more.
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Less is more.
deep red gbpnzd, hedged with gbpcad, not a big fan of hedging but helps while market retace
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Less is more.
Gbpnzd, hedge closed
still flying to the moon
Sold right at the weekly support, daily 200 ema supports.
not a wise trade at all
will wait it out to see a retracement or a reversal.
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Less is more.
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Less is more.
Massive drawdown on GN, adding on to loser to average out but turn out sour
Right time to be wrong side of the trade , still holding to check on monday if possible to get out on less damage .
only if there is a retacement to the reversal or downtrend continuation.
Or else to bite the bullet for the costly mistake.
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Less is more.
Other than the GN trade ..
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Less is more.
Quoting Rmg
Other than the GN trade .. {image} {image} {image} {image}
May i ask why haven't you stuck to your trade managememt plan?
The Earth is flat!
Quoting Tfh
{quote} May i ask why haven't you stuck to your trade managememt plan?
Monkey mind played the role. Following my original plan without failure is the greatest challenge I am facing.
Less is more.
Quoting Rmg
{quote} Monkey mind played the role. Following my original plan without failure is the greatest challenge I am facing.
so do I.
and I think the same goes for so many "struggling traders"
for me however trading 15m mitigates the constant need to compulsively open and close trades.
lower down I go 1m,2m,5m I go mad.
same goes for higher TFs as well I just don't have the patience to sit through retracements.
15m however for the instrument that I trade could go well for me (meaning that I could actually follow my plan with 15m)
plus I think knowing what to expect really helps especially around certain times of the day.
Don't buck the trend
Quoting Piquant
{quote} so do I. and I think the same goes for so many "struggling traders" for me however trading 15m mitigates the constant need to compulsively open and close trades. lower down I go 1m,2m,5m I go mad. same goes for higher TFs as well I just don't have the patience to sit through retracements. 15m however for the instrument that I trade could go well for me (meaning that I could actually follow my plan with 15m) plus I think knowing what to expect really helps especially around certain times of the day.
Thank you for stopping by.
I can't trade lower than 4 hr, as i have full time job .
My intuition mind doesn't help all the time while managing trades. 7 out of 10 trades i do well within control, then it comes old habits hardly ever die. Many things to unlearn here or atleast aware of it when its pops into our thinking. Strictly following the plan at all the time is the only way to escape , it doesn't matter what market is advertising to trick our mind. People says meditation helps to come over this.
Less is more.
Quoting Rmg
{quote} Strictly following the plan at all the time is the only way to escape , it doesn't matter what market is advertising to trick our mind. People says meditation helps to come over this.
having a plan is part of the package on the road to consistency.

however, I think by now we all know the complexities of price and market behavior - it just can' t be boxed into a few variables and few outcomes by so called system.
I don't know how you trade but most successful trades are PA traders, they feel the pulse - they go with the flow yes they're certain rules to keep in the back of your mind, (for instance I only check for setups certain times of the time after London open, and I have a rough idea how long I should hold my position) but other than these kinds of rules if you're a PA trader and if you're trying to feel the pulse of the market then until you become good at it you're going to keep on screwing up - so stay on demo ! , you just can't be too rigid in this scenario you think you've messed up and went against the rules and beat yourself up for it, but how are you defining that rule ? you actually have to be flexible (knowing what to expect helps too), if you're being too rigid PA trading might actually go against your performance.
Don't buck the trend
[quote=Rmg;10667731]Massive drawdown on GN, adding on to loser to average out but turn out sour Right time to be wrong side of the trade , still holding to check on monday if possible to get out on less damage . only if there is a retacement to the reversal or downtrend continuation. Or else to bite the bullet for the costly mistake. {image}[/quote
Realized loss of 27%.
Flipped the trade.
Less is more.
[quote=Rmg;10671362]
Quoting Rmg
Massive drawdown on GN, adding on to loser to average out but turn out sour Right time to be wrong side of the trade , still holding to check on monday if possible to get out on less damage . only if there is a retacement to the reversal or downtrend continuation. Or else to bite the bullet for the costly mistake. {image}[/quote Realized loss of 27%. Flipped the trade.
Clearly emotion got in your way as it does in everyone's case. When you say you reversed it what do you mean?
The Earth is flat!
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